Company registration number 09775227 (England and Wales)
SWISSNATURE LABS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SWISSNATURE LABS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SWISSNATURE LABS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
83
165
Investments
5
87,458
87,417
87,541
87,582
Current assets
Debtors
7
625,756
360,856
Cash at bank and in hand
61,098
87,783
686,854
448,639
Creditors: amounts falling due within one year
8
(290,971)
(239,773)
Net current assets
395,883
208,866
Total assets less current liabilities
483,424
296,448
Creditors: amounts falling due after more than one year
9
(40,246)
Net assets
443,178
296,448
Capital and reserves
Called up share capital
10
14,429
14,429
Profit and loss reserves
428,749
282,019
Total equity
443,178
296,448
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SWISSNATURE LABS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 1 November 2024
Mr O M Tiferes
Director
Company registration number 09775227 (England and Wales)
SWISSNATURE LABS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
The company is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 28 Austin Friars, London, EC2N 2QQ.
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. The principal accounting policies adopted are set out below.
The financial statements contain information about Swissnature Labs Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
1.2
Going concern
The financial statements have been prepared on the going concern basis on the assumption that the company will continue to trade for the foreseeable future. The director is of the opinion that the company will trade profitably in the future and the company will continue to receive financial support from its director and shareholders.
If this basis were found not to be appropriate assets and liabilities would need to be restated on a break up basis which would not be materially different.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
SWISSNATURE LABS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets represent the company's trademark.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademark
10% straight line
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
SWISSNATURE LABS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
1.8
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.
1.9
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.
SWISSNATURE LABS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
SWISSNATURE LABS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Intangible fixed assets
Trademark
£
Cost
At 1 January 2023 and 31 December 2023
822
Amortisation and impairment
At 1 January 2023
657
Amortisation charged for the year
82
At 31 December 2023
739
Carrying amount
At 31 December 2023
83
At 31 December 2022
165
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
87,458
87,417
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
87,417
Additions
41
At 31 December 2023
87,458
Carrying amount
At 31 December 2023
87,458
At 31 December 2022
87,417
SWISSNATURE LABS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Swiss Nature Labs SPA
Chile
Ordinary shares
100.00
Swiss Trading Company SPA
Chile
Ordinary shares
100.00
At 31 December 2023 Swiss Nature Labs SPA had capital and reserves of £558,074 and made a loss of £108,151 during the year ended 31 December 2023.
At 31 December 2023 Swiss Trading Company SPA had capital and reserves of £901,246 and made a loss of £281,106 during the year ended 31 December 2023.
At 31 December 2023 the company owns 1% of the issued share capital of Desarrolladora y Constructora Impperial Paraguay S.A., a company incorporated in Paraguay.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
38,717
131,880
Other debtors
122,679
161,396
131,880
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
464,360
228,976
Total debtors
625,756
360,856
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
217,909
237,893
Amounts owed to group undertakings
2,032
1,880
Other creditors
71,030
290,971
239,773
SWISSNATURE LABS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
40,246
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
14,429
14,429
14,429
14,429
11
Related party transactions
During the year the company charged £348,872 for its services to its subsidiary undertaking, Swiss Nature Labs SPA, based in Chile. At 31 December 2023 £35,588 was owed to the company by Swiss Nature Labs SPA. This amount is unsecured, interest free and repayable on demand.
At 31 December 2023 the company was owed £464,360 from its subsidiary undertaking Swiss Nature Labs SPA, based in Chile. This amount is unsecured and repayable by 31 December 2025. During the year interest of £5,397 was charged by the company at a rate of 2% per annum
During the year the company charged £53,178 for its services to its subsidiary undertaking, Swiss Trading Company SPA, based in Chile. At 31 December 2023 £3,129 was owed to the company by Swiss Trading Company SPA. This amount is unsecured, interest free and repayable on demand.
At 31 December 2023 the company owed £2,032 to its subsidiary undertaking, Swiss Trading Company SPA, based in Chile. This amount is unsecured, interest free and repayable on demand.
During the year the company was charged £21,266 consultancy fees by one of its shareholders Mr LVJ Zayas Cesar. Included within trade creditors is £0 owed by the company to Mr LVJ Zayas Cesar. This amount is unsecured, interest free and repayable on demand.
During the year the company was charged £17,063 consultancy fees by one of its shareholders Mr A Castro Marin. Included within trade creditors is £2,105 owed by the company to Mr A Castro Marin. This amount is unsecured, interest free and repayable on demand.
During the year the company was charged £18,350 consultancy fees by one of its shareholders Mr P Sandrini. Included within trade creditors is £1,064 owed by the company to Mr P Sandrini. This amount is unsecured, interest free and repayable on demand.
During the year the company was charged £12,416 consultancy fees by one of its shareholders Ms G Bernardo. Included within trade creditors is £1,064 owed by the company to Ms G Bernardo. This amount is unsecured, interest free and repayable on demand.
At 31 December 2023 the company owed £80,492 (USD 102,499) to some of its shareholders of which £40,246 (USD 51,249) is due within one year and £40,246 (USD 51,250) is due after one year. This amount is unsecured and repayable within two years. Interest at a rate of 2% per annum is payable upon the repayment of the loan.
12
Controlling party
The company is under the control of Mr E Weber and Ms G Bernardo by virtue of their holding 66% of the issued share capital of the company between them.