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COMPANY REGISTRATION NUMBER: 01999295
SWISSCO INVESTMENTS LIMITED
Filleted Unaudited Financial Statements
31 March 2024
SWISSCO INVESTMENTS LIMITED
Balance Sheet
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
5
320,000
320,000
Current assets
Debtors
6
805,996
859,618
Cash at bank and in hand
68,675
11,830
---------
---------
874,671
871,448
Creditors: amounts falling due within one year
7
( 286,399)
( 322,915)
---------
---------
Net current assets
588,272
548,533
---------
---------
Total assets less current liabilities
908,272
868,533
---------
---------
Net assets
908,272
868,533
---------
---------
Capital and reserves
Called up share capital
250,000
250,000
Profit and loss account
658,272
618,533
---------
---------
Shareholders funds
908,272
868,533
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SWISSCO INVESTMENTS LIMITED
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 23 January 2025 , and are signed on behalf of the board by:
Mr A Somji
Director
Company registration number: 01999295
SWISSCO INVESTMENTS LIMITED
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover represents management fees receivable for the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
The average number of persons employed by the company during the year was Nil.
5. Investments
Shares in participating interests
£
Cost
At 1 April 2023 and 31 March 2024
320,000
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
320,000
---------
At 31 March 2023
320,000
---------
The company owns 50% of the "A" ordinary share capital of Oatlands Investments Ltd, a company incorporated in the UK. The principal activity of this company is that of hoteliers.
In the opinion of the directors the aggregate value of the company's investment in the associated company is not less than the amount included in the Balance Sheet.
6. Debtors
2024
2023
£
£
Trade debtors
18,000
112,200
Prepayments and accrued income
7,500
7,500
Other debtors
780,496
739,918
---------
---------
805,996
859,618
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,948
63,149
Accruals and deferred income
1,800
1,750
Corporation tax
3,457
2,209
Social security and other taxes
312
Other creditors
248,882
255,807
---------
---------
286,399
322,915
---------
---------
8. Related party transactions
The following transactions were carried out with related parties during the year. 1. Management fees of £15,000 (2023: £15,000) was receivable for the year from Oatlands Investments Limited, a company in which Swissco Investments Limited holds a participating interest. At the balance sheet date, the amount due from Oatlands Investments Limited in respect of management fees was £25,500 (2023: £119,700). 2. The company also provided a loan to Oatlands Investments Limited. At the balance sheet date, the amount due from Oatlands Investments Limited in respect of loan was £500,000 (2023: £500,000). Interest is due on the loan at 3% per annum. 3. Dividends receivable of £25,000 (2023: £25,000) from Oatlands Investments Limited. As at the balance sheet date, the amount due from Oatlands Investments Limited in respect of dividends was £225,000 (2023: £200,000) 4. Management fees of £10,000 (2023: £12,000) was payable to Shallan (UK) Limited, a company which holds a participating interest in Swissco Investments Limited. Additionally, the company received funding from Shallan (UK) Limited and at the balance sheet date, the amount due to Shallan (UK) Limited was £248,882 (2023: £281,682).