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LOUSADA INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH SEPTEMBER 2023






LOUSADA INVESTMENTS LIMITED (REGISTERED NUMBER: 09221425)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Statement of Directors' Responsibilities 10

Independent Accountants' Review Report 11


LOUSADA INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2023







DIRECTORS: S C Lousada
Mrs S J Lousada





SECRETARY: Mrs S A Hunt





REGISTERED OFFICE: The Estate Office
Oakley House
Oakley
Bedfordshire
MK43 7ST





REGISTERED NUMBER: 09221425 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

LOUSADA INVESTMENTS LIMITED (REGISTERED NUMBER: 09221425)

BALANCE SHEET
30TH SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 127,472 24,040
Investments 5 7,809,221 7,369,821
Investment property 6 15,438,845 25,518,845
23,375,538 32,912,706

CURRENT ASSETS
Debtors 7 3,622,533 1,723,065
Cash at bank and in hand 3,145,088 299,601
6,767,621 2,022,666
CREDITORS
Amounts falling due within one year 8 6,037,458 4,601,215
NET CURRENT ASSETS/(LIABILITIES) 730,163 (2,578,549 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,105,701

30,334,157

CREDITORS
Amounts falling due after more than one
year

9

(21,286,766

)

(24,698,286

)

PROVISIONS FOR LIABILITIES (1,637,780 ) (2,030,280 )
NET ASSETS 1,181,155 3,605,591

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 11 1,899,065 4,585,362
Retained earnings (717,911 ) (979,772 )
SHAREHOLDERS' FUNDS 1,181,155 3,605,591

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LOUSADA INVESTMENTS LIMITED (REGISTERED NUMBER: 09221425)

BALANCE SHEET - continued
30TH SEPTEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th February 2024 and were signed on its behalf by:





S C Lousada - Director


LOUSADA INVESTMENTS LIMITED (REGISTERED NUMBER: 09221425)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

1. STATUTORY INFORMATION

Lousada Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to al periods presented unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about Lousada Investments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Lousada Investments Holdings Limited, .

Turnover
Turnover for the year represents the following, stated net of value added tax where applicable:

- rental income and service charges receivable.
- management fees levied to group and associated companies.
- dividend income generated from investments.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on cost

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Investment property
Investment properties for which fair value can be measured reliably and are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken place during the year by a professional independent valuer. The current fair value is based on a recognised valuation model.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


LOUSADA INVESTMENTS LIMITED (REGISTERED NUMBER: 09221425)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st October 2022 - 16,663 25,871 42,534
Additions 72,000 - 53,613 125,613
At 30th September 2023 72,000 16,663 79,484 168,147
DEPRECIATION
At 1st October 2022 - 3,537 14,957 18,494
Charge for year 5,100 2,625 14,456 22,181
At 30th September 2023 5,100 6,162 29,413 40,675
NET BOOK VALUE
At 30th September 2023 66,900 10,501 50,071 127,472
At 30th September 2022 - 13,126 10,914 24,040

5. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Shares in group undertakings 3,683,589 3,686,507
Participating interests 3,616,128 3,616,088
Loans to undertakings in which the company
has a participating interest

441,075

-
Other investments not loans 68,429 67,226
7,809,221 7,369,821

LOUSADA INVESTMENTS LIMITED (REGISTERED NUMBER: 09221425)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

5. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:
Shares in Interest Interest
group in joint in Other
undertakings venture associate investments Totals
£    £    £    £    £   
COST OR VALUATION
At 1st October 2022 3,686,507 3,616,088 - 67,226 7,369,821
Additions 200 - 40 - 240
Revaluations - - - 1,203 1,203
Impairments (3,118 ) - - - (3,118 )
At 30th September 2023 3,683,589 3,616,088 40 68,429 7,368,146
NET BOOK VALUE
At 30th September 2023 3,683,589 3,616,088 40 68,429 7,368,146
At 30th September 2022 3,686,507 3,616,088 - 67,226 7,369,821

Cost or valuation at 30th September 2023 is represented by:

Shares in Interest Interest
group in joint in Other
undertakings venture associate investments Totals
£    £    £    £    £   
Valuation in 2015 - - - 23,391 23,391
Valuation in 2016 - - - (3,207 ) (3,207 )
Valuation in 2019 - - - (16,131 ) (16,131 )
Valuation in 2020 - - - (19,792 ) (19,792 )
Valuation in 2021 - - - 19,833 19,833
Valuation in 2022 - - - (2,590 ) (2,590 )
Valuation in 2023 - - - (1,504 ) (1,504 )
Cost 3,683,589 3,616,088 40 68,429 7,368,146
3,683,589 3,616,088 40 68,429 7,368,146
Loans to
associates
£   
New in year 441,075
At 30th September 2023 441,075

LOUSADA INVESTMENTS LIMITED (REGISTERED NUMBER: 09221425)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022 25,518,845
Disposals (11,000,000 )
Revaluations 920,000
At 30th September 2023 15,438,845
NET BOOK VALUE
At 30th September 2023 15,438,845
At 30th September 2022 25,518,845

Fair value at 30th September 2023 is represented by:
£   
Valuation in 2015 1,410,600
Valuation in 2016 2,000,000
Valuation in 2017 160,000
Valuation in 2018 40,000
Valuation in 2020 403,539
Valuation in 2021 145,000
Valuation in 2022 2,455,000
Valuation in 2023 (3,080,000 )
Cost 11,904,706
15,438,845

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 11,904,706 18,904,706

No formal independent valuation was performed on the investment properties during the year to 30th September 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 496,368 461,439
Doubtful debt provision (318,797 ) (308,000 )
Amounts owed by group undertakings 1,268,236 1,467,486
Amounts owed by related parties 2,139 102,139
Other debtors 2,058,760 1
Directors' current accounts 87,803 -
Prepayments and accrued income 28,024 -
3,622,533 1,723,065

LOUSADA INVESTMENTS LIMITED (REGISTERED NUMBER: 09221425)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 37,721 29,439
Amounts owed to group undertakings 789,762 788,255
Amounts owed to related parties 4,572,397 3,572,297
Corporation tax 18 -
Social security and other taxes 3,025 1,760
Pension fund 1,231 1,784
VAT 34,778 11,709
Other creditors 6,653 6,653
Other loans 500,000 -
Directors' current accounts - 47,627
Accruals and deferred income 91,873 141,691
6,037,458 4,601,215

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to related parties 21,286,766 24,198,286
Other loans - 500,000
21,286,766 24,698,286

The above relates to a loan made to the company by Lousada PLC, an entity with common directors.

This loan is not considered to be repayable on demand and incurs interest on commercial terms.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 500,000 500,000

The other loan is secured by a charge over one of the companies investment properties.

11. RESERVES
Fair
value
reserve
£   
At 1st October 2022 4,585,362
Transfer between reserves (2,686,297 )

At 30th September 2023 1,899,065

LOUSADA INVESTMENTS LIMITED (REGISTERED NUMBER: 09221425)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th September 2023 and 30th September 2022:

2023 2022
£    £   
S C Lousada
Balance outstanding at start of year - -
Amounts advanced 135,430 -
Amounts repaid (47,627 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 87,803 -

The director's loan account was repaid on the 23rd January 2024.

13. RELATED PARTY DISCLOSURES

Relta Limited

A joint venture entity.

At the year ended 30 September 2023, there was an intercompany loan due to Relta Limited of £4,019,264 (2022 : £3,019,164). No interest is charged on the loan and it is repayable on demand.


Suisse PHL (Propco) Limited

A company controlled by Mr S C Lousada..

At the year ended 30 September 2023, there was an intercompany loan due to Suisse PHL (Propco) Limited of £553,133 (2022: £553,133). No interest is charged on the loan and it is repayable on demand.

14. ULTIMATE PARENT COMPANY

The ultimate parent company at the balance sheet date was Lousada Investment Holdings Limited. Their registered office is Estate Office, Oakley House, Oakley, Bedfordshire MK43 7ST.

Copies of the consolidated financial statements of Lousada Investment Holdings Limited are available from Companies House.

LOUSADA INVESTMENTS LIMITED (REGISTERED NUMBER: 09221425)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

The directors are responsible for preparing the Report of the Directors 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). 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 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;
- 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. They 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.


ON BEHALF OF THE BOARD:





S C Lousada - Director

15th February 2024

INDEPENDENT ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF
LOUSADA INVESTMENTS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Lousada Investments Limited for the year ended 30th September 2023, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 (United Kingdom Generally Accepted Accounting Practice).

Directors' responsibility for the financial statements
As explained more fully in the Statement of Directors' Responsibilities set out on page fourteen, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable.

Scope of the assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

- so as to give a true and fair view of the state of the company's affairs as at 30th September 2023 and of its loss for the year then ended;
- in accordance with United Kingdom Generally Accepted Accounting Practice; and
- in accordance with the requirements of the Companies Act 2006.

Use of our report
This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer'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 directors as a body for our work, for this report, or for the conclusions we have formed.




HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

INDEPENDENT ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF
LOUSADA INVESTMENTS LIMITED



20th February 2024