Company registration number 01475387 (England and Wales)
YASKAWA UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
YASKAWA UK LIMITED
COMPANY INFORMATION
Director
Mr D Walsh
Secretary
Mr M Bahar
Company number
01475387
Registered office
170 Edmund Street
Birmingham
B3 2HB
Auditor
Ellacotts Audit Services Limited
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
YASKAWA UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
YASKAWA UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The director presents the strategic report for the year ended 29 February 2024.

Review of the business

The company's turnover for the year was £11,801,190 (2023: £8,300,262), which represents a 42% increase in turnover from the prior year. The operating profit for the year was £584,180 compared to an operating loss of £84,503 in the prior year.

 

The company's balance sheet shows a net asset position of £2,883,844 (2023: £2,549,102) and net current assets £2,503,505 (2023: £2,349,673).

Principal risks and uncertainties

The company takes a risk averse attitude to risk and the directors regularly review the company's exposure to various risks and uncertainties.

 

The principal risks and uncertainties that the company faces, are with regards to the highly competitive nature of the industries in which it operates, with an element of risk of variances from currency exchange rates.

 

The company mitigates credit risk associated with its debts by applying credit verification, having good control procedures and by insuring credit balances against default or insolvency with an appropriate insurance company. As such, the directors do not consider the company to have any significant exposure to credit risk. The company also carries appropriate business insurance including public and product liability.

 

Development and performance

Investment & strategic growth plans suggest, whilst traditional markets will be a significant foundation for the business, other industries that require fast, flexible and reliable solutions will emerge as key drivers in growth forecasts for the coming financial year.

YASKAWA UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Key performance indicators

Ratios that can be computed based on key performance indicators are in line with company expectations. The main key performance indicators are turnover, gross profit and operating profit. The company's gross profit margin was 37.85% compared to 35.04% in 2023.

On behalf of the board

Mr D Walsh
Director
28 November 2024
YASKAWA UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -

The director presents his annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company in the year under review was that of the sale of Yaskawa industrial robots and associated equipment, including service, spares and support of said equipment.

Results and dividends

The profit for the year, after taxation, amounted to £334,742 (2023: £135,161 loss). The directors have not recommended a dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr D Walsh
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

The director is 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. He is 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.

YASKAWA UK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr D Walsh
Director
28 November 2024
YASKAWA UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF YASKAWA UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Yaskawa UK Limited (the 'company') for the year ended 29 February 2024 which comprise the Profit And Loss Account, the Balance Sheet, the Statement of Changes in Equity 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 FRS 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:

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 Auditor's 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

YASKAWA UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YASKAWA UK LIMITED
- 6 -
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 and the director's report.

 

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:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also perform the following procedures:

 

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

YASKAWA UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YASKAWA UK LIMITED
- 7 -

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 an auditor's report 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.

Charlotte Toemaes BSc FCA (Senior Statutory Auditor)
For and on behalf of Ellacotts Audit Services Limited
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
28 November 2024
YASKAWA UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,801,190
8,300,262
Cost of sales
(7,334,961)
(5,391,550)
Gross profit
4,466,229
2,908,712
Administrative expenses
(3,882,049)
(2,993,215)
Operating profit/(loss)
4
584,180
(84,503)
Interest payable and similar expenses
8
(38,051)
(14,110)
Profit/(loss) before taxation
546,129
(98,613)
Tax on profit/(loss)
9
(211,387)
(36,548)
Profit/(loss) and total comprehensive income for the financial year
334,742
(135,161)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

There has been no other comprehensive income received during the year.

YASKAWA UK LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 9 -
29 February
28 February
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
10
2,339,983
396,115
Current assets
Stocks
11
4,751,209
1,059,247
Debtors
12
3,085,877
1,449,322
Cash at bank and in hand
1,935,322
2,831,018
9,772,408
5,339,587
Creditors: amounts falling due within one year
13
(7,268,903)
(2,989,914)
Net current assets
2,503,505
2,349,673
Total assets less current liabilities
4,843,488
2,745,788
Creditors: amounts falling due after more than one year
13
(1,959,644)
(196,686)
Net assets
2,883,844
2,549,102
Capital and reserves
Called up share capital
17
5,000
5,000
Profit and loss reserves
2,878,844
2,544,102
Total equity
2,883,844
2,549,102
The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
Mr D Walsh
Director
Company registration number 01475387 (England and Wales)
YASKAWA UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2022
5,000
2,679,263
2,684,263
Year ended 28 February 2023:
Loss and total comprehensive income
-
(135,161)
(135,161)
Balance at 28 February 2023
5,000
2,544,102
2,549,102
Year ended 29 February 2024:
Profit and total comprehensive income
-
334,742
334,742
Balance at 29 February 2024
5,000
2,878,844
2,883,844
YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
1
Accounting policies
Company information

Yaskawa UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 170 Edmund Street, Birmingham, B3 2HB. The company's principal activities and nature of its operations are disclosed in the director's report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

 

The company meets the definition of a qualifying entity under FRS 101, The Financial Reporting Standard applicable in the UK and Republic of Ireland. These financial statements for the year ended 29 February 2024 are the second financial statements of Yaskawa UK Limited prepared in accordance with FRS 101. The company transitioned from FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” to FRS 101 for all periods presented and the date of transition to FRS 101 was 1 March 2022.

 

The reported financial position and financial performance for the previous period are not affected by the transition to FRS 101.

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 on the historical cost basis. The principal accounting policies adopted are set out below.

The company has taken advantage of the following disclosure exemptions under FRS 101:

As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to share based payments, financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, business combinations, discontinued operations and related party transactions.

 

Where required, equivalent disclosures are given in the group accounts of Yaskawa Europe GmbH. The group accounts of Yaskawa Europe GmbH are available to the public and can be obtained as set out in note 22.

YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern

The director has at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Sale of goods

Revenue from the sale of goods, which do not require any installation from Yaskawa, and cost of sales shall be recognised when all of the following conditions have been satisfied:

 

- the entity has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably (selling price);

- it is probable that the economic benefit associated with the transaction will flow to the entity; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably

 

Commission sales

Revenue from commissions shall be recognised at the date when the sale has been completed by the commissions agency.

 

Service sales

Revenue from service and repairs carried out on robots and associated equipment shall be recognised at the date when the agreed work has been completed.

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:

Property improvements and leasehold
20% on cost
Plant and machinery
10% to 25% on cost
Motor vehicles
25% on cost
Leased motor vehicles
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash at bank and in hand

Cash at bank and in hand includes deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

 

Basic financial assets, which include trade and other receivables 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. Other financial assets classified as fair value through or are measured at fair value.

1.8
Financial liabilities

Basic financial liabilities 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. Other financial liabilities classified as payable within one year are not amortised.

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

 

 

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

1.9
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.

YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -
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.

1.10
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 inventories or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

1.12
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other tangible fixed assets. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.13
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
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the director is 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Stock and work in progress

Stock and work in progress levels and valuations are constantly reviewed and should there be an indication of impairment or obsolescence the stock is written down to its assessed net realisable value.

 

3
Turnover

The whole of turnover is attributable to the sale of Robotics, sales commission and service work receivable from UK customers.

2024
2023
£
£
Turnover analysed by class of business
Sales of robotics and service work
11,801,190
8,300,262
YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses
24,682
16,460
Depreciation of property, plant and equipment
21,281
32,848
(Profit)/loss on disposal of tangible fixed assets
-
125,299
Leasehold depreciation
273,771
183,865
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
15,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was 28 (2022: 27).

2024
2023
Number
Number
30
27

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,010,400
1,750,567
Social security costs
241,425
236,413
Pension costs
119,107
89,887
2,370,932
2,076,867
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
236,550
358,360
Company pension contributions to defined contribution schemes
28,940
29,362
265,490
387,722
YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
7
Director's remuneration
(Continued)
- 17 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
135,672
288,623
Company pension contributions to defined contribution schemes
17,229
27,764
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
38,051
14,110
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
211,387
36,548

The charge for the year can be reconciled to the profit/(loss) per the profit and loss account as follows:

2024
2023
£
£
Profit/(loss) before taxation
546,129
(98,613)
Expected tax charge/(credit) based on a corporation tax rate of 24.50% (2023: 19.00%)
133,802
(18,736)
Effect of expenses not deductible in determining taxable profit
974
-
0
Depreciation not deductible
55,511
41,176
Movement in pension creditor
-
(1,590)
Capital allowances
(95)
(66)
Other deductions
21,195
11,934
Capital disposals
-
3,830
Taxation charge for the year
211,387
36,548
YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 18 -
10
Tangible fixed assets
Property improvements and leasehold
Plant and machinery
Motor vehicles
Leased motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
466,674
27,044
13,500
351,196
858,414
Additions
1,955,759
6,468
-
0
276,693
2,238,920
At 29 February 2024
2,422,433
33,512
13,500
627,889
3,097,334
Accumulated depreciation and impairment
At 1 March 2023
300,907
14,481
10,313
136,598
462,299
Charge for the year
73,189
19,031
2,250
200,582
295,052
At 29 February 2024
374,096
33,512
12,563
337,180
757,351
Carrying amount
At 29 February 2024
2,048,337
-
0
937
290,709
2,339,983
At 28 February 2023
165,767
12,563
3,187
214,598
396,115
11
Stocks
2024
2023
£
£
Work in progress
3,695,989
380,117
Finished goods
1,055,220
679,130
4,751,209
1,059,247
12
Debtors
2024
2023
£
£
Trade debtors
2,526,784
1,273,043
Amount owed by parent undertaking
45,269
46,751
Other debtors
-
50,030
Prepayments and accrued income
513,824
79,498
3,085,877
1,449,322

 

YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
13
Creditors
Due within one year
Due after one year
2024
2023
2024
2023
Notes
£
£
£
£
Creditors
14
6,059,441
2,280,036
-
0
-
0
Corporation tax
212,817
155,281
-
-
Other taxation and social security
626,541
422,476
-
-
Lease liabilities
15
370,104
132,121
1,959,644
196,686
7,268,903
2,989,914
1,959,644
196,686
14
Creditors
2024
2023
£
£
Trade creditors
52,491
74,126
Amount owed to parent undertaking
1,871,647
453,500
Accruals and deferred income
957,274
895,898
Other creditors
3,178,029
856,512
6,059,441
2,280,036
15
Lease liabilities

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
370,104
132,121
Non-current liabilities
1,959,644
196,686
2,329,748
328,807

The fair value of the company's lease obligations is £2,329,748 (2023: £328,807). This is assessed by calculating the net present value of the future lease obligations.

YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 20 -
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
119,107
89,887

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
5,000
5,000
5,000
5,000
18
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
2023
£
£
Depreciation on capitalised leases
273,771
183,865
Interest on leases
38,051
14,110
Information relating to lease liabilities is included in note 15.
19
Contingent liabilities

There were no contingent liabilities as at 29 February 2024 (2023 - £nil).

 

20
Capital commitments

The Company had no capital commitments as at 29 February 2024 (2023 - £nil).

21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. In the opinion of the directors there are no other members of key management personnel other than the directors with information disclosed in note 7.

Other information

As permitted by FRS 101, related party transactions with wholly owned members of Yaskawa Europe GmbH group have not been disclosed.

YASKAWA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 21 -
22
Controlling party

The immediate parent undertaking is Yaskawa Europe GmbH, a company incorporated in Germany. Copies of the consolidated financial statements of Yaskawa Europe GmbH are available from Kammerfeldftra Sfe 1, 85391 Allershausen, Germany.

 

The ultimate parent company is Yaskawa Electric Corporation, a company incorporated in Japan. Yaskawa Electric Corporation is the ultimate parent undertaking of the smallest and largest group of undertakings for which group accounts are drawn up and of which the company is a member. Copies of the financial statements of the Yaskawa Electric Corporation are available from its registered office at 2-1 Kurosaki-Shiroishi, Yahatanishi-ku, Fukuoka Pres, 806 Japan.

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