Registered number: 02472886
KANSAI PAINT EUROPE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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KANSAI PAINT EUROPE LIMITED
COMPANY INFORMATION
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K Murata (resigned 31 March 2025)
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C Watanabe (resigned 31 March 2024)
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K Kawai (appointed 1 April 2024)
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3rd Floor, Waverley House
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Ecovis Wingrave Yeats LLP
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Chartered Accountants & Statutory Auditors
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3rd Floor, Waverley House
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KANSAI PAINT EUROPE LIMITED
CONTENTS
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Notes to the Financial Statements
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KANSAI PAINT EUROPE LIMITED
REGISTERED NUMBER: 02472886
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 comprehensive income 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 2 May 2025.
The notes on pages 2 to 7 form part of these financial statements.
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KANSAI PAINT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Kansai Paint Europe Limited is a private company, limited by shares, incorporated and domiciled in England and Wales, registration number 02472886. The registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, W1F 8GQ. The principal place of business is 6-14 Imabashi, 2-Chome, Chuo-ku, Osaka 541-8523, Japan.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company ceased trading on 30 April 2020, however, the Company will remain open and will retain its fixed asset investment. The Parent Company has confirmed that it will provide support to enable the Company to meet its liabilities as they fall due.
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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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2 to 4 years straight line
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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.
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KANSAI PAINT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Impairment of fixed assets
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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Investments in joint venture
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Investments held as fixed assets are shown at cost less provision for impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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KANSAI PAINT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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.
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.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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KANSAI PAINT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Management have not applied any significant judgements or estimates in the preparation of these financial statements.
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The Company has no employees other (2023 - Nil) than the directors, who did not receive any remuneration (2023 - £NIL).
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KANSAI PAINT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The investment represents a 40% capital contribution in PPG Kansai Automotive Finishes UK LLP ("PKAF (UK)"). The directors do not consider that the Company has any significant influence over the operations of PKAF (UK) and accordingly it is treated as an investment.
The prior year comparative figures are taken from the PKAF (UK) audited financial statements for the year ended 31 December 2023. The current year figures are taken from the unaudited PKAF (UK) management accounts for the year ended 31 December 2024.
The unaudited management accounts for PKAF (UK) for the year ended 31 December 2024 show turnover of £47,719,332 (2023 - £59,057,667) and a profit before tax of £7,923,936 (2023 - £12,880,390). Given the profitable nature of the investment and its net asset position, an impairment is not deemed necessary and the investment will be held at cost.
If the investment in PKAF (UK) was accounted for using the equity method, the profit for the year recorded would have been £3,173,974 (2023 - £5,152,156) and the investment would be held at £8,306,197 (2023 - £10,314,504).
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KANSAI PAINT EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Allotted, called up and fully paid
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500,000 (2023 - 500,000) Ordinary shares of £1.00 each
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The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
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Related party transactions
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Kansai Paint Europe Limited has taken the exemption under FRS 102, Section 33 Related Party Disclosures, whereby the company is not required to disclose transactions with other wholly owned subsidiaries. Where subsidiaries were not wholly owned, transactions are detailed below:
During the year, the company received income from its fixed asset investment in PPG Kansai Automotive Finishes UK LLP of £5,152,156 (2023 - £4,003,329). PPG Kansai Automotive Finishes UK LLP is a related party as it is a joint entity the Company has a non-controlling stake in.
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The Directors regard Kansai Paint Co. Limited, a company incorporated in Japan, as the immediate and
ultimate parent undertaking and the ultimate controlling party.
Kansai Paint Co. Limited is the parent company of the largest and smallest group of which the Company
is a member and for which group accounts are drawn up. Copies of the accounts are available from their
head office: 6-14 Imabashi, 2-Chome, Chuo-ku, Osaka 541-8523, Japan.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 2 May 2025 by Michael Storey (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.
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