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Registered Number: 10650593
England and Wales

 

 

 

ICHIBANYA UK LIMITED


Audited Financial Statements
 


Period of accounts

Start date: 01 January 2024

End date: 31 December 2024
Directors Mr Keiji Ishiguro
Mr Mitsuhiro Sato
Registered Number 10650593
Registered Office 18 Ensign Street
London
E1 8PA
Auditors P and Co (Partners) LLP
18 Ensign Street
London
E1 8PA
Bankers SMBC Bank International plc
100 Liverpool Street
London
EC2M 2AT

Metro Bank PLC
One Southampton Row
London
WC1B 5HA

1
Opinion

We have audited the financial statements of Ichibanya UK Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, and the notes to the financial statements including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.











Other Information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records and returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit; or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our understanding of the company and the industry in which it operates.

The principal risks of non-compliance with laws and regulations related to failure to comply with UK tax regulations and employment laws in the relevant jurisdictions, health and safety legislation, and food safety and hygiene regulations and we considered the extent to which non-compliance might have a material effect on amounts or disclosures in the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements including the financial reporting legislation and the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting for estimates.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Audit procedures performed included, but were not limited to:
  • discussing with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
  • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
  • identifying and testing journal entries, in particular journal entries posted with unusual account combinations;
  • testing of assumptions and judgements made by management in making significant accounting estimates; and
  • reviewing the financial statement disclosures and agreeing to underlying supporting documentation.




Auditors' responsibilities for the audit of the financial statements (continued)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Councils website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Use of this report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. 














Sangyai Jonathan Pitayanukul (Senior Statutory Auditor)
for and on behalf of P and Co (Partners) LLP
Chartered Accountants and Statutory Auditors
18 Ensign Street
London
E1 8PA
Date: 04 March 2025
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 5 959,614    1,051,510 
959,614    1,051,510 
Current assets      
Stocks 6 15,991    11,221 
Debtors: amounts falling due within one year 7 326,268    367,219 
Debtors: amounts falling due after one year 8 177,994    223,248 
Cash at bank and in hand 2,738,223    2,461,379 
3,258,476    3,063,067 
Creditors: amount falling due within one year 9 (324,750)   (330,081)
Net current assets 2,933,726    2,732,986 
 
Total assets less current liabilities 3,893,340    3,784,496 
Provisions for liabilities 10 (69,842)   (68,438)
Net assets 3,823,498    3,716,058 
 

Capital and reserves
     
Called up share capital 11 4,500,000    4,500,000 
Profit and loss account (676,502)   (783,942)
Shareholders' funds 3,823,498    3,716,058 
 


These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 28 February 2025 and were signed on its behalf by:


-------------------------------
Mr Mitsuhiro Sato
Director
3
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 January 2023 4,500,000  (835,347) 3,664,653 
Profit for the year 51,405  51,405 
Total comprehensive income for the year 51,405  51,405 
Total investments by and distributions to owners
At 31 December 2023 4,500,000  (783,942) 3,716,058 
At 01 January 2024 4,500,000  (783,942) 3,716,058 
Profit for the year 107,440  107,440 
Total comprehensive income for the year 107,440  107,440 
Total investments by and distributions to owners
At 31 December 2024 4,500,000  (676,502) 3,823,498 
4
General Information
Ichibanya UK Limited is a private company, limited by shares, registered in England and Wales, registration number 10650593, registration address 18 Ensign Street, London, E1 8PA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The financial statements are prepared in accordance with the provisions of FRS 102 Section 1A for small entities.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts and value added tax.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable 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 capital and reserves.

The company's liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.

Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Leasehold Property 17 Years Straight Line
Fixtures and Fittings 17 Years Straight Line
Equipment 10 Years Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Directors' remuneration

2024
£
  2023
£
Administrative Expenses
Directors' remuneration 48,000    34,000 
48,000    34,000 


3.

Average number of employees

Average number of employees during the year was 56 (2023 : 54).
4.

Audit Information

The auditor's report on the accounts of Ichibanya UK Limited for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Sangyai Jonathan Pitayanukul (Senior Statutory Auditor) for and on behalf of P and Co (Partners) LLP Chartered Accountants and Statutory Auditors on 04 March 2025.
5.

Tangible fixed assets

Cost or valuation Leasehold Property   Fixtures and Fittings   Equipment   Total
  £   £   £   £
At 01 January 2024 1,275,909    132,087    27,795    1,435,791 
Additions      
Disposals      
At 31 December 2024 1,275,909    132,087    27,795    1,435,791 
Depreciation
At 01 January 2024 343,788    36,861    3,632    384,281 
Charge for year 80,988    8,124    2,784    91,896 
On disposals      
At 31 December 2024 424,776    44,985    6,416    476,177 
Net book values
Closing balance as at 31 December 2024 851,133    87,102    21,379    959,614 
Opening balance as at 01 January 2024 932,121    95,226    24,163    1,051,510 


6.

Stocks

2024
£
  2023
£
Stocks 15,991    11,221 
15,991    11,221 

7.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 4,663    3,809 
Amount Owed by Group Undertakings 532   
Prepayments & Accrued Income 78,984    79,790 
Deposits Paid - Rent 173,086    172,834 
Other Debtors 5,436    50,786 
Deferred Tax Assets 26,387    21,584 
Interest Receivable and Other Income 37,180    38,416 
326,268    367,219 

8.

Debtors: amounts falling due after one year

2024
£
  2023
£
Deferred Tax Assets 177,994    223,248 
177,994    223,248 

9.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 49,706    48,790 
Amounts Owed to Group Undertakings   32,650 
PAYE & Social Security 21,616    30,632 
PAYE & Social Security (Tronc) 7,438   
Accrued Expenses 48,076    66,255 
Other Creditors 25,308   
Pension Control Account 1,872    1,365 
Wages & Salaries Control Account 59,608    61,510 
VAT 111,126    88,879 
324,750    330,081 

10.

Provisions for liabilities

2024
£
  2023
£
Strip out works Provision 69,842    68,438 
69,842    68,438 

11.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
4,500,000 Ordinary shares of £1.00 each 4,500,000    4,500,000 
4,500,000    4,500,000 

12.

Operating Lease Commitments


The company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:

Future Lease Period 2024
£
 2023
£
Within one year311,551 310,603 
Within two to five years1,023,356 1,023,354 
In over five years1,400,028 1,656,018 
2,734,935 2,989,975 
13.

Controlling parties

The immediate parent undertaking is Ichibanya Co., Ltd., a company incorporated in Japan.

The ultimate parent undertaking is House Foods Group Inc., a company incorporated in Japan.

The smallest and largest groups to consolidate these financial statements are Ichibanya Co., Ltd. and House Foods Group Inc. respectively. The consolidated financial statements can be obtained from the following addresses:
   Ichibanya Co., Ltd.  6-12-23 Mitsui, Ichinomiya shi, Aichi 491-8601, Japan
   House Foods Group Inc.  6-3 Kioi-cho, Chiyoda-ku, Tokyo 102-8560, Japan
5