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Registered number: 11036607












KANPAI (LONDON) FOOD AND BEVERAGE MANAGEMENT CO., LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 

KANPAI (LONDON) FOOD AND BEVERAGE MANAGEMENT CO., LTD

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
151,879
-

Current assets
  

Debtors: amounts falling due within one year
 5 
618,687
3,835

Cash at bank and in hand
  
2,214,718
634,067

  
2,833,405
637,902

Creditors: amounts falling due within one year
 6 
(18,555)
(20,536)

Net current assets
  
 
 
2,814,850
 
 
617,366

Total assets less current liabilities
  
2,966,729
617,366

  

Net assets
  
2,966,729
617,366


Capital and reserves
  

Called up share capital 
 7 
4,000,000
1,500,000

Profit and loss account
  
(1,033,271)
(882,634)

Total equity
  
2,966,729
617,366


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Low
Director

Date: 13 March 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 

KANPAI (LONDON) FOOD AND BEVERAGE MANAGEMENT CO., LTD

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1,500,000
(756,860)
743,140



Loss for the year
-
(125,774)
(125,774)



At 1 January 2023
1,500,000
(882,634)
617,366



Loss for the year
-
(150,637)
(150,637)


Contributions by and distributions to owners

Shares issued during the year
2,500,000
-
2,500,000


At 31 December 2023
4,000,000
(1,033,271)
2,966,729


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 

KANPAI (LONDON) FOOD AND BEVERAGE MANAGEMENT CO., LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private company limited by shares incorporated in England and Wales. The address of its registered office is 151 Wardour Street, London, United Kingdom, W1F 8WE.
The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabliities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. The directors have received a letter of support from its parent company Kanpai Co. Ltd, pledging financial support for a period of 12 months after the approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign exchange gains and losses are included within administrative expenses.

Page 3

 

KANPAI (LONDON) FOOD AND BEVERAGE MANAGEMENT CO., LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Tangible fixed assets are only depreciated when the asset becomes ready for use.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty
on notice of not more than 24 hours.

  
2.7

Share capital

Ordinary shares are classified as equity.


2.8

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 4

 

KANPAI (LONDON) FOOD AND BEVERAGE MANAGEMENT CO., LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 5

 

KANPAI (LONDON) FOOD AND BEVERAGE MANAGEMENT CO., LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2). 


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost


Additions
150,708
1,171
151,879



At 31 December 2023

150,708
1,171
151,879






Net book value



At 31 December 2023
150,708
1,171
151,879



At 31 December 2022
-
-
-

Page 6

 

KANPAI (LONDON) FOOD AND BEVERAGE MANAGEMENT CO., LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Other debtors
618,687
1,335

Prepayments and accrued income
-
2,500

618,687
3,835



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
266
-

Other taxation and social security
2,475
2,575

Other creditors
4,714
4,661

Accruals and deferred income
11,100
13,300

18,555
20,536



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,000,000 (2022 - 1,500,000) Ordinary shares of £1.00 each
4,000,000
1,500,000


During the year the company issued 2,500,000 Ordinary shares of £1 each.


8.


Capital commitments


At 31 December 2023 the company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
1,084,209
-

Page 7

 

KANPAI (LONDON) FOOD AND BEVERAGE MANAGEMENT CO., LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
252,708
-

Later than 1 year and not later than 5 years
1,573,333
-

Later than 5 years
3,333,333
-

5,159,374
-


10.


Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


11.


Parent undertaking

The smallest group for which consolidated financial statements are drawn up is headed by Kanpai Co., Ltd., a company incorporated in Taiwan whose registered office is No.88, Zhongxiao East Road, Section 2, Zhongzheng District, Taipei City, Taiwan.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 13 March 2024 by Adam Wildbore (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 8