General Information
SWITCH PRODUCT GROUP LIMITED is a private company limited by shares, incorporated in England and Wales, registration number 14393679. The registered office is Flat 4 Elizabeth Place, 53 More Lane, Esher, KT10 8AP.
The company is authorised and regulated by the Financial Conduct Authority (Financial Services Register number 1009729). During the year it did not trade. It was preparing to operate as a managing general agent and broker of UK pet insurance under the brand Switch Pet Insurance.
| 1. |
Accounting policies
Basis of preparation
These financial statements have been prepared under the historical cost convention and in accordance with Section 1A of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006, as applicable to small entities. They are presented in pounds sterling, rounded to the nearest pound.
Going concern
At 31 October 2025 the company had net assets of £13,756, after a loss of £24,244 for the year. In May 2025 the director paid £38,000 to the company: £100 for the shares issued on incorporation and £37,900 as a subscription for further ordinary shares, which were allotted on 2 October 2026. He advanced a further £100,000 to the company in December 2025, which is held on loan account, and has confirmed that he will not seek repayment of that loan for at least twelve months from the date of approval of these financial statements. The company is also raising £1,000,000 of new ordinary share capital ahead of the start of trading, with EIS advance assurance in progress. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. Completion of the share raise is a material factor in that assessment.
Pre-trading expenditure
Costs incurred in preparing the business to trade, including regulatory fees, platform set-up and technology integration costs, are recognised as an expense as incurred. No development costs have been capitalised because the recognition criteria for an intangible asset were not met.
Taxation
Current tax is recognised for the amount payable in respect of taxable profit. Deferred tax assets are recognised only to the extent that it is probable they will be recovered against future taxable profits.
Shares to be issued
Amounts received for shares that had not been allotted at the reporting date, and which the company cannot be required to repay, are recognised in equity as shares to be issued.
Financial instruments
The company has only basic financial instruments. Cash and accruals are measured at transaction price.
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| 2. |
Employees
No remuneration was paid.
Average number of employees during the year was 1 (2024 : 1).
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| 3. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Accrued Expenses |
960 |
|
0 |
|
960 |
|
0 |
|
| 4. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
100
Ordinary shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
| 5. |
Shares to be issued
|
2025
£ |
|
2024
£ |
| Shares to be issued |
37,900 |
|
0 |
|
37,900 |
|
0 |
|
| 6. |
Related parties
During the year the company entered into the following transactions with related parties: | Transaction value - income/(expenses) | | Balance owed by/(owed to) |
|---|
| 2025
£ | | 2024
£ | | 2025
£ | | 2024
£ |
|---|
| Mr D J McCauley | 0 | | 0 | | 0 | | 0 |
On 27 May 2025 the director, Mr D J McCauley, paid £38,000 to the company, including £20,000 paid on his behalf by a member of his family. Of this, £100 was payment for the 100 ordinary shares issued to him on incorporation and £37,900 was a subscription for further ordinary shares. Those shares had not been allotted at 31 October 2025, so the £37,900 is shown in equity as shares to be issued. No amounts were owed between the company and the director at 31 October 2025. |
| 7. |
Events after Balance sheet date
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|
Events after the reporting period
On 2 October 2026 the company allotted 37,900 ordinary shares of £1 each at par to Mr D J McCauley, credited as fully paid, in respect of the £37,900 subscription received in May 2025. In December 2025 the director advanced a further £100,000 to the company, which remains on loan account. Mr G A Preedy was appointed a director on 20 August 2026. The company expects to begin trading in October 2026 and is raising £1,000,000 of new ordinary share capital.
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| 8. |
Shares to be issued
Shares to be issued of £37,900 (2024: £nil) represent a non-refundable subscription received from Mr D J McCauley on 27 May 2025 for 37,900 ordinary shares of £1 each. The shares were allotted on 2 October 2026. The remaining £100 received on that date was payment for the 100 ordinary shares issued on incorporation.
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| 9. |
Ultimate Controlling Party
The company's ultimate controlling party is Mr D J McCauley by virtue of his ownership of 100% of the issued share capital in the company.
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3
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