Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-302025-05-302024-12-312025-05-30truetrue212024-01-01falseThe main activity of the company is the sale of sporting goods and accessories.22truefalsefalse 02100680 2024-01-01 2024-12-31 02100680 2023-01-01 2023-12-31 02100680 2024-12-31 02100680 2023-12-31 02100680 2023-01-01 02100680 c:CompanySecretary1 2024-01-01 2024-12-31 02100680 c:Director1 2024-01-01 2024-12-31 02100680 c:Director2 2024-01-01 2024-12-31 02100680 c:Director5 2024-01-01 2024-12-31 02100680 c:RegisteredOffice 2024-01-01 2024-12-31 02100680 d:Buildings 2024-01-01 2024-12-31 02100680 d:Buildings 2024-12-31 02100680 d:Buildings 2023-12-31 02100680 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02100680 d:MotorVehicles 2024-01-01 2024-12-31 02100680 d:FurnitureFittings 2024-01-01 2024-12-31 02100680 d:FurnitureFittings 2024-12-31 02100680 d:FurnitureFittings 2023-12-31 02100680 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02100680 d:OfficeEquipment 2024-01-01 2024-12-31 02100680 d:OfficeEquipment 2024-12-31 02100680 d:OfficeEquipment 2023-12-31 02100680 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02100680 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02100680 d:ComputerSoftware 2024-12-31 02100680 d:ComputerSoftware 2023-12-31 02100680 d:CurrentFinancialInstruments 2024-12-31 02100680 d:CurrentFinancialInstruments 2023-12-31 02100680 d:Non-currentFinancialInstruments 2024-12-31 02100680 d:Non-currentFinancialInstruments 2023-12-31 02100680 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02100680 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02100680 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 02100680 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02100680 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 02100680 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 02100680 e:UnitedKingdom 2024-01-01 2024-12-31 02100680 e:UnitedKingdom 2023-01-01 2023-12-31 02100680 e:RestEuropeOutsideUK 2024-01-01 2024-12-31 02100680 e:RestEuropeOutsideUK 2023-01-01 2023-12-31 02100680 d:UKTax 2024-01-01 2024-12-31 02100680 d:UKTax 2023-01-01 2023-12-31 02100680 d:ShareCapital 2024-01-01 2024-12-31 02100680 d:ShareCapital 2024-12-31 02100680 d:ShareCapital 2023-01-01 2023-12-31 02100680 d:ShareCapital 2023-12-31 02100680 d:ShareCapital 2023-01-01 02100680 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02100680 d:RetainedEarningsAccumulatedLosses 2024-12-31 02100680 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02100680 d:RetainedEarningsAccumulatedLosses 2023-12-31 02100680 d:RetainedEarningsAccumulatedLosses 2023-01-01 02100680 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02100680 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02100680 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 02100680 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02100680 c:OrdinaryShareClass1 2024-01-01 2024-12-31 02100680 c:OrdinaryShareClass1 2024-12-31 02100680 c:OrdinaryShareClass1 2023-12-31 02100680 c:FRS102 2024-01-01 2024-12-31 02100680 c:Audited 2024-01-01 2024-12-31 02100680 c:FullAccounts 2024-01-01 2024-12-31 02100680 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02100680 d:WithinOneYear 2024-12-31 02100680 d:WithinOneYear 2023-12-31 02100680 d:BetweenOneFiveYears 2024-12-31 02100680 d:BetweenOneFiveYears 2023-12-31 02100680 2 2024-01-01 2024-12-31 02100680 d:ComputerSoftware d:OwnedIntangibleAssets 2024-01-01 2024-12-31 02100680 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 02100680










YONEX U.K. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
YONEX U.K. LIMITED
 
 
COMPANY INFORMATION


Directors
T Yoneyama 
W Hirokawa 
T Suzuki 




Company secretary
C Fossitt



Registered number
02100680



Registered office
Yonex House
74 Wood Lane

White City

London

W12 7RH




Independent auditors
Blick Rothenberg Audit LLP
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH





 
YONEX U.K. LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 27


 
YONEX U.K. LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024. In preparing this report the directors have complied with s414C of the Companies Act 2006.

Business review
 
The main activity of the Company is the sale of sporting goods and accessories.
The Company is a wholly-owned subsidiary of Yonex Co Limited, a company registered in Japan, and operates as the group's UK division.
There have not been any significant changes in the Company's principal activities in the year under review.  The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the next year.
The turnover achieved in 2024 was £10,575,706 (2023: £10,479,360) which is a 1% increase compared to 2023. 
The gross profit achieved for the year ended 31 December 2024 amounted to £3,839,407 (Gross profit 36%) compared to £4,293,732 (Gross profit 41%) for the year ended 31 December 2023. 

Principal risks and uncertainties
 
The Company is exposed to the risks detailed below:
Credit risk
Credit risk is the risk that the counterparty will be unable to pay amounts in full when due.  The directors monitor exposure to credit risk through regular review of credit exposures, assessment of the creditworthiness of counterparties and informed estimates of provision for doubtful debts. 
Liquidity risk
Liquidity risk is the risk that cash may not be available, or the assets cannot be liquidated at a reasonable cost, to pay obligations when they fall due.  To guard against this risk, assets are managed with liquidity in mind maintaining a healthy balance of cash and cash equivalents.  The maturity profile is monitored to ensure adequate liquidity is maintained.
Exchange rate risk
The Company is exposed to foreign exchange risk from recognised assets (bank accounts) held in different functional currencies and also the majority of its trading balances due to its parent company (amounts owed to group companies). The principal transaction exposures are to the US dollar and the euro. The main asset denominated in foreign currency is the US dollar bank account and the main liability is the amount due to the parent company for invoices issued in US dollar. There are fluctuations as a result of converting year end balances at the closing rate.
Macroeconomic environment risk
The Company is in a strong financial position with large capital and reserves. As a result, the Company’s exposure to risk with the current financial climate of higher interest rates, information and the cost of living crisis the Company, is minimised.  

Page 1

 
YONEX U.K. LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The directors use several key performance indicators to assess the Company’s ability to meet its objectives.
As shown in the Company's Statement of Comprehensive Income on page 9, there was an operating profit of £1,055,026 (2023: £1,825,658). Yonex Co. Limited uses turnover as a key performance indicator in monitoring its subsidiaires. The turnover achieved in 2024 was £10,575,706 (2023: £10,479,360) which is a 1% increase compared to 2023. The Company achieved a net profit before tax of £1,070,479 (2023: £1,802,374).

The Balance Sheet on page 10 of the financial statements show that the Company's capital and reserves have increased by £790,030 to £7,123,428. The Company had net current assets of £5,697,767 as at 31 December 2024 (2023: £5,042,251). This is an increase of £655,516 and as a result the Company has more sufficient working capital to meet its trading requirements. Bank balances amounted to £3,808,016 as at 31 December 2024 (2023: £3,156,920) which is an increase of 21%.


This report was approved by the board on 30 May 2025 and signed on its behalf.



Tsutomu "Ben" Yoneyama
Director

Page 2

 
YONEX U.K. LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £790,030 (2023 - £1,383,814).

There was no dividend paid or proposed during the year.

Directors

The directors who served during the year were:

T Yoneyama 
W Hirokawa 
T Suzuki 

Future developments

There have not been any significant changes in the Company's principal acitivities in the year under review. The directors are not aware, at the date of this report of any likely major changes in the Company's acitivites in the next year.

Page 3

 
YONEX U.K. LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The company’s auditor, Greenback Alan LLP, ceased to operate as a registered auditor on 31 March 2025 and its business was transferred to Blick Rothenberg. Accordingly the company appointed Blick Rothenberg Audit LLP as its auditor in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 May 2025 and signed on its behalf.
 





Tsutomu "Ben" Yoneyama
Director

Page 4

 
YONEX U.K. LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YONEX U.K. LIMITED
 

Opinion


We have audited the financial statements of YONEX U.K. LIMITED (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
YONEX U.K. LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YONEX U.K. LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
YONEX U.K. LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YONEX U.K. LIMITED (CONTINUED)

Auditors' 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 Auditors' 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.


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:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, 
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and 
other management, and from our commercial knowledge and experience of the claims administration sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the 
financial statements or the operations of the company, including the Companies Act 2006, taxation 
legislation and data protection, financial services regulations, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making 
enquiries of management; and 
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including 
obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested a sample of journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HM Revenue and Customs and FCA regulatory reporting.
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 require that we identify non-compliance with laws and regulations through enquiry of the 
directors and other management and the inspection of regulatory and legal correspondence, if any, as well as 
any additional procedures deemed necessary.
 
Page 7

 
YONEX U.K. LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YONEX U.K. LIMITED (CONTINUED)


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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Yusuke Takanishi (Senior Statutory Auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

30 May 2025
Page 8

 
YONEX U.K. LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,575,706
10,479,360

Cost of sales
  
(6,736,299)
(6,185,628)

Gross profit
  
3,839,407
4,293,732

Distribution costs
  
(124,485)
(125,756)

Administrative expenses
  
(2,662,689)
(2,345,918)

Other operating income
  
2,793
3,600

Operating profit
 5 
1,055,026
1,825,658

Interest receivable and similar income
 9 
39,401
199

Interest payable and similar expenses
 10 
(23,948)
(23,483)

Profit before tax
  
1,070,479
1,802,374

Tax on profit
 11 
(280,449)
(418,560)

Profit for the financial year
  
790,030
1,383,814

There were no other items of other comprehensive income other than the profit for the year (2023:£NIL).

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
YONEX U.K. LIMITED
REGISTERED NUMBER:02100680

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
16,600
29,880

Tangible assets
 13 
2,026,816
2,072,712

  
2,043,416
2,102,592

Current assets
  

Stocks
 14 
3,601,522
3,628,150

Debtors
 15 
1,008,737
1,437,890

Cash at bank and in hand
 16 
3,808,016
3,156,920

  
8,418,275
8,222,960

Creditors: amounts falling due within one year
 17 
(2,720,508)
(3,180,709)

Net current assets
  
 
 
5,697,767
 
 
5,042,251

Total assets less current liabilities
  
7,741,183
7,144,843

Creditors: amounts falling due after more than one year
 18 
(600,000)
(791,550)

Provisions for liabilities
  

Deferred tax
 19 
(17,935)
(20,075)

  
 
 
(17,935)
 
 
(20,075)

Net assets
  
7,123,248
6,333,218


Capital and reserves
  

Called up share capital 
 20 
2,995,000
2,995,000

Profit and loss account
 21 
4,128,248
3,338,218

  
7,123,248
6,333,218


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2025.




Tsutomu "Ben" Yoneyama
T Suzuki
Director
Director

The notes on pages 12 to 27 form part of these financial statements.
Page 10

 
YONEX U.K. LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
2,995,000
1,954,404
4,949,404


Comprehensive income for the year

Profit for the year
-
1,383,814
1,383,814
Total comprehensive income for the year
-
1,383,814
1,383,814


Total transactions with owners
-
-
-



At 1 January 2024
2,995,000
3,338,218
6,333,218


Comprehensive income for the year

Profit for the year
-
790,030
790,030
Total comprehensive income for the year
-
790,030
790,030


Total transactions with owners
-
-
-


At 31 December 2024
2,995,000
4,128,248
7,123,248


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Yonex U.K. Limited is a private company limited by shares and incorporated in England, United Kingdom under the Companies Act. The address of the registered office is Yonex House, 74 Wood Lane, White City, London, W12 7RH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Yonex Co. Limited, as at 31 March 2024 and these financial statements may be obtained from Company's Website.

 
2.3

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements ere approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 12

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 14

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is amortised on a straight line basis  to the Statement of Comprehensive Income over 5 years.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost
Exhibition equipment
-
33%
on cost, 25% on cost and 15% on cost
Fixtures and fittings
-
20%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock 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 or loss.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


 

Page 15

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
Page 16

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 17

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
There are no materiality source of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
There are no critical accounting judgements, apart from those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of sporting goods
10,575,706
10,479,360

10,575,706
10,479,360


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,105,434
10,068,873

Rest of Europe
470,272
410,487

10,575,706
10,479,360



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
23,659
(83,951)

Other operating lease rentals
111,338
87,838

Page 18

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
32,500
31,850


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
910,834
897,144

Social security costs
117,952
94,772

Cost of defined contribution scheme
44,287
40,075

1,073,073
1,031,991


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales and administration
22
21


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
192,830
119,896

Company contributions to defined contribution pension schemes
8,140
5,291

200,970
125,187


Page 19

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
39,401
199

39,401
199


10.


Interest payable and similar expenses

2024
2023
£
£


Loans from group undertakings
23,948
23,483

23,948
23,483


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
282,304
418,560

Adjustments in respect of previous periods
43
-


282,347
418,560


Total current tax
282,347
418,560

Deferred tax


Origination and reversal of timing differences
(1,898)
-

Total deferred tax
(1,898)
-


Tax on profit
280,449
418,560
Page 20

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
1,070,479
1,802,374


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
267,620
450,594

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,040
2,004

Capital allowances for year in excess of depreciation
10,644
(27,657)

Deferred tax
(1,898)
-

Other differences leading to an increase (decrease) in the tax charge
-
(6,381)

Underprovision previous year
43
-

Total tax charge for the year
280,449
418,560

Page 21

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets




Website

£



Cost


At 1 January 2024
66,400



At 31 December 2024

66,400



Amortisation


At 1 January 2024
36,520


Charge for the year on owned assets
13,280



At 31 December 2024

49,800



Net book value



At 31 December 2024
16,600



At 31 December 2023
29,880



Page 22

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Freehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
2,940,901
311,518
211,623
3,464,042


Additions
-
5,314
11,212
16,526


Disposals
-
(45,921)
-
(45,921)



At 31 December 2024

2,940,901
270,911
222,835
3,434,647



Depreciation


At 1 January 2024
965,950
260,756
164,624
1,391,330


Charge for the year on owned assets
34,985
14,885
11,639
61,509


Disposals
-
(45,008)
-
(45,008)



At 31 December 2024

1,000,935
230,633
176,263
1,407,831



Net book value



At 31 December 2024
1,939,966
40,278
46,572
2,026,816



At 31 December 2023
1,974,951
50,762
46,999
2,072,712


14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
3,601,522
3,628,150

3,601,522
3,628,150


Page 23

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Debtors

2024
2023
£
£



Trade debtors
938,595
1,387,531

Prepayments and accrued income
70,142
50,117

Deferred taxation
-
242

1,008,737
1,437,890



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,808,016
3,156,920

3,808,016
3,156,920



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
69,450
111,951

Amounts owed to group undertakings
1,919,112
2,093,216

Corporation tax
282,305
398,442

Other taxation and social security
302,526
284,012

Other creditors
12,250
22,050

Accruals and deferred income
134,865
271,038

2,720,508
3,180,709


Page 24

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
600,000
791,550

600,000
791,550


Analysis of loan repayments:

2024
2023
£
£



Within one year (Note 17)
100,000
100,000

Between one and two years
100,000
100,000

Between two and five years
500,000
600,000

Interest adjustment: FRS102 reconciliation
-
(8,450)

700,000
791,550


The Company received a loan from the parent company in 2020 to the sum of £900,000. This is repayable over a fixed term with an interest rate of 1.52% per annum. The interest rate is comparable to the actual market rate.



19.


Deferred taxation




2024
2023


£

£






At beginning of year
(19,833)
242


Charged to profit or loss
1,898
(20,075)



At end of year
(17,935)
(19,833)

Page 25

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
19.Deferred taxation (continued)

The deferred tax balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,898
242

Tax losses carried forward
(19,833)
(20,075)

(17,935)
(19,833)

Comprising:

Asset - due within one year
-
242

Liability
(17,935)
(20,075)

(17,935)
(19,833)



20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,995,000 (2023 - 2,995,000) Ordinary Share Capital shares of £1.00 each
2,995,000
2,995,000



21.


Reserves

Profit and loss account

The profit and loss account constitutes the cumulative total of all current and prior period profits and losses.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £36,147 (2023: £40,075). Contributions totalling £7,706 (2023: £5,642) were payable to the fund at the balance sheet date and are included in accruals.

Page 26

 
YONEX U.K. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
71,040
45,606

Later than 1 year and not later than 5 years
85,455
18,238

156,495
63,844


24.


Controlling party

The ultimate and immediate parent company and controlling party is Yonex Co. Limited, a company incorporated in Japan.  Yonex Co. Limited is the parent undertaking of the smallest and largest group which includes the company and for which group accounts are prepared. Copies of the group financial statements of Yonex Co. Limited are available from 23-13 Yushima 3 Chome, Bunkyo-ku, Tokyo, Japan.

Page 27