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Registered number: 01990269
TUCAN INVESTMENTS LIMITED
Financial statements
Information for filing with the registrar
For the Year Ended 31 December 2024
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TUCAN INVESTMENTS LIMITED
Registered number: 01990269
Statement of financial position
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Provisions for liabilities
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TUCAN INVESTMENTS LIMITED
Registered number: 01990269
Statement of financial position (continued)
As at 31 December 2024
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2025.
The notes on pages 3 to 13 form part of these financial statements.
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
Tucan Investments Limited is a company limited by shares and incorporated in England. The company's
registered number and registered office address can be found on the Company Information page. The
principle activity of the company during the year was letting out residential or commercial properties.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Revenue from a lease or licence to occupy is recognised in the period in which the rent falls due in accordance with the terms of the lease or licence as adjusted by deferred or accrued income where the rental periods under the lease or licence are not co-terminus with the financial year when all of the following conditions are satisfied:
the amount of revenue can be measured reliably; and
it is probable that the company will receive the consideration due under the lease or licence.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position when the
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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The average monthly number of employees, including the directors, during the year was as follows:
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Average monthly number of employees
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
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Charge for the year on owned assets
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
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Freehold investment property
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Long term leasehold investment property
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Short term leasehold investment property
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The 2024 valuations were made by the directors of thecompany, on an open market value for existing use basis.
The freehold property located at 43–59 Clapham Road and 59 Crewdson Road, London SW9 0LH, was disposed of on 27 September 2024 at its carrying value.
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Net surplus/(deficit) in movement properties
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows :
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts recoverable from agent
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
6.Debtors (continued)
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Payments received on account
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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(Charge for )/ released during the year
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
9.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Investment property fair value adjustment
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Authorised, allotted, called up and fully paid
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2,015,000 (2023 - 2,015,000) Ordinary shares shares of £1 each
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During the year, Silver Bank Limited was placed under conservatorship by the Bank of Mauritius, resulting in the suspension of withdrawals, outward transactions, and liability payments. At that time, the Company held £83,072 in affected accounts. The directors believe the balances are fully recoverable and the associated risk is minimal.
The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £8,912 (2023: £8,970).
Contributions totaling £0 (2023: £2,056) were outstanding at the year end.
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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TUCAN INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2024
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Related party transactions
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Amounts owed to group undertakings includes £0 (2023: £4,375,631) as intercompany advances from the company's ultimate parent undertaking which is unsecured, intrest free and repayable on demand.
At 31 December 2024, a group undertaking owed £30,491,604 (2023: £29,286,053) to the company. However full provision has been made against this receivable resulting in a closing carrying value of £nil (2023: £nil). This is an unsecured interest free advance which is repayable on demand.
Included within creditors are amount owed to Italgrade Pension Scheme (IPS) of £193,551 (2023: £112,725), the pension scheme of Italgrade Limited, a fellow group undertaking. The amount owed attracted interest during the year of £420 (2023: £420). This is an unsecured loan which is repayable on demand.
Included within creditors are amount owed to Kenton Holdings Ltd, a company with common directors, of £242,539 (2023: £132,429). The amount is unsecured, ineterst free and repayable on demand.
The Company processes transactions on a day to day basis through its bank account on behalf of various group undertakings.
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The ultimate parent company is General Mediterranean Holding SA SPF ("GMHSA"), a company registered in Luxembourg whose registered address is 3A, Rue Thomas Edison, L-1445 Strassen, Luxembourg, Grand-Duche de Luxembourg. GMHSA prepares the consolidated financial statements which are not publicly available.
The ultimate controlling party is Sir Nadhmi Auchi.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 30 June 2025 by Raymond McDonagh (Senior statutory auditor) on behalf of Crane & Partners.
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