Company registration number 08687073 (England and Wales)
MINEBEA INTEC UK LTD
Annual report and financial statements
For the year ended 31 March 2024
MINEBEA INTEC UK LTD
COMPANY INFORMATION
Directors
Mr P G Grimley
Mr P J Walker
(Appointed 27 October 2023)
Secretary
Fieldfisher Secretaries Limited
Company number
08687073
Registered office
2670 Kings Court
The Crescent
Birmingham Business Park
Birmingham
B37 7YE
Auditor
WSM Advisors Limited
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
MINEBEA INTEC UK LTD
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
MINEBEA INTEC UK LTD
DIRECTORS' REPORT
For the year ended 31 March 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

Minebea lntec UK Limited is a private limited company incorporated in England & Wales. During the period it was a wholly owned subsidiary of Minebea lntec GmbH, whose principal activities are as an international provider of industrial weighing solutions for the laboratory and food and beverage industries. Minebea lntec UK Limited operates in the UK and in the Republic of Ireland

Results and dividends

The turnover for the year was £7,249,103 (2023: £6,354,463) resulting in a profit before tax of £85,123(2023: loss before tax: £296,955). Full details of the trading results of the company can be found in the income statement and associated notes to the financial statements. The directors do not recommend payment of a final dividend.

 

Risks and uncertainties

The recession in Europe is particularly affecting our customers in the pharmaceutical industry. However, we are able to counteract this by renewing our product portfolio, particularly in the food industry. Furthermore, long-standing customer relationships help us continue to secure major projects.

 

For such bigger projects we are offering customers billing plans instead of our usual flat 30 day terms. We hope that this measure may help customers to finance these items, keeping our market share. These billing plans are usually split into 3 amounts with the cost of the item being covered by the upfront payment meaning we are limiting our exposure.

Environment

The company aims to create a culture of environmental protection and occupational safety by acting responsibly towards the employees and the environment. Its products are intended to incorporate a high level of environmental friendliness and are designed directly to benefit the environment where possible. The company is registered for the WEEE Directive in the UK and in the Republic of Ireland. The company is increasingly focussing on sustainability as its customers are very aware of this topic.

 

Going Concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:

 

Directors

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

Mr P G Grimley
Mr P J Walker
(Appointed 27 October 2023)
Mr N C Parsons
(Resigned 27 October 2023)
Supplier payment policy

It is company policy, in respect of all of its suppliers, to settle the terms of payment when agreeing the terms of each transaction, to ensure that suppliers are made aware of the terms of payment, and to abide by them. For the year ended 31 March 2024, the average payment period for both group and third party trade creditors was 26 days.

Auditor

The auditor, WSM Advisors Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

MINEBEA INTEC UK LTD
DIRECTORS' REPORT (CONTINUED)
For the year ended 31 March 2024
- 2 -
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.

Small companies provision

In preparing this report, the directors have taken advantage of the small companies exemption provided by Section 414B of the Companies Act 2006 and have not prepared a strategic report.

On behalf of the board
Mr P G Grimley
Mr P J Walker
Director
Director
29 April 2025
MINEBEA INTEC UK LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
For the year ended 31 March 2024
- 3 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

 

 

The directors are 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. They are 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.

MINEBEA INTEC UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MINEBEA INTEC UK LTD
- 4 -
Opinion

We have audited the financial statements of Minebea Intec UK Ltd (the 'company') for the year ended 31 March 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (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 directors' 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 directors 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 directors are 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:

MINEBEA INTEC UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MINEBEA INTEC UK LTD (CONTINUED)
- 5 -
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 directors' 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

MINEBEA INTEC UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MINEBEA INTEC UK LTD (CONTINUED)
- 6 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

MINEBEA INTEC UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MINEBEA INTEC UK LTD (CONTINUED)
- 7 -
Jamie Stebbing ACA (Senior Statutory Auditor)
9 June 2025
2025-06-09
For and on behalf of WSM Advisors Limited, Statutory Auditor
Chartered Accountants
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
MINEBEA INTEC UK LTD
INCOME STATEMENT
For the year ended 31 March 2024
- 8 -
2024
2023
as restated
Notes
£
£
Revenue
2
7,249,103
6,354,462
Cost of sales
(3,611,528)
(3,032,651)
Gross profit
3,637,575
3,321,811
Administrative expenses
(4,455,516)
(4,734,481)
Other operating income
960,977
1,176,018
Operating profit/(loss)
3
143,036
(236,652)
Finance costs
6
(57,913)
(60,303)
Profit/(loss) before taxation
85,123
(296,955)
Tax on profit/(loss)
7
2,357
70,474
Profit/(loss) and total comprehensive income for the financial year
87,480
(226,481)

The income statement has been prepared on the basis that all operations are continuing operations.

MINEBEA INTEC UK LTD
STATEMENT OF FINANCIAL POSITION
As at 31 March 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
8
1,006,180
1,220,331
Deferred tax asset
13
72,831
70,474
1,079,011
1,290,805
Current assets
Inventories
9
19,416
19,993
Trade and other receivables
10
3,534,424
2,847,178
Cash and cash equivalents
236,918
1,141,339
3,790,758
4,008,510
Current liabilities
11
(2,930,947)
(3,319,142)
Net current assets
859,811
689,368
Total assets less current liabilities
1,938,822
1,980,173
Non-current liabilities
11
(836,854)
(965,685)
Net assets
1,101,968
1,014,488
Equity
Called up share capital
15
100,000
100,000
Retained earnings
1,001,968
914,488
Total equity
1,101,968
1,014,488

These financial statements have been prepared 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 29 April 2025 and are signed on its behalf by:
Mr P G Grimley
Director
Company registration number 08687073 (England and Wales)
MINEBEA INTEC UK LTD
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2024
- 10 -
Share capital
Retained earnings
Total
£
£
£
As restated for the period ended 31 March 2023:
Previously reported balance at 1 April 2022
100,000
1,234,336
1,334,336
Effect of misstatement
-
(93,367)
(93,367)
As restated
100,000
1,140,969
1,240,969
Year ended 31 March 2023:
Loss and total comprehensive income
-
(226,481)
(226,481)
Balance at 31 March 2023
100,000
914,488
1,014,488
Year ended 31 March 2024:
Profit and total comprehensive income
-
87,480
87,480
Balance at 31 March 2024
100,000
1,001,968
1,101,968
MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2024
- 11 -
1
Accounting policies
Company information

Minebea Intec UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2670 Kings Court, The Crescent, Birmingham Business Park, Birmingham, B37 7YE. The company's principal activities and nature of its operations are disclosed in the directors' 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 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.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

Where required, equivalent disclosures are given in the group accounts of Minebea Mitsumi, the company's ultimate parent undertaking.

1.2
Going concern

At the time of approving the financial statements, thetrue Directors have undertaken an assessment of the adequacy of the resources available to the company. The Directors have a reasonable expectation the company has adequate resources to continue in operational existence for the foreseeable future accordingly continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

All revenues derived from the selling of products and rendering of services are recognised as sales. Other operational revenues are recognised as other operating income. These revenues are net of discounts and VAT.

 

Sales are recognised in the income statement when we have satisfied our performance obligations and ownership of the goods have been transferred to the customer, the company retains neither continuing managerial nor effective controls over the goods sold, the amount of revenue and costs incurred can be measured reliably, and it is sufficiently probable that the economic benefits associated with the transaction will flow to the company.

For customer specific service contracts, sales revenue is recognised in the stages defined in the contract as each performance obligation is satisfied.

MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Property, plant and equipment

Property, plant and equipment 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 Leasehold
over the period of the lease
Fixture, fittings and equipment
2 or 3 years
Plant and machinery
5 or 6 years
Motor vehicles
over the period of the lease

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 income statement.

Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset. If a lease transfers ownership of the underlying asset of the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

The directors make adjustments for soiled, obsolete and slow moving stock. They determine these adjustments using profiles based on experience and Group standards. They do not consider a change to the current profiles would have a material effect on the profitability of the company.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

1.7
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, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial assets with fixed or determinable payments and fixed maturity dates that the Company has the positive intent and ability to hold to maturity are classified as held to maturity investments.

 

Held to maturity investments are measured at amortised cost using the effective interest method less any impairment, with revenue recognised on an effective yield basis.

 

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 13 -

Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

1.8
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

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 income statement 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, unless those costs are required to be recognised as part of the cost of inventories or non-current 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 property, plant and equipment, apart from those that meet the definition of investment property.

MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 14 -

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for 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 adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated 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, and is periodically reduced by impairment losses, if any.

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.

The lease liability is measured at amortised cost using the effective interest method. It is reassessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. 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
Revenue
2024
2023
£
£
Revenue analysed by class of business
Sale of Goods
5,109,052
4,494,292
Sale of Services
2,140,051
1,860,170
7,249,103
6,354,462

All revenue was generated within the UK & Ireland.

MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 15 -
3
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
18,991
(39,263)
Fees payable to the company's auditor for the audit of the company's financial statements
42,290
22,000
Depreciation of property, plant and equipment
258,627
254,877
Cost of inventories recognised as an expense
3,611,528
3,032,651
4
Employees

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

2024
2023
Number
Number
Selling, distribution and service
14
14
Office and management
10
9
Total
24
23

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,748,360
1,987,982
Social security costs
214,420
232,626
Pension costs
169,456
172,633
2,132,236
2,393,241
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
600,624
664,752
Company pension contributions to defined contribution schemes
46,691
17,053
647,315
681,805
MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
5
Directors' remuneration
(Continued)
- 16 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
270,789
310,790
Company pension contributions to defined contribution schemes
8,083
6,202

The directors receive remuneration directly from the company. However, these costs are subsequently borne by other companies within the group by way of an intercompany recharge as their remuneration is in relation to their work across a number of group entities. The company estimates that around 5% of their total remuneration is not covered by this intercompany recharge.

6
Finance costs
2024
2023
£
£
Interest on other financial liabilities:
Interest on lease liabilities
57,913
60,164
Other interest payable
-
0
139
57,913
60,303
7
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of temporary differences
(2,357)
(70,474)

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

2024
2023
£
£
Profit/(loss) before taxation
85,123
214,780
Expected tax charge/(credit) based on a corporation tax rate of 25.00% (2023: 19.00%)
21,281
(40,808)
Effect of expenses not deductible in determining taxable profit
9,992
23,306
Unutilised tax losses carried forward
25,374
60,321
Adjustment in respect of prior years
(43,885)
-
0
Tax on other temporary differences
(12,762)
(6,884)
Pension contributions paid
-
(35,935)
Deferred tax movement
(2,357)
(70,474)
Taxation credit for the year
(2,357)
(70,474)
MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 17 -
8
Property, plant and equipment
Land and buildings Leasehold
Plant and machinery
Fixture, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,058,213
60,343
87,672
364,780
1,571,008
Additions
-
0
-
0
44,476
-
0
44,476
At 31 March 2024
1,058,213
60,343
132,148
364,780
1,615,484
Accumulated depreciation and impairment
At 1 April 2023
200,828
29,341
46,857
73,651
350,677
Charge for the year
100,414
2,355
11,486
144,372
258,627
At 31 March 2024
301,242
31,696
58,343
218,023
609,304
Carrying amount
At 31 March 2024
756,971
28,647
73,805
146,757
1,006,180
At 31 March 2023
857,385
31,002
40,815
291,129
1,220,331

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Land and building
756,971
857,385
Motor vehicles
146,757
266,965
903,728
1,124,350
Total additions in the year
-
364,780
Depreciation charge for the year
Land and building
100,414
100,414
Motor vehicles
144,372
144,372
244,786
244,786
9
Inventories
2024
2023
£
£
Finished goods
19,416
19,993
MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
9
Inventories
(Continued)
- 18 -

Accumulated impairment of inventories is £30,159 (2023: £37,412 ).

10
Trade and other receivables
2024
2023
£
£
Trade receivables
2,704,110
2,288,816
Provision for bad and doubtful debts
(87,261)
(26,449)
2,616,849
2,262,367
VAT recoverable
774,360
296,854
Amounts owed by affiliated companies
4,837
125,643
Other receivables
8,218
6,195
Prepayments and accrued income
130,160
156,119
3,534,424
2,847,178
Deferred tax asset
72,831
70,474
3,607,255
2,917,652

Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

 

VAT recoverable relates to input VAT on imports to the United Kingdom that is reclaimable from HMRC. An external VAT specialist has been appointed to assist Minebea with the reclaim process and the expectation is that the balance will be recovered in full.

11
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Trade payables
413,299
367,443
-
0
-
0
Taxation and social security
81,087
319,490
-
0
-
0
Other creditors
9,010
19,491
-
0
-
0
Lease liabilities
12
246,562
204,952
836,854
965,685
Accruals and deferred income
310,494
370,587
-
-
Amounts owed to affiliated companies
1,870,495
2,037,179
-
-
2,930,947
3,319,142
836,854
965,685
MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 19 -
12
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
294,848
263,331
In two to five years
818,354
722,467
In over five years
140,000
420,000
Total undiscounted liabilities
1,253,202
1,405,798
Future finance charges and other adjustments
(169,786)
(235,161)
Lease liabilities in the financial statements
1,083,416
1,170,637

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
246,562
204,952
Non-current liabilities
836,854
965,685
1,083,416
1,170,637
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
57,913
60,164

It is the company's policy to lease certain motor vehicles under finance leases. The average lease term is 3 years. The average effective borrowing rate for the year was 5%. Interest rates are fixed at the contract date. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

It is the company's policy to lease land and buildings under a finance lease. The lease term is 10 years. The effective borrowing rate for the year was 5.5%. The interest rate is fixed at the contract date. The lease is on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 20 -
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period. ACA below stands for accelerated capital allowances.

Deferred tax assets are expected to be recovered within one year
ACAs
Tax losses
Total
£
£
£
Deferred tax movements in prior year
Charge/(credit) to profit or loss
8,895
(79,369)
(70,474)
Asset at 1 April 2023
8,895
(79,369)
(70,474)
Deferred tax movements in current year
Charge/(credit) to profit or loss
3,956
(6,313)
(2,357)
Asset at 31 March 2024
12,851
(74,946)
(62,095)
Movements current year
-
(10,736)
(10,736)
Deferred tax asset at 31 March 2024
10,736

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
169,456
172,633

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
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
MINEBEA INTEC UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2024
- 21 -
16
Ultimate and Immediate Parent Company

The Company is a subsidiary undertaking of Minebea Intec GmbH which is incorporated in Germany. The ultimate controlling party is Minebea Mitsumi which is incorporated in Japan.

 

The largest group in which the results of the Company are consolidated is that headed by Minebea Mitsumi, 4106-73 Oaza Miyota-machi, Kitasaku-gun, Nagano, 389-0293. The smallest group in which the results of the Company are consolidated is that headed by Minebea Intec GmbH, Meiendorfer Str. 205a, 22145 Hamburg, Germany. The consolidated financial statements of these groups are available to the public and may be obtained from Meiendorfer Str.205a, 22145 Hamburg, Germany.

17
Prior period adjustment

During the year, the company became aware of catch-up payments required to be made to the Irish Revenue Commissioners. This was due to payments not being made over a number of years as the company was eligible for the Debt Warehousing Scheme, a scheme introduced during COVID-19, which allowed for the deferral of unpaid PAYE debts (including income tax, USC, employer’s PRSI and LPT collected on behalf of the employee), with 0% interest applied.

 

The PAYE liability at the end of the prior period therefore omitted £175,542 of unpaid PAYE liabilities in relation to FY 2021 (£93,367) and 2022 (£82,175).

 

Changes to the statement of financial position
At 31 March 2023
Previously reported
Adjustment at 1 Apr 2022
Adjustment at 31 Mar 2023
As restated
£
£
£
£
Other payables
(3,143,600)
(93,367)
(82,175)
(3,319,142)
Net assets
1,523,461
(93,367)
(82,175)
1,347,919
Capital and reserves
Retained earnings
1,090,030
(93,367)
(82,175)
914,488
Total equity
1,190,030
(93,367)
(82,175)
1,014,488
Changes to the income statement
Period ended 31 March 2023
Previously reported
Adjustment
As restated
£
£
£
Administrative expenses
(4,652,306)
(82,175)
(4,734,481)
Loss for the financial period
(144,306)
(82,175)
(226,481)
2024-03-312023-04-01Mr P J WalkerMr N C ParsonsN C ParsonsFieldfisher Secretaries LimitedfalsefalseCCH SoftwareiXBRL Review & Tag 2024.2086870732023-04-012024-03-3108687073bus:ChiefExecutive2023-04-012024-03-3108687073bus:Director12023-04-012024-03-3108687073bus:CompanySecretary12023-04-012024-03-3108687073bus:Director22023-04-012024-03-3108687073bus:Director32023-04-012024-03-3108687073bus:RegisteredOffice2023-04-012024-03-31086870732024-03-31086870732022-04-012023-03-3108687073dpl:Item12023-04-012024-03-3108687073dpl:Item12022-04-012023-03-3108687073core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3108687073core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3108687073dpl:Item22023-04-012024-03-31086870732023-03-3108687073core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3108687073core:PlantMachinery2024-03-3108687073core:FurnitureFittings2024-03-3108687073core:MotorVehicles2024-03-3108687073core:ContinuingOperations2024-03-3108687073core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3108687073core:PlantMachinery2023-03-3108687073core:FurnitureFittings2023-03-3108687073core:MotorVehicles2023-03-3108687073core:BetweenOneFiveYears2023-03-3108687073core:CurrentFinancialInstruments2024-03-3108687073core:CurrentFinancialInstruments2023-03-3108687073core:Non-currentFinancialInstruments2024-03-3108687073core:Non-currentFinancialInstruments2023-03-3108687073core:ShareCapital2024-03-3108687073core:ShareCapital2023-03-3108687073core:RetainedEarningsAccumulatedLosses2024-03-3108687073core:RetainedEarningsAccumulatedLosses2023-03-31086870732022-03-3108687073core:Held-to-maturityFinancialAssets2023-04-012024-03-3108687073core:LoansReceivables2023-04-012024-03-3108687073core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3108687073core:PlantMachinery2023-03-3108687073core:FurnitureFittings2023-03-3108687073core:MotorVehicles2023-03-31086870732023-03-3108687073core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3108687073core:PlantMachinery2023-04-012024-03-3108687073core:FurnitureFittings2023-04-012024-03-3108687073core:MotorVehicles2023-04-012024-03-3108687073core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3108687073core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3108687073core:AcceleratedTaxDepreciationDeferredTax2023-03-3108687073core:TaxLossesCarry-forwardsDeferredTax2023-03-3108687073core:AcceleratedTaxDepreciationDeferredTax2024-03-3108687073core:TaxLossesCarry-forwardsDeferredTax2024-03-3108687073bus:PrivateLimitedCompanyLtd2023-04-012024-03-3108687073bus:FRS1012023-04-012024-03-3108687073bus:Audited2023-04-012024-03-3108687073bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP