Company registration number 13197089 (England and Wales)
LUSTRUM INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
LUSTRUM INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
K Barber
M Brittain
G Humphreys
K Spencer
Secretary
R Weeks
Company number
13197089
Registered office
45 Westerham Road
Bessels Green
Sevenoaks
Kent
TN13 2QB
Auditor
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
LUSTRUM INVESTMENTS LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 14
LUSTRUM INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K Barber
M Brittain
G Humphreys
K Spencer
Auditor

Mercer & Hole LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M Brittain
Director
25 March 2026
LUSTRUM INVESTMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LUSTRUM INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LUSTRUM INVESTMENTS LIMITED
- 3 -

Qualified opinion

We have audited the financial statements of Lustrum Investments Limited (the 'company') for the year ended 31 March 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were not able to obtain balance confirmations or legal documentation from third party debtors totalling £10,269,178 (further explained in note 4) as at 31 March 2024. Consequently, we were not able to satisfy ourselves by alternative procedures as to the existence and accuracy of these debtors included in the balance sheet. As a result, we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

We draw attention to note 1.2, of the financial statements concerning the company's ability to continue as a going concern which indicates that the company has net current liabilities of £68,242 at 31 March 2024 (2023 - £7 57,558) . The Company is reliant on the ongoing support of its parent, Armatire Limited, and significant shareholder however this support is itself dependent on a number of other events which are themselves uncertain.

T hese events or conditions, along with the other matters as set forth in the note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

LUSTRUM INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LUSTRUM INVESTMENTS LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, i n the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport.

Arising solely from the limitation on scope of work relating to third party debtors only, referred to above:

- We have not obtained all the information and explanations that we considered necessary for the purpose of our audit

- We were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

LUSTRUM INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LUSTRUM INVESTMENTS LIMITED (CONTINUED)
- 5 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;

- gaining an understanding of management's controls designed to prevent and detect irregularities; and

- identifying and testing journal entries.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Anil Kapoor
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
25 March 2026
Chartered Accountants
Statutory Auditor
Trinity Court
Church Street
Rickmansworth
WD3 1RT
LUSTRUM INVESTMENTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
Administrative expenses
(30,306)
(14,400)
Interest receivable and similar income
3
(4,216,591)
2,777,545
Interest payable and similar expenses
-
0
(2,800,944)
Loss before taxation
(4,246,897)
(37,799)
Tax on loss
(9,936)
-
0
Loss for the financial year
(4,256,833)
(37,799)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LUSTRUM INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
4
116,518,833
121,434,774
Cash at bank and in hand
120,000
36,413
116,638,833
121,471,187
Creditors: amounts falling due within one year
5
(116,707,075)
(122,228,745)
Net current liabilities
(68,242)
(757,558)
Capital and reserves
Called up share capital
6
1,000
1,000
Other reserves
4,946,149
-
0
Profit and loss reserves
(5,015,391)
(758,558)
Total equity
(68,242)
(757,558)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 March 2026 and are signed on its behalf by:
M Brittain
Director
Company registration number 13197089 (England and Wales)
LUSTRUM INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Share capital
Capital contribution
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
1,000
-
(720,759)
(719,759)
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(37,799)
(37,799)
Balance at 31 March 2023
1,000
-
(758,558)
(757,558)
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(4,256,833)
(4,256,833)
Capital contribution
-
4,946,149
-
0
4,946,149
Balance at 31 March 2024
1,000
4,946,149
(5,015,391)
(68,242)
LUSTRUM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
1
Accounting policies
Company information

Lustrum Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At 31 March 202 4, the company had net liabilities of £68,242 (202 3: £757,558).

The company is therefore reliant on the continued support of its parent company, SQIB Limited, its ultimate parent entity, Armatire Limited and its ultimate shareholder s, which has been confirmed in writing for a period of at least 12 months from the date of approval of these financial statements.

The shareholders’ ability to provide this support is predicted on market conditions and future events that would allow them to inject capital into the business, as well as on the wider group continuing to trade in line with forecasts. It is also contingent on certain subsidiaries securing new financing or extending existing facilities, and on the successful sale of specific group assets.

The directors have concluded that the above circumstances represent a material uncertainty that may cast significant doubt upon the company's ability to continue as a going concern as the availability of additional funds i s not certain. Nevertheless, after making enquiries and considering the uncertainties described above, the directors have a reasonable expectation that the company will have adequate resources to continue operating for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the financial statements.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the 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.

LUSTRUM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

LUSTRUM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
0
0
3
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
3,871,393
2,777,545
Interest reversed
(8,087,984)
-

In 2021, three fellow subsidiaries within the Group entered into a loan arrangement with the Company attracting an interest rate of 4.5% plus base, resulting in interest accrued to 31 March 2024 of £8,087,984. During the financial year, the terms of the loan were renegotiated such that the interest, including historic accrued interest, was no longer payable on the loan.

As a result all interest previously accrued, totalling £8,087,984, has been debited to the Profit and Loss account.

LUSTRUM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
(Restated)
Amounts owed by group undertakings
97,905,101
102,821,041
Other debtors
18,613,732
18,613,733
116,518,833
121,434,774

Included within Other Debtors is an amount of £10,269,178 owed by third parties. The shareholders have provided a signed legal documentation confirming that, in the event the debt is not recoverable, the shareholders have agreed to repay bad debts. Under the terms of an existing investment agreement with a related party who the company owes £114,840,553 as included in other borrowings, amounts due become payable to the shareholders upon an exit event (such as the sale of the Armatire group or public offering), and any such unrecoverable amounts will be offset against proceeds of the sale to the shareholders accordingly.

5
Creditors: amounts falling due within one year
2024
2023
£
£
(Restated)
Other borrowings
114,840,553
122,199,745
Trade creditors
250
-
0
Amounts owed to group undertakings
1,815,536
-
0
Corporation tax
9,936
-
0
Accruals and deferred income
40,800
29,000
116,707,075
122,228,745

On 13 July 2021, amounts totalling £119,573,542 were formalised into an interest‑bearing loan. From that date, Tranche A of £50 million carried interest at 6% per annum, while Tranche B of £69,573,542 was non‑interest bearing. The loan was repayable in instalments and was originally due to mature on 13 July 2027.

During the year, the agreement was amended to defer repayment of all tranches to a final maturity date of 13 July 2027 and to reduce the interest rate on Tranches A, B and C from 6% to nil, applied retrospectively. As a result, all previously accrued interest has been reversed in the year, giving rise to a £4.9 million credit to equity due to a related-party transaction with the shareholders outside the Group. The revised agreement also stipulates hat the borrowings are repayable on demand.

The balances presented as other borrowings are secured by fixed and floating charges over properties held by fellow subsidiaries within the Armatire Group.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
LUSTRUM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
7
Capital contribution
2024
2023
£
£
At the beginning of the year
-
-
Additions
4,946,149
-
At the end of the year
4,946,149
-

As detailed in note 5, during the year the terms of a loan with a related party were restated to reduce the interest rate to nil with retrospective application.

The negotiation was facilitated by the presence of common shareholders exerting significant influence across the involved entities. Accordingly, the transaction has been accounted for as a credit to equity, reflecting their personal contribution to the Company exchange for a reduced interest rate.

8
Related party transactions
2024
2023
Amounts due to related parties
£
£
Other related parties
114,840,553
120,699,745

Included in the amount above is £1,815,536 which is a balance owed to a related party by virtue of being under common control.

The remaining balance owed to related parties disclosed above are 100% subsidiaries of Venus Topco Limited, a company registered in Guernsey and the controlling parent of Markerstudy Group Holdings Limited. Venus Topco Limited has shareholders in common with the Armatire Group. The ultimate parent undertaking is PSC Nominee 4 Limited, as nominee for PSC IV LP, PSC IV B LP and PSC IV (C) SCSp. The Company's ultimate controlling party are PSC IV LP, PSC IV B LP and PSC IV (C) SCSp, funds managed by Pollen Street Capital Limited (a subsidiary of Pollen Street Capital Holdings Limited).

The loan of £114,840,553 is interest free and payable on demand. As part of the terms of this loan, a number of fellow subsidiary undertakings have provided guarantees and are joint and severally liable.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
As restated
Entities with control, joint control or significant influence over the company
3,200,100
3,200,100
Other related parties
103,048,556
107,964,496

The balances owed above are related parties by virtue of being under common control.

LUSTRUM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
9
Parent company

The parent undertaking is Armatire Limited. Armatire Limited is a company registered in England and Wales, and represents the largest group for which consolidated accounts including Lustrum Investments Limited are prepared. Copies of these financial statements may be obtained from 45 Westerham Road, Bessels Green, Sevenoaks, Kent TN13 2QB.

Armatire Limited is controlled by K R Spencer and A Spencer.

10
Prior period adjustment

During the period, a reconciliation of amounts paid by related parties on behalf of a fellow subsidiary, Bishops UK Limited identified an a misallocation of £1.5m. The overall impact to the profit and loss for the year and net assets was £nil in respect of this, as it is reflected as an increase in amounts owed to related parties and an increase in amounts due from group undertakings.

The note below also shows an amendment in the year to March 2023 to reflect that the company recognised a creditor of greater than one year of £79,773,542 relating to a loan to a related party. The loan is due for repayment on demand and so the whole amount was restated as due in less than one year in the prior year accounts. The overall impact to the profit and loss for the year and net assets was £nil in respect of this.

In addition, amounts totalling £5,150,000 were reclassified from other debtors to amounts owed by group undertakings as a result of balances being set off between other companies within the group. The overall impact to the profit and loss for the year and net assets was £nil in respect of this.

Changes to the balance sheet
As previously reported
Adjustment at 1 Apr 2022
Adjustment at 31 Mar 2023
As restated at 31 Mar 2023
£
£
£
£
Current assets
Amounts owed to parent and fellow group undertakings
101,321,041
1,500,000
-
102,821,041
Other debtors
18,613,733
-
-
18,613,733
Creditors due within one year
Loans and overdrafts
(120,699,745)
(81,273,542)
79,773,542
(122,199,745)
Creditors due after one year
Loans and overdrafts
-
79,773,542
(79,773,542)
-
0
Net assets
(757,558)
-
-
(757,558)
Capital and reserves
Total equity
(757,558)
-
-
(757,558)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Loss for the financial period
(37,799)
-
(37,799)
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