REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
FOR |
SUNSWITCH LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
FOR |
SUNSWITCH LTD |
SUNSWITCH LTD (REGISTERED NUMBER: 04206509) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SUNSWITCH LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
SUNSWITCH LTD (REGISTERED NUMBER: 04206509) |
BALANCE SHEET |
31 DECEMBER 2016 |
2016 | 2015 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
SUNSWITCH LTD (REGISTERED NUMBER: 04206509) |
BALANCE SHEET - continued |
31 DECEMBER 2016 |
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 on behalf by: |
SUNSWITCH LTD (REGISTERED NUMBER: 04206509) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
1. | STATUTORY INFORMATION |
Sunswitch Ltd is a |
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 the provisions of Section 1A "Small |
Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the |
UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been |
prepared under the historical cost convention, as modified by the recognition of certain assets and |
liabilities measured at fair value. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
The company recognises revenue when the significant risks and rewards of ownership have been |
transferred to the buyer; the company retains no continuing involvement or control over the goods; the |
amount of revenue can be measured reliably; and when it is probable that future economic benefits will |
flow to the entity. |
In respect of construction contracts and the rendering of services, turnover represents revenue |
measured by reference to the stage of completion of the contract activity or of the service transaction |
at the end of the reporting period. |
Goodwill |
Goodwill recognised represents the excess of the fair value and directly attributable costs of the |
purchase consideration over the fair values of the identifiable net assets, liabilities and contingent |
liabilities acquired. |
Goodwill is amortised through the income statement in equal instalments over its estimated useful life |
of 5 years. Goodwill is assessed for impairment when there are indicators of impairment and any |
impairment is charged to the income statement. Reversals of impairment are recognised when the |
reasons for the impairment no longer apply. |
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. |
Tangible fixed assets |
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated |
impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the |
asset to its working condition for its intended use, dismantling and restoration costs. |
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. |
-Fixtures and fittings - 25% reducing balance |
-Computer equipment - 33% straight line |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of |
each reporting period. The effect of any change is accounted for prospectively. |
SUNSWITCH LTD (REGISTERED NUMBER: 04206509) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
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 items. |
Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion |
and other costs incurred in bringing the inventories to their present location and condition. In respect of |
work in progress and finished goods, cost includes a relevant proportion of overheads according to the |
stage of manufacture/completion. |
Net realisable value is based on estimated selling price less costs to complete and sell. |
At the end of each reporting period stocks and work in progress are assessed for impairment. If any |
stock or work in progress is impaired, it is reduced to its net realisable value and an impairment charge |
is recognised in the income statement. Where a reversal of the impairment is required the impairment |
charge is reversed, up to the original impairment loss, and is recognised as a credit in the income |
statement. |
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. 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. |
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. |
Interest income |
Interest income is recognised using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SUNSWITCH LTD (REGISTERED NUMBER: 04206509) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
AMORTISATION |
At 1 January 2016 |
Charge for year |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
Additions |
At 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
SUNSWITCH LTD (REGISTERED NUMBER: 04206509) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Other loans |
Trade creditors |
Social security and other taxes | ( |
) |
VAT | 13,742 | 1,492 |
Other creditors |
Directors' current accounts | 35 | 446 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2016 | 2015 |
£ | £ |
Other loans - 1-2 years | 7,500 | 7,500 |
Other loans - 2-5 years | 16,250 | 22,500 |
Other loans more 5yrs instal | - | 1,250 |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | - | 1,250 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary A | £1 | 90 | 90 |
Ordinary B | £1 | 10 | 10 |
100 | 100 |