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REGISTERED NUMBER: 05933956 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Switch Property Services Ltd

Switch Property Services Ltd (Registered number: 05933956)

Contents of the Financial Statements
for the year ended 30 September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Switch Property Services Ltd

Company Information
for the year ended 30 September 2024







DIRECTOR: J Watson





REGISTERED OFFICE: 8 Manor Park
Church Road
Gt Barton
Bury St Edmunds
Suffolk
IP31 2QR





REGISTERED NUMBER: 05933956 (England and Wales)





ACCOUNTANTS: KPSK Accounts and Tax Limited
8 Manor Park
Church Road
Gt Barton
Bury St Edmunds
Suffolk
IP31 2QR

Switch Property Services Ltd (Registered number: 05933956)

Balance Sheet
30 September 2024

30/9/24 30/9/23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,014,818 1,014,818

CURRENT ASSETS
Cash at bank 3,289 2,736

CREDITORS
Amounts falling due within one year 5 960,964 965,648
NET CURRENT LIABILITIES (957,675 ) (962,912 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,143

51,906

PROVISIONS FOR LIABILITIES 5,320 5,320
NET ASSETS 51,823 46,586

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 6 11,201 11,201
Retained earnings 40,621 35,384
SHAREHOLDERS' FUNDS 51,823 46,586

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 24 March 2025 and were signed by:





J Watson - Director


Switch Property Services Ltd (Registered number: 05933956)

Notes to the Financial Statements
for the year ended 30 September 2024


1. STATUTORY INFORMATION

Switch Property Services 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 as modified by the revaluation of certain assets.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 1,014,818
NET BOOK VALUE
At 30 September 2024 1,014,818
At 30 September 2023 1,014,818

True and Fair Override
In accordance with SSAP 19 "Accounting for investment properties":
(i) investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve; and
(ii) no depreciation or amortisation is provided in respect of freehold investment properties and leasehold investments with over 20 years remaining.
This departure from the requirements of the Companies Act 2006 to depreciate all tangible fixed assets of limited useful economic life is necessary to give a true and fair view. The investment property is held for investment income and is not used in the course of the business of the company. Investment property is stated at directors' valuation on an open market basis.

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2015 3,201
Valuation in 2016 8,000
Valuation in 2017 7,000
Valuation in 2018 6,000
Valuation in 2019 5,000
Valuation in 2020 4,000
Valuation in 2021 3,000
Valuation in 2022 2,000
Valuation in 2023 1,000
Cost 975,617
1,014,818

Switch Property Services Ltd (Registered number: 05933956)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


4. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

30/9/24 30/9/23
£    £   
Cost 975,617 975,617

Investment Property was valued on an open market basis on 30 September 2022 by the director James Watson .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/24 30/9/23
£    £   
Bank loans and overdrafts 230,008 230,012
Other loans 508,458 516,204
Other creditors 219,246 216,618
Directors' loan accounts 3,252 2,814
960,964 965,648

6. RESERVES
Fair
value
reserve
£   
At 1 October 2023
and 30 September 2024 11,201