Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 23 December 2024 1 January 2023 31 December 2023 31 December 2023 01990269 Mohammed Al-Miqdadi Ibtisam Mohamed Said Auchi Luma Auchi true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01990269 2022-12-31 01990269 2023-12-31 01990269 2023-01-01 2023-12-31 01990269 frs-core:CurrentFinancialInstruments 2023-12-31 01990269 frs-core:BetweenOneFiveYears 2023-12-31 01990269 frs-core:ComputerEquipment 2023-12-31 01990269 frs-core:ComputerEquipment 2023-01-01 2023-12-31 01990269 frs-core:ComputerEquipment 2022-12-31 01990269 frs-core:FurnitureFittings 2023-12-31 01990269 frs-core:FurnitureFittings 2023-01-01 2023-12-31 01990269 frs-core:FurnitureFittings 2022-12-31 01990269 frs-core:WithinOneYear 2023-12-31 01990269 frs-core:ShareCapital 2023-12-31 01990269 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 01990269 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01990269 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 01990269 frs-bus:SmallEntities 2023-01-01 2023-12-31 01990269 frs-bus:Audited 2023-01-01 2023-12-31 01990269 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01990269 1 2023-01-01 2023-12-31 01990269 frs-core:RevaluationInvestmentPropertyDeferredTax 2023-12-31 01990269 frs-bus:Director1 2023-01-01 2023-12-31 01990269 frs-bus:Director2 2023-01-01 2023-12-31 01990269 frs-bus:Director3 2023-01-01 2023-12-31 01990269 frs-core:CurrentFinancialInstruments 1 2023-12-31 01990269 frs-countries:EnglandWales 2023-01-01 2023-12-31 01990269 2021-12-31 01990269 2022-12-31 01990269 2022-01-01 2022-12-31 01990269 frs-core:CurrentFinancialInstruments 2022-12-31 01990269 frs-core:BetweenOneFiveYears 2022-12-31 01990269 frs-core:WithinOneYear 2022-12-31 01990269 frs-core:ShareCapital 2022-12-31 01990269 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 01990269 frs-core:RevaluationInvestmentPropertyDeferredTax 2022-12-31 01990269 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 01990269
Tucan Investments Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—11
Page 1
Statement of Financial Position
Registered number: 01990269
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible fixed assets 4 719 3,845
Investment Properties 5 20,335,000 17,500,000
20,335,719 17,503,845
CURRENT ASSETS
Debtors 6 1,134,069 865,761
Cash at bank and in hand 55,662 49,991
1,189,731 915,752
Creditors: amounts Falling Due within one Year 7 (11,797,164 ) (9,822,492 )
NET CURRENT ASSETS (LIABILITIES) (10,607,433 ) (8,906,740 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,728,286 8,597,105
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (1,882,050 ) (1,173,300 )
NET ASSETS 7,846,236 7,423,805
CAPITAL AND RESERVES
Called up share capital 9 2,015,000 2,015,000
Income Statement 5,831,236 5,408,805
SHAREHOLDERS' FUNDS 7,846,236 7,423,805
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
The financial statements were approved and authorised for issue  by the board and were signed on its behald on 23 December 2024.
Mohammed Al-Miqdadi
Director
23 December 2024
The notes on pages 3 to 11 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tucan Investments Limited is a  company, limited by shares, and  incorporated in England & Wales. The company's registered number is   01990269 . The registered office is Lincoln House, 137-143 Hammersmith Road, London, W14 0QL. The principal activity of the company during the year was letting out residential or commercial properties.
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 the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
2.2. Going Concern Disclosure
At 31 December 2023, the Company had net current liabilities of £10,607,433 (2022: £8,906,740). 
The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and the anticipated cash flows, availability of support from the company's ultimate parent undertaking (including that undertakings not requesting repayment of any amounts owed to it by the ompany whilst any other creditors of the company remain unpaid, except to the extent that the company is able to discharge all its debts and liabilities as they fall due) and other mitigating actions that can be taken during that period.
These conditions indicate the existence of material uncertainty which may cast significant doubt about the company's ability to continue as going concern. However, the financial statements are prepared on a going concern basis which assumes that the company will be able to continue to trade for the foreseeable future. The validity of this assumption depends on the continuation of funding from the Parent Company.
The company has a material uncertainty in relation to its going concern status as a result of its reliance on the support of group undertakings. A letter of support has been received from the company's ultimate parent undertaking. In the opinion of the directors, assuming the continuous support from the group undertakings, the Company will be able to continue its operation for the foreseeable future. Hence the directors believe that it is appropriate to prepare the financial statement under the going concern basis and the financial statements do not reflect any adjustments that would be necessary should the going concern basis not be appropriate. 
2.3. Turnover
Revenue from a lease or licence to occupy is recognised in the period in which the rent falls due in accordance with the terms of the lease or licence as adjusted by deferred or accrued income where the rental periods under the lease or licence are not co-terminus with the financial year when all of the following conditions are satisfied:
  • the amount of revenue can be measured reliably; and 
  • it is probable that the company will receive the consideration due under the lease or licence. 
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
...CONTINUED
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2.3. Turnover - continued
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  • the amount of revenue can be measured reliably; 
  • it is probable that the Company will receive the consideration due under the contract; 
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and 
  • the costs incurred and the costs to complete the contract can be measured reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures and fittings 20%
Office Equipment 25%
2.5. Investment Properties
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Operating leases: the Company as lessee
Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
2.6. Financial Instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Other financial assets
...CONTINUED
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2.6. Financial Instruments - continued
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Basic financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.  Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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2.7. Foreign Currencies
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
2.8. Taxation
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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.
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2.9. Pensions
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
2.10. Government Grant
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
2.11. Finance and Borrowing Costs
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.
Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. 
2.12. 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.
2.13. 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.
2.14. 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.
3. Average Number of Employees
The average monthly number of employees, including directors, during the period was: 21 (2022: 9)
21 9
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4. Tangible fixed assets
Fixtures and fittings Office Equipment Total
£ £ £
Cost or Valuation
As at 1 January 2023 2,030 23,331 25,361
Additions 391 - 391
As at 31 December 2023 2,421 23,331 25,752
Depreciation
As at 1 January 2023 1,218 20,298 21,516
Provided during the period 484 3,033 3,517
As at 31 December 2023 1,702 23,331 25,033
Net Book Value
As at 31 December 2023 719 - 719
As at 1 January 2023 812 3,033 3,845
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 17,500,000
Revaluations 2,835,000
As at 31 December 2023 20,335,000
The break-down of valuations for different classes of investment properties is as below:
Freehold
investment
property
£
Long term
leasehold
investment
property
£
Short term
leasehold
investment
property
£


Total
£
Valuation
At 1 January 2023
12,575,000
1,300,000
3,625,000
17,500,000
Surplus/(deficit) on revaluation
2,425,000
image
(25,000)
image
435,000
image
2,835,000
image
At 31 December 2023
15,000,000
image
1,275,000
image
4,060,000
image
20,335,000
image
The 2023 valuations were made by Savills, Chartered Surveyors, on an open market value for existing use basis. In the opinion of the directors the valuations reflect the current fair value of the investment properties at balance sheet date.
If investment property had been accounted for under historical cost accounting rules, the properties would have been measured at £6,745,073.
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 107,368 88,340
Amounts recoverable from agent 65,934 115,154
Prepayments and accrued income 56,554 19,420
VAT Recoverable 61,746 -
Amounts owed by group undertakings 842,467 642,847
1,134,069 865,761
7. Creditors: amounts Falling Due within one Year
2023 2022
£ £
Other loans 6,125,000 -
Other taxation and social security 63,047 30,261
Other creditors 518,494 425,589
Accruals and deferred income 714,992 576,640
Amounts owed to group undertakings 4,375,631 8,790,002
11,797,164 9,822,492
During the year, the Company made a short-term borrowing and the proceeds were utilised to repay the amount owned to group undertaking. The borrowing was secured against the 43-59 Clapham Road, London, SW9 0JD property.
8. Deferred Taxation
2023
2022
£
£
At the beginning of year
1,173,300
1,730,000
Charged/(released) during the year
708,750
image
(556,700)
image
At the end of year
1,882,050
image
1,173,300
image
The provision for deferred tax is made up as follows:
2023 2022
£ £
Revaluation of investment properties 1,882,050 1,173,300
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,015,000 2,015,000
2,015,000 Ordinary shares of £1 each.
10. Other Commitments
Commitments under operating leases
At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
2023 2022
£ £
Not later than one year 266,250 200,000
Later than one year and not later than five years 670,000 930,000
936,250 1,130,000
Company's annual rent commitment under operating lease is guaranteed by the company's ultimate parent undertaking. In addition to the rental commitments above, the company has a commitment to pay service charges and insurance. 
At 31 December 2023, the Company had annual ground rent commitments of £175,600 (2022: £112,400) on its long leasehold properties whose lease expire in 2068 and 2074. 
11. Pension Commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,970 (2022: £3,526). Contributions totaling £2,056 (2022: £1,760) were outstanding at balance sheet date.
12. Post Balance Sheet Events
After the balance sheet date, The Bank of Mauritius has placed Silver Bank Limited under Conservatorship. The Conservator has suspended the repayment or withdrawal of deposits, outward transactions requests from the account holders as well as the payment of all other liabilities until further notice. Total balances held in relevant bank accounts at the time of placing the bank under Conservatorship were £28,190. In the opinion of the directors, the balances are fully recoverable and the risk to the Company due to this event is minimal. 
Subsequent to the balance sheet date, the company sold its freehold investment property located at 43-59 Clapham Road, London SW9 0JF, on 27 September 2024 for £15,000,000.
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13. Related Party Transactions
Amounts owed to group undertakings includes £4,375,631 (2022: £8,790,002) as intercompany advances from the company's ultimate parent undertaking which is unsecured, interst free and repayable on demand.
At 31 December 2023, a group undertaking owed £29,286,053 (2022: £29,286,053) to the company. However full provision has been made against this receivable resulting in a closing carrying value of £nil (2022: £nil). This is an unsecured interest free advance which is repayable on demand. 
Included within creditors are amount owed to Italgrade Pension Scheme (IPS) of £112,725 (2022 £112,725), the pension scheme of Italgrade Limited, a fellow group undertaking. The amount owed attracted interest during the year of £420 (2022: £420). This is unsecured loan which is repayable on demand.
The Company processes transactions on a day to day basis through its bank account on behalf of various group undertakings.
14. Ultimate Controlling Party
The ultimate parent company is General Mediterranean Holding SA SPF ("GMHSA"), a company registered in Luxembourg whose registered address is 3A, Rue Thomas Edison, L-1445 Strassen, Luxembourg, Grand-Duche de Luxembourg. GMHSA prepares the consolidated financial statements which are not publicly available.
The ultimate controlling party is Sir Nadhmi Auchi.
15. Audit Information
The auditors report on the account of Tucan Investments Limited for the year ended 31 December 2023 was unqualified
The auditors emphasised the following matter without qualifying their report:
The report included a material uncertainty relating to going concern paragraph, that drew the reader's attention to note 2.2 in the financial statements.
The auditor's report was signed by Raymond McDonagh (Senior Statutory Auditor) for and on behalf of Crane & Partners , Statutory Auditor
Crane & Partners
Leonard House
5-7 Newman Road
Bromley
Kent
BR1 1RJ
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