Acorah Software Products - Accounts Production 16.1.300 false true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 10408051 Mr L Kinch Mr T Rogers Mr M Whitfield iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10408051 2023-10-31 10408051 2024-10-31 10408051 2023-11-01 2024-10-31 10408051 frs-core:CurrentFinancialInstruments 2024-10-31 10408051 frs-core:ComputerEquipment 2024-10-31 10408051 frs-core:ComputerEquipment 2023-11-01 2024-10-31 10408051 frs-core:ComputerEquipment 2023-10-31 10408051 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-01 2024-10-31 10408051 frs-core:MotorVehicles 2024-10-31 10408051 frs-core:MotorVehicles 2023-11-01 2024-10-31 10408051 frs-core:MotorVehicles 2023-10-31 10408051 frs-core:OtherResidualIntangibleAssets 2024-10-31 10408051 frs-core:OtherResidualIntangibleAssets 2023-11-01 2024-10-31 10408051 frs-core:OtherResidualIntangibleAssets 2023-10-31 10408051 frs-core:PlantMachinery 2024-10-31 10408051 frs-core:PlantMachinery 2023-11-01 2024-10-31 10408051 frs-core:PlantMachinery 2023-10-31 10408051 frs-core:SharePremium 2024-10-31 10408051 frs-core:ShareCapital 2024-10-31 10408051 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 10408051 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 10408051 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 10408051 frs-bus:SmallEntities 2023-11-01 2024-10-31 10408051 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 10408051 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 10408051 frs-bus:Director1 2023-11-01 2024-10-31 10408051 frs-bus:Director2 2023-11-01 2024-10-31 10408051 frs-bus:Director3 2023-11-01 2024-10-31 10408051 frs-countries:EnglandWales 2023-11-01 2024-10-31 10408051 2022-10-31 10408051 2023-10-31 10408051 2022-11-01 2023-10-31 10408051 frs-core:CurrentFinancialInstruments 2023-10-31 10408051 frs-core:SharePremium 2023-10-31 10408051 frs-core:ShareCapital 2023-10-31 10408051 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31
Registered number: 10408051
Switchd Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
SQK Accountancy Ltd
Use.Space
Paddock Street
Manchester
Greater Manchester
M12 6HT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10408051
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 322,777 1
Tangible Assets 5 26,245 15,955
349,022 15,956
CURRENT ASSETS
Stocks 6 34,152 29,195
Debtors 7 632,348 502,388
Cash at bank and in hand 463,433 1,497,647
1,129,933 2,029,230
Creditors: Amounts Falling Due Within One Year 8 (300,828 ) (262,592 )
NET CURRENT ASSETS (LIABILITIES) 829,105 1,766,638
TOTAL ASSETS LESS CURRENT LIABILITIES 1,178,127 1,782,594
NET ASSETS 1,178,127 1,782,594
CAPITAL AND RESERVES
Called up share capital 9 2 2
Share premium account 4,193,291 4,193,291
Profit and Loss Account (3,015,166 ) (2,410,699 )
SHAREHOLDERS' FUNDS 1,178,127 1,782,594
Page 1
Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 L Kinch
Director
09/12/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Switchd Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10408051 . The registered office is International House, 36-38 Cornhill, London, EC3V 3NG.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are included at cost less depreciation. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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% Straight Line Depreciation
Motor Vehicles 15% Reducing Balance Depreciation
Computer Equipment 25% Straight Line Depreciation
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 29 (2023: 29)
29 29
4. Intangible Assets
Other
£
Cost
As at 1 November 2023 2,342
Additions 358,640
As at 31 October 2024 360,982
Amortisation
As at 1 November 2023 2,341
Provided during the period 35,864
As at 31 October 2024 38,205
Net Book Value
As at 31 October 2024 322,777
As at 1 November 2023 1
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5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2023 3,833 - 27,093 30,926
Additions - 14,000 3,639 17,639
As at 31 October 2024 3,833 14,000 30,732 48,565
Depreciation
As at 1 November 2023 64 - 14,907 14,971
Provided during the period 766 350 6,233 7,349
As at 31 October 2024 830 350 21,140 22,320
Net Book Value
As at 31 October 2024 3,003 13,650 9,592 26,245
As at 1 November 2023 3,769 - 12,186 15,955
6. Stocks
2024 2023
£ £
Stock 34,152 29,195
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 241,471 187,328
Other debtors 390,877 315,060
632,348 502,388
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 130,890 70,124
Other creditors 118,329 82,983
Taxation and social security 51,609 109,485
300,828 262,592
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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