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Registered number: 07190030









INFINITY TECHNOLOGY EUROPE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
INFINITY TECHNOLOGY EUROPE LIMITED
REGISTERED NUMBER: 07190030

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
11,338
27,283

  
11,338
27,283

Current assets
  

Debtors: amounts falling due within one year
 6 
450,533
389,630

Cash at bank and in hand
 7 
62,743
61,847

  
513,276
451,477

Creditors: amounts falling due within one year
 8 
(304,762)
(204,894)

Net current assets
  
 
 
208,514
 
 
246,583

Total assets less current liabilities
  
219,852
273,866

Creditors: amounts falling due after more than one year
 9 
(32,264)
(38,221)

  

Net assets
  
187,588
235,645


Capital and reserves
  

Called up share capital 
  
105
105

Profit and loss account
  
187,483
235,540

  
187,588
235,645


Page 1

 
INFINITY TECHNOLOGY EUROPE LIMITED
REGISTERED NUMBER: 07190030
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 30 September 2024.




H Iwasaki
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
INFINITY TECHNOLOGY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Infinity Technology Europe Limited
Company Registration 7190030 incoporated in England and Wales.
Registered office address;
1 Kings Meadow
Osney Mead
Oxford
OX2 0DP
The principal activity of the company is that of computer software development and sales.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

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.

Page 3

 
INFINITY TECHNOLOGY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue 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.

 
2.4

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.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
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.

Page 4

 
INFINITY TECHNOLOGY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
Five years
Office equipment
-
25%
Reducing balance
Other fixed assets
-
Two to three years

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.

Page 5

 
INFINITY TECHNOLOGY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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

The average monthly number of employees, including directors, during the period was 12 (2022 - 11).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
359,976



At 31 December 2023

359,976



Amortisation


At 1 January 2023
359,976



At 31 December 2023

359,976



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 6

 
INFINITY TECHNOLOGY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Motor vehicles
Office equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
9,295
26,329
44,998
80,622


Additions
-
3,603
13,914
17,517


Disposals
(9,295)
(1,293)
-
(10,588)



At 31 December 2023

-
28,639
58,912
87,551



Depreciation


At 1 January 2023
6,661
16,915
29,764
53,340


Charge for the period on owned assets
465
7,490
22,044
29,999


Disposals
(7,126)
-
-
(7,126)



At 31 December 2023

-
24,405
51,808
76,213



Net book value



At 31 December 2023
-
4,234
7,104
11,338



At 31 December 2022
2,634
9,414
15,234
27,282


6.


Debtors

2023
2022
£
£


Trade debtors
287,875
253,334

Amounts owed by group undertakings
130,000
130,000

Other debtors
32,658
6,296

450,533
389,630


Page 7

 
INFINITY TECHNOLOGY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
62,743
61,847

62,743
61,847



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,956
5,956

Trade creditors
117,195
68,202

Other taxation and social security
78,628
48,815

Other creditors
4,465
42,312

Accruals and deferred income
98,518
39,609

304,762
204,894



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
32,264
38,221

32,264
38,221


Page 8

 
INFINITY TECHNOLOGY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,956
5,956


Amounts falling due 2-5 years

Bank loans
32,264
38,221


38,220
44,177



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. 
The pension cost charge represents contributions payable by the company to the fund and amounted to £8,112 (2022 - £4,825).
Contributions totalling £2,258 (2022 - £1,901) were payable to the fund at the balance sheet date.

Page 9

 
INFINITY TECHNOLOGY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Related party transactions

During the period the company paid net dividends of £237,600 (2022: £182,000) its parent company, Evergreen Capital Investments Limited and £74,400,000 (2022: £57,000) to On Off Europe Limited, a company controlled by by the director K Sakai.
During the period the company provided goods and services on normal commercial terms to its parent,  and the following associate undertakings;
Evergreen Capital Investment Limited
NBS Europe Limited
On Off Europe Limited
EU M&A Centre Limited
Maxim Computer Services Limited
The company has made advances to its parent company Infinity Technology Holdings Limited, and to Maxim Computer Services Ltd, a company controlled by by the directors Mr H Iwasaki and Mr K Sakai . The amounts are interest free and unsecured, details of the balances are set out below and are disclosed within Debtors due with one year; Amounts owed by group undertakings.


2023
2022
£
£

Infinity Technology Holdings Limited
130,000
130,000
Maxim Computer Services Limited
30,000
-

 
Page 10