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REGISTERED NUMBER: 15081105 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 18 AUGUST 2023 TO 30 AUGUST 2024

FOR

SWITCH PROPERTY DEVELOPMENTS LIMITED

SWITCH PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 15081105)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 18 AUGUST 2023 TO 30 AUGUST 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SWITCH PROPERTY DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 18 AUGUST 2023 TO 30 AUGUST 2024







DIRECTORS: N G P Jones
D Kent





REGISTERED OFFICE: 8 Preston Old Road
Freckleton
Preston
Lancashire
PR4 1PD





REGISTERED NUMBER: 15081105 (England and Wales)





ACCOUNTANTS: SBCA Chartered Accountants
17 Moor Park Avenue
Preston
Lancashire
PR1 6AS

SWITCH PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 15081105)

BALANCE SHEET
30 AUGUST 2024

Notes £   
FIXED ASSETS
Tangible assets 4 417

CURRENT ASSETS
Debtors 5 241,025
Cash at bank 236,302
477,327
CREDITORS
Amounts falling due within one year 6 (445,637 )
NET CURRENT ASSETS 31,690
TOTAL ASSETS LESS CURRENT LIABILITIES 32,107

PROVISIONS FOR LIABILITIES 7 (104 )
NET ASSETS 32,003

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings 8 31,903
32,003

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

The members have not required the company to obtain an audit of its financial statements for the period ended 30 August 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.

SWITCH PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 15081105)

BALANCE SHEET - continued
30 AUGUST 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2025 and were signed on its behalf by:




N G P Jones - Director



D Kent - Director


SWITCH PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 15081105)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 18 AUGUST 2023 TO 30 AUGUST 2024


1. STATUTORY INFORMATION

Switch Property Developments Limited 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.

SWITCH PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 15081105)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 AUGUST 2023 TO 30 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Revenue recognition
Construction Contracts
Revenue from construction contracts undertaken on a cost-plus basis is recognised in the period in which the related costs are incurred, together with an agreed margin or fee, provided that it is probable that these amounts will be recovered.

Revenue is recognised only when:

- The contract is legally enforceable and agreed with the customer.

- The costs incurred are directly attributable to the specific project and are expected to be reimbursed under the terms of the contract.

- The total consideration, including the agreed margin or fee, can be reliably measured.

Under the open book approach, all qualifying costs incurred on a project are recorded as contract costs and recharged to the customer in line with the agreed contractual terms. A margin or management fee, as specified in the contract, is added to these costs and recognised as revenue when the related costs are recognised.

Where there is any uncertainty over the recoverability of costs or fees, revenue is recognised only to the extent that costs are expected to be recoverable. Any anticipated losses on a contract are recognised as soon as they become apparent.

Timing of Recognition
Revenue is recognised over time as work progresses, reflecting the transfer of services to the customer. The stage of completion is measured based on costs incurred to date compared with the total expected costs of the project.

Presentation
Amounts due from customers for contract work are included in Amounts Recoverable on Contracts. Amounts invoiced in advance of costs incurred are presented as deferred income.

Revenue from the supply of goods is recognised when the significant risks and rewards of ownership have passed to the customer, usually on delivery. Revenue from services is recognised as the services are provided, in proportion to the stage of completion of the contract at the reporting date, provided the outcome of the transaction can be measured reliably.

Other Revenue
Other revenue from the supply of goods is recognised when the significant risks and rewards of ownership have passed to the customer, usually on delivery. Revenue from services is recognised as the services are provided, in proportion to the stage of completion of the contract at the reporting date, provided the outcome of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

SWITCH PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 15081105)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 AUGUST 2023 TO 30 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets:
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities:
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


SWITCH PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 15081105)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 AUGUST 2023 TO 30 AUGUST 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
Additions 500
At 30 August 2024 500
DEPRECIATION
Charge for period 83
At 30 August 2024 83
NET BOOK VALUE
At 30 August 2024 417

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 157,840
Other debtors 83,185
241,025

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 51,392
Taxation and social security 74,689
Other creditors 319,556
445,637

SWITCH PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 15081105)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 AUGUST 2023 TO 30 AUGUST 2024


7. PROVISIONS FOR LIABILITIES
£   
Deferred tax 104

Deferred
tax
£   
Provided during period 104
Balance at 30 August 2024 104

8. RESERVES
Retained
earnings
£   

Profit for the period 31,903
At 30 August 2024 31,903

9. RELATED PARTY DISCLOSURES

During the year the company purchased professional services amounting to £99,575 from QPM Solutions Limited, a company controlled by a Director, and £72,800 from GJJ Limited, a company controlled by a Director,

The company purchased goods amounting to £500 from Jones Properties (North West) Limited, a company controlled by a Director.

Included in contract revenue is £68,964 in relation to sales to New Cut Lane Development Limited, a company controlled by the Directors. Amounts outstanding at the year end of £15,000 are included in Trade Debtors.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the Directors