Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
COMPANY INFORMATION
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LITUANICA UK LIMITED
CONTENTS
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LITUANICA UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their Strategic report for the year:
The results, as set out on page 9, show an operating profit for the financial year of £160,443 (2022 - £1,774,820). Trading conditions were impacted by supply-side issues from the conflict in Ukraine. The resultant, significant cost price inflation, particularly in the retail food sector affected both sales and profitability. The business results are improving as import cost prices and home-grown inflation begin to stabilise. Furthermore, the business plans to consolidate part of the operation in early 2024 which will lead to significant cost savings and help restore profitability.
Strategic risks
Since the beginning of this financial year the Commercial team continues to work on building existing customer relationships and many new key customer accounts were established. Financial risks Liquidity and cash flow risk are managed through agreeing appropriate payment terms with the suppliers. Credit control in respect of our customers is monitored by very clear and strict policies. Foreign exchange risk The Company's purchases are denominated in GBP, Euro and three other European currencies, which provides a natural hedge against foreign exchange risk. The Company also enters into forward contracts to negate any further risk present.
The directors actively review monthly management accounts, forecasts and cash levels as key performance
indicators to monitor the performance of the Company.
The Board of directors of the Company consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of shareholders as a whole and in doing so, have had regard to and recognised the importance of considering all stakeholders and other matters, as detailed below:
(a) Long-Term Sustainability The long-term viability of the Company and business model is at the forefront of decision making, particularly in relation to the challenging retail environment. The Company continues to focus on expanding and diversifying its customer base. (b) Interests of Employees The Company places considerable value on the health, safety and well-being of its employees and outsourced personnel (see (c) below).
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LITUANICA UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
(c) Interests of Other Stakeholders (Suppliers, Customers, Other)
Clients The directors ensure that plans are in place for key customers and that appropriate levels of management time is afforded to meet with customers and understand their needs. Customer service is extremely important to the Company and remains a top priority. Suppliers The Company is highly committed to maintaining strong relationships with all suppliers and we strive to manage these relationships as closely as possible to ensure core values are shared. The Company is committed to ensuring the highest standards of quality across our operations and we require our suppliers to operate to the same high standards. We continue to maintain long-standing relationships with all key suppliers. Outsourced personnel The Company places considerable value on the health, safety and well-being of its outsourced personnel and has continued to keep them informed on matters affecting them and on the various factors affecting the performance of the Company. This is achieved through formal and informal meetings and actively promoting equality and diversity. Personnel representatives are consulted regularly on a wide range of matters affecting their current and future interests. We are committed to ensuring that male and female personnel are paid equally for equivalent work by the outsourced employer. (d) Impact on Community and Environment The Company aims to be an important part of the community and to create value for all stakeholders. We are also committed to the ongoing ethical and sustainable treatment of the environment. We advise our clients on how to embed sustainable practices into their communications as well as improving our own business practices. We believe that acting as a responsible business will enhance our relationships with our clients, suppliers and colleagues and build purpose into our business values. (e) High Standards of Business Conduct The Company maintains a framework of behaviours to deliver future success of the business. It is based on what our best performing people already do to produce outstanding results, and what’s needed for the future. The Company is committed to ensuring there is no modern slavery or human trafficking in our supply chain or in any part of the business. The Anti-Slavery Policy reflects the commitment to act ethically and with integrity in all business relationships. The Company is committed to paying the right amount of tax on a timely basis in accordance with tax law and practice in the UK. All tax and compliance obligations are strictly adhered to.
This report was approved by the board on 11 April 2024 and signed on its behalf.
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LITUANICA UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £323,205 (2022 - profit £1,420,741).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
We believe that Lituanica UK Limited is well placed in the market and the strength and sustainability of the Company’s position is underpinned by its in-depth knowledge of the European food and drink sector, its client base and its reputation for providing a broad product offering, outstanding quality and rapid speed-to-market.
The Company will continue to consolidate its position in the market by pursuing organic growth and new business opportunities.
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LITUANICA UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The emissions (in tonnes of CO2 equivalent) per sales revenue (£m) is 32.68 (2022 - 27.39).
The calculation of carbon tonnage follows recognised principles. Energy usage in kWh has been converted using standardised conversion factors for gas and electricity respectively to obtain a corresponding figure in tonnes of CO2 equivalent. Fuel consumption has been calculated using fuel costs and the average fuel price for the year and then converted using standardised conversion factors for fuel to obtain a corresponding figure in tonnes of CO2 equivalent.
There have been no significant events affecting the Company since the year end.
The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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LITUANICA UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LITUANICA UK LIMITED
We have audited the financial statements of Lituanica UK Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditor's responsibilities 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, including the Financial Reporting Council's Ethical Standard and 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 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.
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LITUANICA UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LITUANICA UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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LITUANICA UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LITUANICA UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
∙Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks;
∙Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
∙Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
All relevant laws and regulations identified and areas susceptible to fraud that could have a material effect on the financial statements were communicated. Any instances of non-compliance with laws and regulations identified were considered in our audit approach. The most significant laws and regulations were determined as follows:
∙UK GAAP FRS 102 and Companies Act;
∙Tax compliance regulations.
Additional audit procedures performed by the audit engagement team included:
∙Review of the financial statement disclosures and testing to supporting documentation;
∙Completion of disclosure checklists to identify areas of non-compliance.
The areas that we identified as being susceptible to material misstatement due to fraud were:
∙Revenue Recognition;
∙Management Override;
∙Cash transaction recording & handling.
Audit procedures in report to the identified areas above:
∙Obtaining an understanding of the processes and controls around revenue recognition and cash handling;
∙Substantively testing revenue and cash via various testing including transactional, cut off and sequencing;
∙Detailed discussions with management and review of post year end management information;
∙Evaluation of the appropriateness of the accounting policies;
∙Testing the appropriateness of journal entries and other adjustments;
∙Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
∙Inspection of all recent reports and certification from the relevant bodies an general inspection around the facilities.
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LITUANICA UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LITUANICA UK LIMITED (CONTINUED)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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 Auditor
Leytonstone House
London
E11 1GA
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LITUANICA UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
REGISTERED NUMBER: 04955681
BALANCE SHEET
AS AT 31 MARCH 2023
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LITUANICA UK LIMITED
REGISTERED NUMBER: 04955681
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 34 form part of these financial statements.
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LITUANICA UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Lituanica UK Limited ('the Company') is a private company limited by shares, incorporated in England and Wales. Its registered office is 22 Lamson Road, Rainham, Essex, England, RM13 9YY.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 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:
Rental and other income Rental and other income is recognised on a straight-line basis in the period in which it occurred.
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition allocated wholly to goodwill. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life, determined by the directors to be 10 years.
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Investments in associates represent capital contributions to an LLP entity measured at cost less accumulated impairment.
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
a) Critical judgements in applying accounting policies (i) Presentation of S455 tax Other debtors includes amounts of £618,127 in respect of S455 tax presented as a current asset. b) Critical accounting estimates and assumptions (i) Valuation of investment properties The valuation of investment properties has been made by the directors who have used their experience to assess the current value.
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
14.Taxation (continued)
At the 2021 Budget on 3 March 2021, the Government announced that the corporation tax rate will increase to 25% for companies with profits greater than £250,000 with effect from 1 April 2023, as well as announcing a number of other changes to allowances and treatment of losses.
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The 2023 valuations were made by the directors, on an open market value for existing use basis.
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
26.Deferred taxation (continued)
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £112,000 (2022 - £112,000). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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LITUANICA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Rolandas Sakauskas and Ruta Sakauskiene are considered to be the Company's ultimate controlling party.
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