REGISTERED NUMBER:
10869981
(England and Wales)
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Financial Statements for the Year Ended 31 March 2021 |
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for
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LUK Hospitalities Limited |
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REGISTERED NUMBER:
10869981
(England and Wales)
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Financial Statements for the Year Ended 31 March 2021 |
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for
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LUK Hospitalities Limited |
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LUK Hospitalities Limited (Registered number: 10869981)
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Contents of the Financial Statements
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for the Year Ended 31 March 2021
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Page
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Balance Sheet
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1
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Notes to the Financial Statements
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2
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LUK Hospitalities Limited (Registered number: 10869981)
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Balance Sheet
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31 March 2021
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31.3.21
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31.3.20
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Notes
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£
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£
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£
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£
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FIXED ASSETS
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Intangible assets
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4
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Tangible assets
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5
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CURRENT ASSETS
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Stocks
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6
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Debtors
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7
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Cash in hand
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CREDITORS
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Amounts falling due within one year
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8
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NET CURRENT LIABILITIES
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(
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(
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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CREDITORS
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Amounts falling due after more than
one year
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9
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NET ASSETS
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CAPITAL AND RESERVES
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Called up share capital
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10
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Retained earnings
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11
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(
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(
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SHAREHOLDERS' FUNDS
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
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The financial statements were approved by the Board of Directors and authorised for issue on
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LUK Hospitalities Limited (Registered number: 10869981)
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Notes to the Financial Statements
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for the Year Ended 31 March 2021
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1.
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STATUTORY INFORMATION
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LUK Hospitalities Limited is a private company, limited by shares, registered in England and
Wales. The company's registered number and registered office address can be found on the
Company Information page.
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2.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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These financial statements have been prepared in accordance with Financial Reporting
Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention.
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Turnover
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Turnover represents amounts receivable for accommodation, food and beverage and other
ancillary hotel services provided, excluding discounts, rebates, value added tax and other
sales taxes.
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Turnover is recognised to the extent that it is probable that the economic benefits will flow to
the company and the revenue can be measured reliably. Deposits which have been received
at the reporting date for which services have not yet been provided are included in other
creditors.
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Goodwill
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Goodwill, being the amount paid in connection with the acquisition of a business in the hospitality industry, is being amortised evenly over its useful life of 10 years. |
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Tangible fixed assets
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Long leasehold - Equal instalments over lease period |
Plant and machinery - 20% on cost |
Furniture - 10% on Cost |
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Inventory
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Inventory is valued at the lower of cost and estimated selling price less costs to complete
and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in
bringing stock to its present location and condition. Provision is made for damaged, obsolete
and slow-moving stock where appropriate.
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Taxation
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Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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LUK Hospitalities Limited (Registered number: 10869981)
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Notes to the Financial Statements - continued
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for the Year Ended 31 March 2021
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2.
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ACCOUNTING POLICIES - continued
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Deferred tax
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
Balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Foreign currency translation
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. |
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At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. 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. |
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Pension costs
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The company operates a defined contribution plan for the benefit of its employees. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
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Debtors
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Basic financial assets, including trade and other debtors, are initially recognised at
transaction price, 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. Such assets are subsequently carried at amortised cost using the effective
interest method, less any impairment.
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Creditors
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Basic financial liabilities, including trade and other creditors, loans from third parties and
loans from related parties, 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 payments discounted at a market rate of interest. Such
instruments are subsequently carried at amortised cost using the effective interest method,
less any impairment.
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3.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
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LUK Hospitalities Limited (Registered number: 10869981)
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Notes to the Financial Statements - continued
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for the Year Ended 31 March 2021
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4.
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INTANGIBLE FIXED ASSETS
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Goodwill
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£
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COST
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At 1 April 2020
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and 31 March 2021
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AMORTISATION
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At 1 April 2020
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Amortisation for year
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At 31 March 2021
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NET BOOK VALUE
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At 31 March 2021
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At 31 March 2020
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5.
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TANGIBLE FIXED ASSETS
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Fixtures
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Long
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Plant and
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and
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leasehold
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machinery
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fittings
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Totals
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£
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£
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£
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£
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COST
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At 1 April 2020
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Additions
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Reclassification/transfer
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(
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(
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At 31 March 2021
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DEPRECIATION
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At 1 April 2020
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Charge for year
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At 31 March 2021
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NET BOOK VALUE
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At 31 March 2021
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At 31 March 2020
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6.
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STOCKS
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31.3.21
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31.3.20
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£
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£
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Inventory
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LUK Hospitalities Limited (Registered number: 10869981)
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Notes to the Financial Statements - continued
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for the Year Ended 31 March 2021
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7.
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DEBTORS
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31.3.21
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31.3.20
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£
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£
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Amounts falling due within one year:
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Other debtors
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Prepayments and accrued income
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Amounts falling due after more than one year:
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Other debtors
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Aggregate amounts
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8.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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31.3.21
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31.3.20
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£
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£
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VAT payable
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Trade creditors
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Amounts owed to group undertakings
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Social security and other taxes
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Other creditors
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Bank loan
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150,000
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112,500
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Accrued expenses
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9.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
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31.3.21
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31.3.20
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£
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£
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Amounts owed to group undertakings
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Bank loan
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387,500
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487,500
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10.
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CALLED UP SHARE CAPITAL
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Allotted, issued and fully paid:
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Number:
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Class:
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Nominal
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31.3.21
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31.3.20
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value:
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£
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£
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Ordinary
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£ 1
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4,500,000
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4,500,000
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4,500,000 ordinary shares of £ 1 each were allotted and full paid for cash at par. |
LUK Hospitalities Limited (Registered number: 10869981)
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Notes to the Financial Statements - continued
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for the Year Ended 31 March 2021
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11.
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RESERVES
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Retained
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earnings
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£
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At 1 April 2020
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(
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Deficit for the year
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At 31 March 2021
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13.
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RELATED PARTY DISCLOSURES
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During the period the company entered into transactions with NC Hospitalities ltd (UK) and
Luxmi Tea Company Pvt Ltd (India).The following is the balance of related party as on
31-March-2021.
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Transaction (Profit/Loss
Accountvalue during the
year
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Balance owed by / (owed to
As at Year/Period End
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Name of related party
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2021
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2020
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2021
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2020
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N C HOSPITALITIES LTD
(UK)
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(Amount owed to group
undertakings)
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(409,616
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(444,615
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Sales
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67,500
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309,088
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LUXMI TEA COMPANY
PVT LTD (INDIA)
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(Amount owed to group
undertakings)
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(44,434
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(4,219
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Interest expenes
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215
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Director- Neelabha
Chatterjee
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(Other Debtors within year)
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45,176
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36,386
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Directors Remuneration
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152,419
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160,641
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(Including NI)
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LUK Hospitalities Limited (Registered number: 10869981)
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Notes to the Financial Statements - continued
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for the Year Ended 31 March 2021
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14.
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ULTIMATE CONTROLLING PARTY
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The company is a wholly owned subsidiary of Luxmi Tea Company Private Limited, a
company incorporated in India.
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15.
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PREVIOUS YEAR FIGURES
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The previous year figures have been regrouped wherever necessary to confirm to the
current year presentation.
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