REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
LUK Hospitalities Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
LUK Hospitalities Limited |
LUK Hospitalities Limited (Registered number: 10869981) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
LUK Hospitalities Limited (Registered number: 10869981) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash in hand | 8 |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Accumulated losses | 12 | ( | ) | ( | ) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LUK Hospitalities Limited (Registered number: 10869981) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
LUK Hospitalities Limited is a private company, limited by shares, registered in England and Wales is engaged into carrying on the business of running hotels and other related services. The company's registered number and registered office address can be found on the Company Information page. |
The financial statements are presented in sterling which is the functional currency of the company. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Turnover |
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. |
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. |
Goodwill |
Goodwill being the amount paid in connection with the acquisition of a business in the hospitality industry is capitalized and classified as an asset on the Balance sheet and amortized on a straight-line basis over its useful life. The Period chosen for amortizing Goodwill is 10 years. Provision is made for impairment, if any. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at following annual rates in order to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. |
Long leasehold - Equal instalments over lease period |
Equipment and machinery - 20% on cost |
Furniture and fixtures - 10% on Cost |
Inventory |
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. |
LUK Hospitalities Limited (Registered number: 10869981) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of profit and loss, 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. |
Deferred tax |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Foreign currency translation |
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. |
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. |
Pension costs |
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. |
Debtors |
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. |
Creditors |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LUK Hospitalities Limited (Registered number: 10869981) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( | ) | ( | ) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Inventory |
LUK Hospitalities Limited (Registered number: 10869981) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | DEBTORS |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Prepayments and accrued income |
Aggregate amounts |
8. | CASH IN HAND |
31.3.23 | 31.3.22 |
£ | £ |
Cash at bank | 325,406 | 320,179 |
Cash in hand | 9,694 | 19,668 |
335,100 | 339,847 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
VAT payable |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Bank loan-current portion of |
the term loan | 155,636 | 155,498 |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank Loan- non-current portion |
of the term loan | 74,719 | 229,927 |
LUK Hospitalities Limited (Registered number: 10869981) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £ 1 | 4,500,000 | 4,500,000 |
Ordinary | £ 1 | 136,000 | 136,000 |
4,636,000 | 4,636,000 |
12. | ACCUMULATED LOSSES |
Accumulate |
losses |
£ |
At 1 April 2022 | ( | ) |
Profit for the year |
At 31 March 2023 | ( | ) |
13. | AUDITORS' INFORMATION |
These financial statements have been prepared for the purpose of filing with Companies house and no statement of comprehensive income is included within this set of financial statements. The full financial statements have been subject to audit and there were no qualifications or modifications to the audit report on the full financial statements. The audit was undertaken by |
14. | RELATED PARTY DISCLOSURES |
The following are transactions and the balance with related parties for the year and as on 31 March 2023 respectively. |
Transactions in the Statement of Profit and Loss | Balance owed by / owed to as at Year End |
Name of related party | 2023 | 2022 | 2023 | 2022 |
Director- Neelabha Chatterjee |
(Other Debtors within year) | - | - | - |
Directors Remuneration | 75,086 | 74,023 | - |
(Including NI) |
The company has taken advantage of exemption in section 33 of FRS 102 from disclosing transactions with its wholly owned subsidiaries. |
LUK Hospitalities Limited (Registered number: 10869981) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | ULTIMATE PARENT COMPANY |
The company is a wholly owned subsidiary of Luxmi Tea Company Private Limited, a company incorporated in India. Luxmi Tea Company Private Limited heads the group of companies for which consolidated financial statements including company's position and results are prepared. These consolidated financial statements are not publicly available. |
16. | CONTINGENT LIABILITIES |
The HMRC has levied surcharges on VAT to the company for an amount of GBP 8,600. In response to this, the company has appealed to HMRC for a waiver of the same on account of Covid-19 related grounds. The company expects that the waiver request will be accepted by the HMRC and accordingly, contingent liability has been disclosed as at the balance sheet |
17. | PREVIOUS YEAR FIGURES |
The previous year figures have been regrouped wherever necessary to confirm to the current year presentation. |