Company registration number 12114563 (England and Wales)
SWITCH ENERGY NETWORK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
SWITCH ENERGY NETWORK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SWITCH ENERGY NETWORK LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
617
Tangible assets
4
5,821
6,881
5,821
7,498
Current assets
Stocks
84,690
228,222
Debtors
5
2,421,645
3,333,318
Cash at bank and in hand
4,166,606
826,276
6,672,941
4,387,816
Creditors: amounts falling due within one year
6
(3,852,790)
(2,602,187)
Net current assets
2,820,151
1,785,629
Total assets less current liabilities
2,825,972
1,793,127
Creditors: amounts falling due after more than one year
7
(8,608)
(38,443)
Provisions for liabilities
(2,647)
(2,647)
Net assets
2,814,717
1,752,037
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
2,813,717
1,751,037
Total equity
2,814,717
1,752,037

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SWITCH ENERGY NETWORK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr T Eaglen
Director
Company registration number 12114563 (England and Wales)
SWITCH ENERGY NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Switch Energy Network Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Paul's House, 23 Park Square, Leeds, West Yorkshire, United Kingdom, LS1 2ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

 

Website
25% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Fixtures and fittings
25% straight line
Computers
25% straight line
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items in other comprehensive income or directly in equity.

Current tax

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet.

SWITCH ENERGY NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charge to the profit or loss in the period to which they relate.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees
2024
2023
Number
Number
Total
33
29
3
Intangible fixed assets
Website
£
Cost
At 1 August 2023 and 31 July 2024
3,700
Amortisation and impairment
At 1 August 2023
3,083
Amortisation charged for the year
617
At 31 July 2024
3,700
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
617
SWITCH ENERGY NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 August 2023
970
27,774
28,744
Additions
2,132
3,764
5,896
At 31 July 2024
3,102
31,538
34,640
Depreciation and impairment
At 1 August 2023
505
21,358
21,863
Depreciation charged in the year
776
6,180
6,956
At 31 July 2024
1,281
27,538
28,819
Carrying amount
At 31 July 2024
1,821
4,000
5,821
At 31 July 2023
465
6,416
6,881
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,175,467
1,213,072
Amounts owed by group undertakings
(96,046)
-
0
Other debtors
1,342,224
2,120,246
2,421,645
3,333,318
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,440
21,050
Trade creditors
1,669,592
1,105,151
Corporation tax
901,960
490,574
Other taxation and social security
55,868
41,749
Other creditors
1,214,930
943,663
3,852,790
2,602,187
SWITCH ENERGY NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,608
38,443
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
144,000
288,000
9
Related party transactions

The following amounts were outstanding at the reporting end date:

£9,456 (2023 - £89,456) due from TOAN Limited, a corporate shareholder controlled by Directors of the company. Monies advanced are interest free with no set terms of repayment.

 

The company receives assistance with its short term cash flow through monies advanced by Scarborough House Limited, a corporate shareholder controlled by a Director of the company. At the year end an amount of £1,100,174 (2023 - £921,061) was due to Scarborough House Limited. Interest is payable on the monies advanced at a commercial rate.

 

At 31 July 2024 the company had advanced £2,774 to Directors of the company. Sums were repaid prior to the date of these financial statements.

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