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Registered number: 08751457









SHORYU CARNABY STREET LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SHORYU CARNABY STREET LIMITED
REGISTERED NUMBER: 08751457

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
26,383
50,491

  
26,383
50,491

Current assets
  

Stocks
 5 
8,455
10,434

Debtors: amounts falling due within one year
 6 
2,322,576
2,365,269

Cash at bank and in hand
  
447,318
267,611

  
2,778,349
2,643,314

Creditors: amounts falling due within one year
 7 
(520,990)
(551,425)

Net current assets
  
 
 
2,257,359
 
 
2,091,889

Total assets less current liabilities
  
2,283,742
2,142,380

  

Net assets
  
2,283,742
2,142,380


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Share premium account
 9 
44,880
44,880

Profit and loss account
 9 
2,237,862
2,096,500

  
2,283,742
2,142,380


Page 1

 
SHORYU CARNABY STREET LIMITED
REGISTERED NUMBER: 08751457
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 by: 




K Tokumine
Director

Date: 8 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

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

1.


General information

Shoryu Carnaby Street Limited ("The Company") operates a Japanese restaurant from its location in London, Carnaby Street.
The Company is a private company limited by shares incorporated in England and Wales.
The address of the principle place of business is G3-5 Kingly Court, London, W1B 5PJ.

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 under 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 a strong overall balance sheet at the year end with net current assets of £2,257,359 
(2022 - £2,091,899) and an overall net assets position of £2,283,742 (2022 - £2,142,380) and has made a net profit of £141,362 (2022 - £280,296).
In common with other similar businesses in the hospitality sector, challenging trading environment presented by unforeseen post pandemic events such as the energy crisis, interest rate crisis, change in city working patterns, warmer than usual temperatures etc. have significant impact on footfall and customer spend levels, which in turn has an impact on the overall group results. Whilst it is difficult to predict the longevity and future such occurrences, the director has 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 forecast until December 2025, under the current economic conditions and based on the key assumption that the restaurant will remain open for the foreseeable future. The forecasts incorporate profit improvement measures including controlling energy costs and securing favourable fixed prices, general cost efficiencies, and marketing campaigns to drive footfall.
Based on the results to date and future projections, the Directors are confident that the Company will continue to meet its liabilities as they fall due, looking forward at least twelve months from the date of signing these financial statements. As a result, the Directors have prepared the financial statements on a going concern basis.

Page 3

 
SHORYU CARNABY STREET 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 represents net invoiced sales of food and drinks, excluding value added tax and tips. Revenue is recognised when payment is rendered at the time of sale, and is all recognised in the United Kingdom.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

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.

Page 4

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

2.Accounting policies (continued)

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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.

 
2.10

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.

Leasehold property
-
Over the remaining period of lease
Plant and machinery
-
25% reducing balance

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.

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

 
2.11

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.

At each reporting 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.

Page 5

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

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.
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 32 (2022 - 31).

Page 6

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

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
215,042
159,286
374,328


Additions
-
3,788
3,788



At 31 December 2023

215,042
163,074
378,116



Depreciation


At 1 January 2023
195,760
128,077
323,837


Charge for the year on owned assets
19,282
8,614
27,896



At 31 December 2023

215,042
136,691
351,733



Net book value



At 31 December 2023
-
26,383
26,383



At 31 December 2022
19,282
31,209
50,491


5.


Stocks

2023
2022
£
£

Inventories
8,455
10,434


The carrying value of stocks are stated net of impairment losses totalling £Nil (2022 - £Nil). Impairment losses totalling £Nil (2022 - £Nil) were recognised in profit and loss.

Page 7

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

6.


Debtors

As restated
2023
2022
£
£


Trade debtors
60,543
49,164

Amounts owed by group undertakings
2,247,462
2,283,006

Other debtors
-
18,708

Prepayments and accrued income
14,571
14,391

2,322,576
2,365,269



7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
68,604
68,100

Amounts owed to group undertakings
159
-

Corporation tax
49,800
42,039

Other taxation and social security
121,815
104,790

Other creditors
3,802
2,217

Accruals
276,810
334,279

520,990
551,425



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



9.


Reserves

Share premium account

Included in the share premium account are all amounts paid for shares above their nominal value.

Profit and loss account

The profit and loss account is the Company's accumulated retained profits and losses at the year end.

Page 8

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

10.


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 balances between creditors and debtors. These adjustments resulted in a decrease in debtors previously reported of £9,070 and a decrease in creditors of the same amount. The results are summarised below:

ole6d62.png

These adjustments had no impact on net assets or profit for the year.

11.


Contingent liabilities

The Company was party to a multilateral cross guarantee and debenture dated 3 June 2015 given by subsidiary companies of Shoryu Holdings Limited to secure group borrowings.


12.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £1,455 (2022 - £896) were payable to the fund at the year end date.


13.


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
£
£


819,135
919,135

Page 9

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

14.


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
473,942
56,223
Sales
6,603
27
Amounts due to related parties at the reporting end date
51,033
56,223
Amounts due from related parties at the reporting end date
4,789
27


15.


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.


16.


Auditors' information

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

The audit report was signed on 8 August 2024 by Geeta Morgan FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 10