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Registered number: 08751457 SHORYU CARNABY STREET LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
SHORYU CARNABY STREET LIMITED REGISTERED NUMBER: 08751457 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 20,885 |  | 26,383
|  |  | 20,885 |  | 26,383
Current assets |  |  |  |  |
Stocks | 5 | 9,104 |  | 8,455 |
Debtors: amounts falling due within one year | 6 | 2,935,182 |  | 2,322,576 |
Cash at bank and in hand |  | 75,090 |  | 447,318 |
|  | 3,019,376 |  | 2,778,349 |
Creditors: amounts falling due within one year | 7 | (559,362) |  | (520,990) |
Net current assets |  |  | 2,460,014 |  | 2,257,359
Total assets less current liabilities |  |  | 2,480,899 |  | 2,283,742
Net assets |  |  | 2,480,899 |  | 2,283,742
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 1,000 |  | 1,000
Share premium account |  |  | 44,880 |  | 44,880
Profit and loss account |  |  | 2,435,019 |  | 2,237,862
|  |  | 2,480,899 |  | 2,283,742
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SHORYU CARNABY STREET LIMITED REGISTERED NUMBER: 08751457 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
H Tokumine
Director
Date: 1 October 2025
The notes on pages 3 to 9 form part of these financial statements. Page 2
SHORYU CARNABY STREET LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Shoryu Carnaby Street Limited ("The Company") operates a Japanese restaurant from its location in London, Carnaby Street. The Company is a private company limited by shares incorporated in England and Wales. The address of the principal place of business is G3-5 Kingly Court, London, W1B 5PJ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentational currency is GBP. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared under on a going concern basis. The directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future. The Company has a strong overall balance sheet at the year end with net current assets of £2,460,014 (2023 - £2,257,359) and an overall net assets position of £2,480,899 (2023 - £2,283,742) and has made a net profit of £197,157 (2023 - £141,362). The Company has prepared cash flow forecasts until December 2026, under the current economic conditions and based on the key assumptions that the restaurant will remain open for the foreseeable future and general footfall is expected to increase. The forecasts incorporate profit improvement measures including controlling energy costs and securing favourable fixed prices, general cost efficiencies, and marketing campaigns to drive footfall. Based on the results to date and future projections, the Directors are confident that the Company will continue to meet its liabilities as they fall due, looking forward at least twelve months from the date of signing these financial statements. As a result, the Directors have prepared the financial statements on a going concern basis.
| 2.3 | Revenue
Revenue represents net invoiced sales of food and drinks, excluding value added tax and tips. Revenue is recognised when payment is rendered at the time of sale, and is all recognised in the United Kingdom.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 3
SHORYU CARNABY STREET LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
|  |  |  | Leasehold property | - | Over the remaining period of lease
|  |  |  | Plant and machinery | - | 25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 4
SHORYU CARNABY STREET LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Financial instruments
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares. (i) Financial assets Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (ii) Financial liabilities Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. (iii) Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
3. | Employees
| The average monthly number of employees, including directors, during the year was 26 (2023 - 32).
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SHORYU CARNABY STREET LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2024 | 215,042 | 163,074 | 378,116
| Additions | - | 1,327 | 1,327
| At 31 December 2024 | 215,042 | 164,401 | 379,443
| Depreciation |  |  |
| At 1 January 2024 | 215,042 | 136,691 | 351,733
| Charge for the year on owned assets | - | 6,825 | 6,825
| At 31 December 2024 | 215,042 | 143,516 | 358,558
| Net book value |  |  |
| At 31 December 2024 | - | 20,885 | 20,885
| At 31 December 2023 | - | 26,383 | 26,383
5. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Stocks | 9,104 | 8,455
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SHORYU CARNABY STREET LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 28,657 | 60,543
| Amounts owed by group undertakings | 2,870,668 | 2,247,462
| Other debtors | 6,369 | -
| Prepayments and accrued income | 29,488 | 14,571
|  | 2,935,182 | 2,322,576
| Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 51,589 | 68,604
| Amounts owed to group undertakings | 128 | 159
| Corporation tax | 36,986 | 49,800
| Other taxation and social security | 130,724 | 121,815
| Other creditors | 20,956 | 3,802
| Accruals | 318,979 | 276,810
|  | 559,362 | 520,990
| Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.
8. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2023 - 1,000) Ordinary shares shares of £1.00 each | 1,000 | 1,000
9. | Contingent liabilities
The Company was party to a multilateral cross guarantee and debenture dated 3 June 2015 given by subsidiary companies of Shoryu Holdings Limited to secure group borrowings. Page 7
SHORYU CARNABY STREET LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £3,078 (2023 - £3,802) were payable to the fund at the year end date.
11. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 167,500 | 110,204
| Later than 1 year and not later than 5 years | 541,430 | 670,000
| Later than 5 years | - | 38,930
|  | 708,930 | 819,134
12. | Related party transactions
| Where possible, the Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings. During the year the Company entered into the following transactions with related parties:
|  | 2024 | 2023
|  | £ | £
| Purchases | 136,975 | 473,942
| Sales | 5,009 | 6,603
| Amounts due to related parties at the reporting end date | - | 51,033
| Amounts due from related parties at the reporting end date | - | 4,789
13. | Controlling party
The Company's parent and ultimate parent is Shoryu Holdings Limited, incorporated in United Kingdom. The parent of the largest group in which these financial statements are consolidated is Shoryu Holdings Ltd, incorporated in United Kingdom and the consolidated financial statements can be available from Companies House using the company's registration number 08251749. Page 8
SHORYU CARNABY STREET LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 1 October 2025 by Catalina Feier FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.
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