KOKORO JV MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Kokoro JV Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 27 Lyon Road, Walton-on-Thames, Surrey, KT12 3PU.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
1.3
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.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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.
KOKORO JV MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
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:
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 credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
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.
KOKORO JV MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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.
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 company after deducting all of its liabilities.
KOKORO JV MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group 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.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 when the company has 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.
KOKORO JV MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
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 leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Valuation of investments
The most critical estimates and assumptions for investments relate to the determination of carrying value of unlisted investments at fair value through profit and loss. In determining this amount, the Group applies the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm’s length transaction. The nature, facts and circumstance of the investment drives the valuation methodology.
Key inputs include a price earnings multiple of 3% - 6%, applied to the average sales forecasts for the next year.
KOKORO JV MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Joint ventures
(Continued)
- 9 -
Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Kokoro Tasty Ltd
13 Approach Road, London, England, SW20 8BA
Operation of take-away food shops
Ordinary
51.00
Kokoro Duryhana Ltd
29 Queen Victoria Street, Reading, England, RG1 1SY
Operation of take-away food shopsOperation of take-away food shops
Ordinary
51.00
Kokoro Crawley Ltd
Unit 2 Pavilion, Queens Square, Crawley, West Sussex, United Kingdom, RH10 1DE
Operation of take-away food shops
Ordinary
51.00
Kokoro Hana Ltd
13 Approach Road, London, England, SW20 8BA
Operation of take-away food shops
Ordinary
51.00
Kokoro Twickenham Ltd
4 Lyon Road, Walton-On-Thames, Surrey, United Kingdom, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Young Ltd
100 High Street, Epsom, England, KT19 8BJ
Operation of take-away food shops
Ordinary
51.00
Kokoro Southampton Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Newbury Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Werbridge Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Alliance Ltd
13 Approach Road, London, England, SW20 8BA
Operation of take-away food shops
Ordinary
51.00
Kokoro Maidstone Ltd
12 King Street, Maidstone, England, ME14 1DE
Operation of take-away food shops
Ordinary
51.00
Kokoro Plus Ltd
11 Peascod Street, Windsor, Berkshire, England, SL4 1DT
Operation of take-away food shops
Ordinary
51.00
Kokoro Farnborough Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Networks Ltd
Flat 18 The Watergardens, Warren Road, Kingston Upon Thames, England, KT2 7LF
Operation of take-away food shops
Ordinary
51.00
Kokoro JNJ Ltd
7-8 Exchange Walk, Nottingham, England, NG1 2NX
Operation of take-away food shops
Ordinary
51.00
Kokoro Portsmouth Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Durham Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Poole Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Dorking Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Caterham Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Hastings Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Bedford Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
K & L Infinity Ltd
27 Lyon Road, Walton-On-Thames, Surrey, United Kingdom, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Seoul Shijang Ltd
Flat 3 Woodleigh, 2 Parklands, Surbiton, KT5 8EA
Operation of take-away food shops
Ordinary
51.00
Kokoro Peterborough Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Redhill Ltd
27 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Hounslow Ltd
27 Lyon Road, Hersham, Walton-On-Thames, United Kingdom, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
KOKORO JV MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Joint ventures
(Continued)
- 10 -
Kokoro Colchester Ltd
27 Lyon Road, Hersham, Walton-On-Thames, United Kingdom, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Eastleigh Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
Kokoro Urban Ltd
4 Lyon Road, Walton-On-Thames, England, KT12 3PU
Operation of take-away food shops
Ordinary
49.00
Kokoro Staines Ltd
27 Lyon Road, Hersham, Walton-On-Thames, United Kingdom, KT12 3PU
Operation of take-away food shops
Ordinary
51.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,426
47,316
Other debtors
2,155,245
792,019
Prepayments and accrued income
71,851
66,781
2,239,522
906,116
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
72,872
217,714
Other taxation and social security
67,095
127,226
Other creditors
1,334,559
1,474,526
344,940
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
661
100
661
100
During the year, the company issued 561 ordinary shares of £1 each at par.
KOKORO JV MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Vinodkumar Vadgama
Statutory Auditor:
UHY Hacker Young LLP
Date of audit report:
28 August 2025
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
947,174
1,151,603
9,205
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
2,155,824
2,137,985
12
Parent company
The company's ultimate parent is Asan Investments Ltd, a company incorporated in England and Wales.
The largest group which prepares consolidated accounts that include the company is Asan investment Ltd. Copies of these consolidated statements are available from 27 Lyon Road, Walton-On-Thames, Surrey, England, KT12 3PU.
Rak Kyu Park is regarded as the controlling related party by virtue of his directorship and majority shareholding in Asan Investments Limited.