Company No: 12912696 (England and Wales)

Contents

• Company Information
• Strategic Report
• Directors' Report
• Directors' Responsibilities Statement
• Independent Auditor's Report
• Profit and Loss Account
• Statement of Comprehensive Income
• Balance Sheet
• Statement of Changes in Equity
• Statement of Cash Flows
• Notes to the Financial Statements

DIRECTORS	Manucer Lorenzo Alexander David
	Giacomo Marco Bernasconi
	Michael Gent Cain Jr
	Patrizio Romano Manzuoli

REGISTERED OFFICE	35 Ballards Lane
	London
	N3 1XW
	United Kingdom

COMPANY NUMBER

12912696 (England and Wales)

AUDITOR	DTL Auditors Limited
	Statutory Auditor
	5th Floor, North Side
	7-10 Chandos Street
	Cavendish Square
	London
	W1G 9DQ
	United Kingdom

The directors present their Strategic Report for the financial year ended 31 December 2025.

REVIEW OF THE BUSINESS

The company was incorporated on 29 September 2020. The firm is authorised and regulated with the Financial Conduct Authority ("FCA"), registration no. 936901, with approval effective 1 April 2021. Trading for the company commenced July 2021. The company made a profit after tax of £15,315 for the year ending 31 December 2025 (2024 : £9,491)

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is regulated as a MIFID investment management firm by the FCA. As a regulated entity the Company is required to comply with regulatory requirements. This includes ongoing capital and liquidity requirements and regular reporting in relation to this is required by the FCA. The Directors consider the Company to hold/have sufficient capital and liquidity for current and expected future requirements.

The Company monitors capital and liquidity requirements on an ongoing basis and provides returns, as required, to the FCA.

At present, the Directors consider the Company to be adequately capitalised.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The board of directors monitors the financial risks of the Company and has a responsibility of ensuring effective risk management and control. To this end, the board believe that there is no cause for concern to the company.

FUTURE DEVELOPMENTS

This is the fifth year of trading and future performance depends on success of the business plan. For the year ending 31 December 2026, the Directors expect the firm to continue to grow the number of clients, assets and revenue.

Approved by the Board of Directors and signed on its behalf by:

Giacomo Marco Bernasconi Director

23 April 2026

The directors present their annual report on the affairs of the company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The principal activity of the company during the financial year is that of a family office. Swix acts as an independent advisor to High-Net-Worth families with complex investment and personal affairs.

REVIEW OF THE BUSINESS

Turnover for the financial year amounted to £259,933 (2024: £314,442). The company earned a profit after taxation totalling £15,315 (2024: £9,491).

The net current asset position of the company as at the financial year end amounted to £314,723 (2024: net current asset £298,544).

The net asset position of the company as at the financial year end amounted to £166,173 (2024: net asset £150,858).

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Manucer Lorenzo Alexander David
Giacomo Marco Bernasconi
Michael Gent Cain Jr
Patrizio Romano Manzuoli

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

DTL Auditors Limited have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board of Directors and signed on its behalf by:

Giacomo Marco Bernasconi Director

23 April 2026

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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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. The directors 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.

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Swix Family Office UK Limited (the "Company") for the period from 1 January 2025 to 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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:
. give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the period 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)). 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 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Report on other legal and regulatory requirements

Opinions 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
. the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities [set out on page 6], 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: 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 members, as a body, 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 members those matters we are required to state to them 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

John Tiltman (Senior Statutory Auditor)
For and on behalf of DTL Auditors Limited
Statutory Auditor

5th Floor, North Side
7-10 Chandos Street
Cavendish Square
London
W1G 9DQ
United Kingdom

23 April 2026

	Note	2025		2024
		£		£
Turnover	2	259,933		314,442
Administrative expenses		( 232,267)		( 297,706)
Operating profit		27,666		16,736
Interest receivable and similar income	3	1		170
Interest payable and similar expenses	3	( 6,750)		( 5,625)
Profit before taxation	4	20,917		11,281
Tax on profit	8	( 5,602)		( 1,790)
Profit for the financial year		15,315		9,491

		2025		2024
		£		£
Profit for the financial year		15,315		9,491
Other comprehensive income		0		0
Total comprehensive income		15,315		9,491

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	9	1,933		2,861
		1,933		2,861
Current assets
Debtors	10	204,272		129,569
Cash at bank and in hand	11	154,779		185,884
		359,051		315,453
Creditors: amounts falling due within one year	12	( 44,328)		( 16,909)
Net current assets		314,723		298,544
Total assets less current liabilities		316,656		301,405
Creditors: amounts falling due after more than one year	13	( 150,483)		( 150,547)
Net assets		166,173		150,858
Capital and reserves	14
Called-up share capital		100,000		100,000
Profit and loss account		66,173		50,858
Total shareholders' funds		166,173		150,858

The financial statements of Swix Family Office UK Limited (registered number: 12912696) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Giacomo Marco Bernasconi Director

23 April 2026

	Called-up share capital		Profit and loss account		Total
	£		£		£
At 01 January 2024	100,000		41,367		141,367
Profit for the financial year	0		9,491		9,491
Total comprehensive income	0		9,491		9,491
At 31 December 2024	100,000		50,858		150,858
At 01 January 2025	100,000		50,858		150,858
Profit for the financial year	0		15,315		15,315
Total comprehensive income	0		15,315		15,315
At 31 December 2025	100,000		66,173		166,173

	2025		2024
	£		£
Net cash flows from operating activities (note 16)	( 31,105)		( 5,293)
Cash flows from investing activities
Acquisitions of tangible assets	0		(544)
Net cash flows from investing activities	0		( 544)
Cash flows from financing activities
Interest paid	0		0
Interest received	1		170
Net cash flows from financing activities	1		170
Net (decrease) in cash and cash equivalents	( 31,104)		( 5,667)
Cash and cash equivalents at beginning of year	185,884		191,551
Effect of foreign exchange rate changes	( 1)		0
Cash and cash equivalents at end of year	154,779		185,884
Reconciliation to cash at bank and in hand:
Cash at bank and in hand at end of year	154,779		185,884
Cash and cash equivalents at end of year	154,779		185,884

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Swix Family Office UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The principal activities are set out in the Strategic Report.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- The amount of revenue can be reliable and measured;
- It is probable that future economic benefits will flow to the entity; and
- Specific criteria have been met for each of the company's activities.

Employee benefits

Short term benefits
The company provides a range of benefits to employees, including annual bonuses arrangements, paid holiday arrangements and defined contribution pension plans.

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Defined contribution schemes
The company operates 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Tangible fixed assets

Tangible assets are stated in the balances sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives as follows:

Computer equipment

4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary share capital

Ordinary share capital of the company is presented as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Turnover

Turnover is wholly attributable to the principal activity of the company and arises solely within the United Kingdom.

An analysis of the company's turnover is as follows:

	2025		2024
	£		£
Rendering of services	259,933		314,442

3. Interest receivable and interest payable

	2025		2024
	£		£
Interest receivable and similar income	1		170
Interest payable and similar expenses	( 6,750)		( 5,625)
	(6,749)		(5,455)

4. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2025		2024
	£		£
Depreciation of tangible fixed assets (note 9)	383		449

5. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

	2025		2024
	£		£
Fees payable to the company’s auditor and its associates for the audit of the company's annual financial statements:	2,000		2,000
Total audit fees	2,000		2,000

There was no remuneration to the auditors for other assurance services, advisory or other non-audit services for this entity in the current or prior financial year.

6. Staff number and costs

	2025		2024
	Number		Number
The average monthly number of employees (including directors) was:
Directors	4		1
Administration and support	1		2
	5		3

Their aggregate remuneration comprised:

	2025		2024
	£		£
Wages and salaries	127,816		181,500
Social security costs	6,666		16,700
Other retirement benefit costs	6,563		8,946
	141,045		207,146

7. Directors' remuneration

	2025		2024
	£		£
Directors' emoluments	116,512		114,000

The Group paid £5,567 (2024: £5,639) into defined contribution schemes in respect of 1 directors (2024: 2 directors)

8. Tax on profit

	2025		2024
	£		£
Current tax on profit
UK corporation tax	5,666		1,790
Total current tax	5,666		1,790
Deferred tax
Origination and reversal of timing differences	( 64)		0
Total deferred tax	( 64)		0
Total tax on profit	5,602		1,790

Tax reconciliation

The tax assessed for the year is the same as (2024: same as) the standard rate of corporation tax in the UK:

	2025		2024
	£		£
Profit before taxation	20,917		11,281
Tax on profit at standard UK corporation tax rate of 25% (2024: 25%)	5,229		2,820
Effects of:
Expenses not deductible for tax purposes	1,000		1,130
Capital allowances in excess of depreciation	0		(136)
Temporary difference due to deferred tax	(64)		0
Marginal relief	(563)		(2,024)
Total tax charge for year	5,602		1,790

9. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 January 2025	3,972		3,972
Disposals	( 778)		( 778)
At 31 December 2025	3,194		3,194
Accumulated depreciation
At 01 January 2025	1,111		1,111
Charge for the financial year	383		383
Disposals	( 233)		( 233)
At 31 December 2025	1,261		1,261
Net book value
At 31 December 2025	1,933		1,933
At 31 December 2024	2,861		2,861

10. Debtors

	2025		2024
	£		£
Trade debtors	187,246		83,190
Amounts owed by parent undertakings (note 17)	0		30,000
VAT recoverable	2,181		1,873
Prepayments	14,845		14,506
	204,272		129,569

11. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	154,779		185,884

12. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	2,059		7,991
Amounts owed to parent undertakings (note 17)	6,750		0
Corporation tax	5,666		1,790
Accruals and deferred income	28,358		5,208
Other creditors	1,495		1,920
	44,328		16,909

13. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Amounts owed to parent undertakings (note 17)	150,000		150,000
Deferred tax liability	483		547
	150,483		150,547

There are no amounts included above in respect of which any security has been given by the entity.

14. Called-up share capital and reserves

	2025		2024
	£		£
Allotted, called-up and fully-paid
90,000 Ordinary A shares of £ 1.00 each	90,000		90,000
10,000 Ordinary B shares of £ 1.00 each	10,000		10,000
	100,000		100,000
Presented as follows:
Called-up share capital presented as equity	100,000		100,000

15. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	19,620		17,250

The operating lease relates to the rental of the company's office.

16. Statement of Cash Flows

	2025		2024
	£		£
Operating profit	27,666		16,736
Adjustment for:
Depreciation and amortisation	383		449
Loss on sale of plant and equipment	545		0
Interest received	0		( 170)
Operating cash flows before movement in working capital	28,594		17,015
(Increase)/decrease in debtors	( 74,703)		14,960
Increase/(decrease) in creditors	23,543		( 28,348)
Cash generated by operations	( 22,566)		3,627
Income taxes paid	( 1,790)		( 3,465)
Interest paid	( 6,749)		( 5,455)
Net cash flows from operating activities	( 31,105)		( 5,293)

17. Related party transactions

The company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the company is a wholly owned member.

18. Controlling party

The company's immediate parent and ultimate parent company is Swix Family Office SA, incorporated in Switzerland. Swix Family Office SA is the parent of both the largest and the smallest groups of undertakings for which group accounts are prepared and these financial statements are available upon request from Piazza Indipendenza 1, Lugano 6900, Switzerland.