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REGISTERED NUMBER: 07071529 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Switchserve Limited

Switchserve Limited (Registered number: 07071529)

Contents of the Financial Statements
for the Year Ended 31 October 2024










Page

Statement of financial position 1 to 2

Notes to the financial statements 3 to 7


Switchserve Limited (Registered number: 07071529)

Statement of Financial Position
31 October 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 5 - -
Tangible assets 6 254,764 279,101
254,764 279,101

Current assets
Stocks 7 34,197 74,239
Debtors 8 809,419 755,788
Cash at bank and in hand 314,187 117,324
1,157,803 947,351
Creditors
Amounts falling due within one year 9 601,595 390,112
Net current assets 556,208 557,239
Total assets less current liabilities 810,972 836,340

Creditors
Amounts falling due after more than one
year

10

(17,999

)

(58,081

)

Provisions for liabilities (63,691 ) (48,868 )
Net assets 729,282 729,391

Capital and reserves
Called up share capital 12 4 4
Retained earnings 729,278 729,387
Shareholders' funds 729,282 729,391

Switchserve Limited (Registered number: 07071529)

Statement of Financial Position - continued
31 October 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:





B D Gunner - Director


Switchserve Limited (Registered number: 07071529)

Notes to the Financial Statements
for the Year Ended 31 October 2024


1. Statutory information

Switchserve Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07071529

Registered office: The Barn
59 Northorpe
Thurlby
Bourne
Lincolnshire
PE10 0HH

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the
company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% on reducing balance
Computer & office equipment - 25% on reducing balance

Switchserve Limited (Registered number: 07071529)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


3. Accounting policies - continued

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Switchserve Limited (Registered number: 07071529)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


3. Accounting policies - continued

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

4. Employees and directors

The average number of employees during the year was 13 (2023 - 11 ) .

5. Intangible fixed assets
Goodwill
£   
Cost
At 1 November 2023
and 31 October 2024 48,300
Amortisation
At 1 November 2023
and 31 October 2024 48,300
Net book value
At 31 October 2024 -
At 31 October 2023 -

Switchserve Limited (Registered number: 07071529)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


6. Tangible fixed assets
Fixtures Computer
Plant and and Motor & office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 November 2023 130,005 19,948 273,282 44,851 468,086
Additions 941 3,740 42,168 2,292 49,141
At 31 October 2024 130,946 23,688 315,450 47,143 517,227
Depreciation
At 1 November 2023 76,685 9,842 80,212 22,246 188,985
Charge for year 13,287 1,798 52,660 5,733 73,478
At 31 October 2024 89,972 11,640 132,872 27,979 262,463
Net book value
At 31 October 2024 40,974 12,048 182,578 19,164 254,764
At 31 October 2023 53,320 10,106 193,070 22,605 279,101

7. Stocks
2024 2023
£    £   
Stocks 25,000 20,000
Work-in-progress 9,197 54,239
34,197 74,239

8. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 413,011 146,566
Loans to related parties 378,419 589,637
Prepayments 17,989 19,585
809,419 755,788

9. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts 40,089 45,624
Trade creditors 136,339 82,964
Corporation tax 240,936 139,589
Social security and other taxes 12,794 10,766
VAT 100,774 40,016
Directors' loan accounts 59,012 61,715
Accruals and deferred income 11,651 9,438
601,595 390,112

Switchserve Limited (Registered number: 07071529)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


10. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts 17,999 58,081

11. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 58,088 103,705

Hire purchase contracts totalling £58,088 (2023: £103,705) are secured against the assets to which they relate.

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
4 4