REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
LUK Hospitalities Limited |
REGISTERED NUMBER: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand | 8 |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS/(LIABILITIES) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 11 | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 | ( | ) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LUK Hospitalities Limited (Registered number: 10869981) |
Notes to the Financial Statements |
for the Year Ended 31 March 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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Long | Plant and | and |
improvements | leasehold | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( | ) | ( | ) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Inventory |
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 |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Prepayments and accrued income |
Aggregate amounts |
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 |
Trade creditors |
Amounts owed to group undertakings |
Corporate tax |
Social security and other taxes |
Other creditors |
Bank term loan- Current | 42,675 | 155,636 |
Accruals and Deferred Income |
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 |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 166,018 | - |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £ 1 | 4,500,000 | 4,500,000 |
Ordinary | £ 1 | 136,000 | 136,000 |
4,636,000 | 4,636,000 |
13. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 | ( | ) |
Profit for the year |
At 31 March 2024 |
14. | AUDITORS' INFORMATION |
|
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. |