Company Registration No. 05378137 (England and Wales)
ANGLO SUISSE INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ANGLO SUISSE INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr G J de Jager
Mrs C M de Jager
Dr B T G de Jager
Ms K M de Jager
Secretary
Dr B T G de Jager
Company number
05378137
Registered office
B E Roberts & Co
3 Kirkleas Road
Surbiton
Surrey
KT6 6QJ
Auditors
Shaw Gibbs (Audit) Limited
264 Banbury Road
Oxford
OX2 7DY
Bankers
Mirabaud & CIE (Europe) SA
10 Bressenden Place
London
SW1E 5DH
Coutts & Co
440 Strand
London
WC2R 0QS
Barclays Bank UK PLC
One Stanhope Gate
Mayfair
London
W1K 1AF
Solicitors
Bower & Bailey LLP
Anchor House
269 Banbury Road
Summertown
Oxford
OX2 7JF
ANGLO SUISSE INVESTMENTS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of total comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 16
ANGLO SUISSE INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities and review of the business
The company's principal activities remain the ownership and management of investments. The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the next year.
During the year donations totalling £189,320 were made by the company (£96,000) and its principal shareholder, Mr. Geoffrey de Jager (£93,320) to various UK registered educational charities bringing the total the company and its principal shareholder, Mr. Geoffrey de Jager, have jointly donated over the past 16 years to £5,902,282.
Future developments
The company continues to seek long-term investment opportunities.
Results and dividends
As shown in the statement of total comprehensive income on page 6, the loss for the year after taxation amounted to £1,240,266. The directors have recommended and have been authorised to pay a dividend of £2,000 per ordinary share and a dividend of £5,560 per preference share which in aggregate totalled £314,040.
The balance sheet on page 7 of the financial statements shows that the company's financial position at 31 March 2024 had deteriorated from the prior year with net assets value decreasing from £27,921,706 to £23,216,390. This was primarily due to the following movements in unlisted investments during the year:

• An impairment of £4,062,604 in relation to the Reditum SPV 37 Limited investment which went into liquidation.
• A loss on disposal of the QuantuMDx Group Limited investment of £775,991.
• An impairment of the remaining investment in QuantuMDx Group Limited of £321,773.
• An impairment of the TdeltaS Limited investment from £923,013 to £400,000 which is deemed prudent by the directors.

These losses were ameliorated by the gains of £3,211,695 from listed investments.

There have been no significant events since the balance sheet date.
Principal risks and uncertainties
The company continues to mitigate wider global economic uncertainties by exercising a cautious and minimally levered investment strategy. As at 31 March 2024, the company had cash of £574,744 and debtors of £7,628,233.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G J de Jager
Mrs C M de Jager
Mr J G de Jager
(Resigned 7 March 2024)
Dr B T G de Jager
Ms K M de Jager
Dr J J Remmington-Hobbs
(Resigned 19 February 2024)
ANGLO SUISSE INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements.
Auditor
The auditor, Shaw Gibbs (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr G J de Jager
Director
1 August 2024
ANGLO SUISSE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ANGLO SUISSE INVESTMENTS LIMITED
- 3 -
Opinion

We have audited the financial statements of Anglo Suisse Investments Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of total comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ANGLO SUISSE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ANGLO SUISSE INVESTMENTS LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

  1. At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company and how the management seek to comply with those laws and regulations. This helps us to plan appropriate risk assessments.

     

  2. During the audit we focus on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing Board Minutes and other documentation.

     

  3. We assess the risk of material misstatement in the financial statements including as a result of fraud and undertake procedures including:

    1. Reviewing the controls set in place by management;

    2. Making enquiries of management as to whether they consider fraud or other irregularity may have taken place, or where such opportunity might exist;

    3. Challenging management assumptions with regard to accounting estimates; and

    4. Identifying and testing journal entries, particularly those which appear to be unusual by size or nature.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

ANGLO SUISSE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ANGLO SUISSE INVESTMENTS LIMITED
- 5 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Nikolaos Ioannidis (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited
2 August 2024
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
OX2 7DY
ANGLO SUISSE INVESTMENTS LIMITED
STATEMENT OF TOTAL COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
Income from investing and financing activities
1,185,087
816,654
Administrative expenses
(712,368)
(538,886)
Operating profit
3
472,719
277,768
Interest payable and similar expenses
4
(65,270)
(174,115)
Loss on revaluation of fixed asset investments to their fair value at the balance sheet date
(1,695,695)
(2,570,427)
Loss on disposal of investments
(352,914)
(317,815)
Loss before taxation
(1,641,160)
(2,784,589)
Taxation
7
400,894
684,582
Loss for the financial year
14
(1,240,266)
(2,100,007)
Total comprehensive expense for the year
(1,240,266)
(2,100,007)

The statement of total comprehensive income has been prepared on the basis that all operations are continuing operations.

There are no recognised gains or losses other than those passing through the statement of total comprehensive income.
ANGLO SUISSE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
17,344,411
27,457,148
Current assets
Debtors
9
7,628,233
4,711,101
Cash at bank and in hand
574,744
2,582,631
8,202,977
7,293,732
Creditors: amounts falling due within one year
10
(920,768)
(5,018,050)
Net current assets
7,282,209
2,275,682
Total assets less current liabilities
24,626,620
29,732,830
Deferred tax liability
(1,410,230)
(1,811,124)
Net assets
23,216,390
27,921,706
Shareholder loans
11
1,891,536
2,506,502
Capital and reserves
Called up share capital
12
141
160
Share premium account
13
6,108,563
6,108,563
Capital redemption reserve
37
18
Profit and loss reserves
14
15,216,113
19,306,463
Total equity
21,324,854
25,415,204
Total shareholder funds
23,216,390
27,921,706

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
Mr G J de Jager
Director
Company Registration No. 05378137
ANGLO SUISSE INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
160
6,108,563
18
21,726,470
27,835,211
Period ended 31 March 2023:
Loss and total comprehensive expense for the year
-
-
-
(2,100,007)
(2,100,007)
Dividends
-
-
-
(320,000)
(320,000)
Balance at 31 March 2023
160
6,108,563
18
19,306,463
25,415,204
Period ended 31 March 2024:
Loss and total comprehensive expense for the year
-
-
-
(1,240,266)
(1,240,266)
Dividends
-
-
-
(314,040)
(314,040)
Own shares acquired
12
(19)
-
0
19
(2,536,044)
(2,536,044)
Balance at 31 March 2024
141
6,108,563
37
15,216,113
21,324,854
ANGLO SUISSE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
1
Accounting policies
Company information

Anglo Suisse Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is B E Roberts & Co, 3 Kirkleas Road, Surbiton, Surrey, KT6 6QJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain fixed asset investments at fair value and certain financial instruments at amortised cost. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income from investing and financing activities

Income is made up of dividends and interest received as a result of investing and financing activities. The income shown in the statement of total comprehensive income represents amounts receivable during the year.

1.4
Fixed asset investments

Listed investments, are initially measured at cost and subsequently at their fair value at each reporting date. The closing market price at the balance sheet date is considered to be a true reflection of the fair value and the directors use that price to value the relevant investments. The movements in fair value are recognised in the statement of comprehensive income.

 

Unlisted investments, other than interests in subsidiaries and participating interests, include investments in unlisted companies.

 

The unlisted companies investments are initially measured at cost and subsequently at either their fair value at each reporting date, if their fair value can be reliably measured, or at their historic cost less any accumulated impairments, if a reliable fair value valuation is not available. The movements in fair value and any impairments are all recognised in the statement of comprehensive income.

1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ANGLO SUISSE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

ANGLO SUISSE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

 

1. Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

 

2. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Foreign exchange

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or at the contracted rate if the transaction is covered by a forward foreign currency contract. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date or if appropriate at the forward contract rate. All differences are taken to the profit and loss account.

ANGLO SUISSE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Irredeemable, non-cumulative preference shares

The directors are of the opinion that the relevant shares should be classified as equity, despite the fact that they are carrying a right to a non-cumulative fixed dividend. The activities of the company are such that future profits can be volatile with past performance not being indicative of the future and therefore a liability cannot be reliably estimated. If a liability was recorded in the financial statements based on a fixed dividend in perpetuity, the impact could be material.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of unlisted investments

The unlisted companies investments are initially measured at cost and subsequently at either their fair value at each reporting date, if their fair value can be reliably measured, or at their historic cost less any accumulated impairments, if a reliable fair value valuation is not available. The movements in fair value and any impairments are all recognised in the statement of total comprehensive income. The directors use their professional judgement to arrive to the fair value of the relevant investments or to the impaired cost (if applicable) by taking into consideration recent share issues in the relevant companies and other factors.

Loan capital and interest impairment

At each reporting date the directors carry out an assessment of the recoverability of loans (and applicable interest) provided to third parties. Provisions are made and/or balances are written off as and when necessary if there is an expectation that the relevant balances are no longer recoverable.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses / (gains)
216,219
(158,318)
Fees payable to the company's auditors for the audit of the company's financial statements
13,380
13,200
ANGLO SUISSE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
4
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest paid on bank loan
65,270
174,115
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
5
5
Admin staff
1
1
6
6

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
255,706
247,500
Social security costs
26,542
27,680
282,248
275,180
6
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
239,706
240,000

The above reflects all payments to key management personnel.

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
75,000
75,000
ANGLO SUISSE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
7
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(400,894)
(684,582)
8
Fixed asset investments
2024
2023
£
£
Listed investments
14,984,299
19,219,458
Unlisted investments
2,360,112
8,237,690
17,344,411
27,457,148
Movements in fixed asset investments
Unlisted investments
Listed investments
Total
£
£
£
Cost or valuation
At 31 March 2022
8,237,690
19,219,458
27,457,148
Disposals
(970,188)
(7,446,854)
(8,417,042)
Valuation changes
(4,907,390)
3,211,695
(1,695,695)
At 31 March 2024
2,360,112
14,984,299
17,344,411
Net book value
At 31 March 2024
2,360,112
14,984,299
17,344,411
At 31 March 2023
8,237,690
19,219,458
27,457,148
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
70
70
Other debtors
7,628,163
4,711,031
7,628,233
4,711,101
ANGLO SUISSE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
5,000,000
Accruals and deferred income
920,768
18,050
920,768
5,018,050
11
Shareholder loans
2024
2023
£
£
Shareholder loans
1,891,536
2,506,502

The shareholder loans are unsecured, interest free and repayable on demand, subject to a minimum 12 months' notice. At the date of approval of these accounts, no repayment notices have been received from the lender.

12
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
132 Ordinary shares of £1 each (2023: 160)
132
160
Preference share capital
Issued and fully paid
9 Preference shares of £1 each (2023: nil)
9
-

 

On 26 February 2024, the company purchased 19 of its own shares for an aggregate consideration of £2,536,044.

 

In addition, on the same date, the company converted 9 ordinary shares into preference shares. The preference shares are non-cumulative, non-redeemable shares that hold the right to a fixed annual dividend. The terms of the preference shares are such that a dividend will only be payable if the company generates sufficient profits in the relevant financial year. However, the directors have the discretion to pay a dividend should there be a shortfall in profits made or if losses are recorded, provided there are sufficient accumulated profit and loss reserves to declare the dividend.

13
Share premium account
2024
2023
£
£
At the beginning of the year
6,108,563
6,108,563
At the end of the year
6,108,563
6,108,563
ANGLO SUISSE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
14
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
19,306,463
21,726,470
Loss for the year
(1,240,266)
(2,100,007)
Dividends declared and paid in the year
(314,040)
(320,000)
Purchase of own shares
(2,536,044)
-
At the end of the year
15,216,113
19,306,463
15
Related party transactions

The company holds loans from Mr. Geoffrey de Jager totalling £1,891,536 (2023: £2,506,502) details of which are shown in note 11.

 

As at the year end, the company was owed £7,567,032 (£4,655,531) from Eskimo Holdings Limited, a company in which a close family member of the directors has an interest.

 

As at the year end, the company owed £902,568 to a company that a close family member of the directors has an interest in.

 

16
Ultimate controlling party

Mr. Geoffrey de Jager together with his family are the ultimate controlling party by virtue of their 100% holding in the company.

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