Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01false22.24truefalse 10135349 2023-01-01 2023-12-31 10135349 2022-01-01 2022-12-31 10135349 2023-12-31 10135349 2022-12-31 10135349 1 2023-01-01 2023-12-31 10135349 d:Director4 2023-01-01 2023-12-31 10135349 c:Buildings c:ShortLeaseholdAssets 2023-01-01 2023-12-31 10135349 c:Buildings c:ShortLeaseholdAssets 2023-12-31 10135349 c:Buildings c:ShortLeaseholdAssets 2022-12-31 10135349 c:FurnitureFittings 2023-01-01 2023-12-31 10135349 c:FurnitureFittings 2023-12-31 10135349 c:FurnitureFittings 2022-12-31 10135349 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10135349 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10135349 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 10135349 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 10135349 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 10135349 c:CurrentFinancialInstruments 2023-12-31 10135349 c:CurrentFinancialInstruments 2022-12-31 10135349 c:Non-currentFinancialInstruments 2023-12-31 10135349 c:Non-currentFinancialInstruments 2022-12-31 10135349 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 10135349 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10135349 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 10135349 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 10135349 c:ShareCapital 2023-12-31 10135349 c:ShareCapital 2022-12-31 10135349 c:RetainedEarningsAccumulatedLosses 2023-12-31 10135349 c:RetainedEarningsAccumulatedLosses 2022-12-31 10135349 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10135349 d:OrdinaryShareClass1 2023-12-31 10135349 d:OrdinaryShareClass1 2022-12-31 10135349 d:FRS102 2023-01-01 2023-12-31 10135349 d:Audited 2023-01-01 2023-12-31 10135349 d:FullAccounts 2023-01-01 2023-12-31 10135349 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10135349 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10135349 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10135349









HEDDON YOKOCHO LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HEDDON YOKOCHO LTD
REGISTERED NUMBER: 10135349

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
515,616
599,934

  
515,616
599,934

Current assets
  

Stocks
  
10,388
12,996

Debtors: amounts falling due within one year
 7 
306,302
93,316

Cash at bank and in hand
  
72,093
54,931

  
388,783
161,243

Creditors: amounts falling due within one year
 8 
(496,323)
(684,004)

Net current liabilities
  
 
 
(107,540)
 
 
(522,761)

Total assets less current liabilities
  
408,076
77,173

Creditors: amounts falling due after more than one year
 9 
(2,151,166)
(1,623,841)

  

Net liabilities
  
(1,743,090)
(1,546,668)


Capital and reserves
  

Called up share capital 
  
1,300,000
1,300,000

Profit and loss account
  
(3,043,090)
(2,846,668)

  
(1,743,090)
(1,546,668)


Page 1

 
HEDDON YOKOCHO LTD
REGISTERED NUMBER: 10135349
    
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 on 23 September 2024.




M Morishita
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
HEDDON YOKOCHO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of Heddon Yokocho Ltd ("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 8 Heddon St, London, W1B 4BU.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Page 3

 
HEDDON YOKOCHO LTD
 
 
 
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 30 December 2023, the company incurred a loss before tax of £196,422 
(2022 - £234,521) and at the reporting date, there were net liabilities of £1,743,090 (2022 - £1,546,668). The parent has provided assurance via letters of support that they will not seek repayment of the amounts owed at least on or after 12 months from approval of these financial statements 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.
The parent company has confirmed that it will not demand repayment of the existing loans until the group is in a position to do so. This commitment is also for a period of at least twelve months from the approval of these financial statements.
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

 
HEDDON YOKOCHO LTD
 
 
 
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

 
HEDDON YOKOCHO LTD
 
 
 
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

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.

 
2.9

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.

 Amortisation is provided on the following bases:

Development costs
-
2 years

 
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.

Page 6

 
HEDDON YOKOCHO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
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 life of the lease
Fixtures and fittings
-
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. 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.

 
2.12

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 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.
 
Page 7

 
HEDDON YOKOCHO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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.


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.

Page 8

 
HEDDON YOKOCHO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
24
22


5.


Intangible assets




Development costs

£



Cost


At 1 January 2023
9,440



At 31 December 2023

9,440



Amortisation


At 1 January 2023
9,440



At 31 December 2023

9,440



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 9

 
HEDDON YOKOCHO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
862,623
391,370
1,253,993


Additions
-
25,974
25,974


Disposals
-
(1,486)
(1,486)



At 31 December 2023

862,623
415,858
1,278,481



Depreciation


At 1 January 2023
350,405
303,654
654,059


Charge for the year on owned assets
56,913
53,092
110,005


Disposals
-
(1,199)
(1,199)



At 31 December 2023

407,318
355,547
762,865



Net book value



At 31 December 2023
455,305
60,311
515,616



At 31 December 2022
512,218
87,716
599,934


7.


Debtors

2023
2022
£
£


Trade debtors
39,216
30,579

Amounts owed by group undertakings
64
-

Other debtors
150,000
-

Prepayments and accrued income
117,022
62,737

306,302
93,316


Page 10

 
HEDDON YOKOCHO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
93,790
208,484

Amounts owed to group undertakings
232,324
295,963

Other taxation and social security
68,394
59,480

Other creditors
2,157
2,020

Accruals and deferred income
99,658
118,057

496,323
684,004



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
2,151,166
1,623,841


At the year end, a loan amounting to £1,771,166 (2022 - £1,623,841) is payable to the parent company. The loan is repayable on or prior to 31 December 2028 with interest being charged at 4% above the base rate per annum.
A second loan amounting to £380,000 (2022 - £Nil) is payable to the parent company. The loan is repayable on 1 December 2025 with no interest being charged.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,300,000 (2022 - 1,300,000) Ordinary shares of £1.00 each
1,300,000
1,300,000


Page 11

 
HEDDON YOKOCHO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


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 creditors of £2,020 which were previously included in accruals. This adjustment resulted in an increase in other creditors previously reported of £2,020 and a decrease in accruals of the same amount.
A second prior year restatement was necessary to reclassify trade creditors of £24,988 which were previously included in amounts owed to group undertakings. This adjustment resulted in an increase in trade creditors previously reported of £24,988 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 previous year.


12.


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
601,923
618,533
Sales
394,739
55,209
Amounts due to related parties at the reporting end date
2,356,567
1,895,016
Amounts due from related parties at the reporting end date
118
21
3,353,347
2,568,779


13.


Post balance sheet events

On 30th May 2024 as a result of a group reorganisation, there was a change of ownership in the ultimate parent company. Tokumine Holdings Limited acquired 100% of Alindene Limited.
As a result of the reorganisation, the ultimate controlling parent entity from 30 May 2024 was Tokumine Holdings Limited. There was no change to the ultimate controlling party as a result of the group reorganisation.
There is no adjustment as a result of the above event.

Page 12

 
HEDDON YOKOCHO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Controlling party

The company's immediate parent is Japan Centre Group Limited, incorporated in United Kingdom.
The ultimate parent is Tokumine Holdings Limited, incorporated in United Kingdom.
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 registered address of Japan Centre Group Limited and Alindene Limited is: Unit B Premier Park Road, Park Royal, London, NW10 7NZ.


15.


Auditors' information

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

In their report, the auditors emphasised the following matter without qualifying their report:
the material uncertainty regarding going concern.

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

 
Page 13