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REGISTERED NUMBER: SC450582 (Scotland)



















NIPPON KITCHEN LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MAY 2024






NIPPON KITCHEN LTD (REGISTERED NUMBER: SC450582)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NIPPON KITCHEN LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: David Campbell-Wan





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC450582 (Scotland)





ACCOUNTANTS: CW
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

NIPPON KITCHEN LTD (REGISTERED NUMBER: SC450582)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 14,741 14,393

CURRENT ASSETS
Inventories 7,000 8,500
Debtors 5 34,733 36,643
Cash at bank and in hand 429,552 502,560
471,285 547,703
CREDITORS
Amounts falling due within one year 6 132,938 168,138
NET CURRENT ASSETS 338,347 379,565
TOTAL ASSETS LESS CURRENT
LIABILITIES

353,088

393,958

CREDITORS
Amounts falling due after more than one
year

7

(32,037

)

(37,447

)

PROVISIONS FOR LIABILITIES (3,243 ) (3,311 )
NET ASSETS 317,808 353,200

NIPPON KITCHEN LTD (REGISTERED NUMBER: SC450582)

BALANCE SHEET - continued
31 MAY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 317,708 353,100
SHAREHOLDERS' FUNDS 317,808 353,200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 December 2024 and were signed by:





David Campbell-Wan - Director


NIPPON KITCHEN LTD (REGISTERED NUMBER: SC450582)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Nippon Kitchen Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the value of sales during the year, exclusive of Value Added Tax. A sale is recognised at the point where a meal is served or handed over to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 15% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


NIPPON KITCHEN LTD (REGISTERED NUMBER: SC450582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Lease payments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 34 ) .

NIPPON KITCHEN LTD (REGISTERED NUMBER: SC450582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. PROPERTY, PLANT AND EQUIPMENT
Equipment
and
Fittings
£   
COST
At 1 June 2023 53,171
Additions 4,670
Disposals (9,821 )
At 31 May 2024 48,020
DEPRECIATION
At 1 June 2023 38,778
Charge for year 3,871
Eliminated on disposal (9,370 )
At 31 May 2024 33,279
NET BOOK VALUE
At 31 May 2024 14,741
At 31 May 2023 14,393

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 800
Credit card and online sales
debtors 8,600 9,638
Prepayments and accrued income 26,133 26,205
34,733 36,643

NIPPON KITCHEN LTD (REGISTERED NUMBER: SC450582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,464 5,321
Trade creditors 44,974 25,010
Corporation Tax 17,982 20,753
Social security and other taxes 8,237 5,746
VAT 41,038 53,418
Director's current account 984 985
Accrued expenses 14,259 56,905
132,938 168,138

The loan from director is interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 5,757 5,517
Bank loans - 2-5 years 18,531 17,807
Bank loans more 5 yr by instal 7,749 14,123
32,037 37,447

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,749 14,123

NIPPON KITCHEN LTD (REGISTERED NUMBER: SC450582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
David Campbell-Wan
Balance outstanding at start of year - -
Amounts advanced 137,560 -
Amounts repaid (137,560 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

9. RELATED PARTY DISCLOSURES

The loan balance due to the director amounted to £984 (2023 : £985) at the year end.