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Company registration number: 11172829
Switch Electrical Supplies Ltd
Unaudited filleted financial statements
31 December 2023
Switch Electrical Supplies Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Switch Electrical Supplies Ltd
Directors and other information
Directors Mr Andrew Etherington
Mr James Etherington
Company number 11172829
Registered office Unit 3 Wilson Business Park
Harper Way
Markham Vale
Chesterfield
S44 5JX
Business address Unit 3 Wilson Business Park
Harper Way
Markham Vale
Chesterfield
S44 5JX
Accountant Williamsons Accountants
The Old School House
Matlock Road
Chesterfield
S42 7LG
Bankers Lloyds Bank
Switch Electrical Supplies Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Switch Electrical Supplies Ltd
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Switch Electrical Supplies Ltd for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
My work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf.
Williamsons Accountants
FCCA
The Old School House
Matlock Road
Chesterfield
S42 7LG
1 March 2024
Switch Electrical Supplies Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 160,417 139,534
_______ _______
160,417 139,534
Current assets
Stocks 158,158 176,763
Debtors 6 873,825 887,263
Cash at bank and in hand 222,938 207,001
_______ _______
1,254,921 1,271,027
Creditors: amounts falling due
within one year 7 ( 826,257) ( 790,979)
_______ _______
Net current assets 428,664 480,048
_______ _______
Total assets less current liabilities 589,081 619,582
Creditors: amounts falling due
after more than one year 8 ( 147,869) ( 141,716)
_______ _______
Net assets 441,212 477,866
_______ _______
Capital and reserves
Called up share capital 120 100
Profit and loss account 441,092 477,766
_______ _______
Shareholders funds 441,212 477,866
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 March 2024 , and are signed on behalf of the board by:
Mr James Etherington Mr Andrew Etherington
Director Director
Company registration number: 11172829
Switch Electrical Supplies Ltd
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 100 336,206 336,306
Profit for the year 197,560 197,560
_______ _______ _______
Total comprehensive income for the year - 197,560 197,560
Dividends paid and payable ( 56,000) ( 56,000)
_______ _______ _______
Total investments by and distributions to owners - ( 56,000) ( 56,000)
_______ _______ _______
At 31 December 2022 and 1 January 2023 100 477,766 477,866
Profit for the year 201,326 201,326
_______ _______ _______
Total comprehensive income for the year - 201,326 201,326
Issue of shares 20 20
Dividends paid and payable ( 238,000) ( 238,000)
_______ _______ _______
Total investments by and distributions to owners 20 ( 238,000) ( 237,980)
_______ _______ _______
At 31 December 2023 120 441,092 441,212
_______ _______ _______
Switch Electrical Supplies Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 3 Wilson Business Park, Harper Way, Markham Vale, Chesterfield, S44 5JX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 25 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 8 (2022: 7 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 239,273 201,303
Other pension costs 40,275 24,850
_______ _______
279,548 226,153
_______ _______
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 8,135 4,250 5,358 279,087 296,830
Additions - - - 157,886 157,886
Disposals - - - ( 197,587) ( 197,587)
_______ _______ _______ _______ _______
At 31 December 2023 8,135 4,250 5,358 239,386 257,129
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 8,135 1,859 3,647 143,653 157,294
Charge for the year - 598 428 55,287 56,313
Disposals - - - ( 116,895) ( 116,895)
_______ _______ _______ _______ _______
At 31 December 2023 8,135 2,457 4,075 82,045 96,712
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 - 1,793 1,283 157,341 160,417
_______ _______ _______ _______ _______
At 31 December 2022 - 2,391 1,711 135,434 139,536
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 797,249 715,496
Other debtors 76,576 171,767
_______ _______
873,825 887,263
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 745,287 695,024
Corporation tax 31,212 50,591
Social security and other taxes 7,922 4,230
Other creditors 41,836 41,134
_______ _______
826,257 790,979
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 147,869 141,716
_______ _______