Company registration number 08785171 (England and Wales)
NIKKISO UK CO.,LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NIKKISO UK CO.,LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
NIKKISO UK CO.,LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
35,233
37,969
Current assets
Debtors
5
1,102,811
823,450
Cash at bank and in hand
683,526
708,512
1,786,337
1,531,962
Creditors: amounts falling due within one year
6
(635,305)
(537,445)
Net current assets
1,151,032
994,517
Net assets
1,186,265
1,032,486
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,186,264
1,032,485
Total equity
1,186,265
1,032,486
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 21 November 2024 and are signed on its behalf by:
Mr Y Wakabayashi
Director
Company registration number 08785171 (England and Wales)
NIKKISO UK CO.,LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Nikkiso UK Co.,Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Ashfields Farm, Priors Court Road, Hermitage, THATCHAM, RG18 9XY.
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
Prior period error
The comparative figures for turnover, administrative expenses, debtors and creditors: amounts falling due within one year have been restated as detailed in note 2 to include accrued computer expenses which were not reflected within the financial statements and the overstatement of the service recharge. The effect of the restatement is detailed in note 2.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the provision of services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
5 years straight line
Computers
3 years 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 credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
NIKKISO UK CO.,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash at bank in hand are basic financial assets and represents cash in hand.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets are classified as receivable within one year on the basis that payment is due within one year or less and are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price. Financial liabilities are classified as payable within one year on the basis that payment is due within one year or less and are not amortised.
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 on the basis that payment is due within one year or less. Trade creditors are recognised at transaction price.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
NIKKISO UK CO.,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
2
Restatement analysis
As reported
Adjustments
As restated
£
£
£
Debtors
866,455
(43,005)
823,450
Creditors; amounts falling due within one year
(525,138)
(12,307)
(537,445)
As disclosed in note 1.2, the comparative figures have been restated as detailed above.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
40
39
NIKKISO UK CO.,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
81,817
Additions
15,254
Disposals
(760)
At 31 December 2023
96,311
Depreciation and impairment
At 1 January 2023
43,848
Depreciation charged in the year
17,863
Eliminated in respect of disposals
(633)
At 31 December 2023
61,078
Carrying amount
At 31 December 2023
35,233
At 31 December 2022
37,969
5
Debtors
2023
2022
as restated
(note 1.2 & 2)
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
879,750
615,324
Other debtors
112,758
97,590
Prepayments and accrued income
110,303
110,536
1,102,811
823,450
6
Creditors: amounts falling due within one year
2023
2022
as restated
(note 1.2 & 2)
£
£
Trade creditors
34,972
43,028
Amounts owed to group undertakings
11,941
662
Corporation tax
18,179
24,635
Other taxation and social security
104,067
65,031
Other creditors
466,146
404,089
635,305
537,445
NIKKISO UK CO.,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
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 Fagan FCCA
Statutory Auditor:
Craufurd Hale Audit Services Limited
Date of audit report:
25 November 2024
8
Financial commitments, guarantees and contingent liabilities
The total amount of financial commitments not included in the balance sheet is £155,904 (2022 - £181,242).
9
Parent company
The parent of the largest group in which these financial statements are consolidated is Nikkiso CO Ltd,
incorporated in Japan.
The parent of the smallest group in which these financial statements are consolidated is Nikkiso Europe GmbH, incorporated in Germany.
The address of Nikkiso Europe GmbH is:
Kapstadtring 7,D-22297 Hamburg, Germany.