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Registered number: 10725864 LOUSIN INVESTMENTS LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
LOUSIN INVESTMENTS LIMITED REGISTERED NUMBER: 10725864 STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 4 |  | 28,415,170 |  | 23,489,631
Investment property | 5 |  | 1,400,000 |  | 1,400,000
|  |  | 29,815,170 |  | 24,889,631
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 6,104,376 |  | 5,287,674 |
Cash at bank and in hand |  | 13,698,086 |  | 16,037,072 |
|  | 19,802,462 |  | 21,324,746 |
Creditors: amounts falling due within one year | 7 | (2,575,283) |  | (1,541,285) |
Net current assets |  |  | 17,227,179 |  | 19,783,461
Total assets less current liabilities |  |  | 47,042,349 |  | 44,673,092
Creditors: amounts falling due after more than one year | 8 |  | (22,273,840) |  | (24,280,395)
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 | (382,956) |  | (189,251) |
|  |  | (382,956) |  | (189,251)
Net assets |  |  | 24,385,553 |  | 20,203,446
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 480,001 |  | 480,001
Profit and loss account |  |  | 23,905,552 |  | 19,723,445
|  |  | 24,385,553 |  | 20,203,446
Page 1
LOUSIN INVESTMENTS LIMITED REGISTERED NUMBER: 10725864 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 APRIL 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The 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 19 February 2026.
A S McCutcheon
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
LOUSIN INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Lousin Investments Limited is a private company limited by shares, registered number 10725864, incorporated in England and Wales. Its registered office address is 10 Queen Street Place, London, EC4R 1AG. The company's principal activity is that of an investment company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
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.
| 2.3 | Revenue
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:
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
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. Page 3
LOUSIN INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Current and deferred taxation
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.
| 2.8 | Investment property
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.
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.10 | Debtors
Short term debtors are measured at transaction price, less any impairment. Page 4
LOUSIN INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.12 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.13 | Creditors
Short term creditors are measured at the transaction price.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. 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. 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 Page 5
LOUSIN INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
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 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
4. | Fixed asset investments
|  | Investment in Subsidiaries | Investment in associates | Listed investments | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 May 2024 | 100 | 440,000 | 23,049,531 | 23,489,631
| Additions | 100 | - | 25,336,231 | 25,336,331
| Disposals | - | - | (23,743,727) | (23,743,727)
| Revaluations | - | - | 3,321,320 | 3,321,320
| Transfer between classes | - | - | 11,615 | 11,615
| At 30 April 2025 | 200 | 440,000 | 27,974,970 | 28,415,170
Page 6
LOUSIN INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 May 2024 | 1,400,000
| At 30 April 2025 | 1,400,000
The 2025 valuations were made by the Directors, on an open market value for existing use basis.
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 6,104,376 | 5,287,674
Page 7
LOUSIN INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 937,532 | 1,021,990
| Trade creditors | 18,542 | 5,473
| Amounts owed to group undertakings | - | 1,000
| Corporation tax | 356,549 | 67,345
| Other creditors | 1,245,660 | 429,334
| Accruals | 17,000 | 16,143
|  | 2,575,283 | 1,541,285
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 22,273,840 | 24,280,395
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Other loans | 937,532 | 1,021,990
| Amounts falling due 1-2 years |  |
| Other loans | 241,846 | 263,633
| Amounts falling due 2-5 years |  |
| Other loans | 2,089,273 | 2,277,487
| Amounts falling due after more than 5 years |  |
| Other loans | 19,942,720 | 21,739,275
|  | 23,211,371 | 25,302,385
Page 8
LOUSIN INVESTMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (189,251)
| Charged to profit or loss | (193,705)
| At end of year | (382,956)
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Tax losses carried forward | (382,956) | (189,251)
|  | (382,956) | (189,251)
11. | Related party transactions
| On 10 May 2017 the Company issued loan notes totalling £20m, to directors and shareholders. The loan notes are redeemable over a period of 50 years from 30 June 2019, and bear no interest. During the financial year ended 30 April 2024 the Company issued loan notes totalling £5,549,747 to directors and shareholders. The loan notes are redeemable over a period of 45 years from 30 June 2024, and bear no interest. At the balance sheet date an amount totalling £5,574,939 (2024: £5,287,674) was owed by Lousin Properties Limited, a wholly owned subsidiary of the company. The loan is deemed to be interest free and repayable upon demand. At the balance sheet date an amount totalling £529,437 (2024: £nil) was owed by Lousin Apparel Limited, a wholly owned subsidiary of the company. The loan is deemed to be interest free and repayable upon demand.
Page 9