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REGISTERED NUMBER: 02477296 (England and Wales)










STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

NICERA EUROPEAN WORKS LIMITED

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


NICERA EUROPEAN WORKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTOR: J Kondo





SECRETARY: Mrs K E Shephard





REGISTERED OFFICE: 8 Tollgate
Stanbridge Earls
Romsey
Hampshire
SO51 0HE





BUSINESS ADDRESS: 25 Copinger Close
West Totton
Southampton
Hampshire
SO40 8WN





REGISTERED NUMBER: 02477296 (England and Wales)

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023


The director presents his strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The company is continuing to act as distribution agents for the resale of electronic components sourced from other group companies.

Trading performance has improved due to the procurement of new customers and an increased in demand of products from existing customers.

Improved supplier production facilities has meant that suppliers have been able to respond to increasing customer demands.

Overheads have continued to be contained due to tight management control.

Company's liquid reserves have been invested to achieve favourable returns.

PRINCIPAL RISKS AND UNCERTAINTIES
The following risks and uncertainties have impacted on the performance of the company:

Costs of Sales and Overheads
Fluctuations in foreign currency affect the ability to make a profit. The company manages these risks by holding funds in the foreign currency to mitigate exchange rate variances. Overheads have continued to be contained due to tight management control.

Sales Growth
Changing market conditions caused by political and economic forces, varying demand and technological advances all contribute to the making market conditions challenging. The company will be focusing on developing its distribution customer base to increase activity.

Brexit
There is continued uncertainty caused by the UK's decision to leave the European Union and how this will impact the ability of the company to continue trading with other countries in Europe. The company will keep its staff updated with current legislation and adapt its processes to ensure that it can continue to trade with countries in Europe.

ON BEHALF OF THE BOARD:





J Kondo - Director


29th March 2024

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST DECEMBER 2023


The director presents his report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the distribution of electronic components.

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

FUTURE DEVELOPMENTS
The company will be continuing to act as distribution agents for the resale of electronic components sourced from other group companies.

The company will continue developing its distribution customer base to increase activity and improve sales.

DIRECTOR
J Kondo held office during the whole of the period from 1st January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST DECEMBER 2023


AUDITORS
The auditors, Boler Wiseman, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs K E Shephard - Secretary


29th March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NICERA EUROPEAN WORKS LIMITED


Opinion
We have audited the financial statements of Nicera European Works Limited (the 'company') for the year ended 31st December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st December 2023 and of its 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 company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NICERA EUROPEAN WORKS LIMITED


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

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NICERA EUROPEAN WORKS LIMITED


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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Audit procedures performed by the engagement team included:

Assessment of the risk of material misstatement in respect of irregularities, including fraud, taking into account the company's past history, assessing the control environment, the complexity of transactions and any unusual factors relating to the client.

Discussions with management and those charged with governance of known and suspected instances of non-compliance with laws and regulation.

Detailed analytical reviews of the company's financial statements and audit tests on the company's operating procedures.

Assessment of the company's compliance with the legal and regulatory framework that is applicable to its industry by gathering sufficient evidence.

Sample testing on key areas of the financial statements that have been identified as areas where potential material misstatements may have occurred due to error or fraud.

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

There are inherent limitations in the audit procedures described above and the further non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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
NICERA EUROPEAN WORKS LIMITED


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.




Graham Wiseman FCA (Senior Statutory Auditor)
for and on behalf of Boler Wiseman
Statutory Auditor
8 Tollgate
Stanbridge Earls
Romsey
Hampshire
SO51 OHE

3rd April 2024

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 2,072,014 1,723,184

Cost of sales 1,888,180 1,573,754
GROSS PROFIT 183,834 149,430

Administrative expenses 117,220 95,412
OPERATING PROFIT 5 66,614 54,018

Interest receivable and similar income 6 2,805 188
PROFIT BEFORE TAXATION 69,419 54,206

Tax on profit 7 36 -
PROFIT FOR THE FINANCIAL YEAR 69,383 54,206

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 69,383 54,206


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

69,383

54,206

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 300 476

CURRENT ASSETS
Stocks 9 14,996 75,489
Debtors 10 153,756 186,131
Cash at bank and in hand 551,764 457,601
720,516 719,221
CREDITORS
Amounts falling due within one year 11 126,026 194,290
NET CURRENT ASSETS 594,490 524,931
TOTAL ASSETS LESS CURRENT
LIABILITIES

594,790

525,407

CAPITAL AND RESERVES
Called up share capital 12 966,652 966,652
Retained earnings 13 (371,862 ) (441,245 )
SHAREHOLDERS' FUNDS 16 594,790 525,407

The financial statements were approved by the director and authorised for issue on 29th March 2024 and were signed by:





J Kondo - Director


NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 1,466,652 (495,451 ) 971,201

Changes in equity
Reduction in share capital (500,000 ) - (500,000 )
Total comprehensive income - 54,206 54,206
Balance at 31st December 2022 966,652 (441,245 ) 525,407

Changes in equity
Total comprehensive income - 69,383 69,383
Balance at 31st December 2023 966,652 (371,862 ) 594,790

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 91,394 66,645
Tax paid (36 ) (158 )
Net cash from operating activities 91,358 66,487

Cash flows from investing activities
Interest received 2,805 188
Net cash from investing activities 2,805 188

Cash flows from financing activities
Share buyback - (500,000 )
Net cash from financing activities - (500,000 )

Increase/(decrease) in cash and cash equivalents 94,163 (433,325 )
Cash and cash equivalents at beginning of
year

2

457,601

890,926

Cash and cash equivalents at end of year 2 551,764 457,601

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 69,419 54,206
Depreciation charges 176 176
Finance income (2,805 ) (188 )
66,790 54,194
Decrease/(increase) in stocks 60,493 (70,689 )
Decrease in trade and other debtors 32,375 27,598
(Decrease)/increase in trade and other creditors (68,264 ) 55,542
Cash generated from operations 91,394 66,645

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 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 551,764 457,601
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 457,601 890,926


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 457,601 94,163 551,764
457,601 94,163 551,764
Total 457,601 94,163 551,764

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Nicera European Works Limited 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.

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

2. ACCOUNTING POLICIES

Fundamental accounting concept
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.

Turnover
Turnover represents the revenue generated by the company's operating activities, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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 arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.

Deferred tax is provided in full on credit balances relating to timing differences which result in an obligation to pay more (or less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Debit balances arising from tax losses carried forward are not provided for in the accounts.

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.

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.

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 968,899 736,067
European Community 595,806 525,021
Other 507,309 462,096
2,072,014 1,723,184

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 63,123 54,892
Social security costs 432 957
Other pension costs 4,708 4,125
68,263 59,974

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

Selling and distribution 1 1
Administration 1 1
2 2

2023 2022
£    £   
Director's remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 176 177
Auditors' remuneration 3,000 3,000
Auditors' remuneration for non audit work 900 1,200
Foreign exchange loss/(gain) 19,643 9,838

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Interest receivable 2,805 188

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


7. 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 36 -
Tax on profit 36 -

UK corporation tax has been charged at 19% (2022 - 19%).

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

2023 2022
£    £   
Profit before tax 69,419 54,206
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

13,190

10,299

Effects of:
Utilisation of tax losses (13,687 ) (10,335 )


Tax on interest receivable 533 36
Total tax charge 36 -

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


8. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st January 2023 2,322
Disposals (441 )
At 31st December 2023 1,881
DEPRECIATION
At 1st January 2023 1,846
Charge for year 176
Eliminated on disposal (441 )
At 31st December 2023 1,581
NET BOOK VALUE
At 31st December 2023 300
At 31st December 2022 476

9. STOCKS
2023 2022
£    £   
Finished goods 14,996 75,489

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 147,640 179,380
Sundry debtors 240 1,341
Prepayments 5,876 5,410
153,756 186,131

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,565 5,819
Amounts owed to group undertakings 112,172 174,810
Tax 8 8
Social security and other taxes 1,008 809
Value added tax 3,936 7,729
Other creditors 2,106 1,619
Accrued expenses 231 3,496
126,026 194,290

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
966,652 Ordinary shares 1 966,652 966,652

On 2 November 2022 the company resolved to reduce its share capital from 1,466,652 Ordinary Shares of £1 each to 966,652 Ordinary Shares of £1 each by cancelling and extinguishing 500,000 Ordinary Shares of £1 each.

13. RESERVES
Retained
earnings
£   

At 1st January 2023 (441,245 )
Profit for the year 69,383
At 31st December 2023 (371,862 )

14. ULTIMATE PARENT COMPANY

The company's immediate parent undertaking is Nippon Ceramic Co.,Ltd. It has included the company in its group accounts, copies of which are available from its registered office: Nippon Ceramic Co.,Ltd, 176-17 , Hirooka, Tottori-shi, 689-1193, Japan. The company's ultimate parent company and controlling party is Nippon Ceramic Co.,Ltd which is incorporated in Japan. Copies of its group accounts, which include the company, are available from the address shown above.

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is a 100% owned subsidiary of Nippon Ceramic Co., Ltd.

Transactions with the parent company are shown below:

2023 2022
£    £   
Sales to Nippon Ceramic Co., Ltd 639 Nil
Purchases from Nippon Ceramic Co.,Ltd 1,825,701 1,631,093

At the year end, the following balances exist:
2023 2022
£    £   
Owed (by)/to Nippon Ceramic Co., Ltd 112,172 173,569

The company's ultimate controlling party is Nippon Ceramic Co.,Ltd which is incorporated in Japan.

NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


16. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2023 2022
£    £   
Profit for the financial year 69,383 54,206
Payments to acquire own shares - (500,000 )
Net addition/(reduction) to shareholders' funds 69,383 (445,794 )
Opening shareholders' funds 525,407 971,201
Closing shareholders' funds 594,790 525,407