REGISTERED NUMBER: |
TAKARA TRADING LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
REGISTERED NUMBER: |
TAKARA TRADING LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
TAKARA TRADING LIMITED (REGISTERED NUMBER: 02950645) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TAKARA TRADING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Second Floor |
34 Lime Street |
London |
EC3M 7AT |
TAKARA TRADING LIMITED (REGISTERED NUMBER: 02950645) |
BALANCE SHEET |
31ST MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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 were approved by the Board of Directors and authorised for issue on |
TAKARA TRADING LIMITED (REGISTERED NUMBER: 02950645) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
1. | STATUTORY INFORMATION |
Takara Trading Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities of Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover represents net rental income and service charges, excluding value added tax. |
Rental income |
Rent is invoiced on a quarterly basis. Rent invoiced is recognised as income in the period it relates to. Any rent invoiced in advance is carried forward and recognise in the period to which it relates to. |
Service charges |
An estimate service charge is invoiced to the tenants on a quarterly basis. The actual service charge is calculated at the year end and any difference between actual service charge and estimate service charge is amended for. If service charge is underpaid by the tenants, they are liable to pay the difference. If service charge is overpaid, the tenant will be credited with the overpayment in the next service charge instalment. This asset or liability is accounted in these accounts. |
Sales |
Sales revenue is recognised when the risks and rewards of ownership have substantively transferred to the customer, regardless of whether legal title has transferred. This condition is normally met when the goods have been delivered or upon the performance of services. |
Tangible fixed assets |
Tangible assets are stated at fair value as at the Balance Sheet date. Any surplus or deficit arising from revaluation is transferred to revaluation reserve. |
Investment property |
Investment property is stated at fair value. Any adjustment to the fair value of the investment property is recognised in the Income Statement for the year. |
In accordance with FRS 102 no depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view. |
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. |
TAKARA TRADING LIMITED (REGISTERED NUMBER: 02950645) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Basic financial instruments |
Trade and other debtors / creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. |
Subsequent to initial recognition, they are measured at transaction price less any impairment losses. |
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and deposits. |
Other reserves |
Other reserve is a non-distributable reserve and represents the net balance between the adjustment to the fair value of investment properties and its related deferred tax provision. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st June 2023 |
and 31st May 2024 |
DEPRECIATION |
At 1st June 2023 |
Charge for year |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
TAKARA TRADING LIMITED (REGISTERED NUMBER: 02950645) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31st May 2024 is represented by: |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2007 | 23,229 | - | - | 23,229 |
Valuation in 2016 | 440,170 | - | - | 440,170 |
Valuation in 2017 | 68,066 | - | - | 68,066 |
Cost | 576,367 | 577,701 | 22,425 | 1,176,493 |
1,107,832 | 577,701 | 22,425 | 1,707,958 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st June 2023 |
and 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
Fair value at 31st May 2024 is represented by: |
£ |
Valuation in 2006 | 1,284,249 |
Valuation in 2007 | 245,186 |
Valuation in 2016 | 4,392,007 |
Valuation in 2017 | 532,683 |
Cost | 2,215,751 |
8,669,876 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
TAKARA TRADING LIMITED (REGISTERED NUMBER: 02950645) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
8. | RESERVES |
Other reserve is a non-distributable reserve and represents the net balance between the adjustment to the fair value of the tangible fixed assets and its related deferred tax provision. |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the Balance Sheet date the following amounts were owed to the directors:- |
M Hakimian:- £11,655 (2023: £11,655) |
A Hakimian:- £11,036 (2023: £11,036) |
The loans are interest free and repayable on demand. |
At the Balance Sheet date, £1,013,592 was owed to the company by M. Hakimian & Co, a partnership in which the directors are partners. |
At the Balance Sheet date, £200,000 was owed to the company by Yoko Retail Limited, a company controlled by M Hakimian. |