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Registered number: 12207458









SHORYU FRANCHISE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SHORYU FRANCHISE LIMITED
REGISTERED NUMBER: 12207458

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
25,490
18,694

Cash at bank and in hand
  
86,653
20,565

  
112,143
39,259

Creditors: amounts falling due within one year
 5 
(186,219)
(172,940)

Net current liabilities
  
 
 
(74,076)
 
 
(133,681)

Total assets less current liabilities
  
(74,076)
(133,681)

  

Net liabilities
  
(74,076)
(133,681)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(74,176)
(133,781)

  
(74,076)
(133,681)


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 statement of income and retained earnings 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 on 10 August 2024.




K Tokumine
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
SHORYU FRANCHISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Shoryu Franchise Limited is a private company limited by shares incorporated in England and Wales.
The registered office is Unit B, Premier Park, Premier Park Road, London, United Kingdom, NW10 7NZ.
The principal activity is that of a franchisor, which grants a licence (franchise) to another business (franchisee) to allow it operate using the trade marks, systems and intellectual property.

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

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
The company has net current liabilities of £74,076 
(2022 - £133,681) and has made a net profit of £59,605 (2022 net loss - £44,366)
Included in the amounts falling due within one year is £150,900 due to the parent company. The parent company have provided assurance via a letter of support that it will not seek repayment of the amounts owed at least on or after 12 months from the audit report date or when the company is in a position to repay the liabilities as this is in the best interest of the group as a whole.
In common with similar businesses in the hospitaity sector, challenging trading environment presented by unforeseen post pandemic events such as the energy crisis, interest rate crisis, change in city working patterns, have significant impact on footfall and customer spend levels, which in turn has an impact on overall group results. Whilst it is difficult to predict the longevity and future such occurrences, the directors have implemented measures for the business to mitigate their impact, adopt and sustain profitability and growth in the medium to long term.
The group has prepared cash flow forecasts until July 2025, under the current economic conditions and based on the key assumptions that the resaurants will remain open for the foreseeable future and general footfall is expected to increase.
The forecasts incorporate profit improvement measures including controlling energy costs and securing favourable fixed prices, general cost efficiencies, and marketing campaigns to drive footfall.
The directors are confident regarding the company's and group's long-term prospects and profitability. It is however difficult to assess the impact of any other unexpected disruptions.

Page 2

 
SHORYU FRANCHISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.4

Revenue

Revenue is 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.
Franchise fees are generally calculated as a percentage of gross sales income and is recognised in line with the franchisee's product sales in accordance with the relevant agreement.

 
2.5

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.

 
2.6

Taxation

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

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.

Page 3

 
SHORYU FRANCHISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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 from banks and other third parties, loans to related parties and investments in ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances 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.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
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) 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.


3.


Employees




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

Page 4

 
SHORYU FRANCHISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

As restated
2023
2022
£
£


Trade debtors
24,733
14,381

Amounts owed by group undertakings
-
3,405

Prepayments
757
908

25,490
18,694



5.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
1,392
2,399

Amounts owed to group undertakings
150,982
151,955

Corporation tax
18,392
-

Taxation and social security
6,440
4,836

Accruals
9,013
13,750

186,219
172,940



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary Shares shares of £1.00 each
100
100


Page 5

 
SHORYU FRANCHISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Prior year adjustment

The comparative information in the financial statements has been restated from the figures previously reported in the prior year financial statements as follows:
A prior year restatement was necessary to reclassify trade debtors of £2,462 which were previously included in amounts owed by group undertakings. This adjustment resulted in an increase in trade debtors previously reported of £2,462 and a decrease in amounts owed by group undertakings of the same amount.
A second prior year restatement was necessary to reclassify trade creditors of £938 which were previously included in amounts owed to group undertakings. This adjustment resulted in an increase in trade creditors previously reported of £938 and a decrease in amounts owed to group undertakings of the same amount.
These adjustments had no impact on net assets or profit for the year.


8.


Related party transactions

Where possible, the Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.
During the year the Company entered into the following transactions with related parties:


2023
2022
£
£

Purchases
4,700
531
Sales
26,072
5,867
Amounts due to related parties at the reporting end date
985
531
Amounts due from related parties at the reporting end date
6,987
5,867


9.


Controlling party

The Company's parent and ultimate parent is Shoryu Holdings Limited, incorporated in United Kingdom.
The parent of the largest group in which these financial statements are consolidated is Shoryu Holdings Ltd, incorporated in United Kingdom and the consolidated financial statements can be available from Companies House using the company's registration number 08251749.


10.


Auditors' information

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

The audit report was signed on 10 August 2024 by Geeta Morgan FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 6