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SWITCHING GROUP LIMITED

Registered Number
05110721
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

SWITCHING GROUP LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

COLE, Matthew David Keith

Registered Address

Unit 7 Pebble Close
Tamworth
B77 4RD

Registered Number

05110721 (England and Wales)
SWITCHING GROUP LIMITED
Statement of Financial Position
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets346,08764,483
46,08764,483
Current assets
Debtors456,55865,662
Cash at bank and on hand136,25661,878
192,814127,540
Creditors amounts falling due within one year5(109,066)(173,666)
Net current assets (liabilities)83,748(46,126)
Total assets less current liabilities129,83518,357
Creditors amounts falling due after one year6(84,628)(104,191)
Net assets45,207(85,834)
Capital and reserves
Called up share capital102102
Profit and loss account45,105(85,936)
Shareholders' funds45,207(85,834)
The financial statements were approved and authorised for issue by the Director on 23 January 2025, and are signed on its behalf by:
COLE, Matthew David Keith
Director
Registered Company No. 05110721
SWITCHING GROUP LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Fixtures and fittings-4
Vehicles25-
Office Equipment-4
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 May 23138,639
At 30 April 24138,639
Depreciation and impairment
At 01 May 2374,156
Charge for year18,396
At 30 April 2492,552
Net book value
At 30 April 2446,087
At 30 April 2364,483
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables240-
Other debtors56,31864,800
Prepayments and accrued income-862
Total56,55865,662
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-2,125
Bank borrowings and overdrafts5,3405,340
Taxation and social security87,08720,402
Finance lease and HP contracts9,1067,624
Other creditors7,533135,485
Accrued liabilities and deferred income-2,690
Total109,066173,666
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts24,82932,929
Other creditors59,79971,262
Total84,628104,191
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts59,79971,262