Registered number: 01543928
LENSTER INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LENSTER INVESTMENTS LIMITED
COMPANY INFORMATION
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Juniel Manyere (appointed 15 August 2023)
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Kevin James Thomas Walmsley
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Stewart Muzandaka (resigned 9 August 2023)
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James Cowper Kreston Audit
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Chartered Accountants and Statutory Auditor
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LENSTER INVESTMENTS LIMITED
REGISTERED NUMBER: 01543928
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Provisions for liabilities
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Net assets excluding pension asset
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The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime
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.
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LENSTER INVESTMENTS LIMITED
REGISTERED NUMBER: 01543928
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
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LENSTER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Lenster Investments Limited is an investment holding company. It is a limited liability company registered in England and Wales. The registered address and principal place of business is at Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS.
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 Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Financial Reporting Standard 101 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of National Railways of Zimbabwe Contributory Pension Fund as at 31 December 2023 and these financial statements may be obtained from Mezzanine Floor, Parkade Centre, Corner Fife Street & 9th Avenue, Bulawayo, Zimbabwe.
Dividend income is recognised when the company's right to receive the payment has been established, usually the ex-dividend date. Dividend income is recognised gross of withholding tax, if any.
Interest on debt securities at fair value through profit or loss is accrued on a time proportionate basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition. Interest income is recognised gross of withholding tax, if any.
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LENSTER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
In preparing the financial statements, transactions in currencies other than the functional currency of the entity (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical costs in a foreign currency are not retranslated.
Exchange differences are recognised in profit or loss in the period in which they arise.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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LENSTER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The company classified its investments in debt and equity securities as financial assets at fair value through profit or loss. These financial assets are either held for trading or designated by the board of directors at fair value through profit or loss at inception.
Financial assets designated at fair value through profit or loss at inception are those that are managed and their performance evaluated on a fair value basis in accordance with the company's investment strategy.
Financial assets at fair value through profit or loss are recognised when the company becomes party to the contractual provisions of the instrument. Recognition takes place on the trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned.
At initial recognition financial assets and liabilities are measured at fair value. Transaction costs on financial assets and liabilites at fair value through profit or loss are expensed as incurred in the profit and loss account. Subsequent to initial recognition, financial assets at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in their fair value are included in the profit and loss account for the period in which they arise. Interest earned on financial assets at fair value through profit or loss are disclosed in a separate line item in the profit and loss account.
Financial assets are derecognised when the contractual rights to the cash flows from the investments have expired or the Company has transferred substantially all the risks and rewards of ownership.
Fair Value
The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and securities) is based on quoted market prices at the close of trading on the year end date. The quoted market price used for financial assets and financial liabilites of the company is the last traded price provided such price is within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, management will determine the points within the bid-ask spread that are most representative of the fair value. The price used is not adjusted for transaction costs.
A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, price service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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LENSTER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Directors' emoluments (including benefits in kind) amounted to £236,294 (2022: £237,536). Key management personnel comprises the board of directors only. The highest paid director received £86,400 (2022: £86,400) during the year.
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The average monthly number of employees, including the directors, during the year was as follows:
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LENSTER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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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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(Charged)/Released to profit or loss
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The provision for deferred taxation is made up as follows:
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Revaluation of investments
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Page 7
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LENSTER INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Allotted, called up and fully paid
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15,010,000 (2022 - 15,010,000) Ordinary Shares shares of £1.00 each
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In 2018, the company was appointed as guarantor on a loan totalling £16,000,000 made by Standard Bank Jersey Limited to Bolmuir Properties Limited, a fellow subsidiary of the National Railways of Zimbabwe Contributory Pension Fund. As a result, a floating charge has been registered over the assets of Lenster Investments Limited, which will crystalise should Bolmuir Properties Limited fail to meet the terms of its loan.
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Related party transactions
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The company has taken advantage of the exemption under paragraph 8(k) of FRS101 not to disclose transactions with fellow subsidiaries and its parent undertaking.
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The company's issued share capital is owned by the National Railways of Zimbabwe Contributory Pension Fund. The fund is regarded as the ultimate parent. The National Railways of Zimbabwe Contributory Pension Fund is incorporated in Zimbabwe.
The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 4 March 2024 by Alan Poole BA (Hons) FCA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.
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