Company registration number 03668742 (England and Wales)
MARUWA EUROPE LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
MARUWA EUROPE LTD.
COMPANY INFORMATION
Director
J Kawase
Secretary
K Goto
Company number
03668742
Registered office
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
Auditor
Azets Audit Services
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
Business address
The Boulevard
Orbital Park
Ashford
Kent
United Kingdom
TN24 0GA
Bankers
Barclays Bank PLC
66 High Street
Ashford
Kent
United Kingdom
TN24 8TL
MARUWA EUROPE LTD.
CONTENTS
Page
Director's report
1
Independent auditor's report
2 - 4
Statement of comprehensive income
5
Balance sheet
6
Statement of changes in equity
7
Statement of cash flows
8
Notes to the financial statements
9 - 19
MARUWA EUROPE LTD.
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The director presents his annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the company continued to be that of the supply of ceramic components to the electronics industry, both in its own name and as an agent on behalf of other group companies.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
J Kawase
Results and dividends
The results for the year are set out on page 5.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Future developments
The company is keeping abreast of technological advancements and continues to seek out new opportunities and to restructure where appropriate in order to develop its position in the continuing harsh economic climate.
Statement of director's responsibilities
The director is responsible for preparing the Directors' 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:
- 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 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 him 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.
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 director has taken all the necessary steps that they ought to have taken as a director 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
J Kawase
Director
8 May 2025
- 1 -
MARUWA EUROPE LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARUWA EUROPE LTD.
Opinion
- 2 -
We have audited the financial statements of Maruwa Europe Ltd. (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 2025 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.
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.
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:
the information given in the director's truereport for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the director's report has been prepared in accordance with applicable legal requirements.
MARUWA EUROPE LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARUWA EUROPE LTD.
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 director's report. We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of director
- 3 -
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.
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.
MARUWA EUROPE LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARUWA EUROPE LTD.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Christiaan de Lange
Senior Statutory Auditor
For and on behalf of Azets Audit Services
8 May 2025
Chartered Accountants
Statutory Auditor
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
- 4 -
MARUWA EUROPE LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Notes
£
£
Turnover
3
1,605,707
2,373,259
Cost of sales
(319,621)
(667,709)
Gross profit
1,286,086
1,705,550
Distribution costs
(2,429)
(6,656)
Administrative expenses
(1,654,784)
(1,250,324)
Other operating income
60,583
58,000
Operating (loss)/profit
4
(310,544)
506,570
Interest receivable and similar income
6
112,588
101,228
(Loss)/profit before taxation
(197,956)
607,798
Tax on (loss)/profit
7
40,205
(163,614)
(Loss)/profit for the financial year
(157,751)
444,184
The profit and loss account has been prepared on the basis that all operations are continuing operations.
- 5 -
MARUWA EUROPE LTD.
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,730,464
1,762,207
Current assets
Stocks
10
837
837
Debtors
11
629,713
673,088
Cash at bank and in hand
2,651,249
2,719,102
3,281,799
3,393,027
Creditors: amounts falling due within one year
12
(337,297)
(322,517)
Net current assets
2,944,502
3,070,510
Net assets
4,674,966
4,832,717
Capital and reserves
Called up share capital
15
4,300,000
4,300,000
Profit and loss reserves
16
374,966
532,717
Total equity
4,674,966
4,832,717
The financial statements were approved and signed by the director and authorised for issue on 8 May 2025
J Kawase
Director
Company Registration No. 03668742
- 6 -
MARUWA EUROPE LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
4,300,000
688,533
4,988,533
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
444,184
444,184
Dividends
8
-
(600,000)
(600,000)
Balance at 31 March 2024
4,300,000
532,717
4,832,717
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
(157,751)
(157,751)
Balance at 31 March 2025
4,300,000
374,966
4,674,966
- 7 -
MARUWA EUROPE LTD.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
(84,780)
379,846
Income taxes paid
(88,937)
(131,289)
Net cash (outflow)/inflow from operating activities
(173,717)
248,557
Investing activities
Purchase of tangible fixed assets
(6,724)
(8,447)
Interest received
112,588
101,228
Net cash generated from investing activities
105,864
92,781
Financing activities
Dividends paid
(600,000)
Net cash used in financing activities
(600,000)
Net decrease in cash and cash equivalents
(67,853)
(258,662)
Cash and cash equivalents at beginning of year
2,719,102
2,977,764
Cash and cash equivalents at end of year
2,651,249
2,719,102
- 8 -
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
Company information
Maruwa Europe Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Ashford Commercial Quarter, 1 Dover Place, Ashford, Kent, United Kingdom, TN23 1FB.
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.
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 convention. The principal accounting policies adopted are set out below.
Strategic Report
Exemption has been taken from preparing a Strategic Report under S414B(b) of The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 on the grounds that the company would qualify as a small company were it not a member of an ineligible group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources in the period ahead and that the company will remain in operational existence for the foreseeable future and, as a minimum, for a period of at least 12 months from the date of approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
- 9 -
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Commission turnover is recognised when sales invoices are raised by the fellow group company to the end customer.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits 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.
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:
Land and buildings freehold
Land - not depreciated, buildings 2% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
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.
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
1.5
Impairment of fixed assets
- 10 -
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.
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
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, 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.
1.8
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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. Financial assets classified as receivable within one year are not amortised.
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
- 11 -
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
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.
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
- 12 -
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
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
Judgements and key sources of estimation uncertainty
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2025
2024
£
£
Turnover analysed by class of business
Sales
352,799
738,638
Commissions
1,252,908
1,634,621
1,605,707
2,373,259
2025
2024
£
£
Turnover analysed by geographical market
Germany
181,424
Israel
87,178
170,449
Japan
1,223,326
1,211,570
Malaysia
221,167
585,183
UK
509
826
Other
73,527
223,807
1,605,707
2,373,259
2025
2024
£
£
Other revenue
Interest income
112,588
101,228
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange losses
41,734
80,061
Fees payable to the company's auditor for the audit of the company's financial statements
20,000
19,500
Depreciation of owned tangible fixed assets
38,467
38,288
(Profit)/loss on disposal of tangible fixed assets
-
895
Operating lease charges
10,785
4,653
- 13 -
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Administrative staff
6
5
Sales staff
7
5
Total
13
10
Their aggregate remuneration comprised:
2025
2024
£
£
Wages and salaries
548,826
455,421
Social security costs
57,289
48,586
Pension costs
25,401
22,796
631,516
526,803
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
112,588
101,228
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
112,588
101,228
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(41,091)
159,190
Deferred tax
Origination and reversal of timing differences
886
4,424
Total tax (credit)/charge
(40,205)
163,614
- 14 -
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Taxation
(Continued)
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2025
2024
£
£
(Loss)/profit before taxation
(197,956)
607,798
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(49,489)
151,950
Tax effect of expenses that are not deductible in determining taxable profit
1,406
918
Permanent capital allowances in excess of depreciation
(2,650)
Depreciation on assets not qualifying for tax allowances
9,617
9,572
Other non-reversing timing differences
(3,250)
Under/(over) provided in prior years
25
Deferred tax adjustment in respect of current year
886
4,424
Taxation (credit)/charge for the year
(40,205)
163,614
8
Dividends
2025
2024
£
£
Final paid
600,000
9
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
2,432,424
615,233
21,339
27,559
3,096,555
Additions
6,724
6,724
At 31 March 2025
2,432,424
621,957
21,339
27,559
3,103,279
Depreciation and impairment
At 1 April 2024
693,555
599,268
20,233
21,292
1,334,348
Depreciation charged in the year
31,694
5,041
165
1,567
38,467
At 31 March 2025
725,249
604,309
20,398
22,859
1,372,815
Carrying amount
At 31 March 2025
1,707,175
17,648
941
4,700
1,730,464
At 31 March 2024
1,738,869
15,965
1,106
6,267
1,762,207
- 15 -
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Tangible fixed assets
(Continued)
Included under the heading "Land and buildings freehold" is land which cost £847,729 net of VAT.
10
Stocks
2025
2024
£
£
Finished goods and goods for resale
837
837
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
34,452
124,365
Corporation tax recoverable
41,127
Amounts owed by group undertakings
378,325
378,825
Other debtors
30,431
23,922
Prepayments and accrued income
143,140
142,852
627,475
669,964
Deferred tax asset (note 13)
2,238
3,124
629,713
673,088
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
183,572
162,354
Amounts owed to group undertakings
44,865
21,725
Corporation tax
88,901
Other taxation and social security
11,861
11,687
Accruals and deferred income
96,999
37,850
337,297
322,517
- 16 -
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Assets
Assets
2025
2024
Balances:
£
£
ACAs
1,693
2,650
Retirement benefit obligations
545
474
2,238
3,124
2025
Movements in the year:
£
Asset at 1 April 2024
(3,124)
Charge to profit or loss
886
Asset at 31 March 2025
(2,238)
The deferred tax asset set out above is expected to reverse in the foreseeable future and relates to the utilisation of capital allowances.
14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
25,401
22,796
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.
15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,300,000
4,300,000
4,300,000
4,300,000
- 17 -
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
532,717
688,533
(Loss)/profit for the year
(157,751)
444,184
Dividends declared and paid in the year
-
(600,000)
At the end of the year
374,966
532,717
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2025
2024
£
£
Within one year
39,037
7,496
Between two and five years
14,893
6,382
53,930
13,878
18
Related party transactions
Maruwa Europe Limited seeks to invoke the exemption provided in section 33.1A of Financial Reporting Standard 102, allowing non disclosure of related party transactions for wholly owned subsidiaries.true
As at 31 March 2025, the company was owed £311,836 (2024: £349,795) by Maruwa Co., Ltd.
As at 31 March 2025, the company was owed £66,489 (2024: £29,030) by Maruwa Malaysia Sdn. Bhd.
As at 31 March 2025, the company owed £44,865 (2024: £21,725) to Maruwa Electronics GmbH.
19
Ultimate controlling party
The ultimate holding company is Maruwa Co.,Ltd, a company registered in Japan. Maruwa Co.,Ltd owns 100% of the share capital of Maruwa Europe Ltd. The accounts of the ultimate holding company, in which the results of Maruwa Europe Ltd are consolidated, are available to the public at 3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044, Japan, the head office of Maruwa Co.,Ltd.
- 18 -
MARUWA EUROPE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Cash (absorbed by)/generated from operations
2025
2024
£
£
(Loss)/profit for the year after tax
(157,751)
444,184
Adjustments for:
Taxation (credited)/charged
(40,205)
163,614
Investment income
(112,588)
(101,228)
(Gain)/loss on disposal of tangible fixed assets
-
895
Depreciation and impairment of tangible fixed assets
38,467
38,288
Movements in working capital:
Decrease/(increase) in debtors
83,616
(207,114)
Increase in creditors
103,681
41,207
Cash (absorbed by)/generated from operations
(84,780)
379,846
21
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
2,719,102
Cash at bank and in hand
(67,853)
2,651,249
- 19 -
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