Company Registration No. 08873973 (England and Wales)
Umezushi Ltd
Unaudited accounts
for the year ended 28 February 2023
Umezushi Ltd
Company Information
for the year ended 28 February 2023
Company Number
08873973 (England and Wales)
Registered Office
6 Whitehall Close
Borehamwood
Hertfordshire
WD6 1GL
United Kingdom
Accountants
K-VS Solutions
6 Whitehall Close
Borehamwood
WD6 1GL
Umezushi Ltd
Statement of financial position
as at 28 February 2023
Tangible assets
3,603
12,617
Cash at bank and in hand
3,088
9,210
Creditors: amounts falling due within one year
(108,030)
(139,392)
Net current assets
8,899
4,322
Total assets less current liabilities
12,602
17,039
Creditors: amounts falling due after more than one year
(34,762)
(42,380)
Net liabilities
(22,160)
(25,341)
Called up share capital
100
100
Profit and loss account
(22,260)
(25,441)
Shareholders' funds
(22,160)
(25,341)
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 October 2023 and were signed on its behalf by
C L Huang
Director
Company Registration No. 08873973
Umezushi Ltd
Notes to the Accounts
for the year ended 28 February 2023
Umezushi Ltd is a private company, limited by shares, registered in England and Wales, registration number 08873973. The registered office is 6 Whitehall Close, Borehamwood, Hertfordshire, WD6 1GL, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the Companies Act 2006 and the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling and all amounts are rounded to the nearest £.
At the year end, the company had negative shareholders' funds of £22,160 (2022: £25,341). At the time of signing these accounts the Director is of the opinion that the Company will remain viable for the foreseeable future and is willing to support it as and when needed, and therefore these Financial Statements have been prepared on the Going Concern basis.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been provided and consumed by customers.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
15% reducing balance basis
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.
These accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirement to produce such a statement.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/ completion.
Umezushi Ltd
Notes to the Accounts
for the year ended 28 February 2023
The company only has basic financial instruments. Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.
4
Intangible fixed assets
Goodwill
At 28 February 2023
40,749
At 28 February 2023
40,749
Umezushi Ltd
Notes to the Accounts
for the year ended 28 February 2023
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2022
34,434
-
34,434
Disposals
(34,434)
-
(34,434)
At 28 February 2023
-
4,239
4,239
At 1 March 2022
21,817
-
21,817
Charge for the year
-
636
636
On disposals
(21,817)
-
(21,817)
At 28 February 2023
-
636
636
At 28 February 2023
-
3,603
3,603
At 28 February 2022
12,617
-
12,617
6
Investments
Subsidiary undertakings
Valuation at 1 March 2022
100
Valuation at 28 February 2023
100
Amounts falling due within one year
Trade debtors
50,423
1,405
Amounts due from group undertakings etc.
56,677
106,446
Deferred tax asset
4,656
6,066
Umezushi Ltd
Notes to the Accounts
for the year ended 28 February 2023
9
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
7,051
7,016
Trade creditors
7,754
7,339
Taxes and social security
-
(15)
Other creditors
14,177
23,442
Loans from directors
78,123
101,452
The director's loan is interest free and repayable on demand.
10
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
12
Transactions with related parties
During the year, the following transactions took place with related parties:
Kitchen In An Arch Ltd (common control)
During the year, Umezushi Ltd made purchases on behalf of Kitchen In An Arch Ltd totalling £9,639 (2022: £22,990). At the year end, Kitchen In An Arch Ltd owed Umezushi Ltd £56,677 (2022: £106,446). The outstanding balance is payable on demand, interest free and not secured.
13
Average number of employees
During the year the average number of employees was 1 (2022: 2).