Lou Investments Limited 31/03/2025 iXBRL

Company registration number: 08212907

Lou Investments Limited

Filleted financial statements

For the year ended 31 March 2025

Lou Investments Limited

Contents

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Lou Investments Limited

Statement of financial position

31 March 2025

Restated

			2025		2024
		Note	£	£	£	£

Fixed assets
Tangible assets		6	15,578,799		15,904,781
Investments		7	2,946,401		2,946,401
			__________		__________
				18,525,200		18,851,182

Current assets
Debtors:
	Amounts falling due after more than one year	8	76,536,888		64,696,878
	Amounts falling due within one year	8	18,334,710		18,676,185
Cash at bank and in hand			960,287		244,814
			__________		__________
			95,831,885		83,617,877
Creditors: amounts falling due
within one year		9	( 23,745,185)		( 29,621,418)
			__________		__________
Net current assets				72,086,700		53,996,459
				__________		__________
Total assets less current liabilities				90,611,900		72,847,641


Provisions for liabilities		10		( 1,110,294)		( 1,148,628)

				__________		__________
Net assets				89,501,606		71,699,013
				__________		__________

Capital and reserves
Called up share capital		12		75,715,222		61,715,222
Revaluation reserve				3,028,253		3,143,336
Profit and loss account				10,758,131		6,840,455
				__________		__________
Shareholders funds				89,501,606		71,699,013
				__________		__________

Prior period adjustments are explained in Note 11 to the financial statements.

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.

These financial statements were approved by the board of directors and authorised for issue on 10 December 2025 , and are signed on behalf of the board by:

Mr Graham Edwards

Director

Company registration number: 08212907

Lou Investments Limited

Statement of changes in equity

For the year ended 31 March 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£



At 1 April 2023 (as previously reported)	100	3,198,264	( 7,414,023)	( 4,215,659)
Prior period adjustments	61,715,122	(-)	12,215,788	73,930,910
	__________	_________	___________	__________
At 1 April 2023 (restated)	61,715,222	3,198,264	4,801,765	69,715,251

(Loss) for the year (as previously reported)	-	-	(1,110,448)	(1,110,448)
Prior period adjustment	-	-	3,094,210	3,094,210
	__________	_________	___________	__________
Profit for the year (restated)	-	-	1,983,762	1,983,762
	__________	_________	___________	__________
Total comprehensive income for the year	-	-	1,983,762	1,983,762

Reclassification of fair value adjustments to investment property net of taxation	-	( 54,928)	54,928	-

	__________	_________	___________	__________
At 31 March 2024 and 1 April 2024	61,715,222	3,143,336	6,840,455	71,699,013

Profit for the year	-	-	3,802,593	3,802,593
	__________	_________	___________	__________
Total comprehensive income for the year	-	-	3,802,593	3,802,593

Reclassification of fair value adjustments to investment property net of taxation	-	( 115,083)	115,083	-

Issue of A Preference shares	14,000,000			14,000,000

	__________	_________	___________	__________
At 31 March 2025	75,715,222	3,028,253	10,758,131	89,501,606
	__________	_________	___________	__________

Prior period adjustments are explained in Note 11 to the financial statements.

Lou Investments Limited

Notes to the financial statements

For the year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ort House, 147 Arlington Road, London, NW1 7ET.

2. Statement of compliance

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

Under FRS102 Secton 1A, advantage has been taken of disclosure exemption available not to publish a cash flow statment. The preparation of financial statements in compliance with FRS102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

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.

Going concern

In preparing these financial statements, the directors are required to make an assessment of the company's ability to continue as a going concern. The financial position of the company, it's liquidity position and borrowing facilities are set out in notes 8 to 9 of the financial statements. At the balance sheet date, the company was in a net current asset position, however the company expects certain loan receivables due within one year to be recovered in more than one year (note 8) and the company has a liability due to Montoya Investments Ltd within less than one year (note 9). The directors have prepared a cash flow forecast for the company which covers the 12 month period from the date of signing these financial statements and Montoya Investments Ltd has provided written confirmation in respect of at least 12 months from signing of these financial statements that i) it will provide such additional support as the company requires and ii) it will not call for repayment of the amount due.On the basis of the cash flow forecasts and the written confirmation provided by Montoya Investments Ltd, the directors have reasonable expectation that the company has adequate financial resources to continue in operational existence and to meet its obligations and liabilities as they fall due for at least 12 months from the date of approval of these financial statements. Accordingly, the company continues to adopt the going concern basis in preparing its financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

3. Accounting policies (continued)

Revenue recognition

Turnover is recognised net of value added tax in the Statement of Comprehensive Income as follows:Rental income receivable from operating leases, net of lease incentives, is recognised evenly over the lease term except where an alternative basis represents the timing of the economic benefits to be derived from leases.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are 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.

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:

Fittings fixtures and equipment - 25 % reducing balance

Computer equipment - 33% straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

3. Accounting polcies (continued)

Investment property

Investment property comprises freehold land, freehold buildings and buildings held under long leases. Investment properties are initially recognised at cost which comprises the purchase price and any directly attributable expenditure. Valuations are carried out at each reporting date to measure investment property at fair value. Any gain or loss is calculated by reference to the fair value at the last reporting date and is recognised in the Statement of Comprehensive Income.Subsequent expenditure is included in the investment properties carrying amount only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the Statement of Comprehensive Income during the year in which they are incurred.

Investments in subsidiaries

Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Share capital

Ordinary Shares, Preference Shares and A Preference Shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Revaluation Reserve

The revaluation reserve represents the difference between the acquisition cost and carrying (fair) value of investment property net of taxation that would arise should the property be disposed at its carrying value at the balance sheet date. These reserves represent unrealised amounts and are non- distributable. The company maintains such reserves in order to differentiate between distributable and non-distributable reserves.

3. Accounting policies (continued)

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Financial instruments

Financial AssetsBasic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.Such assets are subsequently carried at amortised cost using the effective interest method.At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.Financial LiabilitiesBasic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

4. Significant accounting judgements, estimates and assumptions

The preparation of financial statements requires management to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. Inherent uncertainty about these assumptions and estimates could result in differing outcomes when assets are realised or when liabilities are settled. Judgements In applying the Company's accounting policies, management has made the following judgements which have the most significant effect on the amounts recognised in the financial statements: Preference shares Management applied judgement in retrospectively adopting an accounting policy to classify preference shares as equity by way of a prior year restatement (note 12). Impairments Management considers external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability to judge whether there is an indicator of impairment of an asset. A provision for impairment or non-recoverability of an asset is recognised / (reversed) where evidence indicates to management that the asset's recoverable amount is less than its carrying amount / (greater than its previously impaired carrying amount). Estimates Fair valuation of investment property The fair value of investment property is the directors' opinion of the estimated amount for which a property could exchange under an arm's length transaction at the Company's financial year end date. The directors, in forming their opinion, make a series of assumptions, which are typically market related such as investment yields and expected rental values, which are based on the directors' professional judgement, experience and market knowledge provided by external estate agents. There is an inherent degree of estimation uncertainty present in property valuations such that the net proceeds receivable on the future disposal of a property to a third party under an arm's length transaction within the next financial year may differ from the carrying amounts of properties presented

5. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2024: 5 ).

6. Tangible assets

	Fixtures, fittings and equipment	Investment property	Total
	£	£	£
Cost or valuation
At 1 April 2024	20,271	15,904,100	15,924,371
Additions	899	-	899
Disposals	-	( 305,100)	( 305,100)
Revaluation	-	( 21,000)	( 21,000)
	_________	__________	__________
At 31 March 2025	21,170	15,578,000	15,599,170
	_________	__________	__________
Depreciation
At 1 April 2024	19,590	-	19,590
Charge for the year	781	-	781
	_________	__________	__________
At 31 March 2025	20,371	-	20,371
	_________	__________	__________
Carrying amount
At 31 March 2025	799	15,578,000	15,578,799
	_________	__________	__________
At 31 March 2024	681	15,904,100	15,904,781
	_________	__________	__________

Investment property with fair value of £11,328,000 (2024: £11,654,100) has been pledged as security for preference shares (Note 12) issued by the company.

7. Investments

	Shares in group undertakings	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	2,946,401	2,946,401
	_________	_________
Impairment
At 1 April 2024 and 31 March 2025	-	-
	_________	_________
Carrying amount
At 31 March 2025	2,946,401	2,946,401
	_________	_________
At 31 March 2024	2,946,401	2,946,401
	_________	_________

7. Investments (continued)

Investments in group undertakings
	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Lou Martin Investments Limited	England & Wales	A Ordinary Shares	100

Lou Hanwell Limited	England & Wales	A Ordinary Shares	100

Lou Ware Limited	England & Wales	A Ordinary Shares	100

Lou Investments Healthcare Holdings Tullamore Ltd	England & Wales	Ordinary Shares	100

Lou Investments Healthcare Holdings Dooradoyle Ltd	England & Wales	Ordinary Shares	100

Lou Investments Healthcare Holdings Bettystown Ltd	England & Wales	Ordinary Shares	100

The registered office of all of the above companies is Ort House, 147 Arlington Road, London NW1 7ET.

The Company's shareholding in Lou Ware Limited with a carrying value of £1,100 has been pledged as security for a third party senior loan facility provided to Lou Ware Ltd.

The results and capital and reserves for the period of the trading companies are as follows:


	Capital and	reserves	Profit/(loss)	for the year

	2025	2024	2025	2024
	£	£	£	£
Subsidiary undertakings
Lou Martin Investments Limited	3,827,627	3,685,288	142,339	116,680
Lou Hanwell Limited	(3,718,547)	(2,117,386)	(1,601,161)	155,029
Lou Ware Limited	2,868,095	4,714,668	( 4,588,573)	4,756,199
Lou Investments Healthcare Holdings Tullamore Ltd	3,268,875	3,300,100	( 31,225)	-
Lou Investments Healthcare Holdings Dooradoyle Ltd	(1,419,592)	(1,323,303)	( 96,289)	( 499,349)
Lou Investments Healthcare Holdings Bettystown Ltd	(208,030)	(111,151)	(96,879)	(62,598)
	_________	_________	_________	_________

8. Debtors

Debtors falling due within one year are as follows:

	2025	2024
	£	£
Amounts owed by group companies	14,404,389	15,236,323
Amounts owed by related companies	3,820,947	3,369,071
Deferred tax asset	490	699
Prepayments and accrued income	108,884	64,492
Other debtors	-	5,600
	__________	__________
	18,334,710	18,676,185
	__________	__________

Amounts owed by group and related company undertakings due within one year are repayable on demand, however the company expects the amounts will be recovered in more than one year.

Debtors falling due after one year are as follows:

	2025	2024
	£	£
Amounts owed by group companies	64,439,925	51,202,137
Amounts owed by related companies	12,061,779	12,147,040
Staff loans	35,184	1,347,701
	__________	__________
	76,536,888	64,696,878
	__________	__________

Amounts due from group and related companies comprise secured loans issued at prevailing market interest rates ranging from 2.75% to 5% repayable at varying dates up to 31 December 2030.

9. Creditors: amounts falling due within one year

Restated

	2025	2024
	£	£
Trade creditors	66,707	16,656
Amounts owed to group companies	21,620,174	27,476,248
Accruals and deferred income	48,440	121,935
Social security and other taxes	22,547	20,162
Unpaid preference dividends	1,984,989	1,984,989
Other creditors	2,328	1,428
	__________	__________
	23,745,185	29,621,418
	__________	__________

Amounts due to group and related companies do not bear interest and are repayable on demand.

10. Provisions for liabilities

		Deferred tax
		£
	At 1 April 2024	1,148,628
	Credit against provisions	( 38,334)
		__________
	At 31 March 2025	1,110,294
		__________

11. Prior period adjustments

Impacts on Statement of As previously

Financial Position at 1 April 2023 reported Adjustments As restated

£ £ £

Called up share capital 100 61,715,122 61,715,222

Profit and loss account (7,414,023) 12,215,788 4,801,765

Total equity (4,215,659) 73,930,910 69,715,251

__________ __________ __________

Impacts on Statement of

Comprehensive Income for the As previously

year ended 31 March 2024 reported Adjustments As restated

£ £ £

Interest payable (3,094,210) 3,094,210 -

(Loss)/profit on ordinary activities before taxation (1,116,206) 3,094,210 1,978,004

Net loss and Total comprehensive (loss)/income (1,110,448) 3,094,210 1,983,762

__________ __________ __________

Impacts on Statement of As previously

Financial Position at 31 March 2024 reported Adjustments As restated

£ £ £

Creditors due within one year (27,636,429) (1,984,989) (29,621,418)

Creditors due after one year (79,010,109) 79,010,109 -

Net assets/(liabilities) (5,326,107) 77,025,120 71,699,013

__________ __________ __________

Profit and loss account (8,469,543) 15,309,998 6,840,455

Called up share capital 100 61,715,122 61,715,222

Total equity (5,326,107) 77,025,120 71,699,013

__________ __________ __________

On 11 July 2024, a written resolution was passed to amend the Company’s Articles of Association to provide, inter-alia, that a new class of fixed redeemable A preference shares of £1 each in the capital of the Company be issued. Subsequently, following a review of the Company’s amended Articles and the accounting treatment that should be applied, it was identified, unfortunately, that presentation in the Company’s financial statements of its pre-existing series of Preference Shares as liabilities rather than as an equity instrument of the Company had been incorrect since 19 March 2021.The incorrect presentation of Preference Shares in the Company’s financial statements was material and necessitated a prior year adjustment, the effects of which are set out in the table above.

12. Called up share capital

			Restated
	2025		2024
	No	£	No	£
Amounts presented in equity:
Ordinary shares of £ 1.00 each	100	100	100	100
Preference shares of £ 1.00 each	61,715,122	61,715,122	61,715,122	61,715,122
A Preference shares of £1.00 each	14,000,000	14,000,000	-	-
	__________	__________	__________	__________
	75,715,222	75,715,222	61,715,222	61,715,222
	__________	__________	__________	__________

At the balance sheet date, the company had issued 75,715,122 (2024: 61,715,122) preference shares of £1 each which are secured against certain of the company's investment properties and investment properties of subsidiaries and related companies. Following adoption of the Company's Articles in March 2021, as subsequently amended in July 2024, any preference dividend shall not become a debt due to the preference shareholders until declared by the Board.

13. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£
Not later than 1 year	-	22,400
Later than 1 year and not later than 5 years	-	1,596
	_________	_________
	-	23,996
	_________	_________

The company as lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:


	£	£
Not later than 1 year	245,834	300,523
Later than 1 year and not later than 5 years	17,305	11,555
	_________	_________
	263,139	312,078
	_________	_________

14. Summary audit opinion

The auditor's report dated 12 December 2025 was unqualified.

The senior statutory auditor was Daniel Foster for and on behalf of BDO LLP

15. Related party transactions

At the statement of financial position date, the loan account balances due from related companies controlled by Graham Edwards were as follows:

2025 2024

£ £

Lou Investments Healthcare Kilkenny Limited 5,737,767 5,659,953

Lou Investments Healthcare Holdings Kilkenny Limited 1,610,611 1,559,047

Lou Investments Healthcare Callan Limited 1,517,837 1,447,919

Lou Investments Healthcare Holdings Callan Limited 702,221 675,645

Lou Investments Healthcare Roscommon Limited 4,192,755 4,117,632

Lou Investments Healthcare Holdings Roscommon Ltd 2,121,535 2,055,916

_________ | _________ |

16. Controlling party

The company's ultimate parent company is Montoya Investments Limited which is registered in the British Virgin Islands. Graham Edwards is the ultimate controlling party.