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REGISTERED NUMBER: 12559466 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

MORE INDUSTRIAL LIMITED

MORE INDUSTRIAL LIMITED (REGISTERED NUMBER: 12559466)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MORE INDUSTRIAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: E G Foa





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 12559466 (England and Wales)





ACCOUNTANTS: B&P Tax Legal Finance LLP
38 Craven Street
London
WC2N 5NG

MORE INDUSTRIAL LIMITED (REGISTERED NUMBER: 12559466)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes €    €   
FIXED ASSETS
Investments 4 59,976,186 59,191,705

CURRENT ASSETS
Debtors 5 113,132 105,603
Cash at bank and in hand 797,847 804,409
910,979 910,012
CREDITORS
Amounts falling due within one year 6 (27,249 ) (27,205 )
NET CURRENT ASSETS 883,730 882,807
TOTAL ASSETS LESS CURRENT
LIABILITIES

60,859,916

60,074,512

CREDITORS
Amounts falling due after more than one
year

7

(55,511,647

)

(54,691,278

)
NET ASSETS 5,348,269 5,383,234

CAPITAL AND RESERVES
Called up share capital 9 230 230
Other reserves 10 5,499,227 5,499,227
Retained earnings 10 (151,188 ) (116,223 )
SHAREHOLDERS' FUNDS 5,348,269 5,383,234

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MORE INDUSTRIAL LIMITED (REGISTERED NUMBER: 12559466)

BALANCE SHEET - continued
30 APRIL 2024


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 director and authorised for issue on 22 January 2025 and were signed by:





E G Foa - Director


MORE INDUSTRIAL LIMITED (REGISTERED NUMBER: 12559466)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

More Industrial 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.

The presentation currency of the financial statements is the Euro (€).


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.

Going concern

The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future and have therefore used the going concern basis in preparing the financial statements.

Significant judgements and estimates
Section 22 of FRS 102 requires the debt component of convertible debt, which is treated as a compound financial instrument, to be reported within liabilities.

On initial recognition of the convertible loan notes, the debt element has been measured at fair value which is the present value of the future cash flow using a market rate of interest applicable on an equivalent bond without the conversion option.

The balancing figure resulting represents the equity element and is held as ‘convertible option’ within other components of equity.

The financial liability is measured at amortised cost so the liability's effective rate of interest is charged as a finance cost to the income statement.
Each year the liability will increase with the finance cost charged to the statement of profit or loss and decrease by the cash repaid.

The market rate of interest on an equivalent bond without the conversion option has been considered and adjusted by the substantial burden standing on the notes and connected with specific investment commitments assumed by the borrower.
The market rate of interest used to calculate the present value of the debt element and charged as a finance cost has been determined as 1.5%.

Investments in associates
Investments in associate undertakings are recognised at cost.

MORE INDUSTRIAL LIMITED (REGISTERED NUMBER: 12559466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
An entity should recognise a financial asset or financial liability only when it becomes a party to the contractual provisions of the instrument.

For debt instruments, FRS 102 paragraph 11.9 sets out the conditions that must be met in order for them to be classified as basic. If any of the conditions are not met the financial instrument is not basic.

When a financial asset or financial liability is recognised initially, an entity shall measure it at the transaction price (adjusted for transaction costs except in the initial measurement of financial assets and liabilities that are subsequently measured at fair value through profit or loss) unless the arrangement constitutes, in effect, a financing transaction.

At the end of each reporting period, an entity should measure all financial instruments within the scope of section 12 at fair value and recognise changes in fair value in profit or loss, except for financial instruments that are not permitted to be measured at fair value under the requirements of Companies Act Regulation which must be measured at amortised cost in accordance with section 11.

The amortised cost of a financial asset or financial liability at each reporting date is the net of the following amounts:
(a) the amount at which the financial asset or financial liability is measured at initial
recognition;
(b) minus any repayments of the principal;
(c) plus or minus the cumulative amortisation using the effective interest method of
any difference between the amount at initial recognition and the maturity amount;
(d) minus, in the case of a financial asset, any reduction (directly or through the use
of an allowance account) for impairment or uncollectability.

Compound instruments
A contract that will be settled by the entity delivering a fixed number of its own equity instrument in exchange for a fixed amount of cash or another financial asset is an equity instrument.

A compound financial instrument is one which contains both liability and equity components.

Where an issuer has a compound instrument, they will typically be required to split the instrument into two components, one being a liability component and the other being an equity component.
To reach an initial value for the liability element, FRS 102:22.13 instructs preparers to use ‘the fair value of a similar liability that does not have a conversion feature or similar associated equity component’.The fair value can then be calculated using a discounted cash flow calculation using this interest rate as the discount rate.

After initial recognition, the equity component of convertible debt is not remeasured, and the liability component is treated in accordance with its classification, depending on whether or not it qualifies to be treated as a basic financial instrument.

On conversion, the liability portion is extinguished and equity is issued. The value of the equity recognised since initial inception will remain in equity, although it may be reallocated to another line item within equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

MORE INDUSTRIAL LIMITED (REGISTERED NUMBER: 12559466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. FIXED ASSET INVESTMENTS

2024 2023
€    €   
Participating interests 43,458,986 43,458,986
Loans to undertakings in which the company
has a participating interest

16,517,200

15,732,719
59,976,186 59,191,705

Additional information is as follows:
Interest
in
associate
€   
COST
At 1 May 2023
and 30 April 2024 43,458,986
NET BOOK VALUE
At 30 April 2024 43,458,986
At 30 April 2023 43,458,986
Loans to
associates
€   
At 1 May 2023 15,732,719
New in year 784,481
At 30 April 2024 16,517,200

Fixed asset investments encompass a long-term loan to an associate company. The loan agreement stipulates a fixed rate of 5% interest, capitalized annually. This rate will be adjusted to 8% starting from 01 January 2025.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
€    €   
Amounts owed by participating interests 113,132 105,603

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
€    €   
Other loans 25,563 25,563
Accruals and deferred income 1,686 1,642
27,249 27,205

MORE INDUSTRIAL LIMITED (REGISTERED NUMBER: 12559466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
€    €   
Other loans more 5yrs non-inst 55,511,647 54,691,278

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 55,511,647 54,691,278

8. FINANCIAL INSTRUMENTS

The balance of creditor amounts falling due after more than 1 year comprises a compound financial instrument consisting of a number of 585 convertible loan notes of € 100,000 measured at present value of the debt element and bearing an interest rate of 0.5% with fixed maturity date after 10 years.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: €    €   
100 ORDINARY 1.138614 114 114
2 ORDINARY B 1.138614 2 2
100 ORDINARY C 1.138614 114 114
230 230

10. RESERVES
Retained Other
earnings reserves Totals
€    €    €   

At 1 May 2023 (116,223 ) 5,499,227 5,383,004
Deficit for the year (34,965 ) (34,965 )
At 30 April 2024 (151,188 ) 5,499,227 5,348,039

For convertible loans, section 22 of FRS 102 requires the debt component only to be reported within liabilities at fair value which is the present value of the future cash flow using a market rate of interest applicable on an equivalent bond without the conversion option.
The balancing figure resulting represents the equity element and is held as ‘convertible option’ within other components of equity.

11. OTHER COMMITMENTS

The Company has pledged its Class B shares held in Argea SpA, an associate company, as a guarantee in favour of financing banks lending to Argea Spa.

MORE INDUSTRIAL LIMITED (REGISTERED NUMBER: 12559466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. RELATED PARTY DISCLOSURES

At the end of the reporting period the convertible loan balance of € 55,511,647 (2023: € 54,691,278) was due to Lutob investment Limited, a company under common control. The loan bears an interest of 0.5% and has been presented at fair value by discounting the loan to a market interest rate of 1.5% and, unless a conversion occurs earlier, the repayment date of the notes is 31/01/2031.
In the income statement an interest expense of € 820,369 (2023: € 808,245) was charged.


At the end of the reporting period a loan balance of € 16,517,200 (2023: € 15,372,719) was due from Argea spa (previously Venere spa), an undertaking in which the Company has significant influence. The loan is due in 2029 and bears an interest of 5%.
In the income statement an interest income of € 792,009 (2023: € 783,528) was accrued.

As of the year-end, the capitalized interest due from Argea SpA amounted to € 2,317,200 (2023: € 1,532,719).The non-capitalized interest balance totalled € 113,131 (2023: € 105,603) and is payable on demand.

13. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.