Acorah Software Products - Accounts Production 14.6.300 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 06188220 Mr Mario Panteli Mrs Melpo Panteli iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06188220 2023-02-28 06188220 2024-02-29 06188220 2023-03-01 2024-02-29 06188220 frs-core:CurrentFinancialInstruments 2024-02-29 06188220 frs-core:MotorVehicles 2024-02-29 06188220 frs-core:MotorVehicles 2023-03-01 2024-02-29 06188220 frs-core:MotorVehicles 2023-02-28 06188220 frs-core:PlantMachinery 2024-02-29 06188220 frs-core:PlantMachinery 2023-03-01 2024-02-29 06188220 frs-core:PlantMachinery 2023-02-28 06188220 frs-core:ShareCapital 2024-02-29 06188220 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 06188220 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06188220 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 06188220 frs-bus:SmallEntities 2023-03-01 2024-02-29 06188220 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 06188220 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06188220 frs-bus:Director1 2023-03-01 2024-02-29 06188220 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 06188220 frs-countries:EnglandWales 2023-03-01 2024-02-29 06188220 2022-02-28 06188220 2023-02-28 06188220 2022-03-01 2023-02-28 06188220 frs-core:CurrentFinancialInstruments 2023-02-28 06188220 frs-core:ShareCapital 2023-02-28 06188220 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 06188220
SWITCH FINANCIAL SERVICES LTD
Unaudited Financial Statements
For The Year Ended 29 February 2024
ELM Partners
Chartered Certified Accountants & Registered Auditors
Southgate Offie Village
286a Chase Road
Soutghate
London
N14 6HF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06188220
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,556 31,333
25,556 31,333
CURRENT ASSETS
Debtors 5 111,580 102,553
Cash at bank and in hand 820,936 730,385
932,516 832,938
Creditors: Amounts Falling Due Within One Year 6 (60,712 ) (46,215 )
NET CURRENT ASSETS (LIABILITIES) 871,804 786,723
TOTAL ASSETS LESS CURRENT LIABILITIES 897,360 818,056
NET ASSETS 897,360 818,056
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 897,260 817,956
SHAREHOLDERS' FUNDS 897,360 818,056
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Mario Panteli
Director
29/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SWITCH FINANCIAL SERVICES LTD is a private company, limited by shares, incorporated in England & Wales, registered number 06188220 . The registered office is Second Floor, Woodgate House, 2 – 8 Games Road, Cockfosters, Herts, EN4 9HN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on reducing balance
Motor Vehicles 20% on reducing balance
2.4. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 March 2023 20,496 37,270 57,766
Additions 490 - 490
As at 29 February 2024 20,986 37,270 58,256
Depreciation
As at 1 March 2023 13,015 13,418 26,433
Provided during the period 1,497 4,770 6,267
As at 29 February 2024 14,512 18,188 32,700
Net Book Value
As at 29 February 2024 6,474 19,082 25,556
As at 1 March 2023 7,481 23,852 31,333
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 21,223 12,926
Prepayments and accrued income 1,527 797
Other debtors 88,830 88,830
111,580 102,553
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,983 -
Corporation tax 36,539 34,785
Other taxes and social security 18,644 8,727
Accruals and deferred income 2,521 2,521
Director's loan account 25 182
60,712 46,215
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Related Party Transactions
Included in creditors amount falling due with in one year is an amount of £25 (2023: £182) due to Mr Mario Panteli, director and 100% shareholder of the company. The loan was interest free.
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