Company registration number 06039210 (England and Wales)
NORIYOSHI HORIUCHI LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
NORIYOSHI HORIUCHI LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
NORIYOSHI HORIUCHI LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,743
4,030
Current assets
Stocks
2,960,462
2,907,739
Debtors
4
910,938
531,480
Cash at bank and in hand
2,061,076
1,083,517
5,932,476
4,522,736
Creditors: amounts falling due within one year
5
(8,597,921)
(5,816,957)
Net current liabilities
(2,665,445)
(1,294,221)
Net liabilities
(2,657,702)
(1,290,191)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(2,657,802)
(1,290,291)
Total equity
(2,657,702)
(1,290,191)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 14 March 2024
N Horiuchi
Director
Company Registration No. 06039210
NORIYOSHI HORIUCHI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Noriyoshi Horiuchi Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The balance sheet is currently insolvent, however due to the ongoing support from the family of the director, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of storage fees and overheads incurred in bringing the stocks to their present location.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

 

NORIYOSHI HORIUCHI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

NORIYOSHI HORIUCHI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
4
4
NORIYOSHI HORIUCHI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
29,025
Additions
5,422
At 31 December 2022
34,447
Depreciation and impairment
At 1 January 2022
24,995
Depreciation charged in the year
1,709
At 31 December 2022
26,704
Carrying amount
At 31 December 2022
7,743
At 31 December 2021
4,030
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
614,455
64,334
Other debtors
296,483
467,146
910,938
531,480

2021 figures have been restated, please see note 10 for further details.

5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
379,219
430,208
Taxation and social security
18,691
12,834
Other creditors
8,200,011
5,373,915
8,597,921
5,816,957

2021 figures have been restated, please see note 10 for further details.

NORIYOSHI HORIUCHI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Financial commitments, guarantees and contingent liabilities

At the date of the balance sheet, the company had an outstanding commitment of £242 (2021: £242) due in relation to employers pension costs.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
11,800
22,004
9
Directors' transactions

During the year net amounts of £154,700 were withdrawn by the director (2021: £210,589 withdrawn by the director).

 

The amount due to the director at the balance sheet date was £109,816 (2021: £264,515).

 

The loan is interest free and has no fixed repayment date.

10
Prior year restated

The 2021 figures have been restated to remove a trade debtor amount of £772,873 which had been paid during 2021 but not offset against the trade debtor balance. Sales have been restated for the same amount of £772,873 to remove the trade debtor receipt posted to sales in error.

 

An adjustment of £772,873 has also been made to reduce purchases and other creditors, to remove incorrect postings made in error to these headings in 2021.

2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityN Horiuchifalse060392102022-01-012022-12-31060392102022-12-31060392102021-12-3106039210core:OtherPropertyPlantEquipment2022-12-3106039210core:OtherPropertyPlantEquipment2021-12-3106039210core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106039210core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3106039210core:CurrentFinancialInstruments2022-12-3106039210core:CurrentFinancialInstruments2021-12-3106039210core:ShareCapital2022-12-3106039210core:ShareCapital2021-12-3106039210core:RetainedEarningsAccumulatedLosses2022-12-3106039210core:RetainedEarningsAccumulatedLosses2021-12-3106039210bus:Director12022-01-012022-12-3106039210core:FurnitureFittings2022-01-012022-12-31060392102021-01-012021-12-3106039210core:OtherPropertyPlantEquipment2021-12-3106039210core:OtherPropertyPlantEquipment2022-01-012022-12-3106039210core:WithinOneYear2022-12-3106039210core:WithinOneYear2021-12-3106039210bus:PrivateLimitedCompanyLtd2022-01-012022-12-3106039210bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3106039210bus:FRS1022022-01-012022-12-3106039210bus:AuditExempt-NoAccountantsReport2022-01-012022-12-3106039210bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP