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REGISTERED NUMBER: 08059305 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

SWITCH NETWORKS LTD

SWITCH NETWORKS LTD (REGISTERED NUMBER: 08059305)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SWITCH NETWORKS LTD

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: J Bertucci
S Blenkin





REGISTERED OFFICE: Unit 1a Park Farm Courtyard
Easthorpe
Malton
YO17 6QX





REGISTERED NUMBER: 08059305 (England and Wales)





ACCOUNTANTS: J S White & Co Limited
25-29 Sandy Way
Yeadon
Leeds
LS19 7EW

SWITCH NETWORKS LTD (REGISTERED NUMBER: 08059305)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 53,498 35,516
53,498 35,516

CURRENT ASSETS
Stocks 18,800 38,861
Debtors 6 91,176 55,997
Prepayments and accrued income (1,780 ) -
Cash at bank and in hand 274,705 173,585
382,901 268,443
CREDITORS
Amounts falling due within one year 7 288,148 133,963
NET CURRENT ASSETS 94,753 134,480
TOTAL ASSETS LESS CURRENT
LIABILITIES

148,251

169,996

PROVISIONS FOR LIABILITIES - 7,085
NET ASSETS 148,251 162,911

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 148,249 162,909
148,251 162,911

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SWITCH NETWORKS LTD (REGISTERED NUMBER: 08059305)

BALANCE SHEET - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:




J Bertucci - Director



S Blenkin - Director


SWITCH NETWORKS LTD (REGISTERED NUMBER: 08059305)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Switch Networks Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SWITCH NETWORKS LTD (REGISTERED NUMBER: 08059305)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 33,000
AMORTISATION
At 1 June 2023
and 31 May 2024 33,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 32,263 4,725 15,759 21,080 73,827
Additions 4,598 - 34,490 3,616 42,704
Disposals - - (15,759 ) - (15,759 )
At 31 May 2024 36,861 4,725 34,490 24,696 100,772
DEPRECIATION
At 1 June 2023 8,030 2,729 9,771 17,781 38,311
Charge for year 6,724 1,105 8,623 2,282 18,734
Eliminated on disposal - - (9,771 ) - (9,771 )
At 31 May 2024 14,754 3,834 8,623 20,063 47,274
NET BOOK VALUE
At 31 May 2024 22,107 891 25,867 4,633 53,498
At 31 May 2023 24,233 1,996 5,988 3,299 35,516

SWITCH NETWORKS LTD (REGISTERED NUMBER: 08059305)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 91,176 55,997

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 30,162 40,675
Taxation and social security 44,878 56,649
Other creditors 213,108 36,639
288,148 133,963