Permanent live goes to COM, switched live to L1.
If you have 1 cable going to the switch it is most likely red to COM, black with red band to L1, earths together in the other terminal to the side.
Adam, January 2010
Garola is right...
You fail to mention just what the switch is intended to control - a shower - a light - a light and extractor fan - something else - you also do not mention the wires being presented to it. People trying to hep you can only guess which may be dangerous for you.
If it's for a shower and you wire it back to front then the Neon Light will remain permanently on but the shower will still work - when it's wired correctly the neon will go on and off as you operate the switch.
If you wire it in a bizarre fashion the results will be unpredictable but loud bangs and breakers tripping could be the result.
Take care...
Peccavi, January 2010
Quite honestly if you have to ask then perhaps you should not be doing rewiring.However if you unscrew the fitting on another light and follow it from there.