| LOUSADA INVESTMENTS HOLDINGS LIMITED |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30TH SEPTEMBER 2024 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30TH SEPTEMBER 2024 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Consolidated Profit and loss account | 3 |
| Consolidated Balance Sheet | 4 |
| Company Balance Sheet | 6 |
| Consolidated Statement of Changes in Equity | 8 |
| Company Statement of Changes in Equity | 9 |
| Notes to the Consolidated Financial Statements | 10 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Trading as Haines Watts |
| First Floor, Woburn Court |
| 2 Railton Road |
| Woburn Rd Ind Est |
| Kempston |
| Bedfordshire |
| MK42 7PN |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| 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 property investment. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st October 2023 to the date of this report. |
| DONATIONS AND SPONSORSHIP |
| Donations made by the group total £42,955 for the year (2023 £27,617) and include: |
| 2024 (£) | 2023 (£) |
Bedford Blues |
30,000 |
24,130 |
Bedfordshire Tennis |
2,040 |
- |
Lawn Tennis Association |
2,410 |
- |
Extra Mile Challenge |
1,500 |
1,980 |
| There were no political donations made in the current or prior period. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| CONSOLIDATED |
| PROFIT AND LOSS ACCOUNT |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| TURNOVER |
| Group and share of joint ventures and associates |
2,592,745 |
3,908,236 |
| Less: |
| Share of joint ventures' turnover | (261,841 | ) | (1,084,463 | ) |
| Share of associates' turnover | - | (811,784 | ) |
| GROUP TURNOVER | 2,330,904 | 2,011,989 |
| Cost of sales | 1,019,904 | 892,770 |
| GROSS PROFIT | 1,311,000 | 1,119,219 |
| Administrative expenses | (470,521 | ) | 702,314 |
| 1,781,521 | 416,905 |
| Other operating income | 1,401,943 | 1,671,203 |
| OPERATING PROFIT | 4 | 3,183,464 | 2,088,108 |
| Income from interest in associated undertakings |
(88,611 |
) |
26,601 |
| Income from other participating interests | 620,494 | (110,853 | ) |
| Income from fixed asset investments | 4,442 | 2,753 |
| Interest receivable and similar income | 2,008 | 2,975 |
| 538,333 | (78,524 | ) |
| 3,721,797 | 2,009,584 |
| Amounts written off investments | 435 | 2,341,241 |
| 3,721,362 | (331,657 | ) |
| Interest payable and similar expenses | 1,615,340 | 1,329,638 |
| PROFIT/(LOSS) BEFORE TAXATION | 2,106,022 | (1,661,295 | ) |
| Tax on profit/(loss) | 5 | 393,987 | (40,588 | ) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Profit/(loss) attributable to: |
| Owners of the parent | 1,650,664 | (1,604,271 | ) |
| Non-controlling interests | 61,371 | (16,436 | ) |
| 1,712,035 | (1,620,707 | ) |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| CONSOLIDATED BALANCE SHEET |
| 30TH SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 | 35,548 | 54,426 |
| Tangible assets | 9 | 265,825 | 215,818 |
| Investments | 10 |
| Interest in joint venture |
| Share of gross assets | 5,000,818 | 14,598,462 |
| Share of gross liabilities | (1,262,490 | ) | (2,367,890 | ) |
| 3,738,328 | 12,230,572 |
| Interest in associate | 388,030 | 26,641 |
| Other investments | 714,094 | 514,504 |
| Investment property | 11 | 30,598,198 | 25,984,198 |
| 35,740,023 | 39,026,159 |
| CURRENT ASSETS |
| Stocks | 1,491,414 | 1,491,414 |
| Debtors | 12 | 1,788,272 | 2,728,463 |
| Cash at bank and in hand | 308,746 | 3,895,471 |
| 3,588,432 | 8,115,348 |
| CREDITORS |
| Amounts falling due within one year | 13 | 1,559,391 | 5,765,004 |
| NET CURRENT ASSETS | 2,029,041 | 2,350,344 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
37,769,064 |
41,376,503 |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
(18,331,716 |
) |
(24,819,553 |
) |
| PROVISIONS FOR LIABILITIES | (2,796,480 | ) | (2,488,118 | ) |
| NET ASSETS | 16,640,868 | 14,068,832 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| CONSOLIDATED BALANCE SHEET - continued |
| 30TH SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 16 | 1,000,000 | 1,000,000 |
| Fair value reserve | 17 | 5,525,497 | 6,899,303 |
| Retained earnings | 9,629,179 | 5,744,708 |
| SHAREHOLDERS' FUNDS | 16,154,676 | 13,644,011 |
| NON-CONTROLLING INTERESTS | 18 | 486,192 | 424,821 |
| TOTAL EQUITY | 16,640,868 | 14,068,832 |
| The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2024. |
| The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30th September 2024 in accordance with Section 476 of the Companies Act 2006. |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group. |
| The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
| The financial statements were approved by the Board of Directors and authorised for issue on 19th June 2025 and were signed on its behalf by: |
| S C Lousada - Director |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| COMPANY BALANCE SHEET |
| 30TH SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| Investments | 10 |
| Investment property | 11 |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | - | - |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| COMPANY BALANCE SHEET - continued |
| 30TH SEPTEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| Called up | Fair |
| share | Retained | value |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1st October 2022 | 1,000,000 | 5,063,238 | 9,185,044 |
| Changes in equity |
| Total comprehensive income | - | 681,470 | (2,285,741 | ) |
| Balance at 30th September 2023 | 1,000,000 | 5,744,708 | 6,899,303 |
| Changes in equity |
| Dividend in specie | - | 3,110,000 | - |
| Total comprehensive income | - | 774,471 | (1,373,806 | ) |
| Balance at 30th September 2024 | 1,000,000 | 9,629,179 | 5,525,497 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1st October 2022 | 15,248,282 | 441,257 | 15,689,539 |
| Changes in equity |
| Total comprehensive income | (1,604,271 | ) | (16,436 | ) | (1,620,707 | ) |
| Balance at 30th September 2023 | 13,644,011 | 424,821 | 14,068,832 |
| Changes in equity |
| Dividend in specie | 3,110,000 | - | 3,110,000 |
| Total comprehensive income | (599,335 | ) | 61,371 | (537,964 | ) |
| Balance at 30th September 2024 | 16,154,676 | 486,192 | 16,640,868 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1st October 2022 | ( |
) |
| Changes in equity |
| Balance at 30th September 2023 | ( |
) |
| Changes in equity |
| Balance at 30th September 2024 | ( |
) |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Lousada Investments 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 £. |
| The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated. |
| Going concern |
| The accounts have been prepared on the going concern basis of continued long term financial support from related companies. |
| Indications are that this financial support will continue for the foreseeable future. |
| Basis of consolidation |
| The group accounts consolidate the accounts of Lousada Investment Holdings Limited and its subsidiary undertakings drawn up to 30th September each year. 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 consolidation given over the fair value of the identifiable assets and liabilities acquired, being amortised over the expected useful life of five years. |
| 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 interests, 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 group's share of the identifiable net assets including any unamortised premium paid on acquisition. |
| Turnover |
| Turnover for the year represents the following, stated net of value added tax where applicable: |
| - rental income and service charges receivable |
| - management fees levied to group and associated companies |
| - dividend and interest income generated from investments and loans |
| Goodwill |
| Goodwill, being the amount paid in connection with acquisitions of businesses and subsidiaries, is 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. |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Investments in associates |
| Investments in associate undertakings are recognised at cost. |
| Investment property |
| Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken place during the year by a professional independent valuer. The current fair value is based on a recognised valuation model. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and loss account, 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The 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. |
| Land and property held for resale and development |
| These are valued at the lower of direct cost and net realisable value. Cost includes costs of acquisition and development including directly attributable fees and expenses. Net realisable value is based on estimated selling price less future costs expected to be incurred to completion and disposal. |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments |
| Except as stated below, investments are shown at fair value. |
| In the group accounts, an investment in an associated undertaking is one in which the group has a long term investment of not less than 20% of the equity and voting share capital and over which it exercises a significant influence. |
| Investments are classified as joint ventures when the group holds an interest in an undertaking on a long term basis and which is controlled jointly by the reporting entity and one or more other ventures under a contractual arrangement. |
| The group's share of the profits, less losses of associated and joint venture undertakings, is included in the consolidated balance sheet under the equity method accounting. The latest available accounts for each of the associated undertakings is used for consolidation purposes, including those where accounting periods are not coterminous. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| The average number of employees by undertakings that were proportionately consolidated during the year was 6 (2023 - 6 ) . |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets | 55,296 | 53,812 |
| Goodwill amortisation | 19,409 | 19,409 |
| Negative goodwill amortisation | (531 | ) | (398 | ) |
| 5. | TAXATION |
| Analysis of the tax charge/(credit) |
| The tax charge/(credit) on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| Share of JV tax charge | 85,625 | 38,056 |
| Deferred tax | 308,362 | (78,644 | ) |
| Tax on profit/(loss) | 393,987 | (40,588 | ) |
| 6. | 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. |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 7. | ACQUISITIONS, DISPOSALS & GOODWILL |
| Acquisitions are accounted for under the acquisition method of accounting. Any goodwill arising is amortised over a period of five years. |
| There were no new subsidiary companies acquired in the period. . |
| 8. | INTANGIBLE FIXED ASSETS |
| Group |
| Negative |
| Goodwill | goodwill | Totals |
| £ | £ | £ |
| COST |
| At 1st October 2023 |
| and 30th September 2024 | 1,453,464 | (259,737 | ) | 1,193,727 |
| AMORTISATION |
| At 1st October 2023 | 1,396,779 | (257,478 | ) | 1,139,301 |
| Amortisation for year | 19,409 | (531 | ) | 18,878 |
| At 30th September 2024 | 1,416,188 | (258,009 | ) | 1,158,179 |
| NET BOOK VALUE |
| At 30th September 2024 | 37,276 | (1,728 | ) | 35,548 |
| At 30th September 2023 | 56,685 | (2,259 | ) | 54,426 |
| 9. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1st October 2023 | 72,000 | 286,247 | 12,818 | 79,484 | 450,549 |
| Additions | 115,804 | - | - | - | 115,804 |
| Disposals | - | (16,663 | ) | - | - | (16,663 | ) |
| At 30th September 2024 | 187,804 | 269,584 | 12,818 | 79,484 | 549,690 |
| DEPRECIATION |
| At 1st October 2023 | 5,100 | 189,382 | 10,836 | 29,413 | 234,731 |
| Charge for year | 11,795 | 30,486 | 497 | 12,518 | 55,296 |
| Eliminated on disposal | - | (6,162 | ) | - | - | (6,162 | ) |
| At 30th September 2024 | 16,895 | 213,706 | 11,333 | 41,931 | 283,865 |
| NET BOOK VALUE |
| At 30th September 2024 | 170,909 | 55,878 | 1,485 | 37,553 | 265,825 |
| At 30th September 2023 | 66,900 | 96,865 | 1,982 | 50,071 | 215,818 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 10. | FIXED ASSET INVESTMENTS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Shares in group undertakings | - | - |
| Participating interests | 4,126,358 | 12,257,213 |
| Loans to undertakings in which the company has a participating interest |
624,075 |
441,075 |
| Other investments not loans | 90,019 | 73,429 |
| 4,840,452 | 12,771,717 |
| Additional information is as follows: |
| Group |
| Interest | Interest |
| in joint | in | Other |
| venture | associate | investments | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1st October 2023 | 12,230,572 | 26,641 | 73,429 | 12,330,642 |
| Additions | - | 450,000 | - | 450,000 |
| Disposals | (2,041,652 | ) | - | - | (2,041,652 | ) |
| Share of profit/(loss) | (4,200,592 | ) | (88,611 | ) | - | (4,289,203 | ) |
| Revaluations | (2,250,000 | ) | - | 16,590 | (2,233,410 | ) |
| At 30th September 2024 | 3,738,328 | 388,030 | 90,019 | 4,216,377 |
| NET BOOK VALUE |
| At 30th September 2024 | 3,738,328 | 388,030 | 90,019 | 4,216,377 |
| At 30th September 2023 | 12,230,572 | 26,641 | 73,429 | 12,330,642 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| Group |
| Interest in joint venture |
| At 30th September 2024 the company held the following investments, all companies being registered in England and Wales: |
| Powys Properties Limited | 50% | of the ordinary share capital |
| Lousada (Developments) Limited | 50% | of the ordinary share capital |
| Rollers (UK) Limited | 50% | of the ordinary share capital |
| The figures used for consolidation are based on the financial accounts for the year ended 30th September 2024 except for the following, whose accounting periods are as detailed below: |
| Rollers UK Limited | 31st July 2024 |
| Lousada (Developments) Limited | 31st December 2023 |
| Powys Properties Limited | 31st March 2024 |
| Former joint venture entities Relta Limited, Relta Properties Limited and Relta Investment Holdings Limited all ceased activities in the period, with their reserves being distributed to the joint venture holders and application made for their striking off. |
| The joint venture undertakings are involved in the business of property development and investment. |
| The registered office of the joint venture undertakings is Estate Office, Oakley House, Oakley, Bedford, MK43 7ST except; |
| Rollers UK Limited - Thrift Farm, Buckingham Road, Whaddon, Milton Keynes, Bucks, MK17 0EQ |
| Powys Properties Limited - Bowling Green Lane, Knighton, Powys, LD7 1DR |
| Unlisted investments |
| Lousada Investments Limited holds small investments in Quintus Inc, Mida Ltd, IAF Group, Murray Johnson C Shares and Bedford Blues. |
| All of the above are treated as unlisted investments in both the company and the group balance sheets. |
| Interest in associate |
| At 30th September 2024 the company held the following associated company investment, registered in England and Wales: |
| IBC Products Limited | 40% | of the ordinary share capital |
| IBC Products Limited's principal activity is the manufacture and retail of bathroom fittings. |
| As their year end is not coterminous, the figures used for consolidation are based on the management accounts for the period ended 30th September 2024. |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| Group |
| Cost or valuation at 30th September 2024 is represented by: |
| Interest | Interest |
| in joint | in | Other |
| venture | associate | investments | Totals |
| £ | £ | £ | £ |
| Valuation in 2020 | - | - | (27,104 | ) | (27,104 | ) |
| Valuation in 2021 | - | - | 19,832 | 19,832 |
| Valuation in 2022 | - | - | (2,590 | ) | (2,590 | ) |
| Valuation in 2023 | - | - | 1,203 | 1,203 |
| Valuation in 2024 | - | - | 16,590 | 16,590 |
| Cost | 3,738,328 | 388,030 | 82,088 | 4,208,446 |
| 3,738,328 | 388,030 | 90,019 | 4,216,377 |
| 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 |
| Group |
| Loans to |
| associates |
| £ |
| At 1st October 2023 | 441,075 |
| New in year | 183,000 |
| At 30th September 2024 | 624,075 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| Particulars of subsidiary undertakings |
| Held directly by the parent company: |
| Lousada Investments Ltd | 100% | of the ordinary share capital |
| Held indirectly via Lousada Investments Ltd: |
| Kingsway Pension Trust Limited | 50% | of the ordinary share capital |
| Grand Union Twymill Limited | 100% | of the ordinary share capital |
| Grand Union Twymill Developments Ltd | 100% | of the ordinary share capital |
| Lousada Development Limited | 100% | of the ordinary share capital |
| LIL Homes London Limited | 100% | of the ordinary share capital |
| Red Group Limited (formally LRHC Limited) | 100% | of the ordinary share capital |
| All the above companies are registered in England and Wales and operate in the business of investment and development and have coterminous accounting dates. |
| The registered office of all the above named companies is Estate Office, Oakley House, Oakley, Bedford, MK43 7ST. |
| Kingsway Pension Trust Limited is considered to be a subsidiary due to the dominant influence exercised by Mr S C Lousada over the company. |
| There is also a 58.79% interest in Diamond Developments DOO, a company registered in Montenegro. This company's financial statements for the period ended 31st December 2023 are used in the consolidation. |
| 11. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1st October 2023 | 25,984,198 |
| Additions | 3,228,647 |
| Revaluations | 1,584,939 |
| Impairments | (199,586 | ) |
| At 30th September 2024 | 30,598,198 |
| NET BOOK VALUE |
| At 30th September 2024 | 30,598,198 |
| At 30th September 2023 | 25,984,198 |
| Fair value at 30th September 2024 is represented by: |
| £ |
| Valuation in 2020 | 2,076,639 |
| Valuation in 2021 | 145,000 |
| Valuation in 2022 | 2,163,452 |
| Valuation in 2023 | 1,670,000 |
| Valuation in 2024 | 1,385,353 |
| Cost | 23,157,754 |
| 30,598,198 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 11. | INVESTMENT PROPERTY - continued |
| Group |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 23,157,754 | 19,929,107 |
| Investment properties were valued on a fair value basis on 30th September 2024 by S C Lousada, a director of the company . |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Trade debtors | 1,816,760 | 829,230 |
| Doubtful debt provision | (390,710 | ) | (390,710 | ) |
| Amounts owed by participating interests | - | 1,209 |
| Amounts owed by joint ventures | 197,797 | 930 |
| Amounts owed by related companies | 774 | - |
| Other debtors | 50,093 | 2,079,792 |
| Directors' current accounts | - | 112,803 |
| Prepayments and accrued income | 113,558 | 95,209 |
| 1,788,272 | 2,728,463 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade creditors | 120,522 | 67,743 |
| Amounts owed to group undertakings | - | - |
| Amounts owed to participating interests | - | 484 | - | - |
| Amounts owed to joint ventures | - | 4,019,264 | - | - |
| Amounts owed to related companies | 483 | 553,133 | - | - |
| Corporation tax | 18 | 18 |
| Social security and other taxes | 3,505 | 3,129 |
| VAT | 99,096 | 82,168 | - | - |
| Other creditors | 303,977 | 295,826 |
| Other loans | - | 500,000 | - | - |
| Directors' current accounts | 705,005 | - | - | - |
| Accruals and deferred income | 326,785 | 243,239 |
| 1,559,391 | 5,765,004 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Preference shares | 16,667 | 16,667 | 16,667 | 16,667 |
| Amounts owed to related companies | 16,008,409 | 22,996,246 | - | - |
| Other creditors | 1,806,640 | 1,806,640 |
| Other loans | 500,000 | - | - | - |
| 18,331,716 | 24,819,553 |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2024 | 2023 |
| £ | £ |
| Other loans | 500,000 | 500,000 |
| The other loan is secured by a charge over one of the investment properties held by Lousada Investments Limited. |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000,000 | 1,000,000 |
| 17. | RESERVES |
| Group |
| Fair |
| value |
| reserve |
| £ |
| At 1st October 2023 | 6,899,303 |
| Surplus on revaluation | (2,249,999 | ) |
| Transfer from revaluation | 876,193 |
| At 30th September 2024 | 5,525,497 |
| LOUSADA INVESTMENTS HOLDINGS LIMITED (REGISTERED NUMBER: 09221499) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 18. | NON-CONTROLLING INTERESTS |
| The following minority interest existed at the balance sheet date: |
| Minority % | 2024 | 2023 |
| held | £ | £ |
| Kingsway Pension Trust Limited | 50% | 723,226 | 652,886 |
| Lousada Investments (Hertfordshire) Limited | 50% | 1,760 | 3,527 |
| Diamond Developments DOO | 41.21% | (238,794 | ) | (231,592 | ) |
| 486,192 | 424,821 |
| All of the above represent equity minority interests. |
| 19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30th September 2024 and 30th September 2023: |
| 2024 | 2023 |
| £ | £ |
| S C Lousada |
| Balance outstanding at start of year | 112,803 | - |
| Amounts advanced | - | 112,803 |
| Amounts repaid | (112,803 | ) | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | 112,803 |
| The directors loan was repaid to the group on 23rd January 2024. |
| 20. | POST BALANCE SHEET EVENTS |
| On 15th November 2024 the group granted various charges over its investment property to the bankers of Lousada plc, a company controlled by common directors. |