Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-012024-01-01127592falsetrue2023-01-02false175170trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12174720 2023-01-02 2024-01-01 12174720 2022-01-03 2023-01-01 12174720 2024-01-01 12174720 2023-01-01 12174720 2022-01-03 12174720 2 2023-01-02 2024-01-01 12174720 2 2022-01-03 2023-01-01 12174720 d:Director1 2023-01-02 2024-01-01 12174720 e:Buildings e:ShortLeaseholdAssets 2023-01-02 2024-01-01 12174720 e:Buildings e:ShortLeaseholdAssets 2024-01-01 12174720 e:Buildings e:ShortLeaseholdAssets 2023-01-01 12174720 e:PlantMachinery 2023-01-02 2024-01-01 12174720 e:PlantMachinery 2024-01-01 12174720 e:PlantMachinery 2023-01-01 12174720 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-02 2024-01-01 12174720 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-02 2024-01-01 12174720 e:FurnitureFittings 2023-01-02 2024-01-01 12174720 e:FurnitureFittings 2024-01-01 12174720 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Registered number: 12174720














KIBOU RESTAURANTS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 1 JANUARY 2024

 
KIBOU RESTAURANTS LIMITED
REGISTERED NUMBER:12174720

BALANCE SHEET
AS AT 1 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
131,439
170,871

Tangible assets
 5 
2,900,934
2,168,913

Investments
 6 
-
120

  
3,032,373
2,339,904

Current assets
  

Stocks
 7 
109,285
74,819

Debtors: amounts falling due after more than one year
 8 
5,603
-

Debtors: amounts falling due within one year
 8 
289,177
304,226

Cash at bank and in hand
 9 
592,726
472,647

  
996,791
851,692

Creditors: amounts falling due within one year
 10 
(2,178,284)
(2,352,886)

Net current liabilities
  
 
 
(1,181,493)
 
 
(1,501,194)

Total assets less current liabilities
  
1,850,880
838,710

Creditors: amounts falling due after more than one year
 11 
(760,264)
(699,673)

Provisions for liabilities
  

Deferred tax
 14 
-
(327,789)

  
 
 
-
 
 
(327,789)

Net assets/(liabilities)
  
1,090,616
(188,752)


Capital and reserves
  

Called up share capital 
 15 
578,461
500,000

Share premium account
  
971,539
-

Other reserves
  
8,344
5,114

Profit and loss account
  
(467,728)
(693,866)

  
1,090,616
(188,752)


1

 
KIBOU RESTAURANTS LIMITED
REGISTERED NUMBER:12174720
    
BALANCE SHEET (CONTINUED)
AS AT 1 JANUARY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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: 




D Franks
Director

Date: 2 September 2024

2

 
KIBOU RESTAURANTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 1 JANUARY 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
500,000
-
9,689
(234,836)
274,853



Loss for the period
-
-
-
(459,030)
(459,030)
Total comprehensive income for the period
-
-
-
(459,030)
(459,030)


Contributions by and distributions to owners

Share option release
-
-
(4,575)
-
(4,575)


Total transactions with owners
-
-
(4,575)
-
(4,575)



At 2 January 2023
500,000
-
5,114
(693,866)
(188,752)



Profit for the year
-
-
-
226,138
226,138
Total comprehensive income for the year
-
-
-
226,138
226,138


Contributions by and distributions to owners

Shares issued during the year
78,461
971,539
-
-
1,050,000

Share option release
-
-
3,230
-
3,230


Total transactions with owners
78,461
971,539
3,230
-
1,053,230


At 1 January 2024
578,461
971,539
8,344
(467,728)
1,090,616


3

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

1.


General information

Kibou Restaurants Ltd is a private company, limited by shares, registered in England and Wales, registration number 12174720. The registered office address is Eagle Tower, Montpellier Drive, Cheltenham, England, GL50 1TA.
The principal activity of the company is the operation of Japanese restaurants under the "Kibou" brand.

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

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.

 
2.3

Revenue

Revenue is from food and beverage are recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

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.

4

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.  Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

 Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

  Pensions

Defined contribution pension plan

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.

5

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

2.Accounting policies (continued)

 
2.11

  Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.12

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

6

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

2.Accounting policies (continued)

 
2.13

  Intangible assets

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

  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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Plant and machinery
-
10%
Fixtures and fittings
-
10%
Computer equipment
-
33.3%

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

  Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

7

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

2.Accounting policies (continued)

 
2.16

  Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

  Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.18

  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.

 
2.19

  Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans and other third parties are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

  Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.21

  Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

  Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investment in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 175
 (2023 - 170).

8

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

4.


Intangible assets




Other Intangible Assests
Goodwill
Total

£
£
£



Cost


At 2 January 2023
131,440
131,440
262,880



At 1 January 2024
131,440
131,440
262,880



Amortisation


At 2 January 2023
30,670
61,339
92,009


Charge for the year
13,144
26,288
39,432



At 1 January 2024
43,814
87,627
131,441



Net book value



At 1 January 2024
87,626
43,813
131,439



At 1 January 2023
100,770
70,101
170,871



9

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 2 January 2023
1,662,110
186,115
590,045
101,310
2,539,580


Additions
613,150
22,168
303,971
50,683
989,972



At 1 January 2024

2,275,260
208,283
894,016
151,993
3,529,552



Depreciation


At 2 January 2023
214,164
15,821
92,806
47,876
370,667


Charge for the year
127,592
11,630
57,203
30,312
226,737


Charge for the year on financed assets
-
7,781
15,421
8,012
31,214



At 1 January 2024

341,756
35,232
165,430
86,200
628,618



Net book value



At 1 January 2024
1,933,504
173,051
728,586
65,793
2,900,934



At 1 January 2023
1,447,946
170,294
497,238
53,435
2,168,913


6.


Fixed asset investments





Investments in subsidiary companies

£





At 2 January 2023
120


Disposals
(120)



At 1 January 2024
-





10

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

7.


Stocks

2024
2023
£
£

Food and beverage stocks
109,285
74,819



 


8.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
5,603
-


2024
2023
£
£

Due within one year

Other debtors
121,897
97,393

Prepayments and accrued income
167,280
206,833

289,177
304,226



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
592,726
472,647


11

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
128,854
104,677

Trade creditors
358,677
350,257

Other taxation and social security
562,508
442,557

Obligations under finance lease and hire purchase contracts
133,124
84,224

Other creditors
752,474
1,165,728

Accruals and deferred income
242,647
205,443

2,178,284
2,352,886


Hire purchase and finance leases are secured on the assets to which they relate.
Bank loans are secured by personal guarantees from  directors, and fixed charges over all fixed and loose plant and equipment owned by the company.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
509,313
550,419

Net obligations under finance leases and hire purchase contracts
250,951
149,254

760,264
699,673


Hire purchase and finance leases are secured on the assets to which they relate.
Bank loans are secured by personal guarantees from directors, and fixed charges over all fixed and loose plant and equipment owned by the company.


12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
128,854
104,677

Amounts falling due 1-2 years

Bank loans
144,888
107,216

Amounts falling due 2-5 years

Bank loans
309,200
299,537

Amounts falling due after more than 5 years

Bank loans
55,226
143,666

638,168
655,096


12

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
163,213
105,636

Between 1-5 years
300,467
195,940

463,680
301,576


14.


Deferred taxation




2024


£






At beginning of year
(327,789)


Charged to profit or loss
327,789



At end of year
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
443,621
330,077

Tax losses carried forward
(440,450)
-

Short term timing differences
(3,171)
(2,288)

-
327,789


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



578,461 (2023 - 500,000) Ordinary shares of £1.00 each
578,461
500,000

On 16 February 2023, 42,308 Ordinary shares were issued at an aggregate subscription price of £550,004 and an aggregate nominal value of £42,308.
On 25 October 2023, 36,153 Ordinary shares were issued at an aggregate subscription price of £499,996 and an aggregate nominal value of £36,153.



13

 
KIBOU RESTAURANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2024

16.


Share-based payments

The company granted share options during the prior year. They can be exercised any time after three years from the date of grant and before the tenth anniversary of the grant. The fair value was estimated using the Black Scholes pricing model. This was considered to be the most appropriate method due to the short period of time before the options become exercisable. The directors believe that the share options will be exercised soon after entitlement arises.

Weighted average exercise price
2024
Number
2024
Weighted average exercise price
2023
Number
2023

Outstanding at the beginning of the year

1.10

40,539

1.10
 
40,539
 
Outstanding at the end of the year
1.10

40,539

1.10
 
40,539
 

2024
2023

Weighted average share price


1.1

1.10
 
Exercise price


1.1

1.10
 
Expected life


3.00

3.00
 
Expected volatility


0.30

0.30
 
Risk-free rate


0.01

0.01
 

Liabilities and expenses
During the period, the company recognised total share-based payment expenses of £3,230 (2023 - £3,230) which related to equity settled share based payment transactions.


17.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £55,475 (2023 - £41,946). Contributions totalling £12,685 (2023 - £9,154) were payable to the fund at the balance sheet date and are included in creditors.


18.


Related party transactions

Included within other creditors is a balance of £473,571 (2023 - £973,573) due to the directors. The loan is unsecured, interest free and repayable on demand.

 
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