REGISTERED NUMBER: 03176306 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SWITCHNET SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D R Hancock

L A Hancock

G J Pike

SECRETARY:

D R Hancock

REGISTERED OFFICE:

Unit 2

RO24

Harlow Business Park

Harlow

Essex

CM19 5QB

REGISTERED NUMBER:

03176306 (England and Wales)

ACCOUNTANTS:

Clemence Hoar Cummings

Chartered Accountants

Riverside House

1-5 Como Street

Romford

Essex

RM7 7DN

FIXED ASSETS

Tangible assets

4

42,044

17,496

CURRENT ASSETS

Stocks

9,450

9,200

Debtors

5

206,077

99,781

Cash at bank and in hand

56,865

28,113

272,392

137,094

CREDITORS

Amounts falling due within one year

6

192,439

109,287

NET CURRENT ASSETS

79,953

27,807

TOTAL ASSETS LESS CURRENT LIABILITIES

121,997

45,303

CREDITORS

Amounts falling due after more than one year

7

22,918

-

NET ASSETS

99,079

45,303

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

98,879

45,103

99,079

45,303

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2025 and were signed on its behalf by:

D R Hancock - Director

1.	STATUTORY INFORMATION

Switchnet Systems 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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

145,215

61,473

2,575

209,263

Additions

-

44,690

-

44,690

Disposals

-

(30,275

)

-

(30,275

)

At 31 March 2025

145,215

75,888

2,575

223,678

DEPRECIATION

At 1 April 2024

144,025

45,320

2,422

191,767

Charge for year

317

13,684

37

14,038

Eliminated on disposal

-

(24,171

)

-

(24,171

)

At 31 March 2025

144,342

34,833

2,459

181,634

NET BOOK VALUE

At 31 March 2025

873

41,055

116

42,044

At 31 March 2024

1,190

16,153

153

17,496

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2024

46,073

Additions

44,690

Disposals

(30,275

)

At 31 March 2025

60,488

DEPRECIATION

At 1 April 2024

34,180

Charge for year

12,619

Eliminated on disposal

(24,171

)

At 31 March 2025

22,628

NET BOOK VALUE

At 31 March 2025

37,860

At 31 March 2024

11,893

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

174,590

81,191

Amounts recoverable on contract

15,000

7,500

Other debtors

16,487

11,090

206,077

99,781

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

9,356

2,357

Trade creditors

149,632

42,129

Taxation and social security

22,678

26,278

Other creditors

10,773

38,523

192,439

109,287

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

22,918

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

32,274

2,357