REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
NICERA EUROPEAN WORKS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
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: |
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 |
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: |
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. |
for and on behalf of |
Statutory Auditor |
8 Tollgate |
Stanbridge Earls |
Romsey |
Hampshire |
SO51 OHE |
NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
NICERA EUROPEAN WORKS LIMITED (REGISTERED NUMBER: 02477296) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | 16 |
The financial statements were approved by the director and authorised for issue on |
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 | ( |
) |
Changes in equity |
Reduction in share capital | (500,000 | ) | - | (500,000 | ) |
Total comprehensive income | - |
Balance at 31st December 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31st December 2023 | ( |
) |
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 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Share buyback | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Finance income | (2,805 | ) | (188 | ) |
66,790 | 54,194 |
Decrease/(increase) in stocks | ( |
) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 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 |
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 |
Turnover |
Turnover represents the revenue generated by the company's operating activities, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
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 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Selling and distribution | 1 | 1 |
Administration | 1 | 1 |
2023 | 2022 |
£ | £ |
Director's remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange loss/(gain) |
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2023 | 2022 |
£ | £ |
Interest receivable |
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 |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Utilisation of tax losses | ( |
) | ( |
) |
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 |
Disposals | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
9. | STOCKS |
2023 | 2022 |
£ | £ |
Finished goods |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Sundry debtors | 240 | 1,341 |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Value added tax | 3,936 | 7,729 |
Other creditors |
Accrued expenses |
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: | £ | £ |
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 | ( |
) |
Profit for the year |
At 31st December 2023 | ( |
) |
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 |
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 |