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Registered number: 04955681









LITUANICA UK LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
LITUANICA UK LIMITED
 
 
COMPANY INFORMATION


Directors
Mrs R Apostol 
Mr R Sakauskas 
Ms R Sakauskiene 




Company secretary
Ms R Sakauskiene



Registered number
04955681



Registered office
22 Lamson Road
Rainham

Essex

England

RM13 9YY




Independent auditor
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
LITUANICA UK LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10 - 11
Statement of changes in equity
 
12
Statement of cash flows
 
13 - 14
Notes to the financial statements
 
15 - 34


 
LITUANICA UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The directors present their Strategic report for the year:

Business review
 
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. 

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
The directors actively review monthly management accounts, forecasts and cash levels as key performance
indicators to monitor the performance of the Company.

Directors' statement of compliance with duty to promote the success 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).
 
Page 1

 
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.



Mrs R Apostol
Director

Page 2

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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.

Results and dividends

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.

Directors

The directors who served during the year were:

Mrs R Apostol 
Mr R Sakauskas 
Ms R Sakauskiene 

Future developments

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.

Page 3

 
LITUANICA UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption are as follows: 


2023
2022

Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
643
639

Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
475
356

Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in kWh
2,341,913
1,828,536

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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Barnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 11 April 2024 and signed on its behalf.
 





Mrs R Apostol
Director

Page 4

 
LITUANICA UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LITUANICA UK LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
LITUANICA UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LITUANICA UK LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
LITUANICA UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LITUANICA UK LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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.
Page 7

 
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.


Use of our 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 2006Our 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.





Stuart Moon (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

12 April 2024
Page 8

 
LITUANICA UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
34,213,035
36,323,229

Cost of sales
  
(22,765,372)
(23,813,149)

Gross profit
  
11,447,663
12,510,080

Administrative expenses
  
(11,351,615)
(10,794,856)

Other operating income
 5 
64,395
59,596

Operating profit
 6 
160,443
1,774,820

Profit/(Loss) from fixed assets investments
 10 
27,077
(32,445)

Impairment of loans
 11 
(335,834)
-

Interest receivable and similar income
 12 
43,626
22,841

Interest payable and similar expenses
 13 
(140,570)
(90,766)

(Loss)/profit before tax
  
(245,258)
1,674,450

Tax on (loss)/profit
 14 
(77,947)
(253,709)

(Loss)/profit for the financial year
  
(323,205)
1,420,741

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 34 form part of these financial statements.

Page 9

 
LITUANICA UK LIMITED
REGISTERED NUMBER: 04955681

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 15 
48,787
57,626

Tangible assets
 16 
6,950,348
7,158,563

Investments
 17 
1,782,553
1,755,476

Investment property
 18 
1,608,192
1,480,447

  
10,389,880
10,452,112

Current assets
  

Stocks
 19 
2,284,847
2,204,503

Debtors: amounts falling due within one year
 20 
10,019,990
12,866,709

Current asset investments
 21 
500,000
-

Cash at bank and in hand
 22 
1,171,451
927,131

  
13,976,288
15,998,343

Creditors: amounts falling due within one year
 23 
(2,570,862)
(6,274,786)

Net current assets
  
 
 
11,405,426
 
 
9,723,557

Total assets less current liabilities
  
21,795,306
20,175,669

Creditors: amounts falling due after more than one year
 24 
(2,936,422)
(805,719)

Provisions for liabilities
  

Deferred tax
 26 
-
(187,861)

Net assets
  
18,858,884
19,182,089


Capital and reserves
  

Called up share capital 
 27 
50
50

Capital redemption reserve
 28 
50
50

Profit and loss account
 28 
18,858,784
19,181,989

  
18,858,884
19,182,089


Page 10

 
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 11 April 2024.



Mrs R Apostol
Director

The notes on pages 15 to 34 form part of these financial statements.

Page 11

 
LITUANICA UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
50
50
17,761,248
17,761,348


Comprehensive income for the year

Profit for the year
-
-
1,420,741
1,420,741



At 1 April 2022
50
50
19,181,989
19,182,089


Comprehensive income for the year

Loss for the year
-
-
(323,205)
(323,205)


At 31 March 2023
50
50
18,858,784
18,858,884


The notes on pages 15 to 34 form part of these financial statements.

Page 12

 
LITUANICA UK LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(323,205)
1,420,741

Adjustments for:

Amortisation of intangible assets
6,042
-

Depreciation of tangible assets
269,809
318,206

Impairment of intangible assets
2,797
-

Loss on disposal of tangible assets
-
(2,200)

Interest paid
140,570
90,766

Interest received
(70,703)
9,604

Taxation charge
77,947
253,709

(Increase)/decrease in stocks
(80,344)
28,808

Decrease/(increase) in debtors
2,242,835
(3,650,294)

(Decrease)/increase in creditors
(608,935)
1,178,965

Income from investments
(27,077)
-

Corporation tax (paid)
(341,500)
(866,811)

Net cash generated from operating activities

1,288,236
(1,218,506)


Cash flows from investing activities

Purchase of intangible fixed assets
-
(57,626)

Purchase of tangible fixed assets
(61,594)
(171,983)

Sale of tangible fixed assets
-
2,200

Purchase of investment properties
(627,745)
(980,447)

Interest received
43,626
22,841

HP interest paid
(1,258)
(1,258)

Income from investments
27,077
-

Net cash from investing activities

(619,894)
(1,186,273)
Page 13

 
LITUANICA UK LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(277,488)
(439,696)

Repayment of finance leases
(13,125)
(56,565)

Interest paid
(133,409)
(89,508)

Net cash used in financing activities
(424,022)
(585,769)

Net increase/(decrease) in cash and cash equivalents
244,320
(2,990,548)

Cash and cash equivalents at beginning of year
927,131
3,917,679

Cash and cash equivalents at the end of year
1,171,451
927,131


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,171,451
927,131


The notes on pages 15 to 34 form part of these financial statements.

Page 14

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover is recognised on despatch.

Rental and other income

Rental and other income is recognised on a straight-line basis in the period in which it occurred.

  
2.3

Goodwill

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.

Page 15

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Land & buildings
-
2 - 6.67% straight line
Plant and machinery
-
15 - 20% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
15 - 20% straight line
Computer & office equipment
-
10 - 33% straight line

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.

  
2.5

Investment property

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.

  
2.6

Valuation of investments

Investments in associates represent capital contributions to an LLP entity measured at cost less accumulated impairment.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 16

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

Financial instruments

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.
 
Page 17

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Financial instruments (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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.13

Finance costs

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.

 
2.14

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.15

Leased assets: the Company as lessee

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.

Page 19

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.17

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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.

Page 20

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.

Page 21

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
34,213,035
36,323,229


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Net rents receivable
56,420
53,626

Sundry income
7,975
5,970

64,395
59,596



6.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Depreciation of tangible fixed assets
269,809
318,206

Exchange differences
4,526
523

Profit on sale of tangible assets
-
(2,200)

Defined contribution pension cost
112,000
112,000

Operating leases: motor vehicles
497,917
434,430

Operating leases: rent
427,166
434,064


7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts
25,000
25,000

Fees payable to the Company's auditor and its associates in respect of:

All non-audit services not included above
34,388
5,613
Page 22

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Employees

Staff costs were as follows:


2023
2022
£
£

Cost of defined contribution scheme
112,000
112,000


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
3
3


9.


Directors' remuneration

2023
2022
£
£

Company contributions to defined contribution pension schemes
112,000
112,000


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The directors are remunerated by East & Nord LLP, an associated entity, and these costs are included within a management charge (See note 31). It is not possible to split the management charge between services provided.


10.


Income from investments

2023
2022
£
£

Share of profits/(losses) from investments
27,077
(32,445)





11.


Impairment of loans

2023
2022
£
£



Impairment of connected company loans
335,834
-

Page 23

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Interest receivable and similar income

2023
2022
£
£


Interest on loans receivable
43,626
22,841


13.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
133,409
89,326

Finance leases and hire purchase contracts
1,258
1,258

Other interest payable
5,903
182

140,570
90,766


14.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
44,020
328,574

Adjustments in respect of previous periods
272,742
-

Total current tax
316,762
328,574

Deferred tax


Origination and reversal of timing differences
8,410
(74,865)

Changes to tax rates
2,656
-

Adjustments to tax charge in respect of prior periods
(249,881)
-

Total deferred tax
(238,815)
(74,865)


Tax on profit on ordinary activities
77,947
253,709
Page 24

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
14.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(245,258)
1,674,450


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(46,599)
318,146

Effects of:


Expenses not deductible for tax purposes
102,079
8,218

Income not taxable
(3,050)
(6,822)

Changes in tax rate
2,656
(45,305)

Adjustments to tax charge in respect of prior periods
22,861
(20,528)

Total tax charge for the year
77,947
253,709


Factors that may affect future tax charges

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.

Page 25

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
57,626



At 31 March 2023

57,626



Amortisation


Charge for the year on owned assets
8,839



At 31 March 2023

8,839



Net book value



At 31 March 2023
48,787



At 31 March 2022
57,626



Page 26

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Tangible fixed assets





Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Office & computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
7,898,702
1,578,547
736,929
1,161,447
525,979
11,901,604


Additions
10,729
14,828
-
4,949
31,088
61,594



At 31 March 2023

7,909,431
1,593,375
736,929
1,166,396
557,067
11,963,198



Depreciation


At 1 April 2022
1,170,043
1,454,877
750,760
1,028,076
339,285
4,743,041


Charge for the year on owned assets
162,452
36,702
(13,831)
36,071
48,415
269,809



At 31 March 2023

1,332,495
1,491,579
736,929
1,064,147
387,700
5,012,850



Net book value



At 31 March 2023
6,576,936
101,796
-
102,249
169,367
6,950,348



At 31 March 2022
6,728,659
123,670
(13,831)
133,371
186,694
7,158,563




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
6,491,065
6,642,788

Short leasehold
85,871
85,871

6,576,936
6,728,659


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
-
14,750

Page 27

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 April 2022
1,755,476


Share of profit/(loss)
27,077



At 31 March 2023
1,782,553






Net book value



At 31 March 2023
1,782,553



At 31 March 2022
1,755,476


Associate


The following was an associate of the Company:


Name

Class of shares

Holding

East & Nord LLP
See below*
  - %

East & Nord LLP is an associate of the Company by virtue of Lituanica UK Limited having signifcant influence but not control over the entity. The LLP has net assets at the balance sheet date of £1,925,551. See note 31 for further information.

Page 28

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,480,447


Additions at cost
627,745


Transfer to current assets
(500,000)



At 31 March 2023
1,608,192

At the balance sheet date, property with a value of £500,000 was classified as held for sale. See note 21.

The 2023 valuations were made by the directors, on an open market value for existing use basis.





If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,608,192
1,480,447


19.


Stocks

2023
2022
£
£

Finished goods and goods for resale
2,284,847
2,204,503




Page 29

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

20.


Debtors

2023
2022
£
£


Trade debtors
847,475
1,518,837

Other debtors
8,907,184
11,071,803

Prepayments and accrued income
214,377
276,069

Deferred taxation
50,954
-

10,019,990
12,866,709


Further information on amounts included in other debtors can be found in note 31.


21.


Current asset investments

2023
2022
£
£

Property held for sale
500,000
-



22.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,171,451
927,131



23.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
390,975
2,799,166

Trade creditors
1,057,992
1,846,463

Amounts owed to associates
747,095
638,620

Corporation tax
180,243
853,916

Obligations under finance lease and hire purchase contracts
-
13,125

Accruals and deferred income
194,557
123,496

2,570,862
6,274,786


Page 30

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

24.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,936,422
805,719



25.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
390,975
2,799,166

Amounts falling due 1-2 years

Bank loans
381,520
95,057

Amounts falling due 2-5 years

Bank loans
2,201,916
285,172

Amounts falling due after more than 5 years

Bank loans
352,986
425,490

3,327,397
3,604,885


Bank loans not wholly repayable within 5 years are repayable by monthly instalments and bear interest at a floating rate never below 1.95%.
Included within bank loans are mortgages of £3,298,650
 (2022 - £3,046,016). The loans are secured upon the properties to which they relate.


26.


Deferred taxation




2023


£






At beginning of year
187,861


Charged to profit or loss
(238,815)



At end of year
(50,954)

Page 31

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
26.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Capital allowances
(50,954)
(183,930)

Rollover relief
-
371,791

(50,954)
187,861


27.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50 (2022 - 50) Ordinary shares of £1.00 each
50
50

Shares rank equally in all respects and there are no restrictions on the distribution of dividends or repayment of capital.



28.


Reserves

Capital redemption reserve

The capital redemption reserve represents the previous purchases of company ordinary shares.

Profit and loss account

The profit and loss account represents accumulated profits and losses of the Company since incorporation less dividends paid.


29.


Pension commitments

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.

Page 32

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

30.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Land and buildings


Not later than 1 year
339,502
340,534

Later than 1 year and not later than 5 years
403,281
97,414

742,783
437,948

2023
2022

£
£

Other


Not later than 1 year
411,337
416,347

Later than 1 year and not later than 5 years
420,147
696,344

Later than 5 years
-
408

831,484
1,113,099


31.


Related party transactions

Included within note 32 to the accounts are advances and credits to the directors during the year.
During the year, the Company made sales to companies in which the directors have a controlling interest amounting to £800,623 
(2022 - £823,475). During the year the Company also made purchases from these companies amounting to £1,012,994 (2022 - £997,475). All transactions are at arm's length. At the year end the Company was owed a net total of £395,258 (2022 - £397,924) by these companies.
During the year the Company made purchases from companies controlled by a close family member amounting to £574,750 
(2022 - £721,954). At the year end the Company owed these companies a total of £20,079 (2022 - £33,126).
During the year the Company was charged by an LLP, of which it is a member, £5,669,261 (2022 - £5,273,842) in respect of employee and management services provided. At the balance sheet date the Company owed £747,095 (2022 - £638,620) to the LLP. Also included within accruals are amounts accrued in respect of services provided by the LLP but not invoiced at the balance sheet date of £Nil (2022 - £33,160).
During the year the Company made purchases from a company under common control amounting to £125,832 
(2022 - £86,343). At the balance sheet date, loan amounts of £6,588,410 (2022 - £6,588,410) were outstanding and included within other debtors from this connected company. The loan is secured against the properties of the connected company. After the year end the Company has refinanced the loan with a repayment date of January 2026.

Page 33

 
LITUANICA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

32.


Transactions with directors

R Apostol
2023
R Sakauskas
2023
R Apostol
2022
R Sakauskas
2022
£
£
£
£
Balance brought forward

15,175

2,480,312

2,758
 
822,306
 
Total advances during the year

59,330

446,540

25,000
 
1,650,600
 
Total credits during the year

(61,750)

(1,669,725)

(12,612)
 
(15,000)
 
Interest

289

42,629

29
 
22,406
 
Balance carried forward
13,044

1,299,756

15,175
 
2,480,312
 

Interest was charged at the HM Revenue & Customs beneficial loan rate.


33.


Controlling party

Rolandas Sakauskas and Ruta Sakauskiene are considered to be the Company's ultimate controlling party.

 
Page 34