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REGISTERED NUMBER: 07738824 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

EIZO LIMITED

EIZO LIMITED (REGISTERED NUMBER: 07738824)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Balance Sheet 9

Notes to the Financial Statements 10


EIZO LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: M Kontani
C Woodley





REGISTERED OFFICE: 1 Queens Square
Ascot Business Park
Lyndhurst Road
Ascot
Berkshire
SL5 9FE





REGISTERED NUMBER: 07738824 (England and Wales)

EIZO LIMITED (REGISTERED NUMBER: 07738824)

STRATEGIC REPORT
For The Year Ended 31 March 2024


The directors present their strategic report for the year ended 31 March 2024.

OVERVIEW
EIZO Limited is a wholly owned subsidiary of EIZO Corporation and is responsible for importing, marketing, sales, support, and services of the EIZO range of display solutions through a network of resellers and integrators to end users in the UK and Ireland.

The EIZO products are marketed for B2B use where the display is critical to the application being performed by the host system.

We have a consultative sales approach directly with end users, and ultimately fulfil their needs through a network of specialist resellers and integrators who enhance our end users experience with expertise knowledge in the areas of the market where we operate.

OBJECTIVES AND STRATEGY
Our core strategy is to achieve sustainable revenue growth by supplying imaging solutions that enrich people in their professional and personal lives.

We focus on markets where we believe our technology can enhance and support the importance of the work people do and which have the potential for sustained long term growth.

These markets today include Financial Trading, Healthcare, Creative Design and Defence & Security.

We continue to maintain this focus and to broaden our range of products and related solutions in the market areas where we are currently active as well as exploring and investing in new sectors where we believe our specialist focus will bring rewards.

We maintain strong links with the users of our products to better understand their needs which provides valuable feedback to our R&D team in Japan, ensuring we keep pace with the needs of our key markets.

We are extending our network of specialist channel partners and ensuring an effective partner engagement program is in place to support those partners that bring value to our business.

We align ourselves with the corporate goals of sustainability while setting our own strategy based on the UK operations and the needs of our stakeholders. We will define this strategy while consulting with those stakeholders to ensure we have understood their needs both in the immediate term and long-term strategy as all companies strive to achieve net zero.

KEY PERFORMANCE INDICATORS
The volume of monitors sold, and the derived revenue will be a measure of the sales success.

We will also use independent companies to measure our growth as a sustainable company and provide verification of status and guidance for future development.

Our customer service team will produce reports on the measurable success of the service we provide our customers.
Good cost control will include careful forecasting and balancing of the stock to avoid shortages and overstock. However, this must also take account of the lead time from source which can vary from time to time depending on the factory capacity.

RISKS
Overstock and shortages can cause risks to cash flow and loss of business which need to be avoided through careful stock control.

Technology trends can cause demands which need to be matched by the availability of new products.

Quality problems can increase the costs of support and loss of ongoing business.

All of these involve close teamwork with our parent company in Japan through regular reporting.

Covid, Brexit and now high inflation continue to affect the cost of doing business and we are mindful of any impact on our P&L. Going forward we will hold more regular reviews and continually strive to make efficiencies in running our business.


EIZO LIMITED (REGISTERED NUMBER: 07738824)

STRATEGIC REPORT
For The Year Ended 31 March 2024

PERFORMANCE
The business faced various market challenges in the previous fiscal year which impacted the company's ability to achieve profitable growth.

The global PC sales market experienced a second year of poor performance which resulted in volume sales declining by approximately a third across Europe. This directly impacted all monitor suppliers and manufacturers, with monitor volume sales in the UK market reducing by over 30%.

Developing and selling specialist monitors into a diverse group of markets, normally reduces any direct impact of global events as was the case during the previous year. However, all markets faced a unique experience where they suffered from over supply of IT during the Covid period, with many customers overstocked with IT equipment.

At the same time, while IT budgets grew last year, far more allocation was given to areas of IT services, software and Cybersecurity as customers focussed their projects in tackling the number one global business risk of Cyber Incidents.

The result of a decline in sales required us to reduce operating costs where possible but without the need on making any cuts that would impact long term business plans.

The outlook for the coming year is a gradual return to normal trading and profitable growth.

ON BEHALF OF THE BOARD:





C Woodley - Director


27 August 2024

EIZO LIMITED (REGISTERED NUMBER: 07738824)

REPORT OF THE DIRECTORS
For The Year Ended 31 March 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sales, marketing, distribution and maintenance of EIZO LCD display monitors in the UK and Ireland.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

FUTURE DEVELOPMENTS
In accordance with schedule 414C(11) of the Companies Act 2006, details of future developments are set out in the Strategic Report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

M Kontani
C Woodley

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made donations totalling £331 (2022 - £3,697). None of these donations were political in nature.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director 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.

AUDITORS
The auditors, Caldwell Penn Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Woodley - Director


27 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EIZO LIMITED


Opinion
We have audited the financial statements of EIZO Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 31 March 2024 and of its loss 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

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 Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EIZO LIMITED


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
-the nature of the industry and sector, control environment and business performance including the design of the company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
-results of our enquiries of management about their own identification and assessment of the risks of irregularities;
Any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to;
-identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
-detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
-the internal controls established to mitigate risks of fraud or non-compliance with laws.

In addition to the above, our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
As a result of performing the above, no key audit matters were identified that related to the potential risk of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
EIZO 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.




Katharine Halsall (Senior Statutory Auditor)
for and on behalf of Caldwell Penn Limited, Statutory Auditor
7a Abbey Business Park
Monks Walk
Farnham
Surrey
GU9 8HT

27 August 2024

EIZO LIMITED (REGISTERED NUMBER: 07738824)

STATEMENT OF INCOME AND RETAINED EARNINGS
For The Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 13,443,911 20,275,369

Cost of sales 8,840,514 14,477,430
GROSS PROFIT 4,603,397 5,797,939

Administrative expenses 5,238,562 4,603,411
(635,165 ) 1,194,528

Other operating income 215,831 243,133
OPERATING (LOSS)/PROFIT and
(LOSS)/PROFIT BEFORE TAXATION (419,334 ) 1,437,661

Tax on (loss)/profit 6 (63,511 ) 296,805
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(355,823

)

1,140,856

Retained earnings at beginning of year 4,086,468 2,945,612

RETAINED EARNINGS AT END OF YEAR 3,730,645 4,086,468

EIZO LIMITED (REGISTERED NUMBER: 07738824)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 4,864,737 5,058,055

CURRENT ASSETS
Stocks 8 7,523,445 7,017,554
Debtors 9 3,652,703 5,065,180
Cash at bank 1,073,626 2,578,794
12,249,774 14,661,528
CREDITORS
Amounts falling due within one year 10 2,745,886 4,236,726
NET CURRENT ASSETS 9,503,888 10,424,802
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,368,625

15,482,857

CREDITORS
Amounts falling due after more than one year 11 (3,525,000 ) (4,275,000 )

PROVISIONS FOR LIABILITIES 13 (112,980 ) (121,389 )
NET ASSETS 10,730,645 11,086,468

CAPITAL AND RESERVES
Called up share capital 14 7,000,000 7,000,000
Retained earnings 3,730,645 4,086,468
SHAREHOLDERS' FUNDS 10,730,645 11,086,468

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





C Woodley - Director


EIZO LIMITED (REGISTERED NUMBER: 07738824)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

EIZO 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Financial Reporting Standard 102 - reduced disclosure exemptions
In preparing these financial statements, the company has taken advantage of the disclosure exemptions, as permitted by FRS 102 paragraph 1.12. The company has therefore complied with the applicable conditions, including providing notification of the use of exemptions to the company's shareholders who have not objected to the use of such disclosure exemptions.

The company's ultimate parent undertaking, EIZO Corporation, includes the company within it's consolidated financial statements. The consolidated financial statements of EIZO Corporation are available to the public and may be obtained from 153 Shimokashiwano, Hakusan, Ishikawa, 924-8566 Japan.

In these financial statements, the company is considered to be a qualifying entity and has applied the following exemptions available under FRS 102 in respect of the following disclosures:

the requirements of Section 7 Statement of Cash Flows;
the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Significant judgements and estimates
The significant accounting estimates with a significant risk of a material change to the carrying value of assets and liabilities within the next year in terms of IAS 1 Presentation of Financial Statements are:
- Stock provision
- Leasehold property valuation

Management considers that their use of assumptions and judgement in relation to these estimates are appropriate.

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

The company generally recognises revenue from sales of monitors, associated accessories and parts upon shipment or delivery which is considered to have occurred when persuasive evidence of an arrangement with title and risk transfer exists, delivery has occurred, the sales price to the customer is fixed or determinable and collection of payment is reasonably assured.

The company provides the return policy to customers and establishes allowance for sales return based on sales revenue, customer's inventory situation and historical experience of return rate against sales quantity to reserve for sales return of defective, damaged, or otherwise undesirable products for customers under the return program.

EIZO LIMITED (REGISTERED NUMBER: 07738824)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold-30 years on cost
Long leasehold improvements-5 years on cost
Furniture, fittings and equipment-33% on cost, 20% on cost and 10% on cost

Property, plant and equipment in the company are accounted for at acquisition cost less depreciation according to plan based upon assessment of the assets expected economic lifetime. Major renewals and improvements are capitalised; minor replacements, maintenance and repairs are charged to current operations.

The leasehold property is reviewed for impairment on an annual basis by an RICS management expert. Any impairment gains or losses are included in the profit or loss for the year, with any required changes being made to the estimated useful life for depreciation purposes.

An item of property, plant or equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on recognition is included in profit or loss in the year when the asset is derecognised.

Inventories and inventory write-down
Inventories which the company posses are valued at cost, not in excess of the market price, cost being determined on the "average cost" bases. All inventories are finished goods, there are no raw materials or work-in-progress.

The company estimates the net realisable value selling price in the ordinary course of business less the estimated costs of completion and the estimated costs of completing the sale. The company also estimates the risk of loss for disposal or discount sales to be devalued and to recognise the inventory valuation loss in the income statements in case of below situations;



-
Inventory which quantity is not less than the
average of last 3 months sales but not more than
that of 6 months:


write-down by 10%
- Inventory which quantity is 6 - 12 months: write-down by 50%
- Inventory which quantity is over 12 months: write down by 100%
- Evaluation units which loan status is: Adjust the value by write-down by 50%

However, final evaluation should be considered;

- New products or other items likely to be sold
- Products with strategic inventory policy (Industrial products etc.)
- Any other significant items

Financial instruments
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss.

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 tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods.

Deferred tax represents the future tax consequences of material transactions and events recognised in the financial statements of current and previous periods.

Current and deferred tax assets and liabilities are not discounted and are 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.

EIZO LIMITED (REGISTERED NUMBER: 07738824)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
The company records transactions in foreign currencies at the rates of exchange prevailing at the date of transaction. At the end of the fiscal period, the unsettled balances on foreign currency receivables and liabilities are valued at the rates of exchange prevailing at the end of the accounting period. Foreign exchange gains and losses are recognised in the income statement in the period in which they arise.

Incentive plan to directors/officers
The company recognises incentive plan based on agreement when it is probable that monetary compensation with be paid.

Retirement and pension plans
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.

The company has defined contribution for employee's retirement benefits. Obligations for these plans are recognised as an expense in the income statement as they are incurred.

Allowance for bad debts
The company establishes an allowance for bad debts to cover probable losses on debtors resulting from the inability of customers to make required payments. The allowance for credit losses is based primarily on the frequency of occurrence and loss severity. Other factors affecting collectability are also evaluated in determining the amount to be provided.

Based on business experience, the longer an account balance is overdue, the less likely the debt is to be paid. Therefore the company maintains an accounts receivable ageing schedule, which categories each customer's credit purchases by the length of time they have been outstanding after it's due date. Each category's overall balance is multiplied by an estimated percentage of uncollectibility for that category, and the total of all such calculations serves as the estimate of bad debts. The accounts receivable ageing schedule shown below includes two categories for classifying the age of unpaid credit purchases;

- Receivables within 60 days past due or current: Actual bad debt rate in last 5 years

-

Receivables over 61 days past due:
Allowance by 100% unless reasonable justification for no
allowance evaluation

Accrued bonuses and holiday pay
The company recognises employee compensation, including sales commission as a liability, when an employee has provided service in exchange for benefits to be paid. Employee benefits are also recognised when an employee has provided service in exchange for benefits to be paid or used in the future.

Warranty reserve
The estimated liability to repair or replace products still under warranty are recognised in the warranty reserve. The reserve is calculated based on historical experience of the level of repairs and replacements such as historical return rate under warranty against sales quantity and actual cost per unit under warranty.

3. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 13,341,869 19,886,805
Europe 39,605 323,015
United States of America 3,715 -
Asia 17,101 -
Ireland 41,621 65,549
13,443,911 20,275,369

EIZO LIMITED (REGISTERED NUMBER: 07738824)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,120,600 1,675,446
Social security costs 255,021 209,147
Other pension costs 208,226 181,177
2,583,847 2,065,770

The average number of employees during the year was as follows:
2024 2023

Director 2 2
Administration 11 12
Sales and marketing 29 18
42 32

2024 2023
£    £   
Directors' remuneration 135,552 138,672
Directors' pension contributions to money purchase schemes 14,120 7,992

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 6,737 5,973
Other operating leases 1,595 3,811
Depreciation - owned assets 201,159 202,073
Loss on disposal of fixed assets 312 137
Auditors' remuneration - Audit 17,700 16,680
Foreign exchange differences 5,498 12,400
Bank charges - 2,181
Interest on other loans - 249,374

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 305,371

Deferred tax (63,511 ) (8,566 )
Tax on (loss)/profit (63,511 ) 296,805

EIZO LIMITED (REGISTERED NUMBER: 07738824)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


6. TAXATION - continued

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

2024 2023
£    £   
(Loss)/profit before tax (419,334 ) 1,437,661
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

(104,834

)

273,156

Effects of:
Expenses not deductible for tax purposes 2,963 4,918
Depreciation in excess of capital allowances 46,769 27,297
Utilisation of tax losses 55,102 -

Deferred tax liability movement (8,409 ) (8,566 )
Deferred tax asset arising on losses (55,102 ) -
Total tax (credit)/charge (63,511 ) 296,805

7. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Long and
leasehold equipment Totals
£    £    £   
COST
At 1 April 2023 5,313,022 474,407 5,787,429
Additions - 8,153 8,153
Disposals - (2,667 ) (2,667 )
At 31 March 2024 5,313,022 479,893 5,792,915
DEPRECIATION
At 1 April 2023 480,655 248,719 729,374
Charge for year 139,797 61,362 201,159
Eliminated on disposal - (2,355 ) (2,355 )
At 31 March 2024 620,452 307,726 928,178
NET BOOK VALUE
At 31 March 2024 4,692,570 172,167 4,864,737
At 31 March 2023 4,832,367 225,688 5,058,055

8. STOCKS
2024 2023
£    £   
Stocks 7,523,445 7,017,554

EIZO LIMITED (REGISTERED NUMBER: 07738824)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,258,442 4,567,461
Deferred tax asset 55,102 -
Prepayments and accrued income 339,159 497,719
3,652,703 5,065,180

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 642,217 1,780,061
Amounts owed to group undertakings 550,000 550,000
Corporation tax 9,554 229,280
Social security and other taxes 873,229 1,268,085
Other creditors 41,482 40,861
Accruals and deferred income 629,404 368,439
2,745,886 4,236,726

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 3,525,000 4,275,000

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 138,427 124,297
Between one and five years 94,603 183,534
233,030 307,831

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 112,980 121,389

Deferred
tax
£   
Balance at 1 April 2023 121,389
Charge to Statement of Comprehensive Income during year 46,693
Deferred tax asset (Debtors) (55,102 )
Balance at 31 March 2024 112,980

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
7,000,000 Ordinary £1 7,000,000 7,000,000

EIZO LIMITED (REGISTERED NUMBER: 07738824)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


15. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable to the fund and amounted to £181,177 (2022 - £186,386).

16. ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking, the parent undertaking of the largest group of which the company is a member and for which group financial statements are prepared, is EIZO Corporation a company incorporated in Japan. The registered office and principle place of business of the company is 153 Shimokashiwano, Hakusan, Ishikawa, 924-8566 Japan. As at 31 March 2024, the company owed the parent a total of £4,599,896. £3,725,000 is shown in long term liabilities, as amounts owed to group undertakings. £550,000 is shown in current liabilities, as amounts owed to group undertakings. The remaining £324,896 relates to trade creditors and is disclosed as such.

17. 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.