ALINDENE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Alindene Limited (“the company”) principle activity remains that of a holding company.
The Company is a private company limited by shares and is incorporated in England and Wales. The registered office is 3 Denman Street, London, United Kingdom, W1D 7HB. The Group consists of Alindene Limited and all of its subsidiaries. The principle activity of the subsidiaries remain that of import and sales of Japanese merchandise, Japanese foods and Japanese takeaway, retail outlets, web design as well as operation of licensed restaurants.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Alindene Limited disposed off its shares in Japan Centre Group Limited in May 2024. As part of the agreement entered between the parties, the acquiring shareholder has agreed to repay the loan due to Alindene Limited by 31 August 2025. Consequently, Japan Centre Group Limited is no longer part of the group and therefore the going concern assessment is based on the Company.
The directors do not intend to cease operating the business for at least 12 months from the approval of the financial statements. The directors have taken appropriate measures to enable them to have a reasonable expectation that the Company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved. On the basis of the above, the directors have the opinion that there is no material uncertainty relating to going concern and it is therefore appropriate to prepare these financial statements on a going concern basis. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.
Functional and presentation currency
Transactions and balances
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
The estimated useful lives range as follows:
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:
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.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
(I) Financial assets Basic financial assets, including trade and other debtors, cash and bank balances 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.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 assets original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income. Financial assets are derecongised 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 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 trade and other creditors and accruals, 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 supplier. 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 liabilitity simultaneously.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to carrying amount of assets and liabilities are as follows: Valuation of stock The Group establishes a provision for stocks in order to provide against obsolete, or damaged items and this is reviewed on an annual basis. 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 Group 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 Consolidated Statement of Comprehensive Income in the period in which the change occurs. Further details on taxes are disclosed in note 10. Useful economic lives of property, plant and equipment The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Group reorganisation In May 2024, the company's shareholding in it's subsidiary Japan Centre Group Limited was disposed off. As part of the agreement entered between the parties, the acquiring shareholders, Kozosushi Co Limited has agreed to repay the loan due to Alindene Limited by 31 August 2025. Consequently, Japan Centre Group Limited is no longer part of the group. There are no adjustments as a result of the above events.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Tangible fixed assets (continued)
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
As at 31 December 2023, other loans amounting to £450,000 (2022 - £Nil) are payable to a related party. The amounts are unsecured and interest free. Repayment of the loan has been extended until 1 December 2025 (from 1 December 2024) as part of the support provided by that company.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Other reserves
Profit and loss account
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 income of £736,428 which were previously included in turnover. This adjustment resulted in an increase in other operating income previously reported of £736,428 and a decrease in turnover 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 interest receivable of £8,351 which was previously included within interest payable. This adjustment resulted in an increase in interest receivable of £8,351 and a increase in interest payable of the same amount. A fourth prior year restatement was necessary to reclassify debtors of £211,768 which were previously included in creditors. This adjustment resulted in an increase in debtors of £211,768 and a increase in creditors of the same amount. The above restatements above had no impact on net assets or profit for the previous year. A prior year adjustment was necessary to transfer non-controlling interests of £2,816,449 which were previously included in profit and loss reserves. This adjustment resulted in a decrease in profit and loss reserves previously reported of £2,816,449 and an increase in non-controlling interests of the same amount. A second prior year adjustment was necessary to transfer other reserves of £10,943 which were previously included in profit and loss reserves. This adjustment resulted in a increase in other reserves previously reported of £10,943 and a decrease in profit and loss reserves of the same amount.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The following guarantees had been provided to a member of the Group by one of it's directors:
∙Limited guarantee of £161,687 given on 21 November 2008
∙Limited guarantee of £150,000 given on 3 March 2011
∙Limited guarantee of £120,000 given on 13 August 2015
∙Limited guarantee of £200,000 given on 7 October 2016
The Group member was also party to the following cross guarantees with some of its subsidiaries:
∙Cross guarantee and debenture dated 6 January 2020
∙Cross guarantee and debenture dated 9 December 2020
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The total pension cost for the Group was £126,626 (2022 - £131,258). Contributions totaling £37,151 (2022 - £31,306) were payable to the fund at the year end date.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
In May 2023 as a result of group reorganisation, there was a change of ownership in the ultimate parent company. Tokumine Holdings Limited acquired 100% of Alindene Limited. There was no change to the ultimate controlling party as a result of the group reorganisation. The investment in associate in Shoryu Holdings Limited was transferred at cost to Tokumine Restaurant Holdings Limited. In May 2024, the company's shareholding in it's subsidiary Japan Centre Group Limited was disposed off. As part of the agreement entered between the parties, the acquiring shareholders, Kozosushi Co Limited has agreed to repay the loan due to Alindene Limited by 31 August 2025. Consequently, Japan Centre Group Limited is no longer part of the group. There are no adjustments as a result of the above events. In January 2024, the business and assets of Panton Yokocho restaurant have been transferred to Panton Yokocho Limited, a company incorporated in England and Wales on 28 December 2022. Panton Yokocho Limited is a 100% owned subsidiary of Japan Centre Group Limited. However, as a result of a reorganisation, this was reversed and the business and assets of Panton Yokocho Limited were transferred back to Japan Centre Group Limited. Panton Yokocho Limited is in the process of voluntarily liquidation. The directors have determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31 December 2023 have not been adjusted to reflect their impact.
In May 23 as a result of group reorganisation, there was a change of ownership. Tokumine Holdings Limited acquired a 100% of Alindene Limited.
Therefore the company's ultimate parent is Tokumine Holdings Limited, incorporated in England and Wales. The registered address is: Unit B, Premier Park, Premier Park Road, London, United Kingdom, NW10 7NZ. The ultimate controlling party is K Tokumine.
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
32.Subsidiary undertaking (continued)
Direct subsidiary undertaking (continued)
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ALINDENE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
32.Subsidiary undertaking (continued)
Indirect subsidiary undertakings (continued)
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