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Company registration number: 05149688







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024


SWITCHSURE FINANCE LIMITED






































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SWITCHSURE FINANCE LIMITED
 


 
COMPANY INFORMATION


Directors
P Dellow 
D Fogelman 
R Wickings 




Registered number
05149688



Registered office
The Pavilion
Botleigh Grange Business Park

Hedge End

Southampton

SO30 2AF




Trading Address
Piper House
14 West Place

West Road

Harlow

Essex

CM20 2GY






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


SWITCHSURE FINANCE LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7


 


SWITCHSURE FINANCE LIMITED
REGISTERED NUMBER:05149688



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
5,133

  
-
5,133

Current assets
  

Debtors
 5 
3,680,158
4,301,035

Cash at bank and in hand
  
7,024
61,671

  
3,687,182
4,362,706

Creditors: amounts falling due within one year
 6 
(931,053)
(1,432,237)

Net current assets
  
 
 
2,756,129
 
 
2,930,469

Total assets less current liabilities
  
2,756,129
2,935,602

Creditors: amounts falling due after more than one year
 7 
(827,654)
(1,473,783)

Provisions for liabilities
  

Deferred tax
  
-
(180)

  
 
 
-
 
 
(180)

Net assets
  
1,928,475
1,461,639


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
1,928,465
1,461,629

  
1,928,475
1,461,639


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P Dellow
Director
Date: 25 February 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


SWITCHSURE FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Switchsure Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pavilion, Botleigh Grange Business Park, Hedge End, Southampton, Hampshire, SO30 2AF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue for the sale of equipment is recognised at the point of sale. Maintenance costs and interest are recognised on a straight line basis over the term of the contract.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 


SWITCHSURE FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
Over the life of the rental agreement

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 


SWITCHSURE FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 4

 


SWITCHSURE FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 June 2023
140,870



At 31 May 2024

140,870



Depreciation


At 1 June 2023
135,737


Charge for the year on owned assets
5,133



At 31 May 2024

140,870



Net book value



At 31 May 2024
-



At 31 May 2023
5,133


5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
1,806,715
2,616,983

1,806,715
2,616,983

Due within one year

Trade debtors
176,613
186,257

Amounts owed by group undertakings
357,784
135,339

Other debtors
1,229,365
1,223,773

Prepayments and accrued income
42,345
109,347

Tax recoverable
67,336
29,336

3,680,158
4,301,035


Page 5

 


SWITCHSURE FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
316,553

Amounts owed to group undertakings
29,731
237,178

Other taxation and social security
82,067
53,693

Other creditors
123,599
118,040

Accruals and deferred income
695,656
706,773

931,053
1,432,237



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
286,538

Accruals and deferred income
827,654
1,187,245

827,654
1,473,783



8.


Commitments under operating leases - Lessor

The operating leases represent leases of equipment to third parties. The leases are negotiated over terms of 5-15 years.


At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£


Not later than 1 year
-
15,972

-
15,972


9.Other financial commitments

Loans included within entities of the group that the Company is a part are secured by fixed and floating charges over the assets of the Company and the group. At the year end the loans amounted to £66,833,106 (2023: £Nil).


10.


Controlling party

The parent undertaking of the smallest group in which consolidated financial statements are prepared, which include this company, is SCCI Group Limited. The company's registered address is The Pavilion, Botleigh Grange Business Park, Hedge End, Southampton, SO30 2AF.

Page 6

 


SWITCHSURE FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 25 February 2025 by Robin Hopkins FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 7