Company registration number 02307037 (England and Wales)
TYK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TYK LIMITED
COMPANY INFORMATION
Directors
Mr N Ushigome
Mr J Lefebvre
Mr K Oguri
Secretary
Mr J Lefebvre
Company number
02307037
Registered office
25 Chilton Way
Chilton Industrial Estate
Chilton
Ferryhill
County Durham
United Kingdom
DL17 0SD
Auditor
Azets Audit Services
Wynyard Park House
Wynyard Avenue
Wynyard
United Kingdom
TS22 5TB
Bankers
National Westminster Bank PLC
Stockton Business Centre
PO Box 398, 1st Floor
123 High Street
Stockton-On-Tees
United Kingdom
TS18 1FX
TYK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 32
TYK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The company continues to trade in a difficult market place. The directors are reporting a loss for the year of £1,217,961 (profit 2024: £19,900) Turnover has decreased during the year to £6,142,840 a decrease of 14% on the previous year's trading. The company's turnover is mainly derived from sales within the TYK Group, which accounts for 94.9% of overall turnover (2024: 99.5%),

 

Management have continued to concentrate on pricing strategy, cost control and the company's exposure to exchange rate fluctuations. The company is constantly facing price increases in raw materials, packaging costs and transport costs in particular, which continues to squeeze margins. Despite this, the gross profit margin has increased from 11.24% in 2024 to 13.09% in 2025. Improvement of our manufacturing method was required to make the most of our materials.

 

There is a large amount of competition in the market place and the company's strategy is to provide the best quality refractory products to differentiate between the company's product and other lower quality products in the market.

Principal risks and uncertainties

The directors believe that the main risk to the business is the increase in costs relating to raw materials, transportation on both imports and exports and energy. Cheap steel imports into the EU (From China, etc..) are affecting our customers who are facing less demand. Some price increases have been passed on to customers and the company is in discussions with group companies to consider further price increases.

 

Another significant risk is the relocation of the steel industry to other parts of the world, so reducing the European customer base. The management work tirelessly in retaining their customer base and ensuring the quality of the company's products are maintained through various quality standard accreditations. The business is also piloting new products, using new technology, to further improve the company's competitive advantage.

 

The directors are taking actions where necessary to protect the company's cash flow. At the date of signing this report, orders are ongoing and cash flows are being managed. The parent company will continue to support the business.

 

The parent company, TYK Corporation, continues to support its operations, through continued sales, technological assistance and any other support deemed appropriate.

Development and performance

The company focuses on manufacturing high quality technical and functional refractory products based on successful technology transfer from Japan. Our overall philosophy surrounds product development to assist our customers in their quest for high performance and quality.

TYK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Key performance indicators

The management and directors review monthly management accounts and compare to budgeted targets to monitor the company's performance. The Group directors are also actively involved in performance monitoring. The Board focuses on improving asset management and controlling expenditure. This has been a successful strategy over recent years and will continue to be monitored going forward.

On behalf of the board

Mr N Ushigome
Director
18 June 2025
TYK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their 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 manufacture of refractory products including lances, blocks and black nozzles for continuous castings.

Results and dividends

The results for the year are set out on page 9.

Directors

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

Mr N Ushigome
Mr J Lefebvre
Mr K Oguri
Supplier payment policy

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

 

 

External trade creditors of the company at the year end were equivalent to 22 days' purchases, based on the average daily amount invoiced by suppliers during the year.

Financial instruments

The company is exposed to risks that arise from its use of financial instruments. The principal financial instruments used by the company, from which financial instrument risk arises are trade receivables, cash and cash equivalents, trade payables and parent company loans.

Liquidity risk

Liquidity risk arises from the company's management of working capital. It is the risk that the company will encounter difficulty meeting its financial obligations as they fall due. The company's policy is to meet its liabilities when they fall due. The company monitors cash flow regularly and its parent company provides any necessary shortfall in funding. The support of the parent company has been agreed for the foreseeable future.

Foreign exchange risk

The company is exposed to foreign exchange risks primarily with respect to the Euro and the Japanese Yen. The majority of the company's foreign exchange transactions are at spot rate with fellow group companies. Due to the support of the group companies and the flexibility of the trading arrangement between those group companies the major part of the exchange rate risk is mitigated by the ability to delay advanced payments. The directors believe the unmanaged element of the exchange risk is not material.

Credit risk

Credit risk arises principally from the company's trade receivables. It is the risk that the counterparty fails to discharge its obligation in respect of the instrument. The company has implemented policies that require appropriate credit checks on potential customers before sales commence. The company regularly monitors amounts outstanding for both time and credit limits. At the year end, the credit quality of trade receivables is considered to be satisfactory.

TYK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

Price Risk

The directors believe that the main risk to the business is the increase in costs relating to raw materials, transportation on both imports and exports and energy. Some price increases have been passed on to customers and the company is in discussions with group companies to consider further price increases.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
Mr N Ushigome
Director
18 June 2025
TYK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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.

TYK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TYK LIMITED
- 6 -
Opinion

We have audited the financial statements of TYK Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, 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 UK adopted international accounting standards.

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.

Material uncertainty relating to going concern

We draw attention to note 1.2 in the financial statements, which refers to the directors assessment of going concern and the conclusion drawn. The company incurred a loss of £1,217,961 during the year ended 31 March 2025 and, as of that date, the company’s current liabilities exceeded its total assets by £3,299,392 with net liabilities of £3,402,817. As stated in note 1.2, these events or conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

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.

 

Our responsibilities and the responsibilities of the directors with respect to going concern a 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:

TYK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TYK LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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.

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.

TYK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TYK LIMITED
- 8 -
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, including fraud, is detailed below

 

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:

 

 

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.

 

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.

Angela Ingham FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
19 June 2025
Chartered Accountants
Statutory Auditor
Wynyard Park House
Wynyard Avenue
Wynyard
United Kingdom
TS22 5TB
TYK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Revenue
3
6,142,840
7,143,422
Cost of sales
(5,338,802)
(6,340,659)
Gross profit
804,038
802,763
Other operating income
34,657
21,063
Distribution costs
(203,287)
(240,753)
Administrative expenses
(1,799,269)
(528,153)
Operating (loss)/profit
4
(1,163,861)
54,920
Investment revenues
7
5,173
3,547
Finance costs
8
(59,273)
(38,567)
(Loss)/profit before taxation
(1,217,961)
19,900
Income tax expense
9
-
-
(Loss)/profit and total comprehensive income for the year
(1,217,961)
19,900

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

TYK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
Non-current assets
Intangible assets
10
5,219
8,699
Property, plant and equipment
11
871,409
1,174,444
Investments
12
17,786
17,786
894,414
1,200,929
Current assets
Inventories
15
1,505,237
1,663,758
Trade and other receivables
16
1,701,936
2,335,033
Cash and cash equivalents
353,191
987,142
3,560,364
4,985,933
Current liabilities
Trade and other payables
22
694,556
1,119,519
Borrowings
18
7,056,614
7,146,289
Lease liabilities
23
1,101
5,398
Deferred revenue
25
1,899
2,085
7,754,170
8,273,291
Net current liabilities
(4,193,806)
(3,287,358)
Non-current liabilities
Lease liabilities
23
-
0
1,071
Long term provisions
24
83,537
75,635
Deferred revenue
25
19,888
21,721
103,425
98,427
Net liabilities
(3,402,817)
(2,184,856)
Equity
Called up share capital
27
5,100,000
5,100,000
Retained earnings
(8,502,817)
(7,284,856)
Total equity
(3,402,817)
(2,184,856)
The financial statements were approved by the board of directors and authorised for issue on 18 June 2025 and are signed on its behalf by:
Mr N Ushigome
Director
Company registration number 02307037
TYK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2023
5,100,000
(7,304,756)
(2,204,756)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
19,900
19,900
Balance at 31 March 2024
5,100,000
(7,284,856)
(2,184,856)
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
(1,217,961)
(1,217,961)
Balance at 31 March 2025
5,100,000
(8,502,817)
(3,402,817)
TYK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
33
(393,258)
(1,209,073)
Interest paid
(59,273)
(38,567)
Net cash outflow from operating activities
(452,531)
(1,247,640)
Investing activities
Purchase of property, plant and equipment
(183,205)
(430,925)
Proceeds from disposal of property, plant and equipment
1,980
7,134
Interest received
5,173
3,547
Net cash used in investing activities
(176,052)
(420,244)
Financing activities
Proceeds from new bank loans
-
0
1,283,225
Payment of lease liabilities
(5,368)
(5,304)
Net cash (used in)/generated from financing activities
(5,368)
1,277,921
Net decrease in cash and cash equivalents
(633,951)
(389,963)
Cash and cash equivalents at beginning of year
987,142
1,377,105
Cash and cash equivalents at end of year
353,191
987,142
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information

TYK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Chilton Way, Chilton Industrial Estate, Chilton, Ferryhill, County Durham, United Kingdom, DL17 0SD. 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 International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors' have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. However, they are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

 

During the current trading year, the company made a loss of £1,217,961 due to significant increase in costs and impairment of fixed assets (2024: Profit of £19,900 due to a significant FX movement). At the balance sheet date, the company's net current liabilities amount to £4,139,806 (2024: £3,287,358) due to funding being wholly due within one year and net liabilities of £3,402,817 (2024: £2,184,856).

 

The company meets its day to day working capital requirement through its bank facilities and support from its parent company, TYK Corporation, a business registered in Japan. As at 31 December 2024 TYK Corporation had net assets of £296 million (31 March 2024 - £298 million) and at 31 December 2024, has significant cash resources to provide any support TYK Limited may require. At the balance sheet date, the company owed its parent company £6.8 million (2024: £6.8 million).

 

The board of TYK Corporation have agreed to support TYK Limited for the foreseeable future.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation 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:

TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land & buildings
not depreciated
Freehold buildings
8.8% - 20%  reducing balance
Fixtures and fittings
15% - 30% reducing balance
Plant and equipment
14% - 54% reducing balance
Motor vehicles
50% reducing balance

Freehold land and assets in the course of construction are not depreciated.

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.

1.6
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of tangible and intangible assets

At each reporting 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.

1.8
Inventories

Inventories and work in progress are valued at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing inventories to their present location and condition. Cost is calculated using actual cost. Net realisable value represents the estimated selling price less all estimated costs for completion and costs to be incurred in marketing, selling and distribution. At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

1.9
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.

1.10
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.

TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.11
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 at fair value through profit or loss

Financial assets are classified as at FVTPL when the financial asset is held for trading. This is the case if:

 

 

Financial assets at FVTPL are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset. Interest and dividends are included in 'Investment income' and gains and losses on remeasurement included in 'other gains and losses' in the statement of comprehensive income.

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.

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.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. 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.

TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

Financial assets classified as available for sale are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income. Where an AFS financial asset is disposed of or determined to be impaired, the cumulative gain or loss previously recognised in other comprehensive income is reclassified to profit or loss.

 

Dividends and interest earned on AFS financial assets are included in the investment income line item in the statement of comprehensive income.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.12
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'.

Financial liabilities at fair value through profit or loss

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

 

 

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

TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.13
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.14
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.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.15
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

 

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

1.16
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.

1.17
Retirement benefits

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

1.18
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.

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

 

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

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

TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

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

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

1.19
Grants

Government grants relating to property, plant and equipment are treated as deferred revenue and released to profit and loss over the expected useful lives of the assets concerned. Government grants towards revenue expenditure are released to profit and loss as the related expenditure is incurred.

1.20
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.

1.21

Research and development

Expenditure on research activities is recognised as an expense in the period in which it is incurred.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The most significant estimates made in these financial statements relate to the fixed assets of the CC Plant being impaired to a nil balance. There are no significant judgements.

3
Revenue

An analysis of the company's revenue is as follows:

2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
278,037
-
Europe
5,270,477
6,458,834
Rest of the World
594,326
684,588
6,142,840
7,143,422
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Revenue
(Continued)
- 20 -
2025
2024
£
£
Other significant revenue
Interest income
5,173
3,547
Grants received
2,018
2,207
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(41,142)
(934,125)
Government grants
(2,018)
(2,207)
Fees payable to the company's auditor for the audit of the company's financial statements
17,500
18,500
Depreciation of property, plant and equipment
185,941
135,549
Loss/(profit) on disposal of property, plant and equipment
939
(2,176)
Amortisation of intangible assets (included within administrative expenses)
3,480
5,799
Cost of inventories recognised as an expense
3,390,350
4,333,519
5
Employees

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

2025
2024
Number
Number
Management and administration
9
9
Production
33
28
Total
42
37

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,432,922
1,288,221
Social security costs
141,970
125,715
Pension costs
35,126
21,412
1,610,018
1,435,348
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
86,433
86,662
Company pension contributions to defined contribution schemes
1,321
1,321
87,754
87,983

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

7
Investment income
2025
2024
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
5,173
3,547
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Finance costs
2025
2024
£
£
Interest on lease liabilities
92
156
Other interest payable
59,181
38,411
Total interest expense
59,273
38,567
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
9
Income tax expense

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

2025
2024
£
£
(Loss)/profit before taxation
(1,217,961)
19,900
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2024: 25.00%)
(304,490)
4,975
Effect of expenses not deductible in determining taxable profit
91,150
7,002
Income not taxable
(1,397)
(552)
Unutilised tax losses carried forward
180,864
29,432
Permanent capital allowances in excess of depreciation
33,873
(40,857)
Taxation charge for the year
-
-

The company has estimated tax losses of over £7.8 million (2024 - £7.0 million) available for carry forward against future trading profits.

10
Intangible assets
Software
£
Cost
At 1 April 2023
29,893
At 31 March 2024
29,893
At 31 March 2025
29,893
Amortisation and impairment
At 1 April 2023
15,395
Charge for the year
5,799
At 31 March 2024
21,194
Charge for the year
3,480
At 31 March 2025
24,674
Carrying amount
At 31 March 2025
5,219
At 31 March 2024
8,699
At 31 March 2023
14,498
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
11
Property, plant and equipment
Freehold land & buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
2,007,717
117,791
4,048,676
135,490
58,239
6,367,913
Additions
1,990
265,022
160,831
3,082
-
0
430,925
Disposals
(5,826)
-
0
(9,528)
(1,159)
(24,899)
(41,412)
Other
132,235
(250,438)
113,173
5,030
-
0
-
0
At 31 March 2024
2,136,116
132,375
4,313,152
142,443
33,340
6,757,426
Additions
-
0
94,866
85,842
2,497
-
0
183,205
Disposals
-
0
-
0
(4,200)
(957)
(6,577)
(11,734)
Other
-
0
(121,465)
112,214
9,251
-
0
-
0
At 31 March 2025
2,136,116
105,776
4,507,008
153,234
26,763
6,928,897
Accumulated depreciation and impairment
At 1 April 2023
1,719,641
-
0
3,641,150
73,870
49,226
5,483,887
Charge for the year
10,779
-
0
106,015
14,644
4,111
135,549
Eliminated on disposal
(5,826)
-
0
(8,084)
(1,128)
(21,416)
(36,454)
At 31 March 2024
1,724,594
-
0
3,739,081
87,386
31,921
5,582,982
Charge for the year
22,098
-
0
148,248
14,919
676
185,941
Impairment loss (profit or loss)
18,153
-
0
268,500
10,727
-
0
297,380
Eliminated on disposal
-
0
-
0
(1,862)
(957)
(5,996)
(8,815)
At 31 March 2025
1,764,845
-
0
4,153,967
112,075
26,601
6,057,488
Carrying amount
At 31 March 2025
371,271
105,776
353,041
41,159
162
871,409
At 31 March 2024
411,522
132,375
574,071
55,057
1,419
1,174,444

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

Right-of-use assets
2025
2024
£
£
Net values at the year end
Plant and equipment
903
6,318
Depreciation charge for the year
Plant and equipment
5,415
5,416

More information on impairment movements in the year is given in note 1.7.

TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
12
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Investments in associates
-
0
-
0
17,786
17,786
Fair value of financial assets carried at amortised cost

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

13
Associates

Details of the company's associates at 31 March 2025 are as follows:

Name of undertaking
Registered office
% Held
Direct
Voting
TYK Europe GmbH
Germany
20.00
20.00

The investment in TYK Europe GmbH is not accounted for as an equity investment as TYK Limited do not have any significant influence over the operating and financial policies of TYK Europe GmbH, nor do they have a representation on the board.

14
Credit risk

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the company's maximum exposure to credit risk.

The company does not hold any collateral or other credit enhancements to cover this credit risk.

15
Inventories
2025
2024
£
£
Raw materials
942,027
1,111,934
Work in progress
332,162
420,880
Finished goods
231,048
130,944
1,505,237
1,663,758

Raw materials include goods in transit at the balance sheet date of £62,777 (2024: £234,146).

TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
16
Trade and other receivables
2025
2024
£
£
Trade receivables
213,854
-
0
VAT recoverable
12,960
55,200
Amount owed by parent undertaking
65,712
214,176
Amounts owed by fellow group undertakings
1,318,177
1,981,134
Other receivables
1,657
1,657
Prepayments
89,576
82,866
1,701,936
2,335,033

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

17
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

Credit risk arises principally from the company's trade receivables. It is the risk that the counterparty fails to discharge its obligation in respect of the instrument. The company has implemented policies that require appropriate credit checks on potential customers before sales commence. The company regularly monitors amounts outstanding for both time and credit limits. At the year end, the credit quality of trade receivables is considered to be satisfactory.

18
Borrowings
2025
2024
£
£
Secured borrowings at amortised cost
Loans from parent undertaking
6,746,776
6,832,514
Loans from fellow group undertakings
309,838
313,775
7,056,614
7,146,289
Analysis of borrowings

Borrowings 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:

2025
2024
£
£
Current liabilities
7,056,614
7,146,289
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
19
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

20
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

3 months to 1 year
Total
£
£
At 31 March 2024
Parent loans
6,832,514
6,832,514
Fellow group loans
313,775
313,775
7,146,289
7,146,289
At 31 March 2025
Parent loans
6,746,776
6,746,776
Fellow group loans
309,838
309,838
7,056,614
7,056,614
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
21
Market risk
Market risk management
Foreign exchange risk

The carrying amounts of the company's foreign currency denominated monetary assets and liabilities at the reporting date are as follows:

Assets
Liabilities
2025
2024
2025
2024
£
£
£
£
Euro
1,302,177
2,063,771
48,349
174,439
Japanese Yen
175,128
410,091
7,139,224
7,266,620
Dollar
164
5,388
84,760
231,539
1,477,469
2,479,250
7,272,333
7,672,598

The company is exposed to foreign exchange risks primarily with respect to the Euro and Japanese Yen. The majority of the company's foreign exchange transactions are at spot rate with fellow group companies. Due to the support of the group companies and the flexibility of the trading arrangement between those group companies the major part of the exchange rate risk is mitigated by the ability to delay advanced payments. The directors believe the unmanaged element of the exchange risk is not material.

22
Trade and other payables
2025
2024
£
£
Trade payables
304,612
664,044
Amount owed to parent undertaking
96,554
150,578
Amounts owed to fellow group undertakings
25,990
100,002
Accruals
246,891
186,602
Social security and other taxation
12,829
11,336
Other payables
7,680
6,957
694,556
1,119,519
23
Lease liabilities
2025
2024
Maturity analysis
£
£
Within one year
1,101
5,398
In two to five years
-
1,071
Total undiscounted liabilities
1,101
6,469
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
23
Lease liabilities
(Continued)
- 28 -

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:

2025
2024
£
£
Current liabilities
1,101
5,398
Non-current liabilities
-
0
1,071
1,101
6,469
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
92
156
24
Provisions for liabilities
2025
2024
£
£
Employee benefits
83,537
75,635
All provisions are expected to be settled after more than 12 months from the reporting date.
Movements on provisions:
Employee benefits
£
At 1 April 2024
75,635
Additional provisions in the year
8,852
Utilisation of provision
(950)
At 31 March 2025
83,537

The provision for employment benefits represents long service entitlement accrued.

25
Deferred revenue
2025
2024
£
£
Arising from government grants
21,787
23,806
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
25
Deferred revenue
(Continued)
- 29 -

Deferred revenues 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:

2025
2024
£
£
Current liabilities
1,899
2,085
Non-current liabilities
19,888
21,721
21,787
23,806
26
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,126
21,412

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.

27
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,100,000
5,100,000
5,100,000
5,100,000

The company has one class of ordinary shares which carry no right to fixed income.

28
Contingent liabilities

There is a contingent liability of £16,000 (2024 - £16,000) in respect of a bond given to HM Revenue and Customs by the company's bankers.

29
Other leasing information

Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:

2025
2024
Operating leases apart from land and buildings
£
£
Within one year
532
532
Between two and five years
133
665
665
1,197
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
29
Other leasing information
(Continued)
- 30 -
Information relating to lease liabilities is included in note 23.
30
Capital risk management

The company is not subject to any externally imposed capital requirements.

31
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

2025
2024
£
£
Short-term employee benefits
86,433
86,662
Post-employment benefits
1,321
1,321
87,754
87,983
Other transactions with related parties

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2025
2024
2025
2024
£
£
£
£
Parent company
294,682
499,014
138,617
301,576
Subsidiaries
5,556,673
6,644,408
200,985
330,526
5,851,355
7,143,422
339,602
632,102
Royalties
Loan interest
2025
2024
2025
2024
£
£
£
£
Parent company
72,667
94,222
56,488
36,520
Subsidiaries
89,396
99,004
2,693
1,892
162,063
193,226
59,181
38,412
TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
31
Related party transactions
(Continued)
- 31 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Parent company
96,554
150,578
Subsidiaries
25,990
100,002
122,544
250,580

The company also has loans of £6,746,776 from the parent company and £309,838 of loans from a related subsidiary. At the year end date the company owed a total of £7,056,614 (2024 - £7,146,289). Interest on the loans has been charged as detailed above. There are no fixed terms of repayment therefore the loans are disclosed as falling due on demand.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Parent company
65,712
214,176
Subsidiaries
1,318,177
1,981,134
1,383,889
2,195,310
32
Controlling party

As in the previous year, the immediate and ultimate parent company is TYK Corporation, a company incorporated in Japan.

 

The company is controlled by Mr Ushigome, President and Chairman of the TYK Corporation.

The consolidated financial statements of TYK Corporation are publicly available.

TYK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
33
Cash absorbed by operations
2025
2024
£
£
(Loss)/profit for the year before income tax
(1,217,961)
19,900
Adjustments for:
Finance costs
59,273
38,567
Investment income
(5,173)
(3,547)
Loss/(gain) on disposal of property, plant and equipment
939
(2,176)
Amortisation and impairment of intangible assets
3,480
5,799
Depreciation and impairment of property, plant and equipment
483,321
135,549
Increase/(decrease) in provisions
7,902
(15,464)
Movements in working capital:
Decrease in inventories
158,521
99,173
Decrease/(increase) in trade and other receivables
633,097
(434,737)
Decrease in trade and other payables
(514,638)
(1,049,930)
Decrease in deferred revenue outstanding
(2,019)
(2,207)
Cash absorbed by operations
(393,258)
(1,209,073)
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