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Registered number: 10932147
Swytch Technology Ltd
Strategic Report, Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Strategic Report 1—2
Directors' Report 3
Consolidated Statement of Comprehensive Income 4
Consolidated Balance Sheet 5—6
Company Balance Sheet 7—8
Consolidated Statement of Changes in Equity 9
Notes to the Financial Statements 10—16
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 March 2024.
Principal Activity
The principal activity of the company continues to be that of design, production and online retailing of e-bike conversion kits to the UK, US and other international consumers.
Review of the Business
The company continues to enhance its product portfolio with the addition of a new product during the year aimed at the value segment of the market as well as maintaining a pipeline of new innovative products for the future.

In order that the business meets its future plans, it develops staff accordingly and where necessary recruits externally where specialist knowledge is required.

Turnover for the financial year decreased by 6.3% to £10,510,547 (2023: £11,220,815).

Operating losses reduced to £1,369,579 (2023: £3,799,570), which included administrative expenses of £5,624,199 (2023: £7,919,508), which were rationalised during the financial year.

The shareholders deficit of the company were £1,503,574 (2023: £1,481,157).

During the year the company issued 1,198,227 ordinary shares for a value of £0.97 per share, of which £1,162,280 was paid in cash.

On the same date, the company issued £400,000.00 in secured convertible loan notes.

The full results of the company are set out on pages 6 to 10.
Principal Risks and Uncertainties
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls.  All policies are subject to Board approval and ongoing review by management.
Future Developments
The company remains focused on driving customer demand, by continually improving its conversion through website improvements and maintaining reasonable delivery times for its products. The company currently operates within direct to consumer channels, however has started to expand into wholesaling and trade channels.

Alongside channel growth, the company continues to develop its product portfolio by enhancing existing products but also innovating new products to bring to market via its internal research and development resources.
Key performance indicators
Both the Board and management regularly monitor the progress of the company by reference to its KPI’s.

The KPI’s that are used to monitor and manage the company primarily are:

2024
2023
Turnover growth/(decline)
(6.3%)
6.2%
Gross margin
40.3%
36.7%
Page 1
Page 2
Post balance sheet event
Subsequent to the balance sheet date, the company has issued 647,616 £0.001 ordinary shares for a total consideration of £628,187.52. In the same period, it has also issued 21,549 £0.001 ordinary shares in relation to £16,808.22 of accrued interest on the convertible loan notes.
On behalf of the board
Mr O Montague
Director
18 March 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors
The directors who held office during the year were as follows:
Mr J Brod
Mr D Khroma
Mrs H Montague
Mr O Montague
Mr J Waters
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
On behalf of the board
Mr O Montague
Director
18 March 2025
Page 3
Page 4
Consolidated Statement of Comprehensive Income
2024 2023
Notes £ £
TURNOVER 3 10,510,547 11,220,815
Cost of sales (6,270,104 ) (7,105,710 )
GROSS PROFIT 4,240,443 4,115,105
Administrative expenses (5,624,199 ) (7,919,508 )
Other operating income 14,177 4,833
OPERATING LOSS (1,369,579 ) (3,799,570 )
Other interest receivable and similar income 8 4,112 6,891
Interest payable and similar charges 9 (70,113 ) (76,039 )
LOSS BEFORE TAXATION (1,435,580 ) (3,868,718 )
Tax on Loss 366,780 36,722
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (1,068,800 ) (3,831,996 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (1,068,800 ) (3,831,996 )
The notes on pages 10 to 16 form part of these financial statements.
Page 4
Page 5
Consolidated Balance Sheet
Registered number: 10932147
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 10 719,496 735,638
Tangible Assets 11 184,110 361,427
903,606 1,097,065
CURRENT ASSETS
Stocks 12 1,144,574 1,244,433
Debtors 13 635,776 3,064,119
Cash at bank and in hand 479,313 2,728,818
2,259,663 7,037,370
Creditors: Amounts Falling Due Within One Year 14 (3,603,736 ) (8,864,029 )
NET CURRENT ASSETS (LIABILITIES) (1,344,073 ) (1,826,659 )
TOTAL ASSETS LESS CURRENT LIABILITIES (440,467 ) (729,594 )
Creditors: Amounts Falling Due After More Than One Year 15 (642,078 ) (407,520 )
PROVISIONS FOR LIABILITIES
Provisions For Charges 16 (421,029 ) (344,043 )
NET LIABILITIES (1,503,574 ) (1,481,157 )
CAPITAL AND RESERVES
Called up share capital 17 9,386 8,181
Share premium account 5,759,803 4,699,052
Forex Reserve (30,165 ) (14,592 )
Profit and Loss Account (7,242,598 ) (6,173,798 )
SHAREHOLDERS' FUNDS (1,503,574) (1,481,157)
Page 5
Page 6
For the year ending 31 March 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.
On behalf of the board
Mr O Montague
Director
18 March 2025
The notes on pages 10 to 16 form part of these financial statements.
Page 6
Page 7
Company Balance Sheet
Registered number: 10932147
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 10 719,496 735,638
Tangible Assets 11 180,588 357,502
900,084 1,093,140
CURRENT ASSETS
Stocks 12 1,144,574 1,244,433
Debtors 13 3,753,449 5,398,811
Cash at bank and in hand 468,416 2,692,196
5,366,439 9,335,440
Creditors: Amounts Falling Due Within One Year 14 (3,558,828 ) (8,835,992 )
NET CURRENT ASSETS (LIABILITIES) 1,807,611 499,448
TOTAL ASSETS LESS CURRENT LIABILITIES 2,707,695 1,592,588
Creditors: Amounts Falling Due After More Than One Year 15 (642,078 ) (407,520 )
PROVISIONS FOR LIABILITIES
Provisions For Charges 16 (421,029 ) (344,043 )
NET ASSETS 1,644,588 841,025
CAPITAL AND RESERVES
Called up share capital 17 9,386 8,181
Share premium account 5,759,803 4,699,052
Profit and Loss Account (4,124,601 ) (3,866,208 )
SHAREHOLDERS' FUNDS 1,644,588 841,025
Page 7
Page 8
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £(258,393 ) (2023: £(2,167,180 ) loss).
For the year ending 31 March 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 O Montague
Director
18 March 2025
The notes on pages 10 to 16 form part of these financial statements.
Page 8
Page 9
Consolidated Statement of Changes in Equity
Share Capital Share Premium Forex Reserve Profit and Loss Account Total
£ £ £ £ £
As at 1 April 2022 8,084 4,445,833 (5,348 ) (2,341,802 ) 2,106,767
Loss for the year and total comprehensive income - - - (3,831,996 ) (3,831,996)
Arising on shares issued during the period 97 253,219 - - 253,316
Movements in fair value reserve - - (9,244) - (9,244)
As at 31 March 2023 and 1 April 2023 8,181 4,699,052 (14,592 ) (6,173,798 ) (1,481,157)
Loss for the year and total comprehensive income - - - (1,068,800 ) (1,068,800)
Arising on shares issued during the period 1,205 1,060,751 - - 1,061,956
Movements in fair value reserve - - (15,573) - (15,573)
As at 31 March 2024 9,386 5,759,803 (30,165 ) (7,242,598 ) (1,503,574)
Page 9
Page 10
Notes to the Financial Statements
1. General Information
Swytch Technology Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10932147 . The registered office is Unit 9, 455 Wick Lane, London, E3 2TB.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. 
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. 
2.3. Going Concern Disclosure
The company assesses its ability to continue operations as a going concern. The directors have conducted a
comprehensive review of the company's financial position, cash flow projections, and operational plans. The company remains committed to its strategic objectives, including product development, market expansion, and customer satisfaction.

However, it is essential to acknowledge the inherent risks and uncertainties in the wider business environment. The directors will closely monitor market conditions, adapt to changing circumstances, and proactively manage its financial position to ensure the sustainability of its operations.
2.4. 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. Non-refundable deposits are recognised as revenue upon their maturity date.
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.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Development costs. It is amortised to profit and loss account over its estimated economic life of three years.
2.6. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are Patents and licenses. It is amortised to the profit and loss account over its estimated economic life of five to ten years.
Page 10
Page 11
2.7. 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 straight line over 3 years
Fixtures & Fittings straight line over 3 years
Computer Equipment straight line over 3 years
2.8. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.9. 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.
2.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.11. Foreign Currencies
For the purposes of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency to Sterling (£) using the closing exchange rate. Income and expenses are translated using the average rate for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising on consolidation of group companies are recognised in other comprehensive income and are not reclassified to profit or loss. 
2.12. 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 group'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 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.
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2.13. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Turnover
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 4,504,414 5,794,618
North America 2,798,632 3,542,683
Rest of the world 3,207,501 1,883,514
10,510,547 11,220,815
4. Other Operating Income
2024 2023
£ £
Grant income - 4,833
Other operating income 14,177 -
14,177 4,833
5. Staff Costs
Staff costs, including directors' remuneration, were as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Wages and salaries 1,893,260 2,404,979 1,893,260 2,404,979
Social security costs 226,709 305,564 226,709 305,564
Other pension costs 105,881 84,714 105,881 84,714
2,225,850 2,795,257 2,225,850 2,795,257
6. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 38 (2023: 64)
Company
Average number of employees, including directors, during the year was: 38 (2023: 64)
38 64
38 64
7. Directors' remuneration
2024 2023
£ £
Emoluments 186,476 162,807
Company contributions to defined benefit pension schemes 24,120 6,410
210,596 169,217
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8. Interest Receivable and Similar Income
2024 2023
£ £
Interest on short term deposits 4,112 6,891
9. Interest Payable and Similar Charges
2024 2023
£ £
Other finance charges 70,113 76,039
10. Intangible Assets
Group
Development Costs Patent and licences Total
£ £ £
Cost
As at 1 April 2023 835,392 95,617 931,009
Additions 277,133 - 277,133
As at 31 March 2024 1,112,525 95,617 1,208,142
Amortisation
As at 1 April 2023 165,389 29,982 195,371
Provided during the period 278,464 14,811 293,275
As at 31 March 2024 443,853 44,793 488,646
Net Book Value
As at 31 March 2024 668,672 50,824 719,496
As at 1 April 2023 670,003 65,635 735,638
Company
Development Costs Patent and licences Total
£ £ £
Cost
As at 1 April 2023 835,392 95,617 931,009
Additions 277,133 - 277,133
As at 31 March 2024 1,112,525 95,617 1,208,142
Amortisation
As at 1 April 2023 165,389 29,982 195,371
Provided during the period 278,464 14,811 293,275
As at 31 March 2024 443,853 44,793 488,646
Net Book Value
As at 31 March 2024 668,672 50,824 719,496
As at 1 April 2023 670,003 65,635 735,638
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11. Tangible Assets
Group
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 321,619 149,146 284,117 754,882
Additions - 8,040 16,402 24,442
As at 31 March 2024 321,619 157,186 300,519 779,324
Depreciation
As at 1 April 2023 189,056 70,546 133,853 393,455
Provided during the period 58,507 57,240 86,012 201,759
As at 31 March 2024 247,563 127,786 219,865 595,214
Net Book Value
As at 31 March 2024 74,056 29,400 80,654 184,110
As at 1 April 2023 132,563 78,600 150,264 361,427
Company
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 321,619 144,339 284,117 750,075
Additions - 8,151 16,402 24,553
As at 31 March 2024 321,619 152,490 300,519 774,628
Depreciation
As at 1 April 2023 189,056 69,664 133,853 392,573
Provided during the period 58,507 56,948 86,012 201,467
As at 31 March 2024 247,563 126,612 219,865 594,040
Net Book Value
As at 31 March 2024 74,056 25,878 80,654 180,588
As at 1 April 2023 132,563 74,675 150,264 357,502
12. Stocks
Group Company
2024 2023 2024 2023
£ £ £ £
Stock 1,144,574 1,244,433 1,144,574 1,244,433
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13. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 71,513 55,209 61,947 13,680
Amounts owed by group undertakings - - 3,146,904 2,379,956
Other debtors 564,263 3,008,910 544,598 3,005,175
635,776 3,064,119 3,753,449 5,398,811
14. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 766,364 2,514,236 766,365 2,514,236
Bank loans and overdrafts 10,000 10,000 10,000 10,000
Other creditors 279,229 682,151 279,229 682,151
Taxation and social security 182,914 226,068 138,005 198,031
Accruals and deferred income 2,365,229 5,431,574 2,365,229 5,431,574
3,603,736 8,864,029 3,558,828 8,835,992
15. Creditors: Amounts Falling Due After More Than One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans 11,305 21,669 11,305 21,669
Other loans 630,773 385,851 630,773 385,851
642,078 407,520 642,078 407,520
16. Provisions for Liabilities
Group
Other Provisions Total
£ £
As at 1 April 2023 344,043 344,043
Additions 76,986 76,986
Balance at 31 March 2024 421,029 421,029
Other provisions includes provision for inventory obsolescence and warranty.
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17. Share Capital
2024 2023
Allotted, called up and fully paid £ £
9,387,000 Ordinary Shares of £ 0.001 each 9,386 8,181
Shares issued during the period: £
1,206,000 Ordinary Shares of £ 0.001 each 1,205
18. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £81,761 (2023: £78,304).
At the balance sheet date contributions of £12,423 (2023: £25,808) were due to the fund and are included in creditors.
19. Related Party Disclosures
The directors deem there to be no other Key Management Personnel, aside from the directors whose remuneration has been disclosed above within note 7.

At the balance sheet date, the parent company had an amount of £3,146,904 (2022: £2,379,956) owed from group undertakings, this is included within Trade and Other Receivables. The amounts are unsecured, interest-free, and have no fixed date for repayment. The balances are repayable on demand.
20. Controlling Parties
The directors do not consider there to be a single controlling party.
21. Post Balance Sheet Event
Subsequent to the balance sheet date, the company has issued 647,616 £0.001 ordinary shares for a total consideration of £628,187.52. In the same period, it has also issued 21,549 £0.001 ordinary shares in relation to £16,808.22 of accrued interest on the convertible loan notes.
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