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Registered number: 02820555


SWISS INVESTMENT CORPORATION LIMITED










DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
COMPANY INFORMATION


Director
Philippe Leutert 




Company secretary
PKF Littlejohn Corporate Services Limited



Registered number
02820555



Registered office
15 Westferry Circus
Canary Wharf

London

E14 4HD




Trading Address
Beaufort Court
Admirals Way

London

E14 9XL






Independent auditors
Wellers
Accountants & Statutory Auditors

1 Vincent Square

London

SW1P 2PN





 
SWISS INVESTMENT CORPORATION LIMITED
 

CONTENTS



Page
Strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Analysis of net debt
11
Notes to the financial statements
12 - 23


 
SWISS INVESTMENT CORPORATION LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
Swiss Investment Corporation Limited was founded in 1993 to provide investment advice to institutional clients. The purpose of this report is to provide a strategic overview of the company for the 12 month period to 31 December 2024.

Business review
 
The activity of the business has focused on the trading of bonds and other such traded assets. The Company has sufficient lines in place with banks, institutional clients and external asset managers in order to remain competitive and offer liquidity in a market where it is lacking.

Principal risks and uncertainties
 
The year 2024 started with a general consensus of several interest rate cuts throughout the world economies. As many as five cuts were expected by the Federal and other Central Banks like the Bank of England and the ECB. Those predictions proved to be wrong as inflation turned out to be more stubborn than expected and Central Banks therefore were more reluctant to cut rates. As a consequence, bond performances for the year were in general lower than anticipated. The company increased its commission income by 15% to £3.63m for the year. 

Financial key performance indicators
 
There is currently a lot of geopolitical uncertainty with the war in Ukraine, in Gaza and a new US Government wanting to impose its new policies. The introduction of import tariffs by the US at the beginning of the year has led to a trade war which will be slowing global growth and fuel inflation. With inflation rising and economies slowing many Central banks face a dilemma on their interest rate forecasts. 

Other key performance indicators
 
The turnover and gross profit margin are considered the key performance indicators for the company.


This report was approved by the board and signed on its behalf.



................................................
Philippe Leutert
Director

Date: 24 April 2025

Page 1

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Principal activity

The principal activity of the company is fixed income broking. The company is authorised and regulated by the
Financial Conduct Authority (“FCA”).

Results and dividends

The profit for the year, after taxation, amounted to £35,381 (2023 - £42,321).

No dividend is recommended to be paid by the board as at 31 December 2024.

Director

The director who served during the year was:

Philippe Leutert 

Future developments

The future developments of the company are deemed to have been covered within the Strategic Report.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Page 2

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.



Post balance sheet events

There have been no significant events affecting the Company since the year end.

FCA Pillar 3 Disclosures
The FCA requires disclosure of specified information about the underlying risk management controls and capital position of the regulated firms (“Pillar 3 Disclosures”). These disclosures are available from the company offices upon request.

Auditors

The auditorsWellerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Philippe Leutert
Director

Date: 24 April 2025

Page 3

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWISS INVESTMENT CORPORATION LIMITED
 

Opinion


We have audited the financial statements of Swiss Investment Corporation Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 4

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWISS INVESTMENT CORPORATION LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


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 Strategic report or the Director's 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Page 5

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWISS INVESTMENT CORPORATION LIMITED (CONTINUED)


Auditors' 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 Auditors' 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:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: 
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation. 
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the company and therefore may have a material effect on the financial statements include compliance with FCA regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud, undertaking specific testing in respect of the company’s FCA registration.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWISS INVESTMENT CORPORATION LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mr James Tillotson (Senior statutory auditor)
for and on behalf of
Wellers
Accountants
Statutory Auditors
1 Vincent Square
London
SW1P 2PN

24 April 2025
Page 7

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
3,731,707
3,209,774

Cost of sales
  
(2,829,111)
(2,273,839)

Gross profit
  
902,596
935,935

Administrative expenses
  
(867,113)
(882,351)

Operating profit
 5 
35,483
53,584

Amounts written off investments
  
6,198
1,314

Interest receivable and similar income
 9 
942
2,007

Profit before tax
  
42,623
56,905

Tax on profit
 10 
(7,242)
(14,584)

Profit after tax
  
35,381
42,321

  

  

Retained earnings at the beginning of the year
  
1,397,856
1,355,535

  
1,397,856
1,355,535

Profit for the year
  
35,379
42,321

Retained earnings at the end of the year
  
1,433,235
1,397,856
The notes on pages 12 to 23 form part of these financial statements.

Page 8

 
SWISS INVESTMENT CORPORATION LIMITED
REGISTERED NUMBER: 02820555

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 12 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 13 
1,445,946
1,510,682

Cash at bank and in hand
 14 
523,824
754,848

  
1,969,770
2,265,530

Creditors: amounts falling due within one year
 15 
(246,533)
(577,675)

Net current assets
  
 
 
1,723,237
 
 
1,687,855

Total assets less current liabilities
  
1,723,238
1,687,856

  

Net assets
  
1,723,238
1,687,856


Capital and reserves
  

Called up share capital 
 17 
165,000
165,000

Share premium account
  
125,000
125,000

Profit and loss account
  
1,433,238
1,397,856

  
1,723,238
1,687,856


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Philippe Leutert
Director

Date: 24 April 2025

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
SWISS INVESTMENT CORPORATION LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
35,381
42,321

Adjustments for:

Interest received / (paid)
(942)
(2,007)

Taxation charge
7,242
14,584

Decrease/(increase) in debtors
64,920
(114,550)

(Decrease)/increase in creditors
(329,933)
226,907

Corporation tax (paid)
(8,386)
(26,452)

Profit on disposal of listed investments
(6,198)
(1,314)

Net cash generated from operating activities

(237,916)
139,489


Cash flows from investing activities

Purchase of short-term listed investments
(244,050)
-

Sale of short-term listed investments
250,000
200,987

Interest received
942
2,007

Net cash from investing activities

6,892
202,994


Net (decrease)/increase in cash and cash equivalents
(231,024)
342,483

Cash and cash equivalents at beginning of year
754,848
412,365

Cash and cash equivalents at the end of year
523,824
754,848


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
523,824
754,848

523,824
754,848


The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
SWISS INVESTMENT CORPORATION LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024



At 1 January 2024
At 31 December 2024
£

£

Cash at bank and in hand

754,848

754,848


754,848
754,848

The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Swiss Investment Corporation is a private company limited by share capital, incorporated in England and Wales, registration number 02820555. The address of the registered office is C/O Pkf Littlejohn 15 Westferry Circus, Canary Wharf, London, E14 4HD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

All differences are charged to the profit and loss account.

Page 12

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Turnover is commission and fee income charged to clients during the year. 
IIn respect of Swiss investment corporation Ltd the commisions and fee income are raised based on the trading of bonds and other such traded assets throughout the year.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.5

Pensions

The company contributes into a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
The company also pays contributions to personal pension plans for the director and certain employees.  These contributions are accounted for as and when the payments are due.

  
2.6

Investments and Liquid Resources

The company holds a significant amount of liquid resources.  In order to improve returns on these funds, when the market is favourable, the company will hold some of these liquid resources in bonds.  These listed investments are shown in the balance sheet as Investments and the increase or decrease in this holding is recorded as part of the Investment Activities in the Cash Flow Statement.  

Page 13

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Fixtures and fittings
-
over 5 years
Office equipment
-
over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Page 15

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS102 requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in each period in which the estimates are revised and in any future periods affected. Information about critical judgments in applying accounting policies have been included above. 
The directors confirm that there were no areas of the financial statements that required material levels of judgement or estimation in the year under review. 

Page 16

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Bond dealing profits
3,639,650
3,158,251

Other income
13,354
9,510

Management fees receivable
78,703
42,013

3,731,707
3,209,774


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
3,731,707
3,209,774

3,731,707
3,209,774



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(4,293)
4,376

Other operating lease rentals
54,221
52,052


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,000
9,450
Page 17

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
392,183
408,905

Social security costs
46,439
46,630

Staff pension costs
11,825
11,381

450,447
466,916


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees (including directors)
5
4


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
231,960
251,960

231,960
251,960


The highest paid director received remuneration of £231,960 (2023 - £251,960).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
942
2,007

942
2,007

Page 18

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
7,242
14,584


7,242
14,584


Total current tax
7,242
14,584

Factors affecting tax charge for the year

The tax assessed for the year is lower than the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
42,623
42,623


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
10,656
13,384

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
369
3,528

Utilisation of tax losses
(1,550)
(308)

Other timing differences leading to an increase (decrease) in taxation
(2,758)
-

Marginal relief
525
(2,020)

Total tax charge for the year
7,242
14,584


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
10,160
13,118
23,278



At 31 December 2024

10,160
13,118
23,278



Depreciation


At 1 January 2024
10,160
13,118
23,278



At 31 December 2024

10,160
13,118
23,278



Net book value



At 31 December 2024
-
-
-

Page 20

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1



At 31 December 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Swiss Invest Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

Swiss Invest Limited
1

Swiss Invest Limited, a company, incorporated in England and Wales, has not traded and exists to protect a trading name and has remained dormant since incorporation.


13.


Debtors

2024
2023
£
£


Trade debtors
193,742
268,799

Other debtors
1,217,189
1,211,245

Prepayments and accrued income
35,015
30,638

1,445,946
1,510,682


Page 21

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
523,824
754,848

523,824
754,848



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
-
1,207

Other taxation and social security
28,737
43,124

Accruals and deferred income
217,796
533,344

246,533
577,675



16.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
523,824
754,848




Financial assets measured at fair value through profit or loss comprise of cash at bank and listed investments. 

Page 22

 
SWISS INVESTMENT CORPORATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



125,000 (2023 - 125,000) Ordinary A shares of £1.00 each
125,000
125,000
40,000 (2023 - 40,000) Ordinary C shares of £1.00 each
40,000
40,000

165,000

165,000

Ordinary A shares entitle the holder(s) to cast ten votes for each share held. They have attached to them full voting, dividend and capital distribution (including on winding up) rights. 
Ordinary C shares entitle the holder(s) to cast one vote for each share held. They have attached to them full voting, dividend and capital distribution (including on winding up) rights. 



18.


Pension commitments

The Company contributes into defined contribution pension schemes for its employees. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the funds and this amounted to £Nil (2023: Nil) as at the balance sheet date. 


19.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


20.


Related party transactions

During  the  year  the  company paid  £799,724 (2023:  £640,726)  to  a  shareholder  and their associated  company  for  various  services  provided  to  the  company.
During the year, the company executed a £300,000 payment on behalf of a shareholder and was reimbursed by the shareholder within 20 days. 
The operating lease is payable to Swiss Investment Corporation Retirement Benefit, a pension scheme
operated for the benefit of a related party of the company.


21.


Controlling party

The ultimate controlling party is G Wormser by virtue of his majority shareholding. 

 
Page 23