LOUSADA HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30TH SEPTEMBER 2024 |
LOUSADA HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30TH SEPTEMBER 2024 |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
LOUSADA HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
The directors present their strategic report of the company and the group for the year ended 30th September 2024. |
REVIEW OF BUSINESS |
The consolidated profit and loss account is set out on pages 9 and 10. |
Although the group made an operating loss of £0.97m (2023: £1.154m), The directors are generally satisfied with its trading performance and there are good reasons for such and optimism for the future. |
The loss is mostly attributable to the performance of Fired Earth Limited. |
It is projected that Fired Earth Limited and Form Midlands Limited will start to positively contribute towards the profitability of Lousada Holdings Limited in 2025/26. |
The group maintains an extremely low gearing ratio with the majority of the trade financed through equity. |
The group's balance sheet decreased by £0.9m (2023: decrease of £0.6m), with the year-end shareholders funds amounting to £50.8m (2023: £51.7m). |
KEY PERFORMANCE INDICATORS |
Given the nature of the business the directors consider the Key Performance Indicators are those that relate to the lending that the business supports. In particular this relates to yield from loans to the property development opportunities and investment in commercial enterprises. |
FUTURE OUTLOOK |
The directors expect the external environment to remain competitive in 2025 with a threat of variations in market potentially caused by unstable inflation, increasing business risks around competitiveness and consumer spending habits, spiralling energy costs and most significant, the likelihood of a significant recession in the UK market. However the directors remain confident that they can return the group to profitability. Fired Earth Limited continues to benefit from improved systems and a lower cost base resulting from operational efficiencies. |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main business uncertainties relate to the financial stability of the UK property market that ultimately underpins the majority of the company's lending portfolio. Key risks are identified below: |
Financial risks |
- changes in the economic environment; and impact of Brexit on the property market |
- interest rate risks; and |
- increased energy costs |
- reduced household disposable income |
Real estate investment risks |
- impact of customer defaults and reduced demand; and |
- valuation movements. |
Development risks |
- end value of development projects; and |
- uncertainty within the planning system |
Competition / market erosion |
- pricing pressures |
- increased cost due to factors previously detailed |
These risks are integrated by the directors' knowledge and experience of the property market and the executive involvement in all principal investments. In addition long term interest rate fluctuations are mitigated by the use of long term borrowings and interest rate swaps. |
ON BEHALF OF THE BOARD: |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30th September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of lending, funding, bathroom and carpentry product sales and property development. |
DIVIDENDS |
No dividends will be distributed for the year ended 30th September 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st October 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year charitable contributions totalling £25,780 (2023: £19,729) were made. Amounts given to organisations of £2,000 or more are detailed below: |
30/9/24 | 30/9/23 |
£ | £ |
Bedford Blues | 1,150 | 431 |
Other | 2,630 | 4,295 |
Harpur Trust | 15,000 | 15,000 |
Bedford Queens | 2,000 | - |
Keech | 5,000 | - |
25,780 | 19,726 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOUSADA HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Lousada Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30th September 2024 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOUSADA HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Identifying and assessing the controls management has in place to prevent and detect fraud; |
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments, in particular the valuation of investment property and the recoverability of loans; |
- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and |
- Assessing the extent of compliance with the relevant laws and regulations. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the accounting policy disclosure pages. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOUSADA HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 21,626,974 | 21,096,862 |
Cost of sales | 10,705,008 | 10,580,860 |
GROSS PROFIT | 10,921,966 | 10,516,002 |
Distribution costs | 955,368 | 1,311,513 |
Administrative expenses | 11,067,721 | 10,504,387 |
12,023,089 | 11,815,900 |
(1,101,123 | ) | (1,299,898 | ) |
Other operating income | 130,752 | 145,754 |
GROUP OPERATING LOSS | 5 | (970,371 | ) | (1,154,144 | ) |
Share of operating profit in |
Joint ventures | 26,053 | 11,645 |
Associates | 14,106 | (15,578 | ) |
Profit/loss on sale of |
operations | 6 | - | 364,799 |
Cost of fundamental |
organisation | 6 | - | 264,438 |
(930,212 | ) | (528,840 | ) |
Income from fixed asset investments | 3,500 | 62 |
Interest receivable and similar income | 5,261 | 1,260 |
8,761 | 1,322 |
(921,451 | ) | (527,518 | ) |
Interest payable and similar expenses | 7 | 60,848 | 108,437 |
LOSS BEFORE TAXATION | (982,299 | ) | (635,955 | ) |
Tax on loss | 8 | (79,336 | ) | (25,699 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2024 | 2023 |
as restated |
£ | £ |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME |
Revaluation |
Prior year adjustment | 8,750 | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
17,500 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(885,462 |
) |
(610,256 |
) |
Prior year adjustment | 10 | (8,749 | ) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(894,211 |
) |
Loss attributable to: |
Owners of the parent | (423,783 | ) | (1,378,836 | ) |
Non-controlling interests | (479,180 | ) | 768,580 |
(902,963 | ) | (610,256 | ) |
Total comprehensive income attributable to: |
Owners of the parent | (423,780 | ) | (1,378,836 | ) |
Non-controlling interests | (479,180 | ) | 768,580 |
(902,960 | ) | (610,256 | ) |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
CONSOLIDATED BALANCE SHEET |
30TH SEPTEMBER 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 534,887 | - |
Tangible assets | 12 | 22,803,068 | 1,789,907 |
Investments | 13 |
Interest in joint venture |
Share of gross assets | 4,287 | 740,336 |
Share of gross liabilities | (3,750 | ) | (733,691 | ) |
537 | 6,645 |
Interest in associate | 46,069 | 31,963 |
Other investments | 1,980,399 | 3,605,748 |
Investment property | 14 | 5,124,288 | 3,571,316 |
30,489,248 | 9,005,579 |
CURRENT ASSETS |
Stocks | 15 | 4,063,192 | 4,189,000 |
Debtors | 16 | 33,075,635 | 47,455,077 |
Investments | 17 | 12,450 | 12,450 |
Cash at bank and in hand | 1,278,661 | 3,186,134 |
38,429,938 | 54,842,661 |
CREDITORS |
Amounts falling due within one year | 18 | 15,662,569 | 9,598,606 |
NET CURRENT ASSETS | 22,767,369 | 45,244,055 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
53,256,617 |
54,249,634 |
CREDITORS |
Amounts falling due after more than one year |
19 |
(830,263 |
) |
(834,955 |
) |
PROVISIONS FOR LIABILITIES | 23 | (1,645,044 | ) | (1,730,406 | ) |
NET ASSETS | 50,781,310 | 51,684,273 |
CAPITAL AND RESERVES |
Called up share capital | 24 | 1,000,000 | 1,000,000 |
Merger reserve | 38,861,907 | 38,861,907 |
Other reserve | 81,000 | 81,000 |
Non distributable retained |
earnings | 1,436,303 | 1,494,065 |
Retained earnings | 10,379,073 | 10,745,094 |
SHAREHOLDERS' FUNDS | 51,758,283 | 52,182,066 |
NON-CONTROLLING INTERESTS | 25 | (976,973 | ) | (497,793 | ) |
TOTAL EQUITY | 50,781,310 | 51,684,273 |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
CONSOLIDATED BALANCE SHEET - continued |
30TH SEPTEMBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on 18th March 2025 and were signed on its behalf by: |
S C Lousada - Director |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
COMPANY BALANCE SHEET |
30TH SEPTEMBER 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 24 |
Merger reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
Called up |
share | Retained | Merger | Other |
capital | earnings | reserve | reserve |
£ | £ | £ | £ |
Balance at 1st October 2022 | 990,110 | 12,200,629 | 38,861,907 | 81,000 |
Changes in equity |
Issue of share capital | 9,890 | - | - | - |
Total comprehensive income | - | (1,446,786 | ) | - | - |
Balance at 30th September 2023 | 1,000,000 | 10,753,843 | 38,861,907 | 81,000 |
Prior year adjustment | - | (8,749 | ) | - | - |
As restated | 1,000,000 | 10,745,094 | 38,861,907 | 81,000 |
Changes in equity |
Total comprehensive income | - | (442,720 | ) | - | - |
Balance at 30th September 2024 | 1,000,000 | 10,302,374 | 38,861,907 | 81,000 |
Non |
distributable |
retained | Non-controlling | Total |
earnings | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1st October 2022 | 1,417,366 | 53,551,012 | (1,266,373 | ) | 52,284,639 |
Changes in equity |
Issue of share capital | - | 9,890 | - | 9,890 |
Total comprehensive income | 76,699 | (1,370,087 | ) | 768,580 | (601,507 | ) |
Balance at 30th September 2023 | 1,494,065 | 52,190,815 | (497,793 | ) | 51,693,022 |
Prior year adjustment | - | (8,749 | ) | - | (8,749 | ) |
As restated | 1,494,065 | 52,182,066 | (497,793 | ) | 51,684,273 |
Changes in equity |
Total comprehensive income | 18,937 | (423,783 | ) | (479,180 | ) | (902,963 | ) |
Balance at 30th September 2024 | 1,513,002 | 51,758,283 | (976,973 | ) | 50,781,310 |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
Called up |
share | Retained | Merger | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st October 2022 |
Changes in equity |
Balance at 30th September 2023 |
Changes in equity |
Balance at 30th September 2024 |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 20,279,118 | (4,574,510 | ) |
Interest paid | (60,000 | ) | (106,523 | ) |
Interest element of hire purchase payments paid |
(848 |
) |
(1,914 |
) |
Tax paid | 50,000 | 103,417 |
Net cash from operating activities | 20,268,270 | (4,579,530 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (589,925 | ) | - |
Purchase of tangible fixed assets | (21,550,000 | ) | (771,650 | ) |
Purchase of investment property | (1,427,972 | ) | (29,749 | ) |
Sale of tangible fixed assets | 733 | 2,592,698 |
Reclassification of interest in JV | 32,161 | - |
Interest received | 5,261 | 1,260 |
Dividends received | 3,500 | 62 |
Net cash from investing activities | (23,526,242 | ) | 1,792,621 |
Cash flows from financing activities |
New loans with associates in year | (5,882 | ) | (1,301 | ) |
Loan repayments in year | 75,000 | - |
Loan repayments in year | - | 50,000 |
Capital repayments in year | (6,453 | ) | (10,053 | ) |
Amount introduced by directors | - | 17,079 |
Amount withdrawn by directors | (201,972 | ) | (507,892 | ) |
Share issue | - | 9,890 |
Bank loan repayments | - | (613,828 | ) |
Movement in other provisions | (85,362 | ) | 620,678 |
Foreign investment FX adjustment | - | (600,304 | ) |
Other movements in associate loans | 1,556,231 | - |
Non distributable reserves adjustment | 18,937 | - |
Net cash from financing activities | 1,350,499 | (1,035,731 | ) |
Decrease in cash and cash equivalents | (1,907,473 | ) | (3,822,640 | ) |
Cash and cash equivalents at beginning of year |
2 |
3,186,134 |
7,008,774 |
Cash and cash equivalents at end of year | 2 | 1,278,661 | 3,186,134 |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
£ | £ |
Loss before taxation | (982,299 | ) | (635,955 | ) |
Depreciation charges | 465,931 | 680,766 |
Loss on disposal of fixed assets | 733 | 2,100 |
Gain on revaluation of fixed assets | (125,000 | ) | (85,448 | ) |
Share of profit in associates | 14,106 | (11,645 | ) |
Share of profits in joint venture | (26,053 | ) | 15,578 |
W/off loan to investment in associate | - | 16,074 |
Impairment of fixed assets | 125,213 | 66,026 |
Depreciation charge written back | - | (155,648 | ) |
Finance costs | 60,848 | 108,437 |
Finance income | (8,761 | ) | (1,322 | ) |
(475,282 | ) | (1,037 | ) |
Decrease in stocks | 125,808 | 1,914,285 |
Decrease/(increase) in trade and other debtors | 14,379,442 | (1,633,340 | ) |
Increase/(decrease) in trade and other creditors | 6,249,150 | (4,854,418 | ) |
Cash generated from operations | 20,279,118 | (4,574,510 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30th September 2024 |
30/9/24 | 1/10/23 |
£ | £ |
Cash and cash equivalents | 1,278,661 | 3,186,134 |
Year ended 30th September 2023 |
30/9/23 | 1/10/22 |
as restated |
£ | £ |
Cash and cash equivalents | 3,186,134 | 7,008,774 |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/10/23 | Cash flow | At 30/9/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,186,134 | (1,907,473 | ) | 1,278,661 |
3,186,134 | (1,907,473 | ) | 1,278,661 |
Liquid resources |
Current asset investments | 12,450 | - | 12,450 |
12,450 | - | 12,450 |
Debt |
Finance leases | (11,145 | ) | 6,453 | (4,692 | ) |
Debts falling due after 1 year | (483,333 | ) | - | (483,333 | ) |
(494,478 | ) | 6,453 | (488,025 | ) |
Total | 2,704,106 | (1,901,020 | ) | 803,086 |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Lousada Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Basis of consolidation |
The group accounts consolidate the accounts of Lousada PLC and its subsidiary undertakings for the year end, 30 September 2024. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method with goodwill, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, being amortised over the expected useful life. |
In the group accounts, interests in associated and joint venture undertakings are accounted for using the equity method of accounting. The consolidated profit and loss account includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings based on approved financial statements. In the consolidated balance sheet, the interests in associated undertakings are shown as the groups share of the identifiable net assets including any unamortised premium paid on acquisition. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management estimates and assumptions are based on historical experience and expectation of future events are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. |
There is estimation uncertainties in calculating bad debt provisions. A full review of trade debtors is carried out by management regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable. |
Provision is made for the estimated liability on all products still under warranty based on historical experience. Provision is also made for goods returned based on the historical experience of management. Provision is made for onerous lease contracts where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Provision is also made for fixed asset impairments where the future economic benefit of the Shop fittings relating to onerous leased shops is expected to be lower than the net book value of assets. This required management to exercise its judgement in calculation of these provisions. |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 companies |
- dividend and interest income generated from investments and loans |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the Group has transferred the significant risks and rewards of ownership to the buyer; |
- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over goods sold; |
- the amount of revenue can be reliably measured; |
- it is probable that the Group will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Goodwill |
Goodwill arising on the acquisition of subsidiary undertakings represents any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its estimated useful life. |
Goodwill is amortised as follows: |
- Business acquisition in 2015, is being amortised evenly over its estimated useful life of five years. |
- Business acquisition in 2019, is being amortised evenly over its estimated useful life on five years |
- Business acquisition in May 2021 is being amortised evenly over its estimated useful life of five years. |
- Business acquisition in March 2024 is being amortised evenly over its estimated useful life of five years. |
- Business acquisition in May 2024 is being amortised evenly over its estimated useful life of five years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Negative goodwill arose on the acquisition of Kindburly Limited and it's subsidiary entities. |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life. |
Product case moulds and rights are included in plant & machinery. The depreciation policy is between 3 and 19 years. |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
The methods and significant assumptions used to ascertain the fair value of are as follows: |
A valuation technique has been applied using a rental yield calculation and reviewing similar properties traded on an active market. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. |
The cost is based on first in, first out basis. The work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is immediately recognised in profit and loss. |
Financial instruments |
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investment in ordinary shares. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
Investments in joint ventures / associates are measured at cost less impairment. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each statement of financial position date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss. |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
as restated |
£ | £ |
Interest receivable | 2,599,813 | 1,953,940 |
Property sales | 175,429 | 569,202 |
Rent | 166,267 | 65,548 |
Product sales | 18,555,233 | 18,487,523 |
Management charges | 108,313 | - |
Equipment rental | 21,919 | 20,649 |
21,626,974 | 21,096,862 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
as restated |
£ | £ |
United Kingdom | 20,616,178 | 19,990,053 |
Europe | 918,574 | 1,027,892 |
Rest of the World | 92,222 | 78,917 |
21,626,974 | 21,096,862 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries | 5,752,474 | 5,730,655 |
Social security costs | 553,136 | 519,789 |
Other pension costs | 138,601 | 134,493 |
6,444,211 | 6,384,937 |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Directors | 2 | 2 |
Administrative and management staff | 82 | 69 |
Selling and distribution staff | 119 | 123 |
The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2023 - 2 ) . |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration | 50,400 | 50,400 |
5. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2024 | 2023 |
as restated |
£ | £ |
Hire of plant and machinery | 15,450 | 12,728 |
Depreciation - owned assets | 410,893 | 680,767 |
Loss on disposal of fixed assets | 733 | 2,100 |
Goodwill amortisation | 55,038 | - |
Auditors' remuneration - parent company | 4,800 | 16,750 |
Auditors remuneration - subsidiary companies | 43,487 | 54,532 |
Auditors' remuneration for non audit work | 324 | 7,878 |
Foreign exchange differences | 105,424 | (574,162 | ) |
6. | EXCEPTIONAL ITEMS |
2024 | 2023 |
as restated |
£ | £ |
Exceptional items | (39,851 | ) | - |
Profit/loss on sale of |
operations | - | 364,799 |
Cost of fundamental |
organisation | - | 264,438 |
(39,851 | ) | 629,237 |
Net exceptional costs of £39,851 were incurred in the year ended 30 September 2024 broken down as follow: |
(£85,362) Onerous lease provision and other provision adjustments |
£125,213 Fixed asset impairment |
During the prior year, there were further adjustments to the exceptional items to account for additional onerous lease provisions, fixed asset impairments and the Pay As You Earn liability. |
Imperial Bathrooms Limited entered into administration during the prior year, and therefore the profit on disposal of operations related to the removal of the net liabilities of this company. |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Bank interest | - | 5,060 |
Bank loan interest | 16,552 | 65,304 |
Other loan interest | 43,413 | 36,159 |
Interest on late tax payment | 35 | - |
Hire purchase interest | 848 | 1,914 |
60,848 | 108,437 |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
Prior period under/(over) provisions | 50,000 | (53,528 | ) |
Deferred tax | (129,336 | ) | 27,829 |
Tax on loss | (79,336 | ) | (25,699 | ) |
UK corporation tax was charged at 25 %) in 2023. |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
as restated |
£ | £ |
Loss before tax | (982,299 | ) | (635,955 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22 %) |
(245,575 |
) |
(139,910 |
) |
Effects of: |
Expenses not deductible for tax purposes | 417,861 | 14,800 |
Income not taxable for tax purposes | (51,074 | ) | (20,766 | ) |
Capital allowances in excess of depreciation | (6,559 | ) | (169,074 | ) |
Utilisation of tax losses | (11,410 | ) | - |
Adjustments to tax charge in respect of previous periods | 50,000 | (53,528 | ) |
Deferred tax | (129,336 | ) | 27,829 |
Provision against investment | (160,444 | ) | (18,700 | ) |
Rental income | 29,107 | 26,310 |
Losses carried forward | 28,094 | 307,340 |
Total tax credit | (79,336 | ) | (25,699 | ) |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
8. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation |
Prior year adjustment | 8,750 | - | 8,750 |
8,750 | - | 8,750 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Prior year adjustment |
On 1 April 2023 the main rate of Corporation Tax in the UK was increased to 25%. |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
10. | PRIOR YEAR ADJUSTMENT |
The prior year adjustment relates to the movement in deferred tax and non-distributable reserves on property revaluations in Lousada Kettering Ltd in 2023. |
The prior year adjustment further relates to the movement in non-distributable reserves on property valuations in Lousada (Midlands) Ltd in 2023. |
These adjustments where not accounted for in those accounts. |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Negative |
Goodwill | goodwill | Totals |
£ | £ | £ |
COST |
At 1st October 2023 | 354,705 | (6,531 | ) | 348,174 |
Additions | 589,925 | - | 589,925 |
At 30th September 2024 | 944,630 | (6,531 | ) | 938,099 |
AMORTISATION |
At 1st October 2023 | 354,705 | (6,531 | ) | 348,174 |
Amortisation for year | 55,038 | - | 55,038 |
At 30th September 2024 | 409,743 | (6,531 | ) | 403,212 |
NET BOOK VALUE |
At 30th September 2024 | 534,887 | - | 534,887 |
At 30th September 2023 | - | - | - |
The positive goodwill brought forward of £354,705 arose on the acquisition of Lousada PLC on 12 December 2014, which has been amortised in full in line with the accounting policy. |
The negative goodwill brought forward arose on the acquisition of Fired Earth Holdings Limited, which included a trading subsidiary, Fired Earth Limited in May 2021. |
During the prior year, the negative goodwill in relation to Kindburly was fully impaired as Imperial Bathrooms Limited went into administration. The negative goodwill and associated amortisation relating to Imperial Bathrooms Limited was also written off during the prior year. |
During the current year, goodwill of £589,925 arose from the acquisition of Zeal Hotel (Exeter) Limited (£471,285) and Ampthill Street (Bedford) Limited (£118,640). |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1st October 2023 | - | 221,768 | 1,479,724 |
Additions | 21,333,614 | - | 215,343 |
Disposals | - | - | (73,720 | ) |
At 30th September 2024 | 21,333,614 | 221,768 | 1,621,347 |
DEPRECIATION |
At 1st October 2023 | - | 25,573 | (32,261 | ) |
Charge for year | - | 18,280 | 368,922 |
Eliminated on disposal | - | - | (73,720 | ) |
Impairments | - | - | 125,213 |
At 30th September 2024 | - | 43,853 | 388,154 |
NET BOOK VALUE |
At 30th September 2024 | 21,333,614 | 177,915 | 1,233,193 |
At 30th September 2023 | - | 196,195 | 1,511,985 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st October 2023 | 2,000 | 144,695 | 16,392 | 1,864,579 |
Additions | - | - | 1,043 | 21,550,000 |
Disposals | - | - | (1,047 | ) | (74,767 | ) |
At 30th September 2024 | 2,000 | 144,695 | 16,388 | 23,339,812 |
DEPRECIATION |
At 1st October 2023 | 701 | 75,589 | 5,070 | 74,672 |
Charge for year | 300 | 20,919 | 2,472 | 410,893 |
Eliminated on disposal | - | - | (314 | ) | (74,034 | ) |
Impairments | - | - | - | 125,213 |
At 30th September 2024 | 1,001 | 96,508 | 7,228 | 536,744 |
NET BOOK VALUE |
At 30th September 2024 | 999 | 48,187 | 9,160 | 22,803,068 |
At 30th September 2023 | 1,299 | 69,106 | 11,322 | 1,789,907 |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
13. | FIXED ASSET INVESTMENTS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Participating interests | 46,606 | 38,608 |
Loans to undertakings in which the company has a participating interest |
14,818 |
1,515,564 |
Other loans | 1,965,581 | 2,090,184 |
2,027,005 | 3,644,356 |
Additional information is as follows: |
Group |
Interest | Interest |
in joint | in |
venture | associate | Totals |
£ | £ | £ |
COST |
At 1st October 2023 | 6,645 | 31,963 | 38,608 |
Share of profit/(loss) | 26,053 | 14,106 | 40,159 |
Reclassification/transfer | (32,161 | ) | - | (32,161 | ) |
At 30th September 2024 | 537 | 46,069 | 46,606 |
NET BOOK VALUE |
At 30th September 2024 | 537 | 46,069 | 46,606 |
At 30th September 2023 | 6,645 | 31,963 | 38,608 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st October 2023 |
and 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: The Estate Office, Oakley House, Oakley, Bedfordshire, MK43 7ST |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: The Estate Office, Oakley House, Oakley, Bedfordshire, MK43 7ST |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
Registered office: The Estate Office, Oakley House, Oakley, Bedfordshire, MK43 7ST |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 1 Rushmills Bedford Road, Northampton, Northamptonshire, United Kingdom, NN4 7YB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: Twyford Mill Oxford Road, Adderbury, Banbury, Oxfordshire, England, OX17 3SX |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: Estate Office Oakley House, Oakley, Bedford, Bedfordshire, United Kingdom, MK43 7ST |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Registered office: Imperial House, Empire Industrial Park, Brickyard Road, Aldridge, Walsall, WS9 8UD |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Kindburly Limited was dissolved on 12 March 2024. The investment held in Kindburly Limited was written off in full during the year. |
Registered office: 18 Grove Place, Bedford, England, MK40 3JJ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
During the year, Lousada PLC acquired an additional 50% interest in Ampthill Street (Bedford) Limited for an amount of £150,750. |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: Estate office, Oakley House, Bedford, MK43 7ST |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
During the year, Lousada PLC acquired 100% interest in Zeal Hotel (Exeter) Ltd for an amount of £100. |
Joint venture |
Registered office: Estate Office Stag Industrial Estate, Oxford Street, Bilston, West Midlands, WV14 7HZ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Associated companies |
Registered office: The Estate Office, Oakley House, Oakley, Bedfordshire, MK43 7ST |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Registered office: 3 Carrera House, Merlin Centre Gatehouse Close, Aylesbury, Buckinghamshire, HP19 8DP |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Group |
Loans to |
Loans to | joint | Other |
associates | ventures | loans | Totals |
£ | £ | £ | £ |
At 1st October 2023 | 8,936 | 1,506,628 | 2,090,184 | 3,605,748 |
New in year | 5,882 | - | - | 5,882 |
Repayment in year | - | (75,000 | ) | - | (75,000 | ) |
Other movement | - | (1,431,628 | ) | (124,603 | ) | (1,556,231 | ) |
At 30th September 2024 | 14,818 | - | 1,965,581 | 1,980,399 |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1st October 2023 | 3,571,316 |
Additions | 1,427,972 |
Revaluations | 125,000 |
At 30th September 2024 | 5,124,288 |
NET BOOK VALUE |
At 30th September 2024 | 5,124,288 |
At 30th September 2023 | 3,571,316 |
Fair value at 30th September 2024 is represented by: |
£ |
Valuation in 2015 | 75,000 |
Valuation in 2017 | 250,000 |
Valuation in 2021 | 146,281 |
Valuation in 2023 | 85,448 |
Valuation in 2024 | 125,000 |
Cost | 4,442,559 |
5,124,288 |
If the investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
as restated |
£ | £ |
Cost | 4,442,559 | 2,984,838 |
No formal independent valuation was carried out in the year to 30 September 2024. The investment property is stated at fair value based on a suitable valuation model. |
Adjustments were agreed during the current financial year to uplift the 50% interest held in the Battersea property in Lousada PLC by £100,000 and the Carrington Street property in Lousada Kettering Ltd by £25,000. |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
15. | STOCKS |
Group |
30/09/2024 | 30/09/2023 |
Finished goods and Work in Progress | 2,890,871 | 3,128,810 |
Land for development/resale | 1,172,321 | 1,060,190 |
4,063,192 | 4,189,000 |
16. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 627,079 | 545,147 |
Doubtful debt provision | (46,008 | ) | (4,574 | ) | - | - |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 335,794 | 29,415 |
Other debtors | 10,556,283 | 9,404,142 |
Amounts owed by related parties | 1,641,546 | 13,828,965 | - | - |
Corporation tax | - | 100,000 |
VAT | 719,239 | - |
Deferred tax asset | 50,013 | 33,585 | - | - |
Prepayments and accrued income | 4,793,518 | 2,231,631 |
18,677,464 | 26,168,311 |
Amounts falling due after more than one | year: |
Amounts owed by related parties | 14,398,171 | 21,286,766 | - | - |
Aggregate amounts | 33,075,635 | 47,455,077 |
Deferred tax asset |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Deferred tax | 50,013 | 33,585 | - | - |
17. | CURRENT ASSET INVESTMENTS |
Group |
2024 | 2023 |
as restated |
£ | £ |
Listed investments | 12,450 | 12,450 |
Market value of listed investments held by the group at 30th September 2024 - £12,450 (2023 - £12,450). |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Hire purchase contracts (see note 21) | 4,692 | 6,453 |
Trade creditors | 6,591,451 | 1,182,443 |
Social security and other taxes | 152,885 | 149,635 |
VAT | - | 353,426 | - | - |
Other creditors | 1,834,728 | 1,214,141 |
Amounts owed to related parties | 1,621,725 | 3,776,494 | - | - |
Directors' current accounts | 1,909,543 | 2,111,515 | - | - |
Accruals and deferred income | 3,547,545 | 804,499 |
15,662,569 | 9,598,606 |
Included in other creditors are redeemable preference shares which have a right of priority to a fixed cumulative preference dividend of 7% ("the fixed dividend"), to the holders of any share capital of the company. Redemption was due between March 1994 and September 1995 and therefore the shares are included as amounts falling due within one year. |
The holders of the preference shares are currently waiving their entitlement to dividends. |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Preference shares (see note 20) | 483,333 | 483,333 |
Hire purchase contracts (see note 21) | - | 4,692 |
Amounts owed to related parties | 346,930 | 346,930 | - | - |
830,263 | 834,955 |
The 8% cumulative preference shares are non-voting and on a winding up are entitled to a repayment of £1 per share in preference to the ordinary shareholders. The dividend is payable half yearly on 31st March and 30th September. |
It was decided that there would be no dividends during the year ended 30 September 2024. |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Preference shares | 483,333 | 483,333 | 483,333 | 483,333 |
Details of shares shown as liabilities are as follows: |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
20. | PREFERENCE SHARES - continued |
The 8% cumulative preference shares are non-voting and on a winding up are entitles to a repayment of £1 per share in preference to the ordinary shareholders. The dividend is payable annually on 19th January. |
The rights attached to the preference shares are such that they may be converted, in whole or part, into ordinary shares at any time. The rate of conversion shall be determined as detailed in the company's articles of association. |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year | 4,692 | 6,453 |
Between one and five years | - | 4,692 |
4,692 | 11,145 |
22. | SECURED DEBTS |
There is a fixed and floating charge on assets of Fired Earth Limited for the debenture issued by the parent company of Fired Earth Limited. |
There is a further fixed charge on the bank deposit held by Lloyds Bank PLC that is held in the name of Fired Earth Limited. |
Bank loans and overdrafts are secured by charges on the investment properties, listed investments and properties held for resale and development in Lousada PLC. |
23. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
as restated |
£ | £ |
Other provisions | 1,645,044 | 1,730,406 |
Aggregate amounts | 1,645,044 | 1,730,406 |
Group |
Deferred |
tax |
£ |
Balance at 1st October 2023 | (33,585 | ) |
Provided during year | (16,428 | ) |
Balance at 30th September 2024 | (50,013 | ) |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
23. | PROVISIONS FOR LIABILITIES - continued |
Other provisions |
Included in the other provisions are dilapidations provision £897,485 (2023: £891,258), a warranty provision £11,000 (2023: £9,000), onerous lease provision £717,559 (2023: £809,148) and a provision for goods returned £19,000 (2023: £21,000). |
24. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 1,000,000 | 1,000,000 |
25. | NON-CONTROLLING INTERESTS |
The following minority interests exists at the balance sheet date: |
Minority interest % |
Brought forward reserves |
Profit & Loss movement |
Adjustment |
Carried forward reserves |
Lousada Taylor Limited | 24 | (124,288 | ) | 13,477 | - | (110,811 | ) |
Kindburly Limited | 26 | 154,928 | - | (154,928 | ) | - |
Lousada London Limited | 25 | 5,060 | 6,949 | 12,009 |
Form Midlands Limited | 25 | (142,464 | ) | 70,454 | (72,010 | ) |
Fired Earth Limited | 25 | (391,029 | ) | (415,132 | ) | - | (806,161 | ) |
(497,793 | ) | (324,252 | ) | (154,928 | ) | (976,973 | ) |
26. | OTHER FINANCIAL COMMITMENTS |
At the balance sheet date, there was non-cancellable operating leases totalling £881,510 (2023: £874,227) due within one year, £2,323,110 (2023: £2,021,027) due no less than one year and no later than 5 years, and £1,296,408 (2023: £934,877) due after 5 years. |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
27. | RELATED PARTY DISCLOSURES |
At the balance sheet date, included within fixed asset investments, are the following non-interest bearing loans made to associated companies and companies with mutual directors: |
2024 | 2023 |
£ | £ |
Tandemlake Limited | 8,807 | 7,956 |
Diamond Developments DOO | 1,965,581 | 2,090,184 |
Kingway Pension Trust Limited | 6,012 | 980 |
At the balance sheet date, included within debtors, are the following non-interest bearing loans made to associated companies: |
2024 | 2023 |
£ | £ |
East India Trading Co 1998 | 3,500 | 2,500 |
Riverside Clapham Limited | 377,164 | 4,430,000 |
At the balance sheet date, included within debtors, are the following interest bearing loans made to associated companies and mutual directors: |
2024 | 2023 |
£ | £ |
Riverside Clapham Limited | 2,643,064 | 164,162 |
Lousada (Developments) Limited | 1,303,912 | 1,548,737 |
Lousada Investments Limited | 14,398,170 | 21,286,766 |
Red Construction Group Limited | 350,062 | - |
At the balance sheet date, included within creditors, are the following non-interest bearing loans made from associated companies: |
2024 | 2023 |
£ | £ |
Suisse PHL (Propco) Limited | (306 | ) | 899,694 |
Relta Limited | - | 2,398,211 |
At the balance sheet date, included within creditors, are the following interest & non-interest bearing loans made from related individuals : |
2024 | 2023 |
£ | £ |
Jossie Lousada | 222,915 | 207,836 |
Kathryn Lousada (Interest at 5%) | 172,822 | 172,822 |
Jeannie Lousada Annuity Loan (Interest at 6%) | 372,802 | 372,802 |
At the balance sheet date, included within debtors are loan balances due from Companies with common directors: |
2024 | 2023 |
£ | £ |
Zeal Hotels Limited | 275,718 | 176,894 |
LOUSADA HOLDINGS LIMITED (REGISTERED NUMBER: 06342621) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
At the balance sheet date, included within creditors are loan balances due from Companies with common directors: |
2024 | 2023 |
£ | £ |
Telford Property Investments Limited | 310,069 | 71,691 |
During the year, the group provided services to Red Construction Group Limited, a company in which Mr S Lousada is a director and shareholder amounting to £862,115 (2023: £381,684). At the year end, the group were owed £312,367 (2023: £20,653). In addition to the inter-company balance, there was an amount recoverable on contract due to the group of £186,219 and deferred income to the value of £16,582. In addition, the group invoiced Red Construction Group Limited for recharged expenses to the value of £2,446,693 (2023: £nil). |
The group also received construction services from Red Construction South West Limited, a company in which Mr S Lousada is a director, with an amount due to them of £4,979,111 (2023: £nil). |
The group further recharged amounts to Zeal Operations Exeter Ltd, a company in which Mr S Lousada is a director, to the value of £817,853 (2023: £nil) which was due to the group by year end. |
In addition, the company recharged amounts to Zeal Hotels Ltd, a company in which Mr S Lousada is a director, to the value of £1,459,240 (2023: £nil) which was due to the group by year end. An amount of £4,080 (2023: £4,080) was further due to Zeal Hotels Ltd. |
By year end, an amount fo £37,058 (2023: £18,529) was included in trade creditors and due to Zeal Projects Ltd for services rendered to the group. An additional amount of £150 (2023: £150) was due to Zeal Projects Ltd. |
The group also provided services to Lousada Investments Limited, a company in which Mr S Lousada is a director, amounting to £383,238 (2023: £29,191). There were also recharged costs from Lousada Investments Limited amounting to £373,061 (2023: £289,453). At the year end the group were owed £21,532 (2023: £nil). |
The group also were provided services from Grand Union Twymill Developments Limited, a company in which Mr S Lousada is a director, amounting to £29,683 (2023: £40,363). There were also recharged costs from Grand Union Twymill Developments Limited amounting to £31,779 (2023: £52,734). At the year end, the group owed £3,020 (2023: £7,236). |
The group also was provided services from Grand Union Twymill Limited, a company in which Mr S Lousada is a director, amounting to £308,735 (2023: £324,074). At the year end, the group owed £91,500 (2023: £67,565). |
The group also provided services to Mr S Lousada, the ultimate owner of the group, amounting to £45,544 (2023: £32,182). |
28. | ULTIMATE CONTROLLING PARTY |
The controlling party is S C Lousada. |