REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
TOKYO INDUSTRIES (ULTIMATE) LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDER FUNDS |
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 |
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 |
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 |
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 |
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 |
Additions |
Reclassification/transfer |
At 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1st January 2022 |
and 31st December 2022 | 384,413 |
PROVISIONS |
At 1st January 2022 |
and 31st December 2022 | - | 245,699 | 245,699 |
NET BOOK VALUE |
At 31st December 2022 | 138,714 |
At 31st December 2021 | 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 |
Revaluations | (3,299,435 | ) |
Reclassification/transfer | (1,300,565 | ) |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
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 |
Amounts owed by group undertakings |
Other debtors |
Tokyo debtors | 1,824,010 | 1,639,339 |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | - | 93,807 |
Other creditors |
Tokyo creditors | 1,314,700 | 4,831,133 |
Directors' current accounts | 5,596,126 | 5,233,882 |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Accruals and deferred income |
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 |
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: | £ | £ |
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. |