REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Switch Property Services Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
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 |
Other loans |
Other creditors |
Directors' loan accounts | 3,252 | 2,814 |
6. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 October 2023 |
and 30 September 2024 |