General Information
WDI UK LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11779320, registration address 18 Ensign Street, London, E1 8PA.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The financial statements are prepared in accordance with the provisions of FRS 102 Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of Preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the company.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Tangible fixed assets
Office equipment and fixtures & fittings are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
- Office Equipment 3 years straight line
- Fixtures & Fittings 5 years straight line
- Right-of-Use (ROU) Assets- Leasehold Property 15 years straight line
- Leasehold Improvements 15 years straight line
ROU Assets - Leasehold Property and Leasehold Improvements are initially measured at cost. Subsequent to initial recognition, ROU Assets are measured at cost less depreciation and any provision for impairment, adjusted for any remeasurement of the lease liability. Depreciation is provided to write off the cost of the assets over their estimated useful lives. Depreciation commences when the assets are ready for intended use and is calculated on a straight-line basis over the remaining term of the lease.
Leases
The company has early adopted the amendments to Section 20 'Leases' of FRS102 issued in March 2024. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability and initial direct costs. Right-of-use assets are subsequently depreciated on a straight-line basis over the lease term.
The lease agreement contains a variable rent clause based on the turnover generated by the restaurant. Variable lease payments are not included in the measurement of the lease liability and are recognised as an expense in the profit and loss account in the period in which the event or condition that triggers those payments occurs.
The company has elected to apply the recognition exemption for short-term leases (leases with a term of 12 months or less).
For those leases, lease payments are recognised as an expense on a straight-line basis over the lease term.
Investments
Investments are stated at cost less provision for any permanent diminution in value.
|
| 2. |
Average number of employees
Average number of employees during the year was 2 (2024 : 3).
|
| 3. |
Audit Information
The auditor's report on the accounts of WDI UK LIMITED for the year ended 31 December 2025 was qualified.
Basis for qualified opinion
In respect of the cost of investment in the company's associate, FGM Entertainment Ltd, we were unable to obtain sufficient audit evidence about the carrying amount of the company's investment as at 31 December 2025. The investment has not been audited for the year ended 31 December 2023 to 31 December 2025. Any adjustments to the carrying value of the investment would have a consequential significant effect on the impairment expense and retained earnings in the year ended 31 December 2025. No other procedures that were performed to confirm that the figures were properly recorded.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCs 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 qualified opinion.
The auditor's report was signed by Sangyai Jonathan Pitayanukul (Senior Statutory Auditor)
for and on behalf of P and Co (Partners) LLP Chartered Accountants and Registered Auditor on 28 April 2026.
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Leasehold Improvement |
|
ROU Assets - Leasehold Property |
|
Fixtures and Fittings |
|
Office Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 January 2025 |
- |
|
- |
|
- |
|
2,394 |
|
2,394 |
| Additions |
353,842 |
|
2,107,263 |
|
50,154 |
|
666 |
|
2,511,925 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 December 2025 |
353,842 |
|
2,107,263 |
|
50,154 |
|
3,060 |
|
2,514,319 |
| Depreciation |
| At 01 January 2025 |
- |
|
- |
|
- |
|
1,450 |
|
1,450 |
| Charge for year |
- |
|
16,550 |
|
- |
|
505 |
|
17,055 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 December 2025 |
- |
|
16,550 |
|
- |
|
1,955 |
|
18,505 |
| Net book values |
| Closing balance as at 31 December 2025 |
353,842 |
|
2,090,713 |
|
50,154 |
|
1,105 |
|
2,495,814 |
| Opening balance as at 01 January 2025 |
- |
|
- |
|
- |
|
944 |
|
944 |
|
| 5. |
Investments
| Cost |
Other investments other than loans |
|
Investments in group undertakings |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 January 2025 |
200,000 |
|
1,500,000 |
|
1,700,000 |
| Additions |
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
| At 31 December 2025 |
200,000 |
|
1,500,000 |
|
1,700,000 |
The company's investments in the share capital of two companies are as below:
Subsidiary
Tim Ho Wan UK Limited
Registered office: 18 Ensign Street, London, E1 8PA
Country of incorporation and registration: England and Wales
Description of share held: Ordinary share of £1,000 each with total number of shares 1,500
Nature of business: Dormant
Accounting year end date: 31 December 2025
%
Class of shares: holding
Ordinary shares: 100
The aggregate amount of the subsidiary undertaking's capital and reserves as at year end date is £1,500,000 (2024: £1,500,000) and its profit for the year is £nil (2024: £nil) since it is a dormant company.
Associate
FGM Entertainment Ltd
Registered office: 98 Park Road, London, England, NW1 4SH
Country of incorporation and registration: England and Wales
Description of share held: Ordinary share of £1 each with total number of shares 333
Nature of business: Public houses and bars
Accounting year end date: 31 December 2025
%
Class of shares: holding
Ordinary shares: 40
The aggregate amount of the associated undertaking's shareholder's deficiency as at year end date is £211,341 (2024: £179,485) and its loss for the year is £31,856 (2024: £224,882).
|
| 6. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Prepayments & Accrued Income |
8,072 |
|
6,465 |
| Deposits paid |
620 |
|
620 |
| Amounts due from Group Undertakings |
- |
|
822,514 |
| VAT |
55,400 |
|
2,300 |
|
64,092 |
|
831,899 |
|
| 7. |
Debtors: amounts falling due after one year
|
2025
£ |
|
2024
£ |
| Deposits paid |
138,000 |
|
- |
|
138,000 |
|
- |
|
| 8. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Amounts Owed to Group Undertakings |
4,905 |
|
4,528 |
| Amounts Owed to Participating Interests |
1,500,000 |
|
1,500,000 |
| PAYE & Social Security |
3,762 |
|
8,238 |
| Accrued Expenses |
201,594 |
|
10,696 |
| Other Creditors |
10,184 |
|
549 |
| Wages & Salaries Control Account |
5,348 |
|
5,302 |
|
1,725,793 |
|
1,529,313 |
|
| 9. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Lease Liabilities |
2,026,342 |
|
- |
|
2,026,342 |
|
- |
|
| 10. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
4,500
(2024: 2,000) Class A Ordinary shares of £1,000.00 each |
4,500,000 |
|
2,000,000 |
|
4,500,000 |
|
2,000,000 |
|
| 11. |
Immediate and ultimate parent undertaking
The directors consider the immediate and ultimate parent undertaking and controlling party of the company to be WDI Corporation, a company incorporated in Japan. The smallest group to consolidate these financial statements is WDI Corporation.
The registered office of WDI Corporation is Roi Bldg. 8F & 9F, 5-5-1 Roppongi, Minato-ku, Tokyo 106-8522 Japan.
|
| 12. |
Transition to amended Section 20
On 19 November 2025, the company recognised a lease liability of £2,011,414 and a corresponding ROU Asset of £2,107,263. The ROU Asset includes £95,849 of initial direct costs incurred in securing the lease. The weighted average incremental borrowing rate applied to the lease liability was 6.54%.
The company applied the modified retrospective transition approach; consequently, the comparative information for 2024 has not been restated and continues to be reported under the previous lease accounting rules. There was no impact on opening retained earnings at the date of initial application because the company held no leases at the start of the comparative period.
|
| 13. |
Lease Liability
The company had the following undiscounted contractual lease liability cash flows payable for each of the following period:
| Lease liability maturity analysis |
|
2025
£ |
| Not later than one year |
|
75,144 |
| Later than one year and not later than five years |
|
920,000 |
| Later than five years |
|
2,216,507 |
|
| 14. |
Events after Balance sheet date
The company entered into lease agreements in November 2025 and commenced fit-out of a new restaurant, expected to open in June 2026.
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3
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