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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARADA INDUSTRIES (EUROPE) LIMITED
COMPANY INFORMATION
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HARADA INDUSTRIES (EUROPE) LIMITED
CONTENTS
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HARADA INDUSTRIES (EUROPE) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Harada Industries (Europe) Limited is part of an international group of companies. The group’s headquarters are in Japan. Harada Industries (Europe) Limited is the only UK-based company operating within the wider group. Their UK operational activities involve the sale and distribution of antennae to the automotive sector. The UK sales and distribution facility is located at Bell Heath Way, Birmingham, B32 3BZ.
The directors present their strategic report and the financial statements for the year ended 31 December 2024.
The company’s principal activity during the year continued to be the supply of car antenna systems to the UK and continental European car industries.
The key financial and other performance indicators during the year were as follows: During the year, overall sales value was 41.12% lower due to lower global sales for component parts for the Harada group production location and end of production for Major OE vehicles. Gross margin in 2024 was 0.87% percentage points lower than 2023 and with the similar Cost of Sales the gross profit decreased by £1,823,919. The average head count in 2024 had a decrease of 1 from 2023. Shareholders’ funds increased by £9,576,417 due to a debt for equity swap and issuing of £11,014,537 shares in July 2024. Cash reserves decreased from £5,654,513 to £1,312,883 and short-term loans from the parent company decreased to £1,957,955. Trade debtors balance owed to third parties as of 31 December 2024 was £3,567,175, a decrease of £195,604 from the previous year. Inventory values increased by £1,861,567 over the same period. The products sold by the company have minimal environmental impact. However, the board believes that good environmental practices support the board’s strategy by enhancing the reputation of the company.
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HARADA INDUSTRIES (EUROPE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has a risk committee that meets quarterly and which evaluates the company’s exposure to risks.
The principal area of risk for the company is the exposure to fluctuating foreign currency exchange rates. The company has foreign currency income and assets not fully matched to expenditure and liabilities in those particular currencies. The differences are therefore exposed to fluctuations in currency exchange rates. During 2024 the company continued to review the areas within the enlarged scope of activities controlled by J-SOX and the results were satisfactory. There is a small credit risk that a customer will cause a financial loss by failing to discharge an obligation. Company policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfactory creditworthiness procedures. More than 86% of sales are made to the global car companies. Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its Operations, applying cash collection targets. The company also manages liquidity risk via revolving credit facilities from the parent company.
The directors have the following comments regarding the performance of their duties to promote the success of the company:
Interests of members of the company The company is a wholly owned subsidiary of Harada Industry Co. Ltd of Japan and as such relies on their support and governance. The board of directors is made up of three representatives from the parent company and one seconded Managing Director who resides locally. In common with many private companies the interests of the board and the shareholders are broadly aligned in that the company should create value for the Parent. It does this by holding regular management meetings & risk assessments, the results of these along with monthly, quarterly and annual financial results are provided to the parent, who then review these with annual financial & managing director meetings. The interests of the workforce The company considers long term agency staff in the same way as its permanent staff and supports its workforce as it considers a knowledgeable and skilled workforce as vital to deliver its products to time and quality. The company holds regular staff meetings and carries out annual appraisals. The company encourages feedback from its staff via a suggestion scheme and looks to up skill its workforce. The company offers competitive remuneration packages and all staff members have the opportunity to join the company's Group Personal Pension Plan.
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HARADA INDUSTRIES (EUROPE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The interests of our customers
Our customers are Global Automotive Manufacturers and are at the centre of everything we do as they are essential to the success of our business. Customer feedback is received continually via daily, weekly and monthly reporting giving an indication of how the company is performing in the market. Areas reviewed included Innovation, technical abilities, quality of service and company ability to meet all regulatory requirements. We would be unable to create a roadmap for future developments and long-term investment. It is this feedback, which resulted in the board’s decision to open a permanent establishment on Germany. The interests of our suppliers The company purchases all of its finished goods from its sister companies, located around the world. It also procures components manufactured in the EU, under a group purchasing policy, which it supplies to its sister companies, in order to minimise prices paid for these components. It is important that the company receives products that we sell to our OE customers in a timely fashion, as there are potential heavy penalties for line stoppages. Likewise, it is important that the component parts are supplied to our manufacturing plants in time for when they are needed, to optimise production performance. The company holds regular meetings with all of its supplier to balance the needs of the supply chain, both inbound and outbound. It will also supply long term forecasts, so that all suppliers can optimise production planning.
This report was approved by the board and signed on its behalf.
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HARADA INDUSTRIES (EUROPE) 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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 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.
The loss for the year, after taxation, amounted to £1,438,121 (2023 - loss £16,243).
The directors do not recommend a payment of dividend (2023 – £0).
The directors who served during the year were:
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HARADA INDUSTRIES (EUROPE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
To strengthen European Sales of Next Generation products, WPT Monitoring Wi-Fi Antenna, Invisible Hidden Antenna, DTV-G-Amplifiers, ITS Antenna, SG Single Instrument Panel Antenna, V2X Hidden Antenna, 5D Dual Panel Mount Antenna, Low Profile Shark-Fin, Noise Cancelling Antenna, we will employ two new CAD Engineers and an Antenna Design Engineer to support our product integration into new vehicle designs.
We have entered into an agreement with a European Logistics Company to reduce delivery times to continental European Customers and the use of this company will be expanded to more customers. We aim to increase new business generation with these two incentives following the exit of the UK from the European Union.
The Company's greenhouse gas emissions and energy consumption for the year are summarised below.
* Annual quantity of energy consumed for employee business travel activities in the UK. This represents employee expense claims for business miles travelled in their own vehicles, as reimbursed by the organisation, which is used as a proxy for fuel purchases for the purpose of kWh and CO2e calculations. ** Annual turnover in £m as reported through financial accounting mechanisms. Organisational and operational boundary This information relates to business transport emissions and energy consumption at Harada Industries (Europe) Limited’s sole UK site. It covers all onsite purchases of mains electricity and natural gas which are used for space heating and cooling, lighting, administration, and warehousing activities. Transport fuel used for employee business road travel is also included.
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HARADA INDUSTRIES (EUROPE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Energy efficiency measures The reporting period is the 1st of January 2024 to 31st December 2024 which corresponds directly with the organisation’s financial reporting period. Harada Industries (Europe) Ltd. operates an environmental management system (EMS) which is certified to the ISO14001 standard. The EMS implements various processes and procedures to facilitate the continual improvement of the organisation’s environmental performance. Energy efficiency measures and objectives are implemented. The organisation records energy consumption data. Consumption data is used to monitor progress towards targets. Opportunities to improve energy efficiency are also informed through these monitoring activities. Energy efficiency measures implemented over recent years include the installation of energy efficient lighting and comfort-cooling system upgrades. Regular servicing and maintenance of process equipment is also scheduled. Employee engagement activities also focus on energy efficiency, with associated initiatives including a ‘switch off’ electrical equipment when not in use policy.
Future planned measures include the installation of a new energy efficient boiler for space and
water heating.
Reporting methodology and rationale
Inventory Boundary The data used in this report relate to the UK consumption of energy (purchased supplies and fuel) at Harada Industries (Europe) Limited’s sole UK site, located at Bell Heath Way, Birmingham, B32 3BZ. All onsite purchases of electricity and natural gas from energy suppliers are included. All mileage claimed through the employee expense system as business travel is included. Exclusions Energy consumption data used for the preparation of this report relate only to the energy directly consumed by the organisation (Scope 1 and 2), along with transport fuel purchases. Energy consumption over which the organisation has no direct control is excluded from this report. This includes energy consumed within the organisation’s value-chain, embedded emissions in products and non-UK energy which may be consumed by international subsidiaries and the parent company etc. No data is included in relation to other travel which may be provided by third parties to the organisation, including that of couriers, hauliers, and public transport providers.
Disclosure of information to auditors
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the company’s auditor, each director has taken all the steps that they are obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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HARADA INDUSTRIES (EUROPE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Going concern The companies' business activities together with the factors likely to affect its future development, performance and position are set out above. The Company has sufficient resources and operates in a known market. As a consequence, the directors believe the Company is well placed to manage its business risks. The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future of at least 12 months from the date the financial statements are approved. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. Harada Industries Co., Ltd, the ultimate parent company, has confirmed its intention to provide ongoing financial support for the foreseeable future and for a minimum period of at least 12 months from the date the financial statements are approved.
There have been no significant events affecting the Company since the year end.
The Company’s auditor which was appointed during the financial year, 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.
A resolution to reappoint Blick Rothenberg Audit LLP as auditors will be put to the members at the Annual General Meeting.
This report was approved by the board on
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HARADA INDUSTRIES (EUROPE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARADA INDUSTRIES (EUROPE) LIMITED
We have audited the financial statements of Harada Industries (Europe) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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HARADA INDUSTRIES (EUROPE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARADA INDUSTRIES (EUROPE) LIMITED (CONTINUED)
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 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.
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.
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.
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HARADA INDUSTRIES (EUROPE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARADA INDUSTRIES (EUROPE) LIMITED (CONTINUED)
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 automotive 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, 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 inspecting legal correspondence; 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 set out in note 3 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 the company’s legal advisors. 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.
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HARADA INDUSTRIES (EUROPE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARADA INDUSTRIES (EUROPE) 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.
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 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.
for and on behalf of
16 Great Queen Street
Covent Garden
WC2B 5AH
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HARADA INDUSTRIES (EUROPE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARADA INDUSTRIES (EUROPE) LIMITED
REGISTERED NUMBER: 02400282
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 26 form part of these financial statements.
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Harada Industries (Europe) Limited is a private company limited by shares that is incorporated and domiciled in England and Wales. The Registered Office is 2 Bell Heath Way, Woodgate Business Park, Clapgate Lane, Birmingham, B32 3BZ.
2.Accounting policies
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:
The Company's business activities together with the factors likely to affect its future development, performance and position are set out in the strategic report.
The Company has sufficient resources and operates in a known market. As a consequence, the directors believe the Company is well placed to manage its business risks. The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future of at least 12 months from the date the financial statements are approved. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. Harada Industries Co., Ltd, the ultimate parent company, has confirmed its intention to provide ongoing financial support for the foreseeable future and for a minimum period of at least 12 months from the date the financial statements are approved.
The Company has taken advantage of the following disclosure exemptions under FRS 102:
Statement of cash flows The Company has used the exemption under FRS 102 1.12 (b), not to prepare a statement of cash flows as it is a wholly owned subsidiary and 100% consolidated in the publicly available financial statements of its ultimate parent undertaking, Harada Industries Co., Ltd. Sections 11 and 12 The Company has used the exemption under FRS 102 1.12 (d), not to present disclosures required under Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A. Related parties The Company has used the exemption under FRS 102 1.12 (e), not to present disclosures required under Section 33 paragraph 33.7 relating to key management personnel compensation. Related party transactions are conducted at arm's length where those terms can be substantiated.
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
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.
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price 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. 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 creditors, other creditors and loans are initially measured at their transaction price. 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. The Company also reviews Annual Price Reduction (APR) to ensure that there is adequate provision to meet the price reduction obligation. The provision was £380k in 2024 (2023 - £390k).
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
On 31 July 2024 a debt-to-equity swap was executed. As a result, borrowings of $4,000,000 and £7,900,000 (equivalent to £11,014,537 as of 31 July 2024) were converted into equity at £1 per share leading to the allotment of an additional 11,014,537 shares.
The Company's bank has provided a guarantee to HM Revenue and Customs for duty deferment of £350,000 (2023 - £350,000). The Company has indemnified the bank for this security without guarantee without security.
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 £34,987 (2023 - £36,048). Contributions totalling £381 (2023 - £5,334) were payable to the fund at the balance sheet date and are included in creditors.
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HARADA INDUSTRIES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate and ultimate parent company is
registered in Japan. Harada Industry Co. Ltd is the immediate and ultimate parent undertaking to consolidate these financial statements at 31 December 2024. Copies of the financial statements may be obtained from Harada Industry Co. Ltd,
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