Umezushi Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08873973 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

UMEZUSHI LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C L Huang

REGISTERED OFFICE:

Unit 4

Mirabel Street

Manchester

M3 1PJ

REGISTERED NUMBER:

08873973 (England and Wales)

ACCOUNTANTS:

Sedulo Accountants Limited

Chartered Certified Accountants

62-66 Deansgate

Manchester

M3 2EN

FIXED ASSETS

Intangible assets

4

16,300

24,449

Tangible assets

5

31,277

31,839

Investments

6

100

100

47,677

56,388

CURRENT ASSETS

Stocks

3,500

7,500

Debtors

7

148,938

140,931

Cash at bank and in hand

1,684

15,289

154,122

163,720

CREDITORS

Amounts falling due within one year

8

172,179

206,294

NET CURRENT LIABILITIES

(18,057

)

(42,574

)

TOTAL ASSETS LESS CURRENT LIABILITIES

29,620

13,814

CREDITORS

Amounts falling due after more than one year

9

-

(7,639

)

PROVISIONS FOR LIABILITIES

(5,943

)

(5,413

)

NET ASSETS

23,677

762

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

23,577

662

23,677

762

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 June 2020 and were signed by:

C L Huang - Director

1.	STATUTORY INFORMATION

Umezushi Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Going Concern

In common with virtually every other business in the country, the Company has been experiencing the effects of the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be assessed with complete certainty at the current time, the Directors believe they have taken all possible steps to protect the Company including accessing relevant Government assistance.

At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial statements.

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 includes 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 present value of the future receipts discounted at a market rate of interest. Financial asserts 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.

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 and 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 rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2019

and 29 February 2020

40,749

AMORTISATION

At 1 March 2019

16,300

Charge for year

8,149

At 29 February 2020

24,449

NET BOOK VALUE

At 29 February 2020

16,300

At 28 February 2019

24,449

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2019

64,172

Additions

4,437

At 29 February 2020

68,609

DEPRECIATION

At 1 March 2019

32,333

Charge for year

4,999

At 29 February 2020

37,332

NET BOOK VALUE

At 29 February 2020

31,277

At 28 February 2019

31,839

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 March 2019

and 29 February 2020

100

NET BOOK VALUE

At 29 February 2020

100

At 28 February 2019

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Trade debtors

1,440

4,865

Amounts owed by group undertakings

122,975

132,693

Other debtors

24,523

3,373

148,938

140,931

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Bank loans and overdrafts

13,752

8,333

Trade creditors

9,638

22,005

Taxation and social security

(5,193

)

14,264

Other creditors

153,982

161,692

172,179

206,294

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.2.20

28.2.19

£

£

Bank loans

-

7,639

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is an amount owed to the directors of £2,000 (2019: £(446)).

The loans are interest free with no fixed repayment terms.

11.	RELATED PARTY DISCLOSURES

Kitchen In An Arch Ltd

During the year the company entered into transactions with Kitchen In An Arch Limited, a subsidiary company.

During the year the company made purchases on behalf of Kitchen In An Arch Ltd totalling £20,525 (2019: £86,341). A balance of £153,218 was owed from Kitchen In An Arch Limited at 28 February 2019 (2019: £132,693).

Outstanding balances are payable on demand, interest free and not secured.

Chish and Fips Ltd

During the year the company entered into transactions with Chish and Fips Ltd, a company related via common directorships.

During the year the company made purchases on behalf of Chish and Fips Ltd totalling £1,250 (2019: Nil). A balance of £1,250 was owed from Chish and Fips Ltd at 28 February 2020 (2019: Nil).

Outstanding balances are payable on demand, interest free and not secured.

TheCoffeeBee Ltd

During the year the company entered into transactions with TheCoffeeBee Ltd, a company related via common directorships.

During the year the company made purchases on behalf of TheCoffeeBee Ltd totalling £2,342. A balance of £2,342 was owed from TheCoffeeBee Ltd at 28 February 2020.

Outstanding balances are payable on demand, interest free and not secured.