IRIS Accounts Productionv24.3.0.55310869981Board of Directors1.4.2331.3.2431.3.2426.7.24falsetruefalsefalsefalsetruefalseAuditors OpinionOrdinary1.00000Ordinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh108699812023-03-31108699812024-03-31108699812023-04-012024-03-31108699812022-03-31108699812022-04-012023-03-31108699812023-03-3110869981ns15:EnglandWales2023-04-012024-03-3110869981ns14:PoundSterling2023-04-012024-03-3110869981ns10:Director12023-04-012024-03-3110869981ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3110869981ns10:SmallEntities2023-04-012024-03-3110869981ns10:Audited2023-04-012024-03-3110869981ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3110869981ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110869981ns10:FullAccounts2023-04-012024-03-311086998112023-04-012024-03-3110869981ns10:OrdinaryShareClass12023-04-012024-03-3110869981ns10:OrdinaryShareClass22023-04-012024-03-3110869981ns5:CurrentFinancialInstruments2024-03-3110869981ns5:CurrentFinancialInstruments2023-03-3110869981ns5:Non-currentFinancialInstruments2024-03-3110869981ns5:Non-currentFinancialInstruments2023-03-3110869981ns5:ShareCapital2024-03-3110869981ns5:ShareCapital2023-03-3110869981ns5:RetainedEarningsAccumulatedLosses2024-03-3110869981ns5:RetainedEarningsAccumulatedLosses2023-03-3110869981ns5:NetGoodwill2023-04-012024-03-3110869981ns5:NetGoodwill2023-03-3110869981ns5:NetGoodwill2024-03-3110869981ns5:NetGoodwill2023-03-3110869981ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3110869981ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3110869981ns5:PlantMachinery2023-03-3110869981ns5:FurnitureFittings2023-03-3110869981ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3110869981ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3110869981ns5:PlantMachinery2023-04-012024-03-3110869981ns5:FurnitureFittings2023-04-012024-03-3110869981ns5:ShortLeaseholdAssetsns5:LandBuildings2024-03-3110869981ns5:LongLeaseholdAssetsns5:LandBuildings2024-03-3110869981ns5:PlantMachinery2024-03-3110869981ns5:FurnitureFittings2024-03-3110869981ns5:ShortLeaseholdAssetsns5:LandBuildings2023-03-3110869981ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3110869981ns5:PlantMachinery2023-03-3110869981ns5:FurnitureFittings2023-03-3110869981ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3110869981ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3110869981ns10:OrdinaryShareClass12024-03-3110869981ns10:OrdinaryShareClass22024-03-3110869981ns5:RetainedEarningsAccumulatedLosses2023-03-3110869981ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31

REGISTERED NUMBER: 10869981 (England and Wales)
















Financial Statements for the Year Ended 31 March 2024

for


LUK Hospitalities Limited


LUK Hospitalities Limited (Registered number: 10869981)







Contents of the Financial Statements

for the Year Ended 31 March 2024





Page



Balance Sheet  

1



Notes to the Financial Statements  

2




LUK Hospitalities Limited (Registered number: 10869981)


Balance Sheet

31 March 2024



31.3.24

31.3.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

4

141,633


182,095



Tangible assets

5

4,620,310


4,659,451



4,761,943


4,841,546




CURRENT ASSETS

Stocks

6

12,464


22,594



Debtors

7

30,513


29,220



Cash at bank and in hand

8

1,326,551


335,100



1,369,528


386,914



CREDITORS

Amounts falling due within one year

9

820,698


573,226



NET CURRENT ASSETS/(LIABILITIES)

548,830


(186,312

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

5,310,773


4,655,234




CREDITORS

Amounts falling due after more than one

year

10

(32,483

)

(74,719

)



PROVISIONS FOR LIABILITIES

11

(166,018

)

-



NET ASSETS

5,112,272


4,580,515




CAPITAL AND RESERVES

Called up share capital

12

4,636,000


4,636,000



Retained earnings

13

476,272


(55,485

)


SHAREHOLDERS' FUNDS

5,112,272


4,580,515




The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


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 26 July 2024  and were signed on its behalf by:




N Chatterjee - Director



LUK Hospitalities Limited (Registered number: 10869981)


Notes to the Financial Statements

for the Year Ended 31 March 2024


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.



Intangible assets

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

Government grants
Government grants are recognized at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received. Compensation for costs already incurred or for immediate financial support, with no future related costs, should be recognized as income in the period it is receivable A grant receivable as compensation for costs already incurred or for immediate financial support, with no future related costs, is recognized as income in the period in which it is receivable.


LUK Hospitalities Limited (Registered number: 10869981)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


2.

ACCOUNTING POLICIES - continued



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.



Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognized in profit or loss except that a charge attributable to an item of income and expense recognized as other comprehensive income or to an item recognized directly in equity is also recognized 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 recognized 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; and
-Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met

Deferred tax balances are not recognized in respect of permanent differences except in respect of business
combinations, when deferred tax is recognized 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.


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.


Operating leases: the company as lessee


Rentals paid under operating leases are charged to the Profit and Loss Account on a straight-line basis over the lease term.



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.


LUK Hospitalities Limited (Registered number: 10869981)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


2.

ACCOUNTING POLICIES - continued



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.



Cash at bank and cash in hand


Cash at Bank and Cash in hand comprise cash balances and call deposits.



Impairment


Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognized in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.



Provisions


Provisions are recognized when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.



Loans and borrowings


Loans and borrowings are initially recognized at the transaction price including transaction costs. Subsequently, they are measured at amortized cost using the effective interest rate method.



Current and non-current


The company classifies assets as the current assets wherever it expects to realize the asset or intends to sell or consume it in its normal operating cycle or within twelve months after the reporting period. All other assets are classified as non-current assets. The company disclose the amount due after more than one year in the notes to the financial statements and disclosure on the face of the balance sheet is not required.


The company classifies liabilities as the current liabilities wherever it expects to settle the liabilities in its normal operating cycle or within twelve months after the reporting period or does not have an unconditional right to defer the settlement of the liabilities for at least twelve months after the reporting period. All other liabilities are classified as non-current liabilities.



Interest expenses and interest income


Interest income is recognized using the effective interest method.


Interest expense and similar charges are expensed in the profit and loss statement on the period in which they are incurred, except to the extent that they are capitalized as being attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to be prepared for its intended use or sale. The interest component of finance lease payments is recognized in the profit and loss statement using the effective interest method.


LUK Hospitalities Limited (Registered number: 10869981)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 28 (2023 - 33 ) .


4.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 April 2023


and 31 March 2024

687,808




AMORTISATION


At 1 April 2023

505,713




Amortisation for year

40,462




At 31 March 2024

546,175




NET BOOK VALUE


At 31 March 2024

141,633




At 31 March 2023

182,095




5.

TANGIBLE FIXED ASSETS


Fixtures



Leasehold


Long


Plant and


and



improvements


leasehold


machinery


fittings


Totals

£   

£   

£   

£   

£   



COST


At 1 April 2023

9,456


4,636,675


182,998


268,548


5,097,677




Additions

45,820


-


25,234


7,887


78,941




Disposals

-


-


-


(12,520

)

(12,520

)



At 31 March 2024

55,276


4,636,675


208,232


263,915


5,164,098




DEPRECIATION


At 1 April 2023

363


247,242


87,267


103,354


438,226




Charge for year

5,603


46,611


28,834


24,514


105,562




At 31 March 2024

5,966


293,853


116,101


127,868


543,788




NET BOOK VALUE


At 31 March 2024

49,310


4,342,822


92,131


136,047


4,620,310




At 31 March 2023

9,093


4,389,433


95,731


165,194


4,659,451




6.

STOCKS


31.3.24


31.3.23

£   

£   



Inventory

12,464


22,594




LUK Hospitalities Limited (Registered number: 10869981)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


7.

DEBTORS


31.3.24


31.3.23

£   

£   



Amounts falling due within one year:


Trade debtors

-


10,501




Other debtors

351


864




Prepayments and accrued income

30,162


12,855



30,513


24,220





Amounts falling due after more than one year:


Prepayments and accrued income

-


5,000





Aggregate amounts

30,513


29,220




8.

CASH AT BANK AND IN HAND




31.3.24


31.3.23




£   


£   




Cash at bank


107,429


325,406




Cash in hand


13,507


9,694




Deposits at bank


1,205,615


-





1,326,551


335,100




*Short-term deposits are available on demand with an annual interest rate of 3.76% p.a.


9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.3.24


31.3.23

£   

£   



VAT payable

106,906


66,185




Trade creditors

182,637


122,168




Amounts owed to group undertakings

59,164


159,768




Corporate tax

194,394


-




Social security and other taxes

12,631


7,079




Other creditors

128,938


26,229




Bank term loan- Current

42,675


155,636




Accruals and Deferred Income

93,353


36,161



820,698


573,226




10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



31.3.24


31.3.23

£   

£   



Bank term loan- non-current

32,483


74,719




LUK Hospitalities Limited (Registered number: 10869981)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


11.

PROVISIONS FOR LIABILITIES


31.3.2431.3.23
£   £   
Deferred tax166,018-

12.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.3.24


31.3.23


value:

£   

£   



4,500,000

Ordinary

£ 1

4,500,000


4,500,000




136,000

Ordinary

£ 1

136,000


136,000



4,636,000


4,636,000




13.

RESERVES


Retained


earnings

£   




At 1 April 2023

(55,485

)



Profit for the year

531,757




At 31 March 2024

476,272




14.

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 PBG Associates Limited and the Senior Statutory auditor was Mr Dipak Patel.



LUK Hospitalities Limited (Registered number: 10869981)


Notes to the Financial Statements - continued

for the Year Ended 31 March 2024


15.

RELATED PARTY DISCLOSURES



The following are transactions and the balance with related parties for the year and as on 31 March 2024 respectively.




Year Ended 31-03-2024


Year Ended 31-03-2023




Profit & Loss

statement

(Transactions)


Relationship


Revenue


Expenses/C

ost of sales


Revenue


Expenses/C

ost of sales




N C Hospitalities Ltd


Entity where

relative of

KMP/director

has

significant

control


-


564,913


-


38,225




Luxmi Tea Co. Pvt Ltd


Parent

Company


-


2,800


-


2,800




Neelabha chatterjee


Director


-


115,841


-


75,086




Basab Majumdar


Director


-


22,000


-


-





Year Ended 31-03-2024


Year Ended 31-03-2023




Balances


Relationship


Receivable


Payable


Receivable


Payable




N C Hospitalities Ltd


Entity where

relative of

KMP/director

has

significant

control


-


(162,161

)

-


(159,734

)



Luxmi Tea Co. Pvt Ltd


Parent

Company


-


(52,834

)

-


(35

)



Neelabha Chatterjee


Director


-


(6,330

)

-


(706

)




16.

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.


17.

PREVIOUS YEAR FIGURES



The previous year figures have been regrouped/reclassified/rearranged wherever considered necessary to facilitate comparison with current year figures.


*The reclassification involves shifting a sum of GBP 38,225  previously designated under "Administrative cost," to now fall under the category of "Cost of sales ” representing Catering charges.