Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetrue2022-04-01falseAgent company for Japanese parent32truetrue 05090796 2022-04-01 2023-03-31 05090796 2021-04-01 2022-03-31 05090796 2023-03-31 05090796 2022-03-31 05090796 c:Director3 2022-04-01 2023-03-31 05090796 d:MotorVehicles 2022-04-01 2023-03-31 05090796 d:OfficeEquipment 2022-04-01 2023-03-31 05090796 d:OfficeEquipment 2023-03-31 05090796 d:OfficeEquipment 2022-03-31 05090796 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05090796 d:CurrentFinancialInstruments 2023-03-31 05090796 d:CurrentFinancialInstruments 2022-03-31 05090796 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05090796 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05090796 d:ShareCapital 2023-03-31 05090796 d:ShareCapital 2022-03-31 05090796 d:RetainedEarningsAccumulatedLosses 2023-03-31 05090796 d:RetainedEarningsAccumulatedLosses 2022-03-31 05090796 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05090796 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 05090796 c:FRS102 2022-04-01 2023-03-31 05090796 c:Audited 2022-04-01 2023-03-31 05090796 c:FullAccounts 2022-04-01 2023-03-31 05090796 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05090796 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 05090796









IINO UK LTD.









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
IINO UK LTD.
REGISTERED NUMBER: 05090796

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,469
4,175

  
2,469
4,175

Current assets
  

Debtors: amounts falling due within one year
 6 
55,759
54,565

Cash at bank and in hand
 7 
651,867
607,258

  
707,626
661,823

Creditors: amounts falling due within one year
 8 
(301,186)
(91,183)

Net current assets
  
 
 
406,440
 
 
570,640

Total assets less current liabilities
  
408,909
574,815

Provisions for liabilities
  

Deferred tax
 9 
(143)
(354)

  
 
 
(143)
 
 
(354)

Net assets
  
408,766
574,461


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
308,766
474,461

  
408,766
574,461


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 17 November 2023.


M Makino
Director

The notes on pages 2 to 9 form part of these financial statements.
Page 1

 
IINO UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

INO UK Ltd is a private company, limited by shares, incorporated in England and Wales, United Kingdom, with a registration number 05090796. The address of the registered office is Haslers, Hawke House Old Station Road, Loughton, Essex, United Kindgom, IG10 4PL. The nature of the company's operations and principal activities are to act as a shipping agent for IINO Kaiun Kaisha Limited. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest pound Sterling.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of IINO Kaiun Kaisha Limited as at 31 March 2023 and these financial statements may be obtained from http://www.iino.co.jp /..

 
2.3

Going concern

The financial statements have been prepared on the going concern basis as the company’s parent company has indicated its continuing financial support of the company. Should this support be withdrawn, then all the company’s assets would have to be restated at their net realisable values and its liabilities would have to be treated as falling due on demand. 

Page 2

 
IINO UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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 period 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

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:

Turnover from a contract to provide shipping agent services is recognized in the period in which the services are provided on the basis of costs incurred, net of VAT, and when all of the following conditions are satisfied:
 • the amount of turnover 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 period can be measured 
  reliably; and
 • the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

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

Page 3

 
IINO UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

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, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
4 years
Office equipment
-
3 years

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
IINO UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.13

Financial instruments

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
IINO UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. 
Management considers that there are no judgments that have been made in the process of applying the entity's accounting policies that have a significant effect on the financial statements. Furthermore,  management considers that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year

4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Director
3
2

Page 6

 
IINO UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
9,423



At 31 March 2023

9,423



Depreciation


At 1 April 2022
5,248


Charge for the year on owned assets
1,706



At 31 March 2023

6,954



Net book value



At 31 March 2023
2,469



At 31 March 2022
4,175
Page 7

 
IINO UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Other debtors
43,742
43,698

Prepayments and accrued income
12,017
10,867

55,759
54,565



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
651,867
607,258

651,867
607,258



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
200,000
-

Corporation tax
1,846
-

Other taxation and social security
48,971
53,506

Accruals and deferred income
50,369
37,677

301,186
91,183


Page 8

 
IINO UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Deferred taxation




2023


£






At beginning of year
(354)


Charged to profit or loss
211



At end of year
(143)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(143)
(354)

(143)
(354)


10.


Related party transactions

During the year, the company charged it's parent company an agency fee of £1,182,260 (2022: £786,000).
Dividends payable to the parent company for the year totalled £200,000 (2022: £Nil).
There was a balance outstanding at the year end of £200,000 (2022: £Nil) due to the parent company. 
During the year, key management personnel received remuneration of £671,013 (2022: £402,296).


11.


Controlling party

The ultimate controlling party and parent undertaking is IINO Kaiun Kaisha Limited, a company incorporated in Japan.

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 17 November 2023 by Charalambos Patsalides (Senior Statutory Auditor) on behalf of Haslers.

 
Page 9