Company registration number 02894597 (England and Wales)
YAESU UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
YAESU UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
YAESU UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,391
-
0
Current assets
Stocks
5
1,465,384
904,835
Debtors
6
999,528
757,941
Cash at bank and in hand
94,387
342,814
2,559,299
2,005,590
Creditors: amounts falling due within one year
7
(1,413,739)
(899,736)
Net current assets
1,145,560
1,105,854
Net assets
1,161,951
1,105,854
Capital and reserves
Called up share capital
300,000
300,000
Profit and loss reserves
861,951
805,854
Total equity
1,161,951
1,105,854

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 9 August 2024 and are signed on its behalf by:
M Mori
Director
Company Registration No. 02894597
YAESU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Yaesu UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Concorde Park, Concorde Way, Segensworth, United Kingdom, PO15 5FG. The registered office is also the principal place of business.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis which is dependent on the continuing support of the parent company as principal supplier of products to the company. The parent company, Yaesu Musen Co. Limited, has indicated its intention to continue to provide financial support for a period of not less than 12 months from the date of signing of the accounts.

 

On enquiry, the directors are not aware of any reasons that would prevent the parent from honouring its commitments to the company and on this basis consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of such financial support.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Turnover is recognised when the goods are delivered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short leasehold
Straight line over the period of the lease
Fixtures and fittings
20% on cost
1.5
Stocks

Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. Cost is determined using the standard costing method.

 

 

YAESU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors 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 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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 classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

YAESU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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.

 

Stock

Management reviews stock and makes a provision where products have not been sold in the last 2 years or where the estimated selling price less costs to complete and sell is expected to be below cost.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
8
YAESU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Short leasehold
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
12,807
15,196
28,003
Additions
16,391
-
0
16,391
Disposals
(12,807)
-
0
(12,807)
At 31 December 2023
16,391
15,196
31,587
Depreciation and impairment
At 1 January 2023
12,807
15,196
28,003
Eliminated in respect of disposals
(12,807)
-
0
(12,807)
At 31 December 2023
-
0
15,196
15,196
Carrying amount
At 31 December 2023
16,391
-
0
16,391
At 31 December 2022
-
0
-
0
-
0
5
Stocks
2023
2022
£
£
Stocks
1,465,384
904,835
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
550,651
513,333
Amounts owed by group undertakings
328,444
130,892
Other debtors
120,103
113,313
999,198
757,538
Deferred tax asset
330
403
999,528
757,941
YAESU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Amounts owed to parent undertaking
1,223,053
715,906
Trade creditors
47,630
62,360
Corporation tax
16,616
18,780
Other taxation and social security
85,545
79,515
Accruals and deferred income
40,895
23,175
1,413,739
899,736
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Paul Creasey
Statutory Auditor:
Azets Audit Services
9
Financial commitments, guarantees and contingent liabilities

There is a letter of guarantee in favour of HM Revenue and Customs for £2,000 (2022 - £4,000) in respect of duty and VAT deferral.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
57,500
45,067
Between two and five years
230,000
-
0
In over five years
282,708
-
0
570,208
45,067
11
Parent company

The immediate parent company is Yaesu Musen Co. Limited which is controlled by Tokogiken Co. Limited.

 

The immediate parent which draws up consolidated financial statements is Yaesu Musen Co. Ltd, company address being Omori Bell Port Building D-3F, 6-26-3, Minami Oi, Shinagawa, Tokyo, 140-0013, Japan.

 

The ultimate controlling party is J Hasegawa, director, by virtue of his majority shareholding in Tokogiken Co. Limited.

 

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