Switch Property Developments Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 15081105 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

31ST AUGUST 2024 TO 31ST AUGUST 2025

FOR

SWITCH PROPERTY DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N G P Jones

Mr 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

FIXED ASSETS

Intangible assets

4

2,581

-

Tangible assets

5

26,216

417

28,797

417

CURRENT ASSETS

Debtors

6

343,971

241,025

Cash at bank

139,773

236,302

483,744

477,327

CREDITORS

Amounts falling due within one year

7

(468,352

)

(445,637

)

NET CURRENT ASSETS

15,392

31,690

TOTAL ASSETS LESS CURRENT LIABILITIES

44,189

32,107

PROVISIONS FOR LIABILITIES

8

(6,059

)

(104

)

NET ASSETS

38,130

32,003

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

9

38,030

31,903

38,130

32,003

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st August 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st August 2025 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 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 1st May 2026 and were signed on its behalf by:

Mr N G P Jones - Director

Mr D Kent - Director

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.

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.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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

-

10% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

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.

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 (2024 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

2,625

At 31st August 2025

2,625

AMORTISATION

Charge for period

44

At 31st August 2025

44

NET BOOK VALUE

At 31st August 2025

2,581

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

COST

At 31st August 2024

-

500

-

500

Additions

21,578

-

6,061

27,639

At 31st August 2025

21,578

500

6,061

28,139

DEPRECIATION

At 31st August 2024

-

83

-

83

Charge for period

433

100

1,307

1,840

At 31st August 2025

433

183

1,307

1,923

NET BOOK VALUE

At 31st August 2025

21,145

317

4,754

26,216

At 30th August 2024

-

417

-

417

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

30.8.24

£

Trade debtors

132,289

157,840

Amounts recoverable on contract

110,457

-

Other debtors

101,225

83,185

343,971

241,025

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

30.8.24

£

Payments on account

132,111

-

Trade creditors

232,579

51,392

Taxation and social security

39,918

74,689

Other creditors

63,744

319,556

468,352

445,637

8.	PROVISIONS FOR LIABILITIES

31.8.25

30.8.24

£

Deferred tax

Tax losses carried forward

(495

)

-

Deferred tax

6,554

104

6,059

104

Deferred

tax

£

Balance at 31st August 2024

104

Charge to Statement of Income and Retained Earnings

during period

5,955

Balance at 31st August 2025

6,059

9.

RESERVES

Retained

earnings

£

At 31st August 2024

31,903

Profit for the period

6,127

At 31st August 2025

38,030

10.	RELATED PARTY DISCLOSURES

During the year the company purchased professional services amounting to £124,674 (2024: £99,575) from QPM Solutions Limited, a company controlled by a Director, and £120,039 (2024: £72,800) from GJJ Limited, a company controlled by a Director,

Included in contract revenue is £102,280 (2024: £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 £117,280 (2024: £15,000) are included in Trade Debtors.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the Directors