Company registration number 13636321 (England and Wales)
LOU INVESTMENTS HEALTHCARE HOLDINGS TULLAMORE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LOU INVESTMENTS HEALTHCARE HOLDINGS TULLAMORE LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 7
LOU INVESTMENTS HEALTHCARE HOLDINGS TULLAMORE LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
Fixed assets
Investments
5
3,300,100
3,300,100
Current assets
Debtors
7
100
100
Creditors: amounts falling due within one year
8
(100)
(100)
Net current assets
-
0
-
0
Net assets
3,300,100
3,300,100
Capital and reserves
-
-
Called up share capital
3,300,100
3,300,100

The notes on pages 3 to 7 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 Section1A of FRS102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland'.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Mr G H Edwards
Director
Company registration number 13636321 (England and Wales)
LOU INVESTMENTS HEALTHCARE HOLDINGS TULLAMORE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Balance at 22 September 2021
-
0
Year ended 31 March 2022:
Profit and total comprehensive income
-
Issue of share capital
3,300,100
Balance at 31 March 2022
3,300,100
Year ended 31 March 2023:
Profit and total comprehensive income
-
Balance at 31 March 2023
3,300,100

The notes on pages 3 to 7 form part of these financial statements.

LOU INVESTMENTS HEALTHCARE HOLDINGS TULLAMORE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Lou Investments Healthcare Holdings Tullamore Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Clive House, 2 Old Brewery Mews, London, NW3 1PZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. It also requires management to exercise judgement in applying the company's accounting policies. A statement of comprehensive income has not been presented because there were no transactions during the current or prior reporting period.

The financial statements are prepared in Euros which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

In preparing the financial statements, the directors are required to make an assessment of the company's ability to continue as a going concern. The directors have prepared a cash flow forecast for the company which covers the 12 month period from the date of signing these financial statements. The directors' assessment has taken into account current macroeconomic factors. true

 

On the basis of these forecasts and the fact that the company has substantial net assets and net current assets, the directors are confident that the company have adequate resources to continue in operational existence and to meet its obligations and liabilities as they fall due for the foreseeable future. The directors have therefore concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.

 

1.3
Consolidation

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.4
Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LOU INVESTMENTS HEALTHCARE HOLDINGS TULLAMORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Basic financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, 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.

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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.

LOU INVESTMENTS HEALTHCARE HOLDINGS TULLAMORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Debt instruments

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Derecognition of financial liabilities

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

1.8

Profit and loss reserves

The profit and loss reserves represent cumulative profits or losses, net of dividends paid and other adjustments.

2
Significant accounting judgements, estimates and assumptions

The preparation of financial statements requires management to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. Inherent uncertainty about these assumptions and estimates could result in differing outcomes when assets are realised or when liabilities are settled.

Critical judgements

In applying the company’s accounting policies, management has made the following judgements which have the most significant effect on the amounts recognised in the financial statements:

Impairments

Management considers external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability to judge whether there is an indicator of impairment of an asset.

A provision for impairment or non-recoverability of an asset is recognised / (reversed) where evidence indicates to management that the asset’s recoverable amount is less than its carrying amount / (greater than its previously impaired carrying amount).

Deferred tax asset

Management considers whether it is probably that there will be future taxable profits when considering the recognition of a deferred tax asset.

Key sources of estimation uncertainty

Management considers whether it is probably that there will be future taxable profits when considering the recognition of a deferred tax asset.

Recoverabiliy of intra-group debtors

Recoverability of intra-group debtors is made based on an assessment by management of the recoverability of the debtors. Where evidence indicates an impairment of an intra-group debtors should be reflected, the value of an impairment is estimated by reference to the amounts deemed recoverable by reviewing the carrying amount of the group entity.

LOU INVESTMENTS HEALTHCARE HOLDINGS TULLAMORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Directors' remuneration

No remuneration was paid to the directors. (2022: €Nil)

5
Fixed asset investments
Share in subsidiary
Cost or valuation
At 1 April 2022 & 31 March 2023
3,300,100
Cost less impairment
At 31 March 2023
3,300,100
At 31 March 2022
3,300,100
Financial assets pledged as collateral

The Company’s investment in its subsidiary has been pledged as security for senior loan financing obtained by the Company’s subsidiary.

6
Subsidiaries

Details of the company's subsidiary at 31 March 2023 is as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Lou Investments Healthcare Tullamore Ltd
England and Wales
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit
Lou Investments Healthcare Tullamore Ltd
5,685,709
1,166,317
7
Debtors
2023
2022
Amounts falling due within one year:
Amounts owed by group undertakings
100
100
LOU INVESTMENTS HEALTHCARE HOLDINGS TULLAMORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
7
Debtors
(Continued)
- 7 -
Amount owed by group undertaking does not bear interest and is repayable on demand.
8
Creditors: amounts falling due within one year
2023
2022
Amounts owed to group undertakings
100
100

Amounts due to group companies are repayable on demand.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Claire O'Kane
Statutory Auditor:
BDO LLP
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2022
2023
2023
Balance
Transaction value
Balance
Amounts from/ (due to) related parties
Lou Investments Limited
100
-
100
Lou Investments Healthcare Tullamore Ltd
(100)
-
(100)
11
Controlling party

The company's immediate parent is Lou Investments Limited and the ultimate controlling party is Graham Edwards.

 

The smallest and largest group in which the results of the company are consolidated is Montoya Investments Limited whose registered address is Luna Tower, Waterfront Drive, Road Town, Tortola, British Virgin Islands.

 

2023-03-312022-04-01false31 January 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr M AllenMr G H EdwardsMr L Gergelfalse136363212022-04-012023-03-31136363212023-03-31136363212022-03-3113636321core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113636321core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3113636321core:ShareCapital2023-03-3113636321core:ShareCapital2022-03-3113636321core:ShareCapital2021-09-2113636321bus:Director22022-04-012023-03-3113636321core:ShareCapital2021-09-222022-03-31136363212021-09-222022-03-3113636321core:CurrentFinancialInstruments2023-03-3113636321core:CurrentFinancialInstruments2022-03-3113636321bus:PrivateLimitedCompanyLtd2022-04-012023-03-3113636321bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3113636321bus:FRS1022022-04-012023-03-3113636321bus:Audited2022-04-012023-03-3113636321bus:Director12022-04-012023-03-3113636321bus:Director32022-04-012023-03-3113636321bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP