Company registration number 14143515 (England and Wales)
ASAN INVESTMENT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
ASAN INVESTMENT LTD
COMPANY INFORMATION
Directors
Mr. Rak Kyu Park
Mr J Seo
Company number
14143515
Registered office
27 Lyon Road
Walton-on-Thames
Surrey
KT12 3PU
Auditor
UHY Hacker Young LLP
Quadrant House - Floor 6
4 Thomas More Square
London
E1W 1YW
ASAN INVESTMENT LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 41
ASAN INVESTMENT LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the period ended 31 August 2024.

Fair review of the business

 

Asan Investments Ltd is a holding company. The operational companies within the group are principally engaged in the the management and operation of Asian restaurants in the UK.

 

Asan Investment Ltd. was established to strengthen the strategic alliance among the entities under Kokoro umbrella including: Kokoro UK Ltd.(KUK), Kokoro Trading Ltd.(KTL), Kokoro Franchise Ltd.(KFL), Kokoro JV Management Ltd.(JVM) and all the JV entities. On April 29, 2024, the restructuring process was completed, marking a significant milestone in aligning these entities under a unified management structure.

 

The restructuring involved the transfer of all shares of the four subsidiaries, previously owned by Rak Kyu Park, to the newly formed Asan Investment Ltd. This consolidation aimed to enhance governance, streamline decision-making, and create a robust foundation for future growth. Additionally, as part of the restructuring, the 51% ownership stakes in jointly held JV entities, previously owned by Rak Kyu Park, KUK, and KFL, were transferred entirely to JVM, which now holds full investment interest in all JV stores.

 

As a holding company, Asan Investment Ltd. oversees its subsidiaries, each contributing uniquely to the collective success of the Kokoro brand. The Group remains committed to strategic innovation, operational efficiency, and financial prudence, ensuring sustainable growth and long-term value creation.

 

A key element of the Group’s strategy is the continuous development of new menu offerings that cater to evolving consumer standards. By prioritizing high-quality, innovative, and diverse products, the Kokoro brand aims to meet emerging dining trends, broaden its appeal, and foster customer loyalty.

 

Asan Investment Ltd. is committed to expanding Kokoro’s presence across the UK, leveraging a balanced approach that includes franchise partnerships and joint ventures, while continuing to explore expansion into the EU market. This strategic expansion aims to achieve nationwide coverage while maintaining the brand’s standards and values. Recruiting franchise partners who align with Kokoro’s philosophy and providing extensive support to joint venture partners are integral to the Group’s growth strategy, ensuring sustainable and mutually beneficial partnerships.

 

To support seamless operations across the Kokoro network, Asan Investment Ltd. places great emphasis on efficient product procurement and cost management. By proactively managing the supply chain and diversifying supplier relationships, the Group ensures operational continuity and resilience, even in the face of external disruptions.

 

Asan Investment Ltd. remains steadfast in its commitment to quality, customer satisfaction, and operational excellence. The Group will regularly evaluate business processes to optimise workflows, enhance risk management, and ensure cost-effectiveness across all subsidiaries. This commitment to operational excellence ensures the Group remains agile and responsive to market trends.

 

Through strategic investments, sound financial practices, and innovative solutions, the Group is well-positioned to navigate the challenges of the current economic climate and deliver sustained growth for its subsidiaries and stakeholders. Its overarching goal is to drive sustained growth and create long-term value for its subsidiaries and stakeholders, reinforcing Kokoro’s position as a trusted and innovative brand.

ASAN INVESTMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 2 -
Principal risks and uncertainties

Operational Risks

 

Inflation risk

Although the BOE has begun cutting interest rates, the cost-of-living crisis persists, creating a challenging environment for most F&B businesses across the UK, including Kokoro. This economic backdrop alongside with the upcoming rise of minimum wage continues to exert pressure on operational costs and consumer spending. In response, the Company is proactively implementing a range of measures, including the development of new menu lineups, to mitigate potential impacts on sales performance and operational margins stemming from these factors.

Brand risks

 

There are risks of losing ground to competitors in terms of pricing and market share, and negative feedback on social media platforms can tarnish the brand’s image if not handled properly. These risks can be mitigated by benchmarking, developing new menu items, and emphasizing training in customer service to minimize customer dissatisfaction. To address evolving consumer preferences, the Company has developed a new menu lineup centred on Korean cuisine, which is currently being rolled out across all branches.

Product safety and quality

Product quality issues, such as poor food quality or instances of health hazards, can pose risks for any F&B business. These can be mitigated by conducting regular visits and staff training.

Environmental risk

To address the issue of food wastage and improve stock management efficiency, the Company has developed an independent software program to forecast stock and sales more accurately. This system considers a variety of variables, such as seasons, weather, and occasions. We have tested the program in some of our branches and plan to expand its use this year.

 

Financial Risks

 

Credit risk

 

Kokoro has a lower risk of credit default.

 

Liquidity risk

The management closely monitors liquidity issues on a daily basis to effectively manage the level of working capital.

Interest rate risk

As anticipated, the BOE lowered its base interest rate to 4.25% and the Company is actively pursuing business expansion through the opening of new stores. However, borrowing costs and interest payments on loans remain at challenging levels. As such, the Company will carefully monitor economic conditions and adjust its expansion plans accordingly to ensure sustainable growth.

 

ASAN INVESTMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 3 -
Development and performance

 

Global Risks

 

Importation Price risk

While the supply chain disruptions caused by the wars in Ukraine and Gaza have somewhat eased, the elevated ocean freight charges continue to pose a risk to the cost of imported goods. This persistent challenge impacts the Company’s ability to manage costs effectively. To mitigate these risks, the Company has re-evaluated and selected a new forwarder to enhance price competitiveness and remains committed to closely collaborating with its main supplier, Kokoro Trading Ltd., to seek out new supply chains beyond Europe (e.g., Southeast Asia) in order to minimize raw material procurement costs.

 

Legal Regulations

 

Property contractual risks

Following last year, the signing of new lease contracts has remained slow; however, with the interest rate cuts, the Company plans to gradually expand its branches. As expansion progresses, thorough and meticulous reviews and examinations are required for any new or renewed contractual terms to identify potential issues with landlords, particularly concerning property maintenance or utility matters.

Additionally, to mitigate potential risks associated with JV franchisee’s lease agreements signed under Kokoro UK Ltd.'s name, the Company charges JV partners a one-year rent deposit upfront.

Legal proceedings risks

There are currently no pending proceedings or lawsuits. Nonetheless, the Company could be subject to potential legal actions involving any of its stakeholders, including employees, customers, and suppliers, which may impact its operations.

Tax law/liabilities risks

Any changes in taxation laws and regulations by the authorities can significantly impact the Company. Therefore, it must take proactive measures by staying informed about upcoming changes in tax laws and conducting regular compliance and risk assessment..

 

On behalf of the board

Mr J Seo
Director
28 August 2025
ASAN INVESTMENT LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024
- 4 -

The directors present their annual report and financial statements for the period ended 31 August 2024.

Principal activities

Asan Investments Ltd is a holding company. The operational companies within the group are principally engaged in the the management and operation of Asian restaurants in the UK.

Results and dividends

The results for the period are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr. Rak Kyu Park
Mr J Seo
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

UHY Hacker Young LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

ASAN INVESTMENT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr J Seo
Director
28 August 2025
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASAN INVESTMENT LTD
- 6 -
Opinion

We have audited the financial statements of Asan Investment Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 August 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASAN INVESTMENT LTD
- 7 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASAN INVESTMENT LTD
- 8 -
Auditor's 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 auditor's 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.

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as 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 revenue and results.

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The financial statements for the year ended 31 May 2023 were unaudited.

Use of our 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 auditor's 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.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASAN INVESTMENT LTD
- 9 -
Vinodkumar Vadgama (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young LLP
28 August 2025
Chartered Accountants
Statutory Auditor
ASAN INVESTMENT LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 AUGUST 2024
- 10 -
Period
Period
ended
ended
31 August
31 May
2024
2023
Notes
£
Turnover
2
36,030,431
-
Cost of sales
(17,715,244)
-
0
Gross profit
18,315,187
-
Administrative expenses
(18,235,869)
-
0
Other operating income
3,393,187
-
Operating profit
3
3,472,505
-
Interest receivable and similar income
7
375,539
-
0
Interest payable and similar expenses
8
(206,902)
-
0
Profit before taxation
3,641,142
-
Tax on profit
9
(988,836)
-
0
Profit for the financial period
25
2,652,306
-
0
Profit for the financial period is all attributable to the owner of the parent company.
Total comprehensive income for the period is all attributable to the owner of the parent company.
ASAN INVESTMENT LTD
GROUP BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 11 -
31 August 2024
31 May 2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
465,483
-
0
Tangible assets
11
4,904,542
-
0
Investments
12
3,688,389
-
0
9,058,414
-
0
Current assets
Stocks
15
1,996,703
-
Debtors
16
4,679,051
-
Cash at bank and in hand
1,804,138
100
8,479,892
100
Creditors: amounts falling due within one year
17
(3,871,017)
-
Net current assets
4,608,875
100
Total assets less current liabilities
13,667,289
100
Creditors: amounts falling due after more than one year
18
(562,011)
-
Provisions for liabilities
Deferred tax liability
21
386,471
-
0
(386,471)
-
Net assets
12,718,807
100
Capital and reserves
Called up share capital
24
101,961
100
Other reserves
3,653,334
-
0
Profit and loss reserves
25
8,963,512
-
0
Total equity
12,718,807
100
ASAN INVESTMENT LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 28 August 2025 and are signed on its behalf by:
28 August 2025
Mr J Seo
Director
Company registration number 14143515 (England and Wales)
ASAN INVESTMENT LTD
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 13 -
31 August 2024
31 May 2023
Notes
£
£
£
£
Fixed assets
Investments
12
101,861
-
0
Current assets
Debtors
16
42
-
0
Cash at bank and in hand
2,105
100
2,147
100
Creditors: amounts falling due within one year
17
(18,000)
-
Net current (liabilities)/assets
(15,853)
100
Net assets
86,008
100
Capital and reserves
Called up share capital
24
101,961
100
Profit and loss reserves
25
(15,953)
-
0
Total equity
86,008
100

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £15,953 (2023 - £0 profit).

These financial statements have been prepared 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 28 August 2025 and are signed on its behalf by:
28 August 2025
Mr J Seo
Director
Company registration number 14143515 (England and Wales)
ASAN INVESTMENT LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2024
- 14 -
Share capital
Merger reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 May 2022
-
-
-
0
-
Year ended :
Profit and total comprehensive income
-
-
-
-
Issue of share capital
24
100
-
-
-
0
Balance at 31 May 2023
100
-
-
0
-
0
Period ended 31 August 2024:
Profit for the period
-
-
2,652,306
2,652,306
Other comprehensive income:
Other movement
-
-
6,311,206
6,311,206
Total comprehensive income
-
-
8,963,512
2,652,306
Issue of share capital
24
101,861
-
-
101,861
Movement in the year
-
3,653,334
-
3,653,334
Balance at 31 August 2024
101,961
3,653,334
8,963,512
12,718,807
ASAN INVESTMENT LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 31 May 2022
-
-
0
-
Year ended :
Profit and total comprehensive income for the year
-
-
-
0
Issue of share capital
24
100
-
-
0
Balance at 31 May 2023
100
-
0
-
Period ended 31 August 2024:
Profit and total comprehensive income
-
(15,953)
(15,953)
Issue of share capital
24
101,861
-
101,861
Balance at 31 August 2024
101,961
(15,953)
86,008
ASAN INVESTMENT LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
3,405,223
-
0
Interest paid
(206,902)
-
0
Income taxes paid
(158,743)
-
0
Net cash inflow/(outflow) from operating activities
3,039,578
-
Investing activities
Purchase of intangible assets
(140,000)
-
Purchase of tangible fixed assets
(2,066,087)
-
Proceeds from disposal of tangible fixed assets
33,501
-
Purchase of investments
(35,055)
-
Interest received
53,715
-
0
Other income received from investments
321,824
-
0
Net cash used in investing activities
(1,832,102)
-
Financing activities
Proceeds from bank loans
739,462
-
Payment of finance leases obligations
(142,900)
-
Net cash generated from/(used in) financing activities
596,562
-
Net increase in cash and cash equivalents
1,804,038
-
Cash and cash equivalents at beginning of period
100
100
Cash and cash equivalents at end of period
1,804,138
100
ASAN INVESTMENT LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 17 -
2024
2023
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
2,005
-
0
Net increase in cash and cash equivalents
2,005
-
Cash and cash equivalents at beginning of period
100
100
Cash and cash equivalents at end of period
2,105
100
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 18 -
1
Accounting policies
Company information

Asan Investment Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 27 Lyon Road, Walton-on-Thames, Surrey, KT12 3PU.

 

The group consists of Asan Investment Ltd and all of its subsidiaries.

1.1
Reporting period

The financial statements cover an extended reporting period of 15 months from 1 June 2023 to 31 August 2024.This extension is so that the accounts can be brought in-line with the other group entities. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the financial statements, merger accounting has been adopted for the business combination which took place during the period. As book values are used under merger accounting, no goodwill is recognised.

 

The conditions for accounting for an acquisition as a merger which are as follows, are met:

 

(a) that the undertaking whose shares are acquired is ultimately controlled by the same party both before and after the acquisition;

 

(b) that the control referred to in paragraph (a) is not transitory; and

 

(c) that adoption of the merger method accords with generally accepted accounting principles or practice.’

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Asan Investment Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements on the basis that the group had always been in place.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 20 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.8
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.9
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.

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:

Freehold land and buildings
Over 40 years
Leasehold land and buildings
Over 10-15 years
Leasehold improvements
Over lease term
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 21 -
1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 22 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
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.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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 liability simultaneously.

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 23 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 24 -
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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group 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 group.

1.16
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 25 -
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 if, and only if, there is 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.

1.17
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.

1.18
Retirement benefits

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

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 26 -
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
33,694,913
-
Sales of services
2,335,518
-
36,030,431
-
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
36,030,431
-
2024
2023
£
£
Other revenue
Interest income
53,715
-
3
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging:
Exchange losses
41
-
Research and development costs
8,575
-
Depreciation of owned tangible fixed assets
797,730
-
Loss on disposal of tangible fixed assets
2,020
-
Amortisation of intangible assets
46,600
-
Operating lease charges
1,179,270
-
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,000
-
Audit of the financial statements of the company's subsidiaries
80,500
-
95,500
-
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 27 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
29
-
2
-
Operations
280
-
-
-
Total
309
-
2
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,093,463
-
0
-
0
-
0
Social security costs
672,755
-
-
-
Pension costs
109,771
-
0
-
0
-
0
8,875,989
-
0
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,067,645
-
Company pension contributions to defined contribution schemes
4,701
-
1,072,346
-
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
665,000
-
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 28 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
53,715
-
0
Income from fixed asset investments
Income from participating interests - joint ventures
321,824
-
0
Total income
375,539
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
53,715
-
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
95,419
-
Interest payable to group undertakings
42,137
-
0
137,556
-
Other finance costs:
Interest on finance leases and hire purchase contracts
21,062
-
Other interest
48,284
-
Total finance costs
206,902
-
0
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
966,938
-
0
Deferred tax
Origination and reversal of timing differences
21,898
-
0
Total tax charge
988,836
-
0
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
9
Taxation
(Continued)
- 29 -

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,641,142
-
Expected tax charge based on the standard rate of corporation tax in the UK of 23.25% (2023: 0%)
846,566
-
Tax effect of expenses that are not deductible in determining taxable profit
75,916
-
0
Gains not taxable
(71,145)
-
0
Tax effect of utilisation of tax losses not previously recognised
70,101
-
0
Permanent capital allowances in excess of depreciation
28,534
-
0
Deferred tax
38,864
-
0
Taxation charge
988,836
-
10
Intangible fixed assets
Group
Goodwill
£
Cost
Movement due to merger accounting
426,500
Additions
140,000
At 31 August 2024
566,500
Amortisation and impairment
Movement due to merger accounting
54,417
Amortisation charged for the period
46,600
At 31 August 2024
101,017
Carrying amount
At 31 August 2024
465,483
At 31 August 2023
-
0
The company had no intangible fixed assets at 31 August 2024 (2023: NIL).
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 30 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
Movement due to merger accounting
1,474,994
667,548
144,926
577,426
1,673,325
476,516
5,014,735
Additions
-
0
212,640
118,038
7,648
1,841,480
172,462
2,352,268
Disposals
-
0
-
0
-
0
-
0
-
0
(36,907)
(36,907)
At 31 August 2024
1,474,994
880,188
262,964
585,074
3,514,805
612,071
7,330,096
Depreciation and impairment
Movement due to merger accounting
172,878
155,281
20,928
349,473
735,558
147,730
1,581,848
Depreciation charged in the period
31,000
89,482
55,996
50,540
525,416
103,666
856,100
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(12,394)
(12,394)
At 31 August 2024
203,878
244,763
76,924
400,013
1,260,974
239,002
2,425,554
Carrying amount
At 31 August 2024
1,271,116
635,425
186,040
185,061
2,253,831
373,069
4,904,542
The company had no tangible fixed assets at 31 August 2024 (2023: NIL).
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 31 -
12
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
101,861
-
0
Investments in joint ventures
14
3,688,389
-
0
-
0
-
0
3,688,389
-
0
101,861
-
0
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 June 2023
-
Additions
3,688,389
At 31 August 2024
3,688,389
Carrying amount
At 31 August 2024
3,688,389
At 31 August 2023
-
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023
-
Additions
101,861
At 31 August 2024
101,861
Carrying amount
At 31 August 2024
101,861
At 31 August 2023
-
13
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
13
Subsidiaries
(Continued)
- 32 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Kokoro Trading Ltd
4 Lyon Road, Walton-on-Thames, Surrey KT12 3PU
Suppliers of catering items for restaurants and takeaway shops
Ordinary
100.00
Kokoro UK Limited
4 Lyon Road, Walton-on-Thames, Surrey KT12 3PU
Operation of take-away food shops
Ordinary
100.00
Kokoro JV Management Ltd
27 Lyon Road, Walton-on-Thames, Surrey KT12 3PU
Operation of supporting JV partners
Ordinary
100.00
Kokoro Franchise Ltd
27 Lyon Road, Walton-on-Thames, Surrey KT12 3PU
Franchisors
Ordinary
100.00
14
Joint ventures

Details of joint ventures at 31 August 2024 are as follows:

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
14
Joint ventures
(Continued)
- 33 -
Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Indirect
Kokoro Tasty Ltd
13 Approach Road, London, England, SW20 8BA
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Crawley Ltd
Unit 2 Pavilion, Queens Square, Crawley, West Sussex, United Kingdom, RH10 1DE
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Twickenham Ltd
4 Lyon Road, Walton-On-Thames, Surrey, United Kingdom, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Young Ltd
100 High Street, Epsom, England, KT19 8BJ
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Southampton Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Newbury Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Weybridge Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Alliance Ltd
13 Approach Road, London, England, SW20 8BA
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Maidstone Ltd
12 King Street, Maidstone, England, ME14 1DE
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Plus Ltd
11 Peascod Street, Windsor, Berkshire, England, SL4 1DT
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Farnborough Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Networks Ltd
Flat 18 The Watergardens, Warren Road, Kingston Upon Thames, England, KT2 7LF
Operation of take-away food shops
Ordinary
0
51.00
Kokoro JNJ Ltd
7-8 Exchange Walk, Nottingham, England, NG1 2NX
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Portsmouth Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Durham Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Poole Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Dorking Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Caterham Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Hastings Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Bedford Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
K & L Infinity Ltd
27 Lyon Road, Walton-On-Thames, Surrey, United Kingdom, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Seoul Shijang Ltd
Flat 3 Woodleigh, 2 Parklands, Surbiton, KT5 8EA
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Peterborough Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Redhill Ltd
27 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Staines Ltd
27 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Urban Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shopsOperation of take-away food shops
Ordinary
0
49.00
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
14
Joint ventures
(Continued)
- 34 -
Kokoro Eastleigh Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Colchester Ltd
27 Lyon Road, Hersham, Walton-On-Thames, United Kingdom, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Houwnslow Ltd
27 Lyon Road, Hersham, Walton-On-Thames, United Kingdom, KT12 3PU
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Duryhana Ltd
29 Queen Victoria Street, Reading, England, RG1 1SY
Operation of take-away food shops
Ordinary
0
51.00
Kokoro Hana Ltd
13 Approach Road, London, England, SW20 8BA
Operation of take-away food shops
Ordinary
0
51.00
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
14
Joint ventures
(Continued)
- 35 -

Name of entities

Carrying Value of Investment

Company's share of profit / (Loss)

Total

Assets

Total liabilities

 

K & L Infinity Ltd

51

17,580

251,723

(307,531)

 

Kokoro Alliance Ltd

115,325

39,440

512,973

(150,311)

 

Kokoro Bedford Ltd

125,575

9,731

246,477

(268,478)

 

Kokoro Caterham Ltd

123,015

(11,485)

224,684

(313,334)

 

Kokoro Colchester Ltd

51

22,877

252,259

(286,505)

 

Kokoro Crawley Ltd

222,960

29,831

335,596

(336,715)

 

Kokoro Dorking Ltd

125,575

(49,187)

289,748

(430,033)

 

Kokoro Durham Ltd

137,620

1,719

232,015

(269,423)

 

Kokoro Duryhana Ltd

279,855

64,738

453,742

(309,726)

 

Kokoro Eastleigh Ltd

51

(347)

237,475

(342,151)

 

Kokoro Farnborough Ltd

146,590

52,834

518,226

(360,612)

 

Kokoro Hana Ltd

284,470

310

394,746

(392,772)

 

Kokoro Hastings Ltd

128,140

(17,872)

281,624

(406,530)

 

Kokoro Hounslow Ltd

51

32,398

380,674

(482,165)

 

Kokoro JNJ Ltd

167,095

67,418

331,547

(247,087)

 

Kokoro Maidstone Ltd

126,600

38,044

199,185

(150,876)

 

Kokoro Networks Ltd

256,275

(63,874)

452,403

(689,163)

 

Kokoro Newbury Ltd

105,075

18,694

230,409

(156,502)

 

Kokoro Peterborough Ltd

51

(13,665)

170,076

(250,718)

 

Kokoro Plus Ltd

154,280

(17,322)

158,422

(97,826)

 

Kokoro Poole Ltd

92,260

9,140

228,488

(351,676)

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
14
Joint ventures
(Continued)
- 36 -

 

Kokoro Portsmouth Ltd

118,915

36,146

189,605

(241,233)

 

Kokoro Redhill Ltd

51

(100,364)

290,202

(486,894)

 

Kokoro Southampton Ltd

187,085

(213,900)

471,327

(356,956)

 

Kokoro Staines Ltd

51

(38,972)

305,552

(466,709)

 

Kokoro Tasty Ltd

404,915

(70,513)

654,155

(528,012)

 

Kokoro Twickenham Ltd

66,635

21,935

162,734

(91,017)

 

Kokoro Urban Ltd

49

120,015

258,327

(207,097)

 

Kokoro Weybridge Ltd

94,825

21,692

198,862

(156,920)

 

Kokoro Young Ltd

209,125

18,663

452,147

(213,607)

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
103,999
-
-
-
Finished goods and goods for resale
1,892,704
-
0
-
0
-
0
1,996,703
-
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,702,261
-
0
-
0
-
0
Other debtors
2,509,950
-
42
-
0
Prepayments and accrued income
466,840
-
0
-
0
-
0
4,679,051
-
42
-
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 37 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
335,088
-
0
-
0
-
0
Obligations under finance leases
20
96,134
-
0
-
0
-
0
Trade creditors
980,133
-
0
-
0
-
0
Corporation tax payable
443,622
-
0
-
0
-
0
Other taxation and social security
941,199
-
-
-
Deferred income
22
168,055
-
0
-
0
-
0
Other creditors
104,979
-
0
3,000
-
0
Accruals and deferred income
801,807
-
0
15,000
-
0
3,871,017
-
18,000
-
0
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
404,374
-
0
-
0
-
0
Obligations under finance leases
20
47,147
-
0
-
0
-
0
Trade creditors
35,000
-
0
-
0
-
0
Other creditors
75,490
-
0
-
0
-
0
562,011
-
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
739,462
-
0
-
0
-
0
Payable within one year
335,088
-
0
-
0
-
0
Payable after one year
404,374
-
0
-
0
-
0

The long-term loans are secured by fixed and floating charges over some of the assets and undertakings of the group.

 

ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 38 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
96,134
-
0
-
0
-
0
In two to five years
47,147
-
0
-
0
-
0
143,281
-
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
386,471
-
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Movement due to restrucutring
364,573
-
Charge to profit or loss
21,898
-
Liability at 31 August 2024
386,471
-
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 39 -
22
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
168,055
-
-
-
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,771
-

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,961
100
101,961
100

During the period, the company issued 101,861 shares of £1 at par.

25
Profit and loss reserves
Group
Company
2024
2024
£
£
£
£
Movememt due to merger accounting
6,311,206
-
-
-
Profit/(loss) for the period
2,652,306
-
(15,953)
-
0
At the end of the period
8,963,512
-
(15,953)
-
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 40 -
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2024
£
£
£
£
Within one year
2,751,712
-
-
-
Between two and five years
9,408,587
-
-
-
In over five years
6,448,510
-
-
-
18,608,809
-
-
-
28
Controlling party

Mr Rak Kyu Park is regarded as the controlling related party by virtue of his directorship and majority shareholding in Asan Investments Limited.

29
Cash generated from/(absorbed by) group operations
2024
£
Profit for the period after tax
2,652,306
-
Adjustments for:
Taxation charged
988,836
-
0
Finance costs
206,902
-
0
Investment income
(375,539)
-
0
Profit on disposal of tangible assets
(8,988)
-
Amortisation and impairment of intangible assets
46,600
-
Depreciation and impairment of tangible fixed assets
856,099
-
Movement due to merger accounting
2,608,098
-
Movements in working capital:
Increase in stocks
(1,996,703)
-
Increase in debtors
(4,679,051)
-
Increase in creditors
2,938,608
-
Increase in deferred income
168,055
-
Cash generated from/(absorbed by) operations
3,405,223
-
ASAN INVESTMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 41 -
30
Cash generated from/(absorbed by) operations - company
2024
£
Loss for the period after tax
(15,953)
-
Movements in working capital:
Increase in debtors
(42)
-
Increase in creditors
18,000
-
Cash generated from/(absorbed by) operations
2,005
-
31
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
-
1,804,138
1,804,138
Borrowings excluding overdrafts
-
(739,462)
(739,462)
Obligations under finance leases
-
(143,281)
(143,281)
-
921,395
921,395
32
Analysis of changes in net funds - company
1 June 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
100
2,005
2,105
2024-08-31falsefalseCCH SoftwareCCH Accounts Production 2025.200Mr. Rak Kyu ParkMr J 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