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REGISTERED NUMBER: 04336209 (England and Wales)















Financial Statements for the Year Ended 31 December 2021

for

Itaya Europe Ltd

Itaya Europe Ltd (Registered number: 04336209)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Itaya Europe Ltd

Company Information
for the Year Ended 31 December 2021







DIRECTORS: H Itaya
T Itaya
S Nagamine
M Teranishi



SECRETARY: H Itaya



REGISTERED OFFICE: 2nd Floor Turnpike Gatehouse
Birmingham Road
Alcester Heath
Warwickshire
B49 5JG



REGISTERED NUMBER: 04336209 (England and Wales)



SENIOR STATUTORY AUDITOR: Joanne Baldwin ACA FCCA



AUDITORS: Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY

Itaya Europe Ltd (Registered number: 04336209)

Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,114 51,775

CURRENT ASSETS
Stocks 5 656,717 446,820
Debtors 6 323,860 746,129
Cash at bank and in hand 1,780,274 1,893,321
2,760,851 3,086,270
CREDITORS
Amounts falling due within one year 7 583,056 986,135
NET CURRENT ASSETS 2,177,795 2,100,135
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,211,909

2,151,910

PROVISIONS FOR LIABILITIES 9 6,481 9,837
NET ASSETS 2,205,428 2,142,073

CAPITAL AND RESERVES
Called up share capital 10 400,000 400,000
Retained earnings 11 1,805,428 1,742,073
SHAREHOLDERS' FUNDS 2,205,428 2,142,073

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 Board of Directors and authorised for issue on 22 August 2022 and were signed on its behalf by:




M Teranishi - Director



H Itaya - Director


Itaya Europe Ltd (Registered number: 04336209)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Itaya Europe 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.

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

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 - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Itaya Europe Ltd (Registered number: 04336209)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Warranties
Provision is made for the estimated liability on all products still under warranty, including claims already received. The provision is based on past experience of claims arising in the warranty periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 37,500 13,448 66,655 25,643 143,246
Additions - - - 1,132 1,132
Disposals - - (37,479 ) - (37,479 )
At 31 December 2021 37,500 13,448 29,176 26,775 106,899
DEPRECIATION
At 1 January 2021 7,500 9,268 49,811 24,892 91,471
Charge for year 3,750 627 1,081 817 6,275
Eliminated on disposal - - (24,961 ) - (24,961 )
At 31 December 2021 11,250 9,895 25,931 25,709 72,785
NET BOOK VALUE
At 31 December 2021 26,250 3,553 3,245 1,066 34,114
At 31 December 2020 30,000 4,180 16,844 751 51,775


5. STOCKS
2021 2020
£    £   
Stocks 656,717 446,820

Itaya Europe Ltd (Registered number: 04336209)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 311,494 710,766
Amounts owed by group undertakings - 3,123
Other debtors 589 -
Tax - 17,492
VAT 194 -
Prepayments 11,583 14,748
323,860 746,129

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 45,336 99,769
Amounts owed to group undertakings 482,803 530,015
Social security and other taxes 17,195 19,441
VAT - 480
Other creditors 31,272 264,563
Credit card account - 809
Accrued expenses 6,450 71,058
583,056 986,135

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 20,351 20,759
Between one and five years 12,199 34,103
32,550 54,862

Hire purchase contracts are secured against the assets to which they relate to.

9. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 6,481 9,837

Deferred
tax
£   
Balance at 1 January 2021 9,837
Provided during year (3,356 )
Balance at 31 December 2021 6,481

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
400,000 Ordinary £1 400,000 400,000

Itaya Europe Ltd (Registered number: 04336209)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

11. RESERVES
Retained
earnings
£   

At 1 January 2021 1,742,073
Profit for the year 63,355
At 31 December 2021 1,805,428

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Baldwin ACA FCCA (Senior Statutory Auditor)
for and on behalf of Ormerod Rutter Limited

13. PARENT COMPANY

The ultimate parent company is ltaya Engineering Limited, a company that is registered in Japan. The company owns 100% of the issued share capital of ltaya Europe Limited.

Copies of the ltaya Engineering Limited financial statements can be obtained from the company secretary at 504 Matsuhidai, Matsuda-Shi, 270-2214, Chiba, Japan.