Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-313true2023-01-01falseMitsui E&S Machinery Europe Limited provides sales support, collecting market information and other services including technical assistance in connection with the procurement of equipment and materials for industrial facilities to its parent company, Mitsui E&S Co. Ltd. All turnover is derived from the parent company, which is based in Japan.2truefalse 02397546 2023-01-01 2023-12-31 02397546 2022-01-01 2022-12-31 02397546 2023-12-31 02397546 2022-12-31 02397546 c:Director2 2023-01-01 2023-12-31 02397546 d:FurnitureFittings 2023-01-01 2023-12-31 02397546 d:FurnitureFittings 2023-12-31 02397546 d:FurnitureFittings 2022-12-31 02397546 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02397546 d:OfficeEquipment 2023-01-01 2023-12-31 02397546 d:OfficeEquipment 2023-12-31 02397546 d:OfficeEquipment 2022-12-31 02397546 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02397546 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02397546 d:CurrentFinancialInstruments 2023-12-31 02397546 d:CurrentFinancialInstruments 2022-12-31 02397546 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02397546 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02397546 d:ShareCapital 2023-12-31 02397546 d:ShareCapital 2022-12-31 02397546 d:RetainedEarningsAccumulatedLosses 2023-12-31 02397546 d:RetainedEarningsAccumulatedLosses 2022-12-31 02397546 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02397546 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02397546 c:FRS102 2023-01-01 2023-12-31 02397546 c:Audited 2023-01-01 2023-12-31 02397546 c:FullAccounts 2023-01-01 2023-12-31 02397546 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02397546 d:WithinOneYear 2023-12-31 02397546 d:WithinOneYear 2022-12-31 02397546 d:BetweenOneFiveYears 2023-12-31 02397546 d:BetweenOneFiveYears 2022-12-31 02397546 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02397546 2 2023-01-01 2023-12-31 02397546 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02397546









MITSUI E&S MACHINERY EUROPE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MITSUI E&S MACHINERY EUROPE LIMITED
REGISTERED NUMBER: 02397546

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,884
14,996

  
10,884
14,996

Current assets
  

Debtors: amounts falling due within one year
 5 
212,088
54,779

Cash at bank and in hand
 6 
318,575
1,490,258

  
530,663
1,545,037

Creditors: amounts falling due within one year
 7 
(41,584)
(180,281)

Net current assets
  
 
 
489,079
 
 
1,364,756

Total assets less current liabilities
  
499,963
1,379,752

Provisions for liabilities
  

Deferred tax
 8 
(2,721)
(3,749)

  
 
 
(2,721)
 
 
(3,749)

Net assets
  
497,242
1,376,003


Capital and reserves
  

Called up share capital 
  
450,000
450,000

Profit and loss account
  
47,242
926,003

  
497,242
1,376,003

Page 1

 
MITSUI E&S MACHINERY EUROPE LIMITED
REGISTERED NUMBER: 02397546
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 July 2024.




Toshiyuki Tokuda
Director

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
MITSUI E&S MACHINERY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mitsui E&S Machinery Europe Limited is a private company limited by shares with a registration number 02397546. The registered office address is 80 Coleman street, London, EC2R 5BJ. The company provides sales support, collecting market information and other services including technical assistance in connection with the procurement of equipment and materials for industrial facilities to its ultimate parent company, Mitsui E&S Machinery Co., Ltd. All turnover is derived from the parent company, which is based in Japan.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

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

Page 3

 
MITSUI E&S MACHINERY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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

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

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover from a contract to provide shipping agent services is recognized in the period in which the services are provided on the basis of costs incurred, net of VAT, and when all of the following conditions are satisfied:
 • the amount of turnover can be measured reliably;
 • it is probable that the Company will receive the consideration due under the contract;
 • the stage of completion of the contract at the end of the reporting period can be measured 
  reliably; and
 • the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
MITSUI E&S MACHINERY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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

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

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
MITSUI E&S MACHINERY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
8% per annum
Office equipment
-
8% to 20% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

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

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 6

 
MITSUI E&S MACHINERY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially
Page 7

 
MITSUI E&S MACHINERY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

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


3.


Employees

2023
2022
£
£

Wages and salaries
339,869
199,160

Cost of defined contribution scheme
745
719

340,614
199,879


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


        2023
        2022
            No.
            No.







UK staff
1
1



Expatriate staff
2
1

3
2

Page 8

 
MITSUI E&S MACHINERY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
3,125
23,140
26,265



At 31 December 2023

3,125
23,140
26,265



Depreciation


At 1 January 2023
2,718
8,551
11,269


Charge for the year on owned assets
250
3,862
4,112



At 31 December 2023

2,968
12,413
15,381



Net book value



At 31 December 2023
157
10,727
10,884



At 31 December 2022
407
14,589
14,996


5.


Debtors

2023
2022
£
£


Other debtors
33,023
30,761

Prepayments and accrued income
179,065
24,018

212,088
54,779



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
318,575
1,490,258

318,575
1,490,258


Page 9

 
MITSUI E&S MACHINERY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
-
135,223

Corporation tax
13,460
14,357

Accruals and deferred income
28,124
30,701

41,584
180,281


Page 10

 
MITSUI E&S MACHINERY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






At beginning of year
(3,749)


Charged to profit or loss
1,028



At end of year
(2,721)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,721)
(3,749)

(2,721)
(3,749)


9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
100,404
36,214

Later than 1 year and not later than 5 years
9,819
5,083

110,223
41,297


10.


Related party transactions

During the year, the company charged its parent company an agency fee of £600,782 (2022: £487,726).                   
No balance (2022: £135,223) is due to the parent company as at the year end.                                                                                                                                                                      
During the year, key management personnel received remuneration of £177,158 (2022: £166,309).

Page 11

 
MITSUI E&S MACHINERY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Controlling party

The Company is a subsidiary undertaking of MITSUI E&S Co., Ltd. which is the ultimate controlling party. 

The results of the Company are consolidated in the group headed by MITSUI E&S Co., Ltd. incorporated in Japan, registered office 6-4, Tsukiji 5-chome, Chuo-ku, Tokyo 104-8439, Japan. The consolidated financial statements of the ultimate parent company may be obtained from Mitsui E&S Machinery Europe Limited, 80 Coleman Street, London EC2R 5BJ, England. 


12.


Auditors' information

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

The audit report was signed on 19 July 2024 by Charalambos Patsalides (Senior Statutory Auditor) on behalf of Haslers.

 
Page 12