Ludlow Trust Holdings (UK) Ltd - Period Ending 2022-06-30

Ludlow Trust Holdings (UK) Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

Ludlow Trust Holdings (UK) Ltd

Company Information

Directors

Mr Matthew John Wickers Mr David Nicholas George Hughes Ms Ziba C S Sarikhani Mrs Janet Treacy Pierce Mr Christopher Ian Thurlow

Registered office

Suite LG 11 St James's Place London SW1A 1NP

Accountants

Charter Tax Consulting Limited 11 St James's Place London SW1A 1NP

Ludlow Trust Holdings (UK) Ltd

(Registration number: 13680568)
Balance Sheet as at 30 June 2022

	Note	2022 £
Fixed assets
Investments	4	11,856,376
Current assets
Debtors	5	1,828,197
Creditors: Amounts falling due within one year	6	(1,054,057)
Net current assets		774,140
Net assets		12,630,516
Capital and reserves
Called up share capital	7	1,000
Share premium reserve		12,710,959
Retained earnings		(81,443)
Shareholders' funds		12,630,516

For the financial period ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 August 2023 and signed on its behalf by:
 

Mrs Janet Treacy Pierce Director

Ludlow Trust Holdings (UK) Ltd

Notes to the Unaudited Financial Statements for the Period from 14 October 2021 to 30 June 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite LG
11 St James's Place
London
SW1A 1NP

These financial statements were authorised for issue by the Board on 2 August 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The Company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the grounds that the voting shares of the Company and its subsidiaries form a small sized group.

The ultimate parent company of the Company is Charter Trust Group SA which is a registered company in Luxembourg. The ultimate parent company is not required to prepare consolidated financial statements..

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Ludlow Trust Holdings (UK) Ltd

Notes to the Unaudited Financial Statements for the Period from 14 October 2021 to 30 June 2022

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5.

4	Investments

	2022 £
Investments in subsidiaries	11,856,376

Ludlow Trust Holdings (UK) Ltd

Notes to the Unaudited Financial Statements for the Period from 14 October 2021 to 30 June 2022

Subsidiaries	£
Cost or valuation
Additions	13,678,876
Disposals	(1,822,500)
At 30 June 2022	11,856,376
Carrying amount
At 30 June 2022	11,856,376

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights held
			2022
Subsidiary undertakings
Ludlow Trust Company Limited	5th Floor 390 Strand, London, England, WC2R 0LT England	Ordinary shares	100%
Charter Tax (Accounting) Limited	Suite Lg, 11 St James's Place, London, SW1A 1NP England	B Ordinary shares	0%

Subsidiary undertakings

Ludlow Trust Company Limited The principal activity of Ludlow Trust Company Limited is provision of trust related services.

Charter Tax (Accounting) Limited The principal activity of Charter Tax (Accounting) Limited is to hold the shares of an accountancy and taxation business. Its financial period end is 30 September.

Ludlow Trust Holdings (UK) Ltd

Notes to the Unaudited Financial Statements for the Period from 14 October 2021 to 30 June 2022

5

Debtors

Current	Note	2022 £
Amounts owed by related parties		1,822,500
Prepayments		5,697
		1,828,197

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest		87,140
Other creditors		966,917
		1,054,057

7	Share capital

Allotted, called up and fully paid shares

	2022
	No.	£
Ordinary shares of £0.01 each	93,003	930

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil. On 26 June 2023, the company entered into an agreement with National Westminster Bank Plc. This agreement provided National Westminster with a fixed and floating charge over the company's assets.