SWISSCO INVESTMENTS LIMITED Filleted accounts for Companies House (small and micro)

SWISSCO INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01999295

SWISSCO INVESTMENTS LIMITED

Filleted Unaudited Financial Statements

31 March 2019

SWISSCO INVESTMENTS LIMITED

Balance Sheet

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	5		320,000	320,000

Current assets

Debtors	6	147,700	92,034
Cash at bank and in hand		283,306	315,479
		---------	---------
		431,006	407,513

Creditors: amounts falling due within one year	7	( 23,618)		( 25,839)
		---------		---------
Net current assets			407,388	381,674
			---------	---------
Total assets less current liabilities			727,388	701,674
			---------	---------
Net assets			727,388	701,674
			---------	---------

Capital and reserves

Called up share capital	250,000	250,000
Profit and loss account	477,388	451,674
	---------	---------
Shareholders funds	727,388	701,674
	---------	---------

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 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 2019 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 2019

These financial statements were approved by the board of directors and authorised for issue on 14 November 2019 , 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 2019

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

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

Revenue represents management fees receivable, invoiced during 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.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. 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, including the directors, amounted to 4 (2018: 4).

5. Investments

	Shares in participating interests
	£
Cost
At 1 April 2018 and 31 March 2019	320,000
	---------
Impairment
At 1 April 2018 and 31 March 2019	–
	---------

Carrying amount
At 31 March 2019	320,000
	---------
At 31 March 2018	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

	2019	2018
	£	£
Prepayments and accrued income	47,700	16,750
Other debtors	100,000	75,284
	---------	--------
	147,700	92,034
	---------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Accruals and deferred income	23,450	23,450
Corporation tax	168	2,389
	--------	--------
	23,618	25,839
	--------	--------

8. Prior period errors

In the prior year's financial statements, dividends receivable from shares in associates were omitted for year ended 31 March 2015, 2017 and 2018. The omission of dividends receivable resulted in debtors being understated by £50,000 at 1 April 2017 and by £75,000 at 31 March 2018, the equity being understated by £50,000 at 1 April 2017 and the profit for year ended 31 March 2018 being understated by £25,000.

9. Related party transactions

The following transactions were carried out with related parties during the year. 1. Management fees of £24,250 (2018: £33,500) were receivable for the year from Oatlands Investments Limited, an associated company. At the balance sheet date, the amount due from Oatlands Investments Limited was £47,700 (2018: £16,750). 2. The company paid management fees of £10,000 (2018: £10,000) to Swiss Cottage Hotel LLP, a partnership in which Mr A Somji and Mr H Somji have significant influence. At the balance sheet date, the amount due to Swiss Cottage Hotel LLP was £10,000 (2018: £10,000). 3. The company paid management fees of £12,000 (2018: £12,000) to Shallan (UK) Limited, a company in which Mr A Somji and Mr S Somji are directors. At the balance sheet date, the amount due to Shallan (UK) Limited was £12,000 (2018: £12,000).