Financial Statements
For the year ended 31 December 2025
Registered number: 10855687
Company Information
Contents
Strategic report
For the year ended 31 December 2025
The directors present their strategic report on the Company for the year ended 31 December 2025.
A review of the business and future developments, including key performance indicators and the principal risks and uncertainties is set out below.
A review of the business and future developments, including key performance indicators and the principal risks and uncertainties is set out below.
The Company generated a profit before tax for the year of €25,188,720 (2024 - loss €13,418,679). The Company had shareholders' funds of €25,286,501 (2024 - €11,212,997) as the end of the year.
The principal activity of the Company during the financial year is to act as a holding company. The directors' aim to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the period end. Their review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties they face. As with many businesses of their size, the business environment in which they operate continues to be challenging. With this in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control.
There were no significant changes in the activities of the Company during the year.
There were no significant changes in the activities of the Company during the year.
The directors consider that the principal risks and uncertainties faced by the Company are in the following categories:
Interest rate risk
The Company has loan facilities with Group Undertakings of €40.88m (note 14). Both facilities are priced at a margin above EURIBOR. Over the past 12 months the euro Euribor reduced by just under 3%. If the interest rate continue to decrease, this will have a positive effect on future profitability.
Exchange rate risk
The Company has assets mainly denominated in Stg£ with liabilities in a mix of Euro (€) and Sterling (Stg£). This can result in substantial unrealised FX gains or losses from year to year. The Company is happy to accept these risks.
Investment risk
There is a risk that the subsidiary companies do not continue to perform well. This may arise from competition, adverse currency movements or economic downturn. This risk is managed by spreading investments over a wide range of business operating in different geographics.
Economic risk
Inflation has risen sharply post year end in the core geographies in which the Company operates. This may have an impact on the cost base on the largest portion of which is payroll. It may not be possible to quickly pass on these price increases to our customers and margins may be adversely affected in the medium term.
The directors believe the key performance indicator of the Company to be the performance of its underlying investments in subsidiary companies. A full report on the trading performance of the Group and these entities can be found in the financial statements of Lanas Healthcare Technology Limited. They are publicly available from the Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 1, Mountjoy, Dublin 1.
Page 1
Strategic report (continued)
For the year ended 31 December 2025
This report was approved by the board and signed on its behalf.
Page 2
Directors' report
For the year ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025 .
The Company received income from its fixed asset investment of €27,653,685 during the year (2024 - €454,964).
The profit for the year, after taxation, amounted to €25,188,720 (2024 - loss €13,418,679 ).
The directors have paid a dividend of €11,115,216 during the year (2024 - €NIL).
The directors who served during the year were:
The Company plans to continue its current activities.
The Company did not engage in any research and development activities during the year (2024 - €NIL).
In preparing the financial statements the directors consider it appropriate to continue to use the going concern assumption, which assumes the Company will have sufficient resources to enable it to meet its liabilities as they fall due, including adequate financial support. During the year the Company had a profit of €25,188,720 (2024 - loss €13,418,679) and at that date, the Company had net current liabilities of €49,976,423 (2024 -
€64,049,927). The directors have reviewed the future projections of the Company and its subsidiaries and are satisfied that based on future trading results, the Company will continue to generate very strong cash flows. The directors have ensured that the Company will receive adequate financial backing from its subsidiaries should it be required. On the basis of all of the above, the directors believe that the going concern basis of preparation is appropriate for the financial statements.
Page 3
Directors' report (continued)
For the year ended 31 December 2025
There are no other subsequent events that will require adjustment or disclosure in the Company’s financial
statements.
statements.
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 4
Directors' responsibilities statement
For the year ended 31 December 2025
On behalf of the board,
Page 5
Independent auditor's report to the members of Lanas Investments (U.K.) Limited (formerly Clanwilliam Investments (U.K.) Limited)
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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
Page 6
Independent auditor's report to the members of Lanas Investments (U.K.) Limited (formerly Clanwilliam Investments (U.K.) Limited) (continued)
Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
∙the information given in the Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
Page 7
Independent auditor's report to the members of Lanas Investments (U.K.) Limited (formerly Clanwilliam Investments (U.K.) Limited) (continued)
Page 8
Independent auditor's report to the members of Lanas Investments (U.K.) Limited (formerly Clanwilliam Investments (U.K.) Limited) (continued)
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.
for and on behalf of
Chartered Accountants
& Statutory Auditors
13 - 18 City Quay
Dublin 2
Date29 June 2026
Dublin 2
Date
Page 9
Statement of comprehensive income
For the year ended 31 December 2025
Page 10
Statement of financial position
As at 31 December 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 23 form part of these financial statements.
Page 11
Statement of changes in equity
For the year ended 31 December 2025
Statement of changes in equity
For the year ended 31 December 2024
Page 12
Notes to the financial statements
For the year ended 31 December 2025
Lanas Investments (U.K.) Limited (the "Company") is a private company limited by shares and is registered and incorporated in the United Kingdom. The Company's registered address is Eastcastle House, 27/28 Eastcastle Street, London, W1W 8DH. The principal activity of the Company is that of an investment holding company.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
Page 13
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
Page 14
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Interest income is recognised in profit or loss using the effective interest method.
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 15
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability. The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Page 16
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the following:
∙the entity’s business model for managing the financial asset, and
∙the contractual cash flow characteristics of the financial asset.
Fair value through profit or loss
All of the Company's financial assets other than those which meet the criteria to be measured at amortised cost are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Financial assets measured at amortised cost
Financial instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.
Impairment of financial assets
The Company always recognises lifetime ECL for trade receivables. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Fair value through profit or loss
Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.
Page 17
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability. Page 17.
The preparation of the financial statements requires management to make significant judgments and estimates.
Going concern
Estimates and Assumptions
The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are discussed below:
Evaluating impairment of non financial assets
Impairment of financial assets
Page 18
Notes to the financial statements
For the year ended 31 December 2025
Page 19
Notes to the financial statements
For the year ended 31 December 2025
Page 20
Notes to the financial statements
For the year ended 31 December 2025
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 21
Notes to the financial statements
For the year ended 31 December 2025
Share premium account
Profit and loss account
Page 22
Notes to the financial statements
For the year ended 31 December 2025
The smallest and largest consolidated financial statements presented are that of
As at 31 December 2025, the ultimate parent company of the Group is
statements.
Page 23