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Registered number: 10901481









ICHIBA UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ICHIBA UK LIMITED
REGISTERED NUMBER: 10901481

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
2,571,849
3,192,608

  
2,571,849
3,192,608

Current assets
  

Stocks
  
133,000
123,535

Debtors: amounts falling due after more than one year
 7 
1,006,803
1,634,748

Debtors: amounts falling due within one year
 7 
172,715
239,350

Cash at bank and in hand
  
60,285
323,699

  
1,372,803
2,321,332

Creditors: amounts falling due within one year
 8 
(2,363,143)
(2,205,240)

Net current (liabilities)/assets
  
 
 
(990,340)
 
 
116,092

Total assets less current liabilities
  
1,581,509
3,308,700

Creditors: amounts falling due after more than one year
 9 
(1,581,409)
(1,730,956)

  

Net assets
  
100
1,577,744


Capital and reserves
  

Called up share capital 
  
5,953,000
5,953,000

Profit and loss account
  
(5,952,900)
(4,375,256)

  
100
1,577,744


Page 1

 
ICHIBA UK LIMITED
REGISTERED NUMBER: 10901481
    
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: 




M Morishita
Director

Date: 23 September 2024

The notes on pages 3 to 16 form part of these financial statements.

Page 2

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of Ichiba UK Limited ("the Company") is that of operation of restaurants. 
The Company is a private company limited by shares incorporated in England and Wales. 
The address of the principle place of business is 0220 Relay Square Westfield, London, W12 7HB.

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:

Page 3

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
In the year ended 31 December 2023, the company incurred a loss before tax of £949,699 
(2022 - £820,588) and at the reporting date, there were net assets of £100 (2022 - £1,577,744). Japan Centre Group Limited has agreed not to seek repayment of the trade debt receivable from Ichiba UK Limited amounting to £1,581,409 as at 31 December 2023 until 31 December 2025.
In common with similar business 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 patters 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 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 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.
As a result of these projections, and continued support from group companies, the directors are confident that the Company's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.
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. Given the associated uncertainty above and therefore within the group's forecast, a material uncertainty exists that may cast a significant doubt on the group's and therefore the company's ability to continue as a going concern.
Given the associated uncertainty above and therefore within the group's forecast, a material uncertainty exists that may cast a significant doubt on the group's and therefore the company's ability to continue as a going concern.
The financial statements do not include the adjustments that would result if the company or group were unable to continue as a going concern.

Page 4

 
ICHIBA UK 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.
Revenue comprises both income arising from the sale of food and drink net of value added tax and income arising as a result of service charges relating to the sale of this food and drink.
Revenue is recognised when food and drink is provided to the customer.

 
2.5

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.

 
2.6

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 5

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

 
2.9

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.

Page 6

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Plant and machinery
-
Straight line basis over 2-6 years
Computer equipment
-
Straight line basis over 5 years

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.

 
2.10

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 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.

 
2.11

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 7

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors.
(i) Financial assets
Basic financial assets, including other debtors, 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 Income and Retained Earnings.
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 other creditors, 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.

Page 8

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Going concern assumption
As outlined in note 2.2 the directors believe that the company will continue to be a going concern however due to previous losses and post-pandemic economic conditions, material uncertainty does exist relating to the going concern assumption.
As a result, the accounts have been prepared on such a basis so assets and liabilities have been accounted for with the company's continued trading operation in mind.
If the company was to no longer be a going concern, assets and liabilities would need to be re-evaluated to reflect this position.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Deferred tax
Deferred tax assets are recognised only to the extent that the directors are confident and consider it probable that sufficient future taxable profit will be available against which the deductible temporary difference or unused tax losses or credits can be recovered or utilised.
In making their assessment, the directors have based their assumptions on the forecasts to 31 December 2032 which indicate that the company will generate sufficient future taxable profits from 2025 onwards. This involves an assessment of when those unused losses are likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available to offset the losses when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To the extent assumptions regarding future profitability change, there can be an increase or decrease in the amounts recognised in respect of deferred tax assets as well as in the amounts recognised in the Statement of Income and Retained Earnings in the period in which the change occurs. Further details on taxes are disclosed in note 11.


4.


Employees

The average monthly number of employees, including directors, during the year was 73 (2022 - 56).

Page 9

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Development expenditure

£





At 1 January 2023
26,625


Disposals
(26,625)



At 31 December 2023

-





At 1 January 2023
26,625


On disposals
(26,625)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 10

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
3,709,686
2,276,807
6,539
5,993,032


Additions
-
8,350
-
8,350



At 31 December 2023

3,709,686
2,285,157
6,539
6,001,382



Depreciation


At 1 January 2023
1,115,822
1,683,076
1,526
2,800,424


Charge for the year on owned assets
252,933
374,869
1,307
629,109



At 31 December 2023

1,368,755
2,057,945
2,833
3,429,533



Net book value



At 31 December 2023
2,340,931
227,212
3,706
2,571,849



At 31 December 2022
2,593,864
593,731
5,013
3,192,608

Page 11

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

As restated
2023
2022
£
£

Due after more than one year

Other debtors
209,947
209,947

Deferred tax asset
796,856
1,424,801

1,006,803
1,634,748


Other debtors due after more than one year relates to rental deposits.

As restated
2023
2022
£
£

Due within one year

Trade debtors
136,452
114,268

Other debtors
1,100
75

Prepayments
35,163
125,007

172,715
239,350



8.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
276,649
475,385

Amounts owed to group undertakings
252,920
49,697

Other taxation and social security
92,070
86,754

Other creditors
1,569,732
1,300,924

Accruals
171,772
292,480

2,363,143
2,205,240


Page 12

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

As restated
2023
2022
£
£

Loans from group undertakings
1,581,409
1,730,956


At the year end, loan amounting to £1,581,409, is payable to the intermediary parent company Japan Centre Group Limited. The loan carried an interest rate of 4% per annum, however, this was increased to 5.5% per annum from January 2023. Repayment of the loan has been extended until 31 December 2025.


10.


Loans


Analysis of the maturity of loans is given below:


As restated
2023
2022
£
£



Amounts falling due 2-5 years

Loans from group undertakings
1,581,409
1,730,956




11.


Deferred taxation




2023


£






At beginning of year
1,424,801


Charged to profit or loss
(627,945)



At end of year
796,856

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
796,856
1,424,801

796,856
1,424,801

Page 13

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,236,000 (2022 - 3,236,000) Ordinary shares of £1.00 each
3,236,000
3,236,000
2,717,000 (2022 - 2,717,000) Preference shares of £1.00 each
2,717,000
2,717,000

5,953,000

5,953,000

The preference shares do not carry any voting rights and rank above the ordinary shareholders in the event of dividend distribution.


Page 14

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


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 other operating income of £9,693 which was previously included in revenue. This adjustment resulted in an increase in other operating income previously reported of £9,693 and a decrease in revenue of the same amount.
A second prior year restatement was necessary to reclassify salary costs of £1,228,993 which were previously included in administrative expenses. This adjustment resulted in an increase in cost of sales previously reported of £1,228,993  and a decrease in administrative expenses of the same amount.
A third prior year restatement was necessary to reclassify debtors of £5,867 which were previously included in creditors. This adjustment resulted in an increase in debtors previously reported of £5,867 and a increase in creditors of the same amount. The results are summarised below:
ole4ca9.png
These adjustments had no impact on net assets or profit for the previous year.
 


14.


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.
Contributions totalling £5,592 
(2022 - £3,855) were payable to the fund at the reporting date and are included in creditors.

Page 15

 
ICHIBA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


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 companies under common control:


2023
2022
£
£

Purchases
2,578,827
2,572,393
Sales
7,244
12,865
Amounts due to entities with control, joint control or significant influence over the company at the reporting end date
1,834,329
1,780,654
Amounts due to other related parties
28,031
46,371


16.


Controlling party

The company's immediate parent is Japan Centre Group Holdings Limited, incorporated in United Kingdom.
The registered office address for Japan Centre Group Holdings Limited is Unit B, Premier Park Road, Park Royal, London, NW10 7NZ.
The ultimate parent is Tokumine Holdings Limited, incorporated in United Kingdom.
The ultimate controlling party is Mr K Tokumine.
The parent of the smallest group and largest group in which these financial statements are consolidated is Japan Centre Group Limited and Alindene Limited, incorporated in United Kingdom.
The copies of the group financial statements for Japan Centre Group Limited and Alindene Limited can be obtained from companies house or Unit B, Premier Park, Premier Park Road, London, NW10 7NZ.


17.


Auditors' information

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

The audit report was signed on 23 September 2024 by Geeta Morgan FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 16