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Registration number: 10399219

Lutob Investment Ltd
Annual Report and Unaudited Financial Statements- Companies house filing
for the Year Ended 30 September 2024

Lutob Investment Ltd

Contents

Statement of Financial Position | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 8

Lutob Investment Ltd

(Registration number: 10399219)
Statement of Financial Position as at 30 September 2024

| Note | 2024 € | 2023 €
Fixed assets |  |  |
Investments | 4 | 3,725,579 | 3,148,071
Current assets |  |  |
Debtors | 6 | 56,669,387 | 55,182,255
Other financial assets | 5 | 75,287,459 | 75,287,729
Cash at bank and in hand |  | 2,856,100 | 319,943
|  | 134,812,946 | 130,789,927
Creditors: Amounts falling due within one year | 7 | (8,312,432) | (10,384,226)
Net current assets |  | 126,500,514 | 120,405,701
Total assets less current liabilities |  | 130,226,093 | 123,553,772
Creditors: Amounts falling due after more than one year | 7 | - | (263,863)
Provisions for liabilities |  | (1,181,077) | -
Net assets |  | 129,045,016 | 123,289,909
Capital and reserves |  |  |
Called up share capital |  | 1 | 1
Fair value reserve |  | 4,351,272 | -
Profit and loss account |  | 124,693,743 | 123,289,908
Shareholders' funds |  | 129,045,016 | 123,289,909

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:

Lutob Investment Ltd

(Registration number: 10399219)
Statement of Financial Position as at 30 September 2024

......................................... A Contardo Director
......................................... G R J Davis Director

Lutob Investment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in Euros (€), which is the functional currency of the entity.

Revenue recognition

Turnover represents investment income receivable from investments held.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the
respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on
the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Lutob Investment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Investments in equity shares and fixed asset investments which are not publicly traded and where fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Investments in equity shares and fixed asset investments which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Lutob Investment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

An entity should recognise a financial asset or financial liability only when it becomes party to the contractual provisions of the instrument.
For debt instruments, FRS102 paragraph 11.9 sets out the conditions that must be met in order for them to be classified as basic. If any of the conditions are not met the financial instrument is not basic.
When a financial asset or financial liability is recognised initially, an entity shall measure it at the transaction price (adjusted for transaction costs except in the initial measurement of financial assets and liabilities that are subsequently measured at fair value through profit or loss) unless the arrangement constitutes, in effect, a financing transaction.
At the end of each accounting period, an entity should measure all financial instruments that are not permitted to be measured at fair value under the requirements of the Companies Act regulations which must be measured at amortised cost in accordance with section 11.
The amortised cost of a financial asset or financial liability at each reporting date is the net of the following amounts:
(a) the amount at which the financial asset or liability is measured at initial recognition;
(b) minus any repayments of the principal;
(c) plus or minus the cumulative amortisation using the effective interest method of any difference between the amount at initial recognition and the maturity amount;
(d) minus, in the case of a financial asset, any reduction (directly or through the use of an allowance account) for impairment or uncollectability.

Lutob Investment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Compound instruments

A contract that will be settled by an issuer entity delivering a number of its own equity instrument in exchange for a fixed amount of cash or another financial asset is an equity instrument.
A compound financial instrument is one which contains both indebtedness and equity components.The holder of the loan notes will typically be required to split the instrument into two components, one being an asset component and the other being an equity/investment component. To reach an initial value for the asset amount, the provisions of FRS 102 state that this should be the fair value of a similar instrument that does not have a conversion feature or similar associated equity component. The fair value can be calculated using a discounted cash flow calculation using the interest rate as the discount rate.
After initial recognition, the investment/equity component of the convertible debt is not remeasured, and in the noteholder company the asset component is treated in accordance with its classification, depending on whether or not it qualifies to be treated as a basic financial instrument.
On conversion by the issuer company, the asset portion disclosed in the company holding the loan notes is extinguished and equity/investment is received. The value of the investment recognised since initial inception will remain in investments.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 1).

Lutob Investment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4 | Investments

| 2024 € | 2023 €
Investments in associates | 3,725,579 | 3,148,071

Associates | €
Cost
At 1 October 2023 | 3,148,071
Revaluation | 458,639
Additions | 118,869
At 30 September 2024 | 3,725,579
Provision
Carrying amount
At 30 September 2024 | 3,725,579
At 30 September 2023 | 3,148,071

5 | Other financial assets (current and non-current)

| Financial assets at fair value through profit and loss € | Financial assets at amortised cost € | Total €
Current financial assets
Cost or valuation
At 1 October 2023 | 67,968,587 | 5,500,002 | 73,468,589
Fair value adjustments | 6,520,598 | - | 6,520,598
Additions | 48,808,735 | - | 48,808,735
Disposals | (53,510,463) | - | (53,510,463)
At 30 September 2024 | 69,787,457 | 5,500,002 | 75,287,459
Impairment
Carrying amount
At 30 September 2024 | 69,787,457 | 5,500,002 | 75,287,459

Lutob Investment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6 | Debtors

| Note | 2024 € | 2023 €
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 9 | 55,860,039 | 55,034,821
Other debtors |  | 809,348 | 147,434
Less non-current portion |  | (56,138,135) | (55,034,821)
|  | 531,252 | 147,434

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 € | 2023 €
Bank loans and overdrafts | 8 | - | 1,407,859
Accruals and deferred income |  | 32,555 | 40,277
Other creditors |  | 8,279,877 | 8,936,090
|  | 8,312,432 | 10,384,226

Other creditors include a shareholder's loan of €8,002,471 (2023: €8,584,073) which is unsecured, interest free and repayable on demand.

Creditors: amounts falling due after more than one year

| 2024 € | 2023 €
Other non-current financial liabilities | - | 263,863

8 | Loans and borrowings

Current loans and borrowings

| 2024 € | 2023 €
Bank overdrafts | - | 1,407,859

9 | Related party transactions

The shareholder's loan disclosure in note 7 above, is to a shareholder who is also a company director.
During the year, the company held convertible loan notes from More Industrial Ltd, a company under common control, with the loan notes having a principal value of €58,500,000. At the end of the year the non-equity element due from More Industrial Ltd is disclosed in debtors outside one year. The loan notes have a maturity date of 31 January 2031 unless a conversion occurs earlier. The loan notes bear a market interest rate of 1.5% with interest income of €825,217 included in the income statement.