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Registered number: 10843097 HAGAKURE LTD UNAUDITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
HAGAKURE LTD Company Information
Director | A Coronelli
Registered number | 10843097
Registered office | 3rd Floor
| 12 Gough Square
| London
| EC4A 3DW
HAGAKURE LTD Registered number: 10843097 Balance sheet As at 30 June 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 37,867 |  | 41,620
Investments | 5 |  | 2,170,699 |  | 1,808,796
|  |  | 2,208,566 |  | 1,850,416
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 106,752 |  | 949,786 |
Cash at bank and in hand |  | 2,063 |  | 21,481 |
|  | 108,815 |  | 971,267 |
Creditors: amounts falling due within one year | 7 | (712,318) |  | (1,057,692) |
Net current liabilities |  |  | (603,503) |  | (86,425)
Total assets less current liabilities |  |  | 1,605,063 |  | 1,763,991
Net assets |  |  | 1,605,063 |  | 1,763,991
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | 1,604,963 |  | 1,763,891
|  |  | 1,605,063 |  | 1,763,991
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HAGAKURE LTD Registered number: 10843097 Balance sheet (continued) As at 30 June 2025 The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 comprehensive income 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 on 22 January 2026.
A Coronelli
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
HAGAKURE LTD Notes to the financial statements For the Year Ended 30 June 2025
1. | General information
Hagakure Ltd is a private company limited by share capital, incorporated and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting year can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | 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. Page 3
HAGAKURE LTD Notes to the financial statements For the Year Ended 30 June 2025 2.Accounting policies (continued)
| 2.3 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 4 years straight line
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.
| 2.4 | Valuation of investments
Investments in joint ventures are measured at cost less accumulated impairment. Investments in artwork and collectibles, where market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.5 | Debtors
Short term debtors are measured at transaction price, less any impairment.
| 2.6 | 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.
| 2.7 | Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 4
HAGAKURE LTD Notes to the financial statements For the Year Ended 30 June 2025 2.Accounting policies (continued)
| 2.8 | 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
| 2.9 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.10 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.11 | Finance costs
Finance costs are charged to the Profit and loss account 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 5
HAGAKURE LTD Notes to the financial statements For the Year Ended 30 June 2025 2.Accounting policies (continued)
| 2.12 | 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 balance sheet date in the countries where the Company operates and generates income.
3. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
4. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 July 2024 | 102,085
| Additions | 19,071
| At 30 June 2025 | 121,156
| Depreciation |
| At 1 July 2024 | 60,465
| Charge for the year on owned assets | 22,824
| At 30 June 2025 | 83,289
| Net book value |
| At 30 June 2025 | 37,867
| At 30 June 2024 | 41,620
Page 6
HAGAKURE LTD Notes to the financial statements For the Year Ended 30 June 2025
5. | Fixed asset investments
|  | Investments in joint ventures | Artwork and collectibles | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 July 2024 (as restated) | 127 | 1,808,669 | 1,808,796
| Additions | - | 361,903 | 361,903
| At 30 June 2025 | 127 | 2,170,572 | 2,170,699
6. | Debtors
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 53,615 | -
| Amounts owed by related parties | 12,858 | 12,203
| Other debtors | 27,201 | 14,820
| Prepayments and accrued income | 13,078 | 922,763
|  | 106,752 | 949,786
7. | Creditors: Amounts falling due within one year
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 99,741 | 105,358
| Corporation tax | 44,631 | 166,133
| Other creditors | 505,037 | 764,954
| Accruals and deferred income | 62,909 | 21,247
|  | 712,318 | 1,057,692
Page 7
HAGAKURE LTD Notes to the financial statements For the Year Ended 30 June 2025
8. | Prior year adjustment
The accounts have been restated to incorporate the impact of a missclassification of investments in joint ventures in the prior year. The change has resulted in a reduction in investments of £72, a reduction in amounts due from related parties of £828 and a reduction in other creditors of £900. There was no impact on the profit and loss account or net assets.
9. | Related party transactions
| The company operates a director's current account with the director. At the balance sheet date the company owed the director £505,037 (2024: £764,954). The balance is interest free and repayable on demand. During the year the company incurred costs of £655 (2024: £12,204) on behalf of joint venture companies. The balance owed by these companies at the balance sheet date is £12,859 (2024: £12,204).
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