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REGISTERED NUMBER: 01467799 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

YUKEN EUROPE LTD

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


YUKEN EUROPE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: E Saunders
H Nagahisa
A Miyasaka





REGISTERED OFFICE: 51 Spindus Road
Speke Hall Industrial Estate
Liverpool
L24 1YA





REGISTERED NUMBER: 01467799 (England and Wales)





AUDITORS: Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their strategic report of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the assembly and distribution of hydraulic equipment together with customer specific project work

REVIEW OF BUSINESS
For the financial year for 2022/23, enquiries, order and sales continued to still show good signs of growth across all sectors of the business, with the company finishing the year with a good level of outstanding orders, meaning that we could go into the current year in a strong position.

We, like all other companies, have suffered due to the war in Ukraine, extremely high energy costs, rampant inflation, high interest rates, wildly fluctuating exchange rates, bureaucratic dealings with the EU and inept UK governorship have all impacted the confidence and investment plans across many different business sectors. We have taken as many steps as we can to mitigate or diminish these effects.

This growth was achieved despite all of the above and continuing issues within the supply and logistics chains which resulted in profit levels being deflated.

PRINCIPAL RISKS AND UNCERTAINTIES
The company makes a number of sales and purchases overseas and is exposed to exchange rate risk. The company has entered into hedging arrangements to mitigate this financial risk.

ON BEHALF OF THE BOARD:





E Saunders - Director


23 November 2023

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

E Saunders
H Nagahisa
A Miyasaka

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen to set out information in respect of financial risk management and key performance indicators in its strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in
the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





E Saunders - Director


23 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YUKEN EUROPE LTD


Opinion
We have audited the financial statements of Yuken Europe Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's 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 opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YUKEN EUROPE LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YUKEN EUROPE LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation, bad debt provision, stock provision, and accrued costs.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party and consolidated balances and transactions.
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
- Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YUKEN EUROPE LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Karen Dent (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

23 November 2023

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 3,663,565 3,446,721

Cost of sales 2,328,507 2,211,961
GROSS PROFIT 1,335,058 1,234,760

Administrative expenses 1,178,549 1,093,808
156,509 140,952

Other operating income (36,210 ) (19,381 )
OPERATING PROFIT 4 120,299 121,571

Interest receivable and similar income 4,684 2,481
124,983 124,052

Interest payable and similar expenses 5 11,804 12,263
PROFIT BEFORE TAXATION 113,179 111,789

Tax on profit 6 34,901 24,396
PROFIT FOR THE FINANCIAL YEAR 78,278 87,393
Profit attributable to:
Owners of the parent 78,278 87,393

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 78,278 87,393


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

78,278

87,393

Total comprehensive income attributable to:
Owners of the parent 78,278 87,393

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

CONSOLIDATED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 302,877 224,939
Investments 9 - -
302,877 224,939

CURRENT ASSETS
Stocks 10 1,823,708 1,506,826
Debtors 11 760,164 776,521
Cash at bank and in hand 221,933 394,555
2,805,805 2,677,902
CREDITORS
Amounts falling due within one year 12 1,795,244 1,663,248
NET CURRENT ASSETS 1,010,561 1,014,654
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,313,438

1,239,593

CREDITORS
Amounts falling due after more than one year 13 (102,919 ) (119,584 )

PROVISIONS FOR LIABILITIES 18 (26,382 ) (14,150 )
NET ASSETS 1,184,137 1,105,859

CAPITAL AND RESERVES
Called up share capital 19 300,000 300,000
Retained earnings 20 884,137 805,859
SHAREHOLDERS' FUNDS 1,184,137 1,105,859

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





E Saunders - Director


YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

COMPANY BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 292,146 213,476
Investments 9 6,570 6,570
298,716 220,046

CURRENT ASSETS
Stocks 10 1,740,977 1,447,335
Debtors 11 752,182 760,914
Cash at bank and in hand 187,269 345,562
2,680,428 2,553,811
CREDITORS
Amounts falling due within one year 12 1,767,656 1,629,496
NET CURRENT ASSETS 912,772 924,315
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,211,488

1,144,361

CREDITORS
Amounts falling due after more than one year 13 (102,919 ) (119,584 )

PROVISIONS FOR LIABILITIES 18 (26,382 ) (14,150 )
NET ASSETS 1,082,187 1,010,627

CAPITAL AND RESERVES
Called up share capital 19 300,000 300,000
Retained earnings 20 782,187 710,627
SHAREHOLDERS' FUNDS 1,082,187 1,010,627

Company's profit for the financial year 71,560 64,227

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





E Saunders - Director


YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 300,000 718,466 1,018,466

Changes in equity
Total comprehensive income - 87,393 87,393
Balance at 31 March 2022 300,000 805,859 1,105,859

Changes in equity
Total comprehensive income - 78,278 78,278
Balance at 31 March 2023 300,000 884,137 1,184,137

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 300,000 646,400 946,400

Changes in equity
Total comprehensive income - 64,227 64,227
Balance at 31 March 2022 300,000 710,627 1,010,627

Changes in equity
Total comprehensive income - 71,560 71,560
Balance at 31 March 2023 300,000 782,187 1,082,187

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (33,473 ) 194,315
Interest paid (10,873 ) (11,631 )
Interest element of hire purchase payments paid (931 ) (632 )
Tax paid 3,379 (4,660 )
Net cash from operating activities (41,898 ) 177,392

Cash flows from investing activities
Purchase of tangible fixed assets (88,146 ) (30,476 )
Sale of tangible fixed assets 1,200 2,640
Interest received 4,684 2,481
Net cash from investing activities (82,262 ) (25,355 )

Cash flows from financing activities
Loan repayments in year (39,850 ) (24,615 )
Capital repayments in year (8,612 ) (4,879 )
Net cash from financing activities (48,462 ) (29,494 )

(Decrease)/increase in cash and cash equivalents (172,622 ) 122,543
Cash and cash equivalents at beginning of
year

2

394,555

272,012

Cash and cash equivalents at end of year 2 221,933 394,555

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 113,179 111,789
Depreciation charges 27,827 32,289
Loss on disposal of fixed assets 6,736 -
Finance costs 11,804 12,263
Finance income (4,684 ) (2,481 )
154,862 153,860
Increase in stocks (316,882 ) (237,800 )
Decrease in trade and other debtors 16,357 33,301
Increase in trade and other creditors 112,190 244,954
Cash generated from operations (33,473 ) 194,315

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 221,933 394,555
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 394,555 272,012


YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1/4/22 Cash flow changes At 31/3/23
£    £    £    £   
Net cash
Cash at bank
and in hand 394,555 (172,622 ) 221,933
394,555 (172,622 ) 221,933
Debt
Finance leases (8,322 ) 8,612 - (25,265 )
Debts falling due
within 1 year (40,744 ) 4,876 - (35,868 )
Debts falling due
after 1 year (119,584 ) 34,974 - (84,610 )
(168,650 ) 48,462 - (145,743 )
Total 225,905 (124,160 ) - 76,190

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Yuken Europe Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 01467799 and registered office is 51 Spindus Road, Speke Hall Industrial Estate. Liverpool, L24 1YA.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional and presentation currency is £ sterling.

Basis of consolidation
The consolidated financial statements incorporate the results of Yuken Europe Limited and its subsidiary undertaking as at 31 March 2023 using the acquisition method of accounting. The results of the subsidiary undertaking are included from the date of acquisition. The subsidiary prepares financial statements to 31 December in accordance with Czech Republic requirements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Trade debtors recoverability
Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

Provisions
A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Turnover
Turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year.

Revenue is recognised when goods have been despatched to customers. Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

The majority of the group's stocks are imported from overseas and subject to lengthy periods of transportation. It is the policy of the group to include as stock, all goods ordered from and shipped by suppliers, regardless of its location at the balance sheet date.

Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity, according to the stage of completion. Provision is made for any foreseeable losses where appropriate. An element of profit is included in the valuation of work in progress at the year end date in accordance with the stage of completion of the project.

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

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.

Financial instruments are recognised 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, which include trade debtors, other debtors, amounts owed from group undertakings 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. Financial assets classified as receivable within one year are not amortised.

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, including trade creditors, hire purchase contracts, amounts owed to group undertakings, other creditors, bank loans and bank overdraft 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Foreign currencies
Balances at the year end denominated 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.

Leasing
Property, plant and equipment obtained under hire purchase contracts or finance leases are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges are included in creditors.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the group's pension scheme are recognised in the profit and loss account when due.

Investments
Investments in shares are included at fair value, less provision for impairment.

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

Going concern
At the balance sheet date of 31 March 2023, the group made a profit for the year of £78,278 (2022: £87,393), and had net assets at that date of £1,184,137 (2022: £1,105,859)

The group has cash reserves as at the date of approval of the financial statements, having obtained a CBILS loan of £175,000. The group has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements. Like all companies following the global coronavirous pandemic and various lockdowns across the world, the group has suffered from delays in supply chain and uncertainty over product availability. If turnover is further affected as a result, the group may need to obtain additional finance or explore other options such as a cost reduction programme. Whilst there can be no certainty in this respect the directors are confident that additional funding will be able to be obtained if necessary.

As a result the directors believe that the group will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 678,522 642,283
Social security costs 79,587 73,786
Other pension costs 27,705 24,987
785,814 741,056

The average number of employees during the year was as follows:
2023 2022

Production staff 9 6
Selling & distribution staff 8 8
Admin staff 7 4
24 18

2023 2022
£    £   
Directors' remuneration 50,275 51,203
Directors' pension contributions to money purchase schemes 7,792 4,391

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 11,685 17,940
Depreciation - owned assets 24,427 27,982
Depreciation - assets on hire purchase contracts 3,400 4,307
Loss on disposal of fixed assets 6,736 -
Auditors' remuneration 16,000 13,000
Auditors' remuneration for non audit work - 4,223
Foreign exchange differences 37,286 19,381

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 42 534
Other interest payable 10,831 11,097
Hire purchase 931 632
11,804 12,263

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 22,669 22,050

Deferred tax 12,232 2,346
Tax on profit 34,901 24,396

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 113,179 111,789
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 -
19 %)

21,504

21,240

Effects of:
Expenses not deductible for tax purposes 6,831 1,153
Capital allowances in excess of depreciation (7,342 ) -
Depreciation in excess of capital allowances - 283
Deferred tax movement 12,232 2,346

Consolidation adjustments 1,688 430
Czech tax (12 ) (1,056 )
relationships
Total tax charge 34,901 24,396

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. TANGIBLE FIXED ASSETS

Group
Leasehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 308,172 284,770 62,129 35,207 690,278
Additions 74,308 32,737 3,260 3,396 113,701
Disposals (3,228 ) (19,476 ) - - (22,704 )
Reclassification/transfer (10,537 ) 10,537 - - -
At 31 March 2023 368,715 308,568 65,389 38,603 781,275
DEPRECIATION
At 1 April 2022 162,365 240,312 36,547 26,115 465,339
Charge for year 6,613 9,917 7,392 3,905 27,827
Eliminated on disposal (552 ) (14,216 ) - - (14,768 )
Reclassification/transfer (1,482 ) 1,482 - - -
At 31 March 2023 166,944 237,495 43,939 30,020 478,398
NET BOOK VALUE
At 31 March 2023 201,771 71,073 21,450 8,583 302,877
At 31 March 2022 145,807 44,458 25,582 9,092 224,939

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Leasehold Motor
property vehicles Totals
£    £    £   
COST
At 1 April 2022 - 26,250 26,250
Additions 25,555 - 25,555
At 31 March 2023 25,555 26,250 51,805
DEPRECIATION
At 1 April 2022 - 12,808 12,808
Charge for year 170 3,230 3,400
At 31 March 2023 170 16,038 16,208
NET BOOK VALUE
At 31 March 2023 25,385 10,212 35,597
At 31 March 2022 - 13,442 13,442

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. TANGIBLE FIXED ASSETS - continued

Company
Leasehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 308,172 284,770 27,488 35,207 655,637
Additions 74,308 32,737 - 3,396 110,441
Disposals (3,228 ) (19,476 ) - - (22,704 )
Reclassification/transfer (10,537 ) 10,537 - - -
At 31 March 2023 368,715 308,568 27,488 38,603 743,374
DEPRECIATION
At 1 April 2022 162,365 240,312 13,369 26,115 442,161
Charge for year 6,613 9,917 3,400 3,905 23,835
Eliminated on disposal (552 ) (14,216 ) - - (14,768 )
Reclassification/transfer (1,482 ) 1,482 - - -
At 31 March 2023 166,944 237,495 16,769 30,020 451,228
NET BOOK VALUE
At 31 March 2023 201,771 71,073 10,719 8,583 292,146
At 31 March 2022 145,807 44,458 14,119 9,092 213,476

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Leasehold Motor
property vehicles Totals
£    £    £   
COST
At 1 April 2022 - 26,250 26,250
Additions 25,555 - 25,555
At 31 March 2023 25,555 26,250 51,805
DEPRECIATION
At 1 April 2022 - 12,808 12,808
Charge for year 170 3,230 3,400
At 31 March 2023 170 16,038 16,208
NET BOOK VALUE
At 31 March 2023 25,385 10,212 35,597
At 31 March 2022 - 13,442 13,442

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 6,570
NET BOOK VALUE
At 31 March 2023 6,570
At 31 March 2022 6,570

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Yuken CR s.r.o
Registered office: S.K. Neumanna 2476, Rakovnik, Czech Republic
Nature of business: distribution of hydraulic equipment
%
Class of shares: holding
Ordinary 100.00


10. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 1,823,708 1,506,826 1,740,977 1,447,335

Stocks include £1,740,701 (2022: £1,435,867) of finished goods and £83,007 (2022: £70,959) of work in progress.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 548,523 601,417 512,088 551,377
Other debtors 68,219 63,364 68,219 63,364
Amounts due from group
undertakings - - 28,870 34,703
Prepayments 143,422 111,740 143,005 111,470
760,164 776,521 752,182 760,914

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Amounts due from group undertakings are repayable on demand.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 14) 35,868 40,744 35,000 35,000
Hire purchase contracts (see note 15) 6,956 8,322 6,956 8,322
Trade creditors 217,706 234,121 212,466 229,698
Amounts owed to group undertakings 867,099 785,907 867,099 785,907
Tax 50,413 24,365 50,413 24,365
Social security and other taxes 27,420 28,337 17,218 18,302
VAT 27,938 15,071 27,938 15,071
Other creditors 8,606 2,163 - -
Accrued expenses 553,238 524,218 550,566 512,831
1,795,244 1,663,248 1,767,656 1,629,496

Amounts owed to group undertakings are repayable on demand.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 14) 84,610 119,584 84,610 119,584
Hire purchase contracts (see note 15) 18,309 - 18,309 -
102,919 119,584 102,919 119,584

14. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 35,868 40,744 35,000 35,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 70,000 35,000 70,000 35,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 14,610 84,584 14,610 84,584

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 6,956 8,322
Between one and five years 18,309 -
25,265 8,322

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 6,956 8,322
Between one and five years 18,309 -
25,265 8,322

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 12,588 16,392
Between one and five years 14,331 26,919
26,919 43,311

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 12,588 16,392
Between one and five years 14,331 26,919
26,919 43,311

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


16. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 120,478 160,328 119,610 154,584
Hire purchase contracts 25,265 8,322 25,265 8,322
145,743 168,650 144,875 162,906

The hire purchase contracts are secured on the assets they relate to.

Bank loans and overdrafts are secured by a debenture over the assets of the company.

17. FINANCIAL INSTRUMENTS

GROUP

At 31 March 2023 financial assets measured at amortised cost amounted to £838,675 (2022: £1,059,335). The carrying amount of financial liabilities at amortised cost amounted to £1,239,154 (2022: £1,190,840).


COMPANY

At 31 March 2023 financial assets measured at amortised cost amounted to £796,446 (2022: £995,006). The carrying amount of financial liabilities at amortised cost amounted to £1,224,440 (2022: £1,178,511).

18. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 26,382 14,150 26,382 14,150

Group
Deferred
tax
£   
Balance at 1 April 2022 14,150
Charge to Income Statement during year 12,232
Balance at 31 March 2023 26,382

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


18. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 April 2022 14,150
Charge to Income Statement during year 12,232
Balance at 31 March 2023 26,382

Deferred tax relates entirely to the excess of capital allowances over depreciation.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300,000 Ordinary £1 300,000 300,000

The company has one class of ordinary shares which carry no right to fixed income.

20. RESERVES

Group
Retained
earnings
£   

At 1 April 2022 805,859
Profit for the year 78,278
At 31 March 2023 884,137

Company
Retained
earnings
£   

At 1 April 2022 710,627
Profit for the year 71,560
At 31 March 2023 782,187

Retained earnings represents cumulative profits or losses net of dividends paid and other adjustments.

YUKEN EUROPE LTD (REGISTERED NUMBER: 01467799)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


21. PENSION COMMITMENTS

The company made contributions of £27,705 (2022: £24,987) to the group personal pension scheme in the year. There were outstanding contributions of £2,391 (2022: £2,189) at 31 March 2023.

22. RELATED PARTY DISCLOSURES

During the period, Yuken Europe Limited purchased goods from Yuken Kogyo Co. Limited, the company's ultimate holding company, at a cost of £934,787 (2022: £771,221). The liability at the year-end was £703,556 (2022: £546,686).

In an earlier year the company's parent company made a loan to the company of £340,000. The balance owed at 31 March 2023 was £300,000 and is payable within one year.

The company purchased goods at a cost of £103,231 (2022: £74,850) from a fellow subsidiary company, Yuken India Limited in the period. The liability at the year-end was £7,838 (2022: £14,810).

The company purchased goods at a cost of £133,196 (2022: £142,718) from a fellow subsidiary company, Yuken Hydraulics (T.W.) Co. Limited in the period. The liability at the year-end was £31,970 (2022: £47,554).

The company purchased goods at a cost of £294,162 (2022: £292,192) from a fellow subsidiary company, Yuken Hydraulics (Zhangjiagang) in the period. The liability at the year-end was £58,440 (2022: £72,636).

The company purchased goods at a cost of £nil (2022: £nil) from a fellow subsidiary company, Yuken North America Corporation (USA) in the period. The liability at the year-end was £nil (2022: £nil).

During the year the company re-charged exhibition costs and warranty costs of £nil (2022: £nil) to group companies.

23. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company's ultimate holding company is Yuken Kogyo Co. Limited, incorporated in Japan and listed on The First Section of the Tokyo Stock Exchange. The registered office is 4-34 Kamitsuchidana-Naka-4-Chome, Ayase, Kanagawa 252-1113, Japan.

A copy of the financial statements of Yuken Kogyo Co. Limited can be obtained from their website at www.yuken.co.jp