Living Capital Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03728551

Living Capital Limited

Filleted Financial Statements

31 December 2024

Living Capital Limited

Officers and Professional Advisers

The board of directors	Mr A M Versteegh
	Mrs C M Versteegh
	Mr C S Magnusson
	Mr C J Eherenkrona (Resigned 1 July 2024)

Company secretary	Mr C S Magnusson

Registered office	Suite 2, 2 Mannin Way
	Lancaster Business Park
	Caton Road
	Lancaster
	LA1 3SU

Auditor	Riverside Accountancy Lancaster Limited
	Chartered accountants & statutory auditor
	Suite 2, 2 Mannin Way
	Lancaster Business Park
	Caton Road
	Lancaster
	LA1 3SU

Bankers	Handelsbanken
	3rd Floor
	86 Jermyn Street
	London
	SW1Y 6JD

	Santander
	298 Deansgate
	Manchester
	M3 4HH

	Barclays
	LE87 2BB

	SEB
	PO Box 487
	L-2014 Luxemburg
	4 rue Peternelchen
	L-2370 Howald

Living Capital Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	649	1,280
Investments	6	25,802,947	39,197,539
		-------------	-------------
		25,803,596	39,198,819

Current assets

Debtors	7	10,187,007	11,750,229
Cash at bank and in hand		8,140,356	298,006
		-------------	-------------
		18,327,363	12,048,235

Creditors: amounts falling due within one year	8	311,652	5,276,325
		-------------	-------------
Net current assets		18,015,711	6,771,910
		-------------	-------------
Total assets less current liabilities		43,819,307	45,970,729
		-------------	-------------
Net assets		43,819,307	45,970,729
		-------------	-------------

Capital and reserves

Called up share capital	9	4	6
Share premium account		800,000	1,000,000
Capital redemption reserve		2	–
Other reserves		–	( 98,408)
Profit and loss account		43,019,301	45,069,131
		-------------	-------------
Shareholders funds		43,819,307	45,970,729
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 22 September 2025 , and are signed on behalf of the board by:

Mr A M Versteegh

Director

Company registration number: 03728551

Living Capital Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 2, 2 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.

Going concern

The Auditors have drawn attention in their notes in the audit report to some doubt about the company continuing as a going concern. The company is organised in such a way that it seeks to recover its administrative expenses by way of recharges to connected companies and more recently bank interest received on deposited funds in higher investment bonds. The Directors also believe that in the fulness of time, the entities in which the company has an investment will realise their potential. Notwithstanding this, if the debts referred to in the Auditor's report were not recoverable, the Directors believe that the company would still be a going concern.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: There have been no critical judgements made by directors in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the financial statements Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: i) Recoverability of debtors The company establishes a provision for debtors that are estimates not to be recoverable. When assessing this directors consider factors such as the ageing of the debtors, past experiences and the credit profile of the individual companies.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from rendering of services is measured by reference to stage of completion of the service transaction at the end of reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to extent that it is probable the expenses recognised will be recovered. Turnover has also been obtained from recharges to connected parties once the service has been rendered the recharge becomes payable by the connected party.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	33% straight line

Investments

Equity investments are measured at fair value through profit and loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).

5. Tangible assets

	Fixtures and fittings
	£
Cost
At 1 January 2024 and 31 December 2024	1,911
	-------
Depreciation
At 1 January 2024	631
Charge for the year	631
	-------
At 31 December 2024	1,262
	-------
Carrying amount
At 31 December 2024	649
	-------
At 31 December 2023	1,280
	-------

6. Investments

	Shares in group undertakings	Loans to group undertakings	Other investments other than loans	Total
	£	£	£	£
Cost
At 1 January 2024	22,792,648	16,369,904	34,987	39,197,539
Additions	–	2,013,154	711,183	2,724,337
Disposals	( 15,296,758)	( 822,171)	–	(16,118,929)
	-------------	-------------	---------	-------------
At 31 December 2024	7,495,890	17,560,887	746,170	25,802,947
	-------------	-------------	---------	-------------
Impairment
At 1 January 2024 and 31 December 2024	–	–	–	–
	-------------	-------------	---------	-------------

Carrying amount
At 31 December 2024	7,495,890	17,560,887	746,170	25,802,947
	-------------	-------------	---------	-------------
At 31 December 2023	22,792,648	16,369,904	34,987	39,197,539
	-------------	-------------	---------	-------------

7. Debtors

	2024	2023
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	61,155	–
Other debtors	10,125,852	11,750,229
	-------------	-------------
	10,187,007	11,750,229
	-------------	-------------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Other debtors	9,521,778	8,871,381
	------------	------------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	150	150
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	4,925,507
Other creditors	311,502	350,668
	---------	------------
	311,652	5,276,325
	---------	------------

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.02 each	189	4	300	6
	----	----	----	----

10. Summary audit opinion

The auditor's report dated 22 September 2025 was unqualified .

The senior statutory auditor was Penelope Bowden ACA , for and on behalf of Riverside Accountancy Lancaster Limited .

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr C J Eherenkrona	222,492	–	( 222,492)	–
	---------	----	---------	----

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr C J Eherenkrona	–	222,492	–	222,492
	----	---------	----	---------

Mr Eherenkrona ceased to be a director at 01/07/2024. This loan was fully repaid on the 5th September 2024.

12. Related party transactions

During the year, Living Capital Limited provided goods and services to connected companies of £nil (2023 - £35,900). During the year, Living Capital Limited received services from connected companies of £nil (2023 - £nil). Interest was charged to connected companies from Living Capital Limited totalling £604,567 (2023 - £507,754). Interest was paid to connected companies from Living Capital Limited totalling £12,994 (2023 - £23,624). Included within debtors and Investments are loans due from connected companies totalling £27,082,372 (2023 - £25,294,091). Included within creditors are loans due to connected companies totalling £9 (2023 - £5,263,775).

13. Controlling party

The immediate and ultimate parent company is Living Capital Exploration & Renewable AB, a company incorporated in Sweden. The ultimate controlling party is Andreas Versteegh, a national and resident of Sweden. Mr Versteegh owns and controls 100% of Living Capital Exploration & Renewble AB .