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Locan Investments Limited
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for the year ended 31 December 2022
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Registered number: 12766146
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Locan Investments Limited - Registered number: 12766146
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Statement of financial position
as at 31 December 2022
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Creditors: amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board on 29 September 2023 and were signed on it's behalf by:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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Locan Investments Limited
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Notes to the financial statements
for the period ended 31 December 2022
Locan investments Limited is a private company limited by shares and incorporated in England and Wales. The company's registered office and principal place of business is 46/48 Beak Street, London, W1F 9RJ and its registered number is 12766146.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
The directors have prepared the accounts on a going concern basis as they have received confirmation from
the company's principal creditor that it is their current intention to offer financial support to the company, as
required for a period of no less than 12 months from the date of approval of these financial statements.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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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.
Page 2
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Locan Investments Limited
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Notes to the financial statements
for the period ended 31 December 2022
2.Accounting policies (continued)
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.
Page 3
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Locan Investments Limited
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Notes to the financial statements
for the period ended 31 December 2022
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
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The company had no employees other than director (period ended 31 December 2021 - no employees), who did not receive any remuneration (period ended 31 December 2021 - no remuneration).
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Investment in subsidiary company
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At 31 December 2022, the following was a subsidiary undertaking of the company:
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11 Boulevard De La Foire, Luxembourg
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Page 4
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Locan Investments Limited
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Notes to the financial statements
for the period ended 31 December 2022
Subsidiary undertaking (continued)
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The aggregate of the share capital and reserves as at 31 December 2022 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
£
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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The company had no contingent liabilities as at 31 December 2022 or 31 December 2021.
Page 5
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Locan Investments Limited
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Notes to the financial statements
for the period ended 31 December 2022
The company had no capital commitments at 31 December 2022 or 31 December 2021.
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Related party transactions
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The company has taken advantage of the exemption in FRS 102 Section 33.1A Related party Disclosures from disclosing transactions with wholly owned members of the group headed by Locan Investments Limited.
At 31 December 2022, the company owed £688,241 (2021: £1,899,179) to companies related by virtue of common control.
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The immediate parent undertaking is Amcomri Holdings Limited, a company incorporated in the British Virgin Islands.
The ultimate controlling party is Paul McGowan, by virtue of his controlling interest in Amcomri Holdings Limited.
The auditor's report on the financial statements for the period ended 31 December 2022 was unqualified.
The audit report was signed on 29 September 2023 by Peter Chapman (Senior statutory auditor) on behalf of Buzzacott LLP.
Page 6
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