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REGISTERED NUMBER: 08672303 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

TOKYO INDUSTRIES (ULTIMATE) LIMITED

TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOKYO INDUSTRIES (ULTIMATE) LIMITED

COMPANY INFORMATION
for the Year Ended 31st December 2022







DIRECTORS: Mr A Mellor
Mr M O'Sullivan
Mr P Sinclair
Mr R Halliday





REGISTERED OFFICE: 1 City Road East
Manchester
M15 4PN





REGISTERED NUMBER: 08672303 (England and Wales)





ACCOUNTANTS: KJG
100 Barbirolli Square
Manchester
M2 3BD

TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

BALANCE SHEET
31st December 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 9,175,812 8,640,110
Investments 5 138,714 138,714
Investment property 6 2,650,000 7,250,000
11,964,526 16,028,824

CURRENT ASSETS
Stocks 114,943 70,543
Debtors 7 10,504,505 4,589,417
Cash at bank and in hand 449,566 4,049,140
11,069,014 8,709,100
CREDITORS
Amounts falling due within one year 8 (8,719,850 ) (11,303,781 )
NET CURRENT ASSETS/(LIABILITIES) 2,349,164 (2,594,681 )
TOTAL ASSETS LESS CURRENT LIABILITIES 14,313,690 13,434,143

CREDITORS
Amounts falling due after more than one year 9 (1,123,474 ) (1,367,848 )

PROVISIONS FOR LIABILITIES (245,794 ) (1,093,421 )
NET ASSETS 12,944,422 10,972,874

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12,944,322 10,972,774
SHAREHOLDER FUNDS 12,944,422 10,972,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

BALANCE SHEET - continued
31st December 2022


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2023 and were signed on its behalf by:





Mr A Mellor - Director


TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2022


1. STATUTORY INFORMATION

Tokyo Industries (Ultimate) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 08672303. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD. The principal places of business are as follows:

City Vaults, Klute, Whiskey Down, Riverside
13 Bigg Street Market, Elvet Bridge, 25 Crown Street, Neptune House, 1 Close
Newcastle Upon Tyne, Durham Leeds Newcastle Upon Tyne,
NE1 1UN DH1 3AA LS2 7DA NE1 3RQ

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Tokyo Industries (Ultimate) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of food, drink, admission charges, which are recognised at the point of which the goods or services are provided, rental income which is recognised on a straight line basis over the lease term and machine income, where net takings are recognised as earned.

TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Long leasehold-over the life of the lease
Fixtures and fittings -15% on cost
Freehold property-No depreciation
Yacht-2% on cost

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investments in subsidiaries
In the company balance sheet, investments in subsidiaries are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issues plus fair value of other consideration. Any premium is ignored.

Investment property
Investment properties are valued at fair value, with changes in fair value being recognised in the Profit and Loss Account. The valuation method is based on a discounted cash flow model based on comparable market data. The determined fair value is sensitive to the estimated yield as well as to vacancy rates.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in-first-out principle and includes expenditure in acquiring the stocks, product or conversion costs and other costs in bringing them to their existing location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


2. ACCOUNTING POLICIES - continued
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash at bank and in hand, trade and other debtors, borrowings, and trade and other creditors. The company has chosen to apply the measurement and recognition provisions of Section 11 Basic Financial Instruments.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand. Bank borrowings are included in creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2021 - 40 ) .

TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long and
property leasehold fittings Yacht Totals
£    £    £    £    £   
COST
At 1st January 2022 6,548,108 1,430,823 1,201,553 356,125 9,536,609
Additions - 41,392 248,685 - 290,077
Reclassification/transfer 474,815 - - - 474,815
At 31st December 2022 7,022,923 1,472,215 1,450,238 356,125 10,301,501
DEPRECIATION
At 1st January 2022 - 41,686 820,981 33,832 896,499
Charge for year - 125,591 96,476 7,123 229,190
At 31st December 2022 - 167,277 917,457 40,955 1,125,689
NET BOOK VALUE
At 31st December 2022 7,022,923 1,304,938 532,781 315,170 9,175,812
At 31st December 2021 6,548,108 1,389,137 380,572 322,293 8,640,110

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1st January 2022
and 31st December 2022 138,713 245,700 384,413
PROVISIONS
At 1st January 2022
and 31st December 2022 - 245,699 245,699
NET BOOK VALUE
At 31st December 2022 138,713 1 138,714
At 31st December 2021 138,713 1 138,714

TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


5. FIXED ASSET INVESTMENTS - continued

The following were subsidiary undertakings of the company:


Name

Registered Office
Country of
incorporation
Class of
shares

Holding

Principal Activity

CW Leeds Limited 1 City Road East
Manchester
M15 4PN
England and
Wales
Ordinary 100% Dormant

The Modernaire LLC 803 N Palm Canyon
Drive, Unit 7 Palm
Springs
CA 92262
United States of
America
Ordinary 99.99% Hotel

Hangar 8289 Ibiza, S.L. CL Can Puigdorfila 8
Palma de Mallorca
Baleares
07701
Spain Ordinary 100% Art gallery

Tokyo Industries (PQ)
Ltd
1 City Road East
Manchester
M15 4PN
England and
Wales
Ordinary 100% Retail outlet landlord

Tokyo Industries
(Mayfair) Limited
1 City Road East
Manchester
M15 4PN
England and
Wales
Ordinary 100% Dormant

The following is a subsidiary of Tokyo Industries (PQ) Ltd:

PQ Realty Ltd 1 City Road East
Manchester
M15 4PN
England and
Wales
Ordinary 100% Retail outlet landlord

The financial year end for all of the above subsidiaries incorporated in England and Wales is 31st December 2022.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2022 7,250,000
Revaluations (3,299,435 )
Reclassification/transfer (1,300,565 )
At 31st December 2022 2,650,000
NET BOOK VALUE
At 31st December 2022 2,650,000
At 31st December 2021 7,250,000

TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


6. INVESTMENT PROPERTY - continued

Fair value at 31st December 2022 is represented by:
£   
Valuation in 2015 605,999
Valuation in 2017 260,960
Valuation in 2019 3,938,474
Valuation in 2020 450,000
Valuation in 2023 (3,299,435 )
Cost 694,002
2,650,000

Investment properties, which are a mixture of freehold and leasehold, were revalued to fair value at, 31 December 2020 based on a combination of valuations undertaken by the director and valuations performed by Lloyds Bank.

The method of determining fair value was based on rental yield. There are no restrictions on the realisability of investment property.

Property rental income earned during the year was £181,773 (2021: £240,222). No contingent rents have been recognised as income in the current or prior year.

7. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 223,458 337,333
Amounts owed by group undertakings 1,596,533 2,023,701
Other debtors 5,599,364 15,000
Tokyo debtors 1,824,010 1,639,339
VAT 8,600 -
Prepayments and accrued income 627,482 76,926
9,879,447 4,092,299

Amounts falling due after more than one year:
Other debtors 625,058 497,118

Aggregate amounts 10,504,505 4,589,417

TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 251,165 139,601
Trade creditors 253,132 227,970
Amounts owed to group undertakings 500,000 135,950
Tax 320,796 151,969
Social security and other taxes 4,219 9,972
VAT - 93,807
Other creditors 139 32,956
Tokyo creditors 1,314,700 4,831,133
Directors' current accounts 5,596,126 5,233,882
Accruals and deferred income 479,573 446,541
8,719,850 11,303,781

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans - 1-2 years 257,174 254,085
Bank loans - 2-5 years 722,550 782,727
Bank loans more 5 yr by instal 101,251 281,870
Accruals and deferred income 42,499 49,166
1,123,474 1,367,848

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 101,251 281,870

10. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 1,332,140 1,458,283

Bank overdrafts and loans are secured by way of several fixed and floating charges dated 20 December 2013, 2 January 2014 and 12 August 2021 over the following freehold and leasehold land and buildings:
- 13-15 Bigg Market, Newcastle
- 50 King Street, Huddersfield
- Klute Elvet, Riverside, Durham

TOKYO INDUSTRIES (ULTIMATE) LIMITED (REGISTERED NUMBER: 08672303)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2022


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A Mellor, by virtue of his controlling interest in the company.