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Company registration number: 03135985
Naigai Nitto Logistics (Europe) Ltd.
Filleted financial statements
31 December 2023
Naigai Nitto Logistics (Europe) Ltd.
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Naigai Nitto Logistics (Europe) Ltd.
Directors and other information
Directors Mr Yoichiro Sakamoto
Mr Hidefumi Yamada (Resigned 31 May 2024)
Mr Kunihito Watanabe (Retired 30 April 2023)
Mr Satoshi Tsuda (Appointed 1 April 2023)
Mr Hiroaki Suzuki (Appointed 31 May 2024)
Company number 03135985
Registered office 43 Overstone Road
London
W6 0AD
Business address Office 21 Leslie Square
Paper Mill End Industrial Estate
Aldridge Road, Great Barr
Birmingham
B44 8NH
Auditor Michael Leong and Company Limited
43 Overstone Road
London
W6 0AD
Bankers The Bank of Tokyo-Mitsubishi Limited
Ropemaker Place
25 Ropemaker Street
London EC2Y 9AN
Barclays Bank Plc
15 Colemore Row
Birmingham B3 2BY
Naigai Nitto Logistics (Europe) Ltd.
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report 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 profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Naigai Nitto Logistics (Europe) Ltd.
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 3,680 2,898
_______ _______
3,680 2,898
Current assets
Debtors 6 613,781 1,759,602
Cash at bank and in hand 1,782,239 1,114,997
_______ _______
2,396,020 2,874,599
Creditors: amounts falling due
within one year 7 ( 683,461) ( 1,265,827)
_______ _______
Net current assets 1,712,559 1,608,772
_______ _______
Total assets less current liabilities 1,716,239 1,611,670
_______ _______
Net assets 1,716,239 1,611,670
_______ _______
Capital and reserves
Called up share capital 200,000 200,000
Profit and loss account 1,516,239 1,411,670
_______ _______
Shareholders funds 1,716,239 1,611,670
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 July 2024 , and are signed on behalf of the board by:
Mr Satoshi Tsuda Mr Yoichiro Sakamoto
Director Director
Company registration number: 03135985
Naigai Nitto Logistics (Europe) Ltd.
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 Overstone Road, London, W6 0AD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 33.33 % straight line
Fittings fixtures and equipment - 20 % straight line
Computer Equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
At 1 January 2023 1,375 8,044 20,369 29,788
Additions - - 3,791 3,791
_______ _______ _______ _______
At 31 December 2023 1,375 8,044 24,160 33,579
_______ _______ _______ _______
Depreciation
At 1 January 2023 1,375 8,042 17,473 26,890
Charge for the year - - 3,009 3,009
_______ _______ _______ _______
At 31 December 2023 1,375 8,042 20,482 29,899
_______ _______ _______ _______
Carrying amount
At 31 December 2023 - 2 3,678 3,680
_______ _______ _______ _______
At 31 December 2022 - 2 2,896 2,898
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 353,717 1,070,333
Amounts owed by group undertakings and undertakings in which the company has a participating interest 126,912 398,274
Other debtors 133,152 290,995
_______ _______
613,781 1,759,602
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 268,901 508,354
Amounts owed to group undertakings and undertakings in which the company has a participating interest 74,973 365,832
Corporation tax 109,915 148,933
Social security and other taxes 84,949 116,880
Other creditors 144,723 125,828
_______ _______
683,461 1,265,827
_______ _______
8. Summary audit opinion
The auditor's report dated 19 July 2024 was unqualified.
The senior statutory auditor was Andrew Leong FCA for and on behalf of Michael Leong and Company Limited
9. Related party transactions
During the year, the company made sales and purchases with other companies within the Naigai Nitto group. The companies are related by virtue of common control. Sales are made under normal commercial terms and are unsecured. Payment is settled by cash.The company made sales to group companies totalling £689,706 (2022: £1,175,358) and purchases totalling £125,132 (2022: £3,109,525).Naigai Nitto Co., Ltd paid Naigai Nitto Logistics (Europe) Ltd a management fee of £29,243 (2022: £21,528) for the services of Mr K Watanabe and Mr S Tsuda. This related to the payment of a portion of their net salaries during the year.
10. Off-balance sheet arrangements
The company has a guarantee facility with MUFG Bank, Ltd. for £45,000 in order to allow the company to use the HMRC Duty Deferment Scheme.
11. Controlling party
The company is controlled by Naigai Nitto Co., Ltd, a company incorporated in Japan, by vitrue of shareholding.