Company registration number 01511075 (England and Wales)
KINOKUNIYA PUBLICATIONS SERVICE OF LONDON CO., LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
KINOKUNIYA PUBLICATIONS SERVICE OF LONDON CO., LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
KINOKUNIYA PUBLICATIONS SERVICE OF LONDON CO., LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
863
2,274
Current assets
Debtors
6
136,703
48,411
Cash at bank and in hand
758,609
1,416,365
895,312
1,464,776
Creditors: amounts falling due within one year
5
(40,585)
(629,368)
Net current assets
854,727
835,408
Total assets less current liabilities
855,590
837,682
Provisions for liabilities
(264)
(264)
Net assets
855,326
837,418
Capital and reserves
Called up share capital
7
50,000
50,000
Profit and loss reserves
805,326
787,418
Total equity
855,326
837,418
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
K Kunishige
Director
Company registration number 01511075 (England and Wales)
KINOKUNIYA PUBLICATIONS SERVICE OF LONDON CO., LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2022
50,000
768,986
818,986
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
18,432
18,432
Balance at 31 May 2023
50,000
787,418
837,418
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
17,908
17,908
Balance at 31 May 2024
50,000
805,326
855,326
KINOKUNIYA PUBLICATIONS SERVICE OF LONDON CO., LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Kinokuniya Publications Service of London Co., Limited is a private company limited by shares incorporated in England and Wales. The registered office is New Broad Street House, 35 New Broad Street, London, EC2M 1NH.
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
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As the company acts as an agent of the parent company, the prospects of the company depend on the parent company. As a consequence, the directors do not prepare forecasts for the company. The parent company has issued a letter of support to the company, communicating its intentions to continue with the existing operations of the company in the foreseeable future and to provide financial support as necessary. Having made enquiries, the directors are of the opinion that the parent company has sufficient resources to provide its support. Thus the directors continue 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.
Turnover in respect of services provided to the parent company is calculated as attributable costs plus a mark-up in accordance with the agreement between the company and its parent company.
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. 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.
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:
Office equipment
25% straight line
Fixtures and fittings
20% straight line
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.
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.
KINOKUNIYA PUBLICATIONS SERVICE OF LONDON CO., LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
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.
Classification of financial liabilities
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.
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KINOKUNIYA PUBLICATIONS SERVICE OF LONDON CO., LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.9
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.
1.10
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.11
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.
1.12
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.
KINOKUNIYA PUBLICATIONS SERVICE OF LONDON CO., LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
4
Tangible fixed assets
Office equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2023
18,832
3,842
22,674
Disposals
(2,613)
(74)
(2,687)
At 31 May 2024
16,219
3,768
19,987
Depreciation and impairment
At 1 June 2023
16,558
3,842
20,400
Depreciation charged in the year
1,411
1,411
Eliminated in respect of disposals
(2,613)
(74)
(2,687)
At 31 May 2024
15,356
3,768
19,124
Carrying amount
At 31 May 2024
863
863
At 31 May 2023
2,274
2,274
KINOKUNIYA PUBLICATIONS SERVICE OF LONDON CO., LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,690
7,145
Amounts owed to group undertakings
595,849
Corporation tax
6,752
4,962
Other taxation and social security
5,729
Other creditors
130
126
Accruals and deferred income
19,284
21,286
40,585
629,368
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
101,585
Other debtors
16,784
30,578
Prepayments and accrued income
18,334
17,833
136,703
48,411
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
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:
2024
2023
£
£
Total commitments
30,805
31,585
9
Related party transactions
The company has taken advantage of the exemptions provided by FRS 102 Section 33.1A, not to disclose transactions and outstanding balances with other entities that form part of the Kinokuniya Company Ltd group and they are wholly owned, directly or indirectly, by Kinokuniya Company Ltd.
KINOKUNIYA PUBLICATIONS SERVICE OF LONDON CO., LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
10
Parent company
The company's immediate and ultimate parent company and controlling entity is Kinokuniya Company Ltd, a company incorporated in Japan. Kinokuniya Company Ltd heads the largest and smallest group of which Kinokuniya Publication Service of London Co., Limited is a member. Parent company accounts can be obtained from 17-7, Shinjuku 3 Chome Shinjuku, Tokyo 163-8636, Japan.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Nikolaos Ioannidis
Statutory Auditor:
Shaw Gibbs (Audit) Limited
2024-05-312023-06-01false30 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedM TakaiK MoriS OnoK Kunishigefalsefalse015110752023-06-012024-05-31015110752024-05-31015110752023-05-3101511075core:PlantMachinery2024-05-3101511075core:FurnitureFittings2024-05-3101511075core:PlantMachinery2023-05-3101511075core:FurnitureFittings2023-05-3101511075core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3101511075core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3101511075core:CurrentFinancialInstruments2024-05-3101511075core:CurrentFinancialInstruments2023-05-3101511075core:ShareCapital2024-05-3101511075core:ShareCapital2023-05-3101511075core:RetainedEarningsAccumulatedLosses2024-05-3101511075core:RetainedEarningsAccumulatedLosses2023-05-3101511075core:ShareCapital2022-05-3101511075core:RetainedEarningsAccumulatedLosses2022-05-31015110752022-05-3101511075bus:Director42023-06-012024-05-3101511075core:RetainedEarningsAccumulatedLosses2022-06-012023-05-31015110752022-06-012023-05-3101511075core:RetainedEarningsAccumulatedLosses2023-06-012024-05-3101511075core:PlantMachinery2023-06-012024-05-3101511075core:FurnitureFittings2023-06-012024-05-3101511075core:PlantMachinery2023-05-3101511075core:FurnitureFittings2023-05-31015110752023-05-3101511075bus:PrivateLimitedCompanyLtd2023-06-012024-05-3101511075bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3101511075bus:FRS1022023-06-012024-05-3101511075bus:Audited2023-06-012024-05-3101511075bus:Director12023-06-012024-05-3101511075bus:Director22023-06-012024-05-3101511075bus:Director32023-06-012024-05-3101511075bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP