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Locan Investments Limited
























Financial statements



for the year ended 31 December 2022



Registered number: 12766146

 
Locan Investments Limited - Registered number: 12766146

Statement of financial position
as at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
2,316,302
2,316,302

  
2,316,302
2,316,302

Current assets
  

Debtors
 5 
500
76

Cash at bank and in hand
 6 
45,002
5,968

  
45,502
6,044

Creditors: amounts falling due within one year
 7 
(2,457,855)
(2,314,792)

Net current liabilities
  
 
 
(2,412,353)
 
 
(2,308,748)

  

Net (liabilities)/assets
  
(96,051)
7,554


Capital and reserves
  

Called up share capital 
  
91
91

Share premium account
  
9,986
9,986

Profit and loss account
  
(106,128)
(2,523)

  
(96,051)
7,554


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:




Chris Emmott
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
Locan Investments Limited

 
Notes to the financial statements
for the period ended 31 December 2022

1.


General information

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

 
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 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:

 
2.2

Exemption from preparing consolidated financial statements

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.

 
2.3

Going concern

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.

 
2.4

Finance costs

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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.

 
2.7

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.

Page 2

 
Locan Investments Limited

Notes to the financial statements
for the period ended 31 December 2022

2.Accounting policies (continued)

 
2.8

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.

Page 3

 
Locan Investments Limited

Notes to the financial statements
for the period ended 31 December 2022

2.Accounting policies (continued)

 
2.9

Financial instruments

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.


3.


Employees

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).


4.


Fixed asset investments





Investment in subsidiary company

£



Cost or valuation


At 1 January 2022
2,316,302



At 31 December 2022
2,316,302





Subsidiary undertaking


At 31 December 2022, the following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

AG Financial S.A.R.L
11 Boulevard De La Foire, Luxembourg
Ordinary
100%

Page 4

 
Locan Investments Limited

 
Notes to the financial statements
for the period ended 31 December 2022
Subsidiary undertaking (continued)

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:

Name
Aggregate of share capital and reserves
£            
Profit/(Loss)
£            

AG Financial S.A.R.L
3,310,948
(28,986)


5.


Debtors

2022
2021
£
£


Trade debtors
1
-

Amounts owed by group undertakings
423
-

Other debtors
76
76

500
76



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
45,002
5,968

45,002
5,968



7.


Creditors: amounts falling due within one year

2022
2021
£
£

Trade creditors
6,806
-

Amounts owed to group undertakings
2,371,390
2,109,435

Other creditors
74,159
205,357

Accruals and deferred income
5,500
-

2,457,855
2,314,792



8.


Contingent liabilities

The company had no contingent liabilities as at 31 December 2022 or 31 December 2021.

Page 5

 
Locan Investments Limited

 
Notes to the financial statements
for the period ended 31 December 2022

9.


Capital commitments

The company had no capital commitments at 31 December 2022 or 31 December 2021.


10.


Related party transactions

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.


11.


Controlling party

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.


12.


Auditor's information

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