Company registration number: 08408268
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their Strategic Report and audited financial statements for the period ended 31 March 2025.
In the period under review, the Company operated as a holding company and provided funding to fellow group companies.
LSL Capital Limited is a 85.45% subsidiary of LSL Holdings Private Limited based in India. The Company has a wholly owned UK based subsidiary; S Fiori Limited, which operates as a high-end Indian restaurant under the trading name of "Jamavar". Additionally, the Company holds 50% of the Ordinary share capital in SMD Concepts Limited, which also operates as a high-end Indian restaurant under the trading name of "Bombay Bustle". Both restaurants, plus other restaurants operated by S. Fiori Limited's subsidiaries, operate in Mayfair, London.
In the period under review, the Company has continued to provide funding to the wider Group to enable new restaurants to operate in their early years of incorporation.
LSL Capital Limited is a 85.45% subsidiary of LSL Holdings Private Limited based in India. The Company has a wholly owned UK based subsidiary; S Fiori Limited, which operates as a high-end Indian restaurant under the trading name of "Jamavar". Additionally, the Company holds 50% of the Ordinary share capital in SMD Concepts Limited, which also operates as a high-end Indian restaurant under the trading name of "Bombay Bustle". Both restaurants, plus other restaurants operated by S. Fiori Limited's subsidiaries, operate in Mayfair, London.
In the period under review, the Company has continued to provide funding to the wider Group to enable new restaurants to operate in their early years of incorporation.
The company's financial instruments comprise cash and liquid resources in the form debtors, creditors and Shareholder Loans. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company's financial instruments are liquidity risk and market risk.
Liquidity Risk
The company has to manage the financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by rolling credit facility and support from its shareholders.
Market Risk
The group in which the Company is part of operates in a competitive market with constant pressure on margins. This risk is managed by continuing efforts to improve efficiency and reduce costs. The success of the group will be determined by the quality of it's people, food, services and cleanliness. Despite the competitive environment and upward cost pressure we will not be willing to compromise on the quality of our service.
Liquidity Risk
The company has to manage the financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by rolling credit facility and support from its shareholders.
Market Risk
The group in which the Company is part of operates in a competitive market with constant pressure on margins. This risk is managed by continuing efforts to improve efficiency and reduce costs. The success of the group will be determined by the quality of it's people, food, services and cleanliness. Despite the competitive environment and upward cost pressure we will not be willing to compromise on the quality of our service.
The Company holds investments in subsidiary companies and loans from the ultimate parent company in order to facilitate funding throughout the wider group. In the opinion of the directors there are no key performance indicators that are used to measure the Company's performance for the period.
This report was approved by the board and signed on its behalf.
Page 1
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £5,958,136 (2024 - loss £300,755).
There were no dividends paid during the period (2024 - £NIL). The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
The directors will continue to look for appropriate opportunities to expand the group by facilitating the set up of new high-end restaurants situated around Mayfair, London.
Page 2
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 3
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LSL CAPITAL LIMITED
We have audited the financial statements of LSL Capital Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LSL CAPITAL LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LSL CAPITAL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting
legislation. We determined that the following laws and regulations were most significant including:
∙Companies Act 2006;
∙UK tax legislation; and
∙Financial Reporting Standard 102;
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related
financial statement items.
financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to
management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review
of board minutes.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might
occur. Audit procedures performed by the engagement team included:
occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process;
other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation
for fraud and identified the greatest potential for fraud in the following areas:
for fraud and identified the greatest potential for fraud in the following areas:
∙Posting of unusual journals and complex transactions; or
∙The use of management override.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.icaew.com /regulation. This description forms part of our Auditor's Report.
Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LSL CAPITAL LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
Page 7
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
Page 8
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 18 form part of these financial statements.
Page 9
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 10
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
LSL Capital Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The prior period of accounts covers the thirteen month period between 1 March 2023 and 31 March 2024. The current accounting period is to the year ended 31 March 2025 and as such, the current period and prior period are not directly comparable.
3.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of LSL Holdings Private Limited as at 31 March 2025 and these financial statements may be obtained from 703, Leela Business Park, Andheri - Kurla Road, Andheri (East), Mumbai - 400059, India..
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
The financial statements have been prepared on a going concern basis on the assumption that the company will continue to trade for the foreseeable future. The Directors have made appropriate enquiries consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future. The ultimate parent company has confirmed continued support for the company and will continue to provide support in order for the Company to meet its liabilities as they fall due for a period of at least 12 months following the signing of these financial statements. Consequently, the Directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements.
Page 11
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 12
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3.Accounting policies (continued)
Page 13
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Changes in tax rates and losses have possible effects on future tax charges.
The company has trading losses carried forward which is can utilise against future profits.
The company has trading losses carried forward which is can utilise against future profits.
Page 14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
Page 15
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
On 29 April 2024, 5,789 Ordinary shares were allotted for a nominal value of £1 each. The amount paid was £696.74 per share. On 13 May 2024, a further 1,232 Ordinary shares were allotted for a nominal value of £1 each. The amount paid was £646.61 per share.
On 1 October 2024, 11,570,502 Preference shares were allotted for a nominal value of £1 each. The amount paid was £1.
On 1 October 2024, 11,570,502 Preference shares were allotted for a nominal value of £1 each. The amount paid was £1.
Share premium account
Profit and loss account
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 18