Company registration number 12544109 (England and Wales)
YUZU SUSHI UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
YUZU SUSHI UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
YUZU SUSHI UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
783
80,872
Current assets
Debtors
5
263,431
369,817
Cash at bank and in hand
83,486
152,610
346,917
522,427
Creditors: amounts falling due within one year
6
(310,419)
(280,759)
Net current assets
36,498
241,668
Total assets less current liabilities
37,281
322,540
Creditors: amounts falling due after more than one year
7
(3,995,493)
(3,997,345)
Net liabilities
(3,958,212)
(3,674,805)
Capital and reserves
Called up share capital
8
100
100
Capital contribution reserve
87,541
87,541
Profit and loss reserves
(4,045,853)
(3,762,446)
Total equity
(3,958,212)
(3,674,805)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
J Fischer
Director
Company registration number 12544109 (England and Wales)
YUZU SUSHI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Yuzu Sushi UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lakeside House, Kingfisher Way, Stockton on Tees, England, TS18 3NB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The director continues to adopt the going concern basis in preparing the financial statements, not withstanding a loss of £283,407 before taxation for the year ended 31 December 2023 and net liabilities of £3,958,212.true

 

At the time of approving the financial statements, the trade of the company continues to be suspended. However, it is the intention of the director to maintain a presence in the United Kingdom hospitality market and recommence trading in the future.

 

The company is financially supported by its parent company, FCF Holding GmbH who have undertaken to provide such support that the company requires to meet its liabilities as and when they fall due.

 

The continued support of the parent company, which holds significant assets and reserves, will allow the company to meet its demands whilst it ascertains the future trading opportunities of the company. It is expected that all financial assistance required can be provided in full by the support from its parent.

 

Written support has been provided from the parent confirming support will continue to be provided for the following 12 months from date of signing these accounts.

 

The director therefore considers that there are no adjustments required to the accounts and that the company continues to be a going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Other operating income is the amounts received by the company from the group in relation to recharging company staff costs incurred in assisting with work for group companies.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

YUZU SUSHI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
Depreciated over 5 years
Fixtures and fittings
Depreciated over 5 years
Computers
Depreciated over 3 years
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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 classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

YUZU SUSHI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

YUZU SUSHI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
50
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
456,044
Additions
615
Disposals
(446,167)
At 31 December 2023
10,492
Depreciation and impairment
At 1 January 2023
375,172
Depreciation charged in the year
3,497
Impairment losses
1,199
Eliminated in respect of disposals
(370,159)
At 31 December 2023
9,709
Carrying amount
At 31 December 2023
783
At 31 December 2022
80,872
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
198,295
252,624
Other debtors
65,136
117,193
263,431
369,817
YUZU SUSHI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
168
67,989
Taxation and social security
-
0
25,446
Other creditors
310,251
187,324
310,419
280,759
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
3,995,493
3,997,345
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw attention to Note 1.2 in the financial statements, which indicates that the company incurred a net loss of £283,407 during the year ended 31 December 2023 and, as of that date, the company’s total liabilities exceeded its total assets by £3,958,212. As stated in Note 1.2, these events or conditions, along with other matters as set forth in Note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. However written support has been provided by its parent company, who themselves have sufficient funds and reserves to provide necessary support to the entity. Therefore, our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Sarah Squires BEng FCA
Statutory Auditor:
MGI Midgley Snelling LLP
Date of audit report:
16 October 2024
10
Financial commitments, guarantees and contingent liabilities

The company operates a defined pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

As at 31 December 2023, commitments of £93 (2022: £1,134) remain outstanding and are shown within other creditors.

YUZU SUSHI UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Parent company

The parent company is FCF Holding GmbH, incorporated in Germany. They are also the ultimate controlling party and for which group accounts are prepared. Consolidated financial statements are available from the registered office Hohenzollernring 31-35, 50672 Köln, Germany.

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