| Loulou Foundation |
| (A Company Limited by Guarantee) |
| Registered number: |
09621004 |
| Statement of Financial Position |
| as at 30 June 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Investments |
4 |
|
|
84,211 |
|
|
84,211 |
|
|
|
|
84,211 |
|
|
84,211 |
|
| Current assets |
| Debtors |
5 |
|
10,080,859 |
|
|
9,593,744 |
| Cash at bank and in hand |
|
|
1,446,275 |
|
|
2,582,414 |
|
|
|
11,527,134 |
|
|
12,176,158 |
|
| Creditors: amounts falling due within one year |
7 |
|
(2,317,470) |
|
|
(2,580,019) |
|
| Net current assets |
|
|
|
9,209,664 |
|
|
9,596,139 |
|
| Total assets less current liabilities |
|
|
|
9,293,875 |
|
|
9,680,350 |
|
| Creditors: amounts falling due after more than one year |
8 |
|
|
(9,990,208) |
|
|
(9,670,765) |
|
|
| Net (liabilities)/assets |
|
|
|
(696,333) |
|
|
9,585 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Surplus/(Shortfall) |
9 |
|
|
(696,333) |
|
|
9,585 |
|
| Funds |
|
|
|
(696,333) |
|
|
9,585 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Jayesh Rawal |
| Director |
| Approved by the board on 21 May 2026 |
|
| Loulou Foundation |
| Notes to the Accounts |
| for the year ended 30 June 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Leasehold land and buildings |
over the lease term |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Investments |
|
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the spot rate of exchange or rate used by the bank . At the end of each reporting period foreign currency monetary items are translated at the average rate of exchange prevaling in last month of the reporting period. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
| 2 |
Donations received |
|
|
The whole of the donations received is from Majid H Jafar and his close family. Donations is to be applied wholly and exclusively for the stated objects of the company. It is not available for distribution to members |
|
|
|
| 3 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
| 4 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 July 2024 |
84,211 |
|
- |
|
84,211 |
|
Additions |
- |
|
- |
|
- |
|
At 30 June 2025 |
84,211 |
|
- |
|
84,211 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
9,990,208 |
|
9,586,554 |
|
Other debtors |
90,651 |
|
7,190 |
|
|
|
|
|
|
10,080,859 |
|
9,593,744 |
|
The above balance includes GBP 9,990,208 (U$ 12,653,871) paid by the company on behalf of Elaaj Bio and treated as interest free loan to Elaaj Bio. |
|
| 6 |
Taxation |
|
|
In the opinion of the directors, company is not liable to corporation tax as none of its activities were undertaken with a view to make profit. Any surplus generated is wholly and exclusively applied for the stated objects of the company. It is not available for distribution to members. |
|
| 7 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Corporation tax |
94 |
|
111 |
|
Other creditors |
2,317,376 |
|
2,579,908 |
|
|
|
|
|
|
2,317,470 |
|
2,580,019 |
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Other creditors |
9,990,208 |
|
9,670,765 |
|
During the financial year, Company has paid US$412,576 towards Elaaj Bio operations. Funding by Majid H Jafar and his close family to this extent are treated as interest free loans to the Company. As at 30 June 2025, net funding from the benefactor for Elaaj Bio stands at US$12,653,871.) |
|
| 9 |
Surplus(Shortfall) Reserve Account |
2025 |
|
2024 |
| £ |
£ |
|
|
1 July 2024 |
9,585 |
|
Prior year adjustments |
- |
|
At 1 July |
9,585 |
|
177,922 |
|
Deficit for the year |
(705,918) |
|
(168,337) |
|
|
At 30 June 2025 |
(696,333) |
|
9,585 |
|
|
|
|
|
|
|
|
|
|
Following the year end additional donations of $5,800,000 were received from the benefactors. |
| 10 |
Restatement of prior year balances |
|
|
Comparatives have been restated to reclassify amounts from other debtors to amounts due from subsidiaries and to recognise a previously unrecognised subsidiary, with no impact on prior year profit or net assets.” |
|
|
| 11 |
Other information |
|
|
Loulou Foundation is a company limited by guarantee and incorporated in England. Its registered office is: |
|
4 Old Park Lane |
|
London |
|
W1K 1QW |