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Registered number: 12545529
Switch Pal Limited
Unaudited Financial Statements
For The Year Ended 30 April 2026
Turas Accountants Ltd
Switch Pal Limited
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—7

Page 1
Switch Pal Limited
Balance Sheet
As At 30 April 2026
Balance Sheet
Registered number: 12545529

| 2026 | 2025
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 4 |  | 302,276 |  | 312,201
Tangible Assets | 5 |  | 28,060 |  | 39,367
Investments | 6 |  | 38 |  | 22,507
|  |  | 330,374 |  | 374,075
CURRENT ASSETS
Stocks | 7 | 89,449 |  | 49,357 |
Debtors | 8 | 160,772 |  | 69,887 |
Cash at bank and in hand |  | 39,237 |  | 14,797 |
|  | 289,458 |  | 134,041 |
Creditors: Amounts Falling Due Within One Year | 9 | (298,704 ) |  | (238,234 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (9,246 ) |  | (104,193 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 321,128 |  | 269,882
PROVISIONS FOR LIABILITIES
Deferred Taxation |  |  | (7,015 ) |  | (7,480 )
NET ASSETS |  |  | 314,113 |  | 262,402
CAPITAL AND RESERVES
Called up share capital | 10 |  | 110 |  | 110
Profit and Loss Account |  |  | 314,003 |  | 262,292
SHAREHOLDERS' FUNDS |  |  | 314,113 |  | 262,402

Page 1
Page 2
Switch Pal Limited
Balance Sheet (continued)
As At 30 April 2026
For the year ending 30 April 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

Mr Matthew Badley Director
30/06/2026

The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Switch Pal Limited
Notes to the Financial Statements
For The Year Ended 30 April 2026
Notes to the Financial Statements
1. General Information
Switch Pal Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12545529 . The registered office is 66 Paul Street, London, EC2A 4NA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are cryptocurrencies.These are held at cost and an annual impairment review carried out. As
the useful economic life cannot be accurately determined, we have amortised over the maximum allowed period of 10
years.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
Page 3
Page 4
Switch Pal Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2026
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery | 25% on Cost
Motor Vehicles | 25% Reducing Balance
Computer Equipment | 25% on Cost

2.6. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 4
Page 5
Switch Pal Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2026
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2025: 2)
2 2
4. Intangible Assets

| Other | Development Costs | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 May 2025 | 224,976 | 99,250 | 324,226
As at 30 April 2026 | 224,976 | 99,250 | 324,226
Amortisation
As at 1 May 2025 | - | 12,025 | 12,025
Provided during the period | - | 9,925 | 9,925
As at 30 April 2026 | - | 21,950 | 21,950
Net Book Value
As at 30 April 2026 | 224,976 | 77,300 | 302,276
As at 1 May 2025 | 224,976 | 87,225 | 312,201

5. Tangible Assets

| Plant & Machinery | Motor Vehicles | Computer Equipment | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
Cost
As at 1 May 2025 | 4,083 | 70,135 | 10,485 | 84,703
Disposals | - | - | (857 ) | (857 )
As at 30 April 2026 | 4,083 | 70,135 | 9,628 | 83,846
Depreciation
As at 1 May 2025 | 425 | 38,950 | 5,961 | 45,336
Provided during the period | 1,021 | 7,796 | 2,204 | 11,021
Disposals | - | - | (571 ) | (571 )
As at 30 April 2026 | 1,446 | 46,746 | 7,594 | 55,786
Net Book Value
As at 30 April 2026 | 2,637 | 23,389 | 2,034 | 28,060
As at 1 May 2025 | 3,658 | 31,185 | 4,524 | 39,367

Page 5
Page 6
Switch Pal Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2026
6. Investments

| Listed
--- | ---
| £
Cost or Valuation
As at 1 May 2025 | 22,507
Disposals | (22,469 )
As at 30 April 2026 | 38
Provision
As at 1 May 2025 | -
As at 30 April 2026 | -
Net Book Value
As at 30 April 2026 | 38
As at 1 May 2025 | 22,507

7. Stocks

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Work in progress | 89,449 |  | 49,357

8. Debtors

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 160,772 |  | 69,745
Other debtors | - |  | 142
| 160,772 |  | 69,887

9. Creditors: Amounts Falling Due Within One Year

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Trade creditors | 59 |  | 53,858
Other creditors | 155,086 |  | 27,532
Taxation and social security | 143,559 |  | 156,844
| 298,704 |  | 238,234

Page 6
Page 7
Switch Pal Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2026
10. Share Capital

| 2026 |  | 2025
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 110 |  | 110

Page 7