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Company registration number: 13811686

Switch Associates Ltd

Filleted Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Switch Associates Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 9

 

Switch Associates Ltd

Company Information

Director

Mr D W McCreadie

Company secretary

Mrs L McCreadie

Registered office

10 Brindley Place
Birmingham
Birmingham
B1 2JB

Accountants

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Switch Associates Ltd
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Switch Associates Ltd for the year ended 29 February 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Switch Associates Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Switch Associates Ltd and state those matters that we have agreed to state to the Board of Directors of Switch Associates Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Switch Associates Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Switch Associates Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Switch Associates Ltd. You consider that Switch Associates Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Switch Associates Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

12 September 2024

 

Switch Associates Ltd

(Registration number: 13811686)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,345

2,300

Current assets

 

Debtors

5

413,517

34,658

Cash at bank and in hand

 

20,516

58,996

 

434,033

93,654

Creditors: Amounts falling due within one year

6

(399,776)

(27,067)

Net current assets

 

34,257

66,587

Total assets less current liabilities

 

36,602

68,887

Creditors: Amounts falling due after more than one year

6

(34,681)

(42,369)

Provisions for liabilities

(446)

(437)

Net assets

 

1,475

26,081

Capital and reserves

 

Called up share capital

102

100

Share premium reserve

59,948

39,950

Retained earnings

(58,575)

(13,969)

Shareholders' funds

 

1,475

26,081

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 September 2024
 

 

Switch Associates Ltd

(Registration number: 13811686)
Balance Sheet as at 29 February 2024

.........................................
Mr D W McCreadie
Director

   
     
 

Switch Associates Ltd

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 March 2023

100

39,950

(13,969)

26,081

Loss for the year

-

-

(44,606)

(44,606)

New share capital subscribed

2

19,998

-

20,000

At 29 February 2024

102

59,948

(58,575)

1,475


 

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Loss for the year

-

-

(13,969)

(13,969)

New share capital subscribed

100

39,950

-

40,050

At 28 February 2023

100

39,950

(13,969)

26,081

 

Switch Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 Brindley Place
Birmingham
Birmingham
B1 2JB
England

These financial statements were authorised for issue by the director on 12 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Deferred tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Switch Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Office equipment

33% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 3).

 

Switch Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

-

3,450

3,450

Additions

663

998

1,661

At 29 February 2024

663

4,448

5,111

Depreciation

At 1 March 2023

-

1,150

1,150

Charge for the year

133

1,483

1,616

At 29 February 2024

133

2,633

2,766

Carrying amount

At 29 February 2024

530

1,815

2,345

At 28 February 2023

-

2,300

2,300

5

Debtors

Current

2024
£

2023
£

Trade debtors

246,132

11,139

Other debtors

167,385

23,519

 

413,517

34,658

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7,417

6,838

Trade creditors

 

44,915

14,516

Other creditors

 

347,444

5,713

 

399,776

27,067

 

Switch Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

34,681

42,369

7

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr D W McCreadie

11,871

45,397

(13,053)

44,215

         
       

 

2023

At 21 December 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr D W McCreadie

-

55,113

(43,242)

11,871