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REGISTERED NUMBER: 05965443 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

for

MUGEN EURO CO. LIMITED

MUGEN EURO CO. LIMITED (REGISTERED NUMBER: 05965443)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MUGEN EURO CO. LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: A Miyata
Y Nezu





REGISTERED OFFICE: Mugen Technical Centre
Snowdon Drive
Winterhill
Milton Keynes
Buckinghamshire
MK6 1AP





REGISTERED NUMBER: 05965443 (England and Wales)





AUDITORS: Cox & Co. (Accountancy) Limited
Statutory Auditors
The Granary
High Street
Turvey
Bedford
Bedfordshire
MK43 8DB

MUGEN EURO CO. LIMITED (REGISTERED NUMBER: 05965443)

Balance Sheet
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,645 15,645
Tangible assets 5 2,980,675 2,869,356
2,996,320 2,885,001

CURRENT ASSETS
Stocks 161,107 154,374
Debtors 6 474,381 396,920
Cash at bank and in hand 1,252,480 1,592,820
1,887,968 2,144,114
CREDITORS
Amounts falling due within one year 7 141,808 137,275
NET CURRENT ASSETS 1,746,160 2,006,839
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,742,480

4,891,840

PROVISIONS FOR LIABILITIES 9 166,944 166,944
NET ASSETS 4,575,536 4,724,896

CAPITAL AND RESERVES
Called up share capital 700,000 700,000
Retained earnings 3,875,536 4,024,896
4,575,536 4,724,896

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2025 and were signed on its behalf by:





A Miyata - Director


MUGEN EURO CO. LIMITED (REGISTERED NUMBER: 05965443)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Mugen Euro Co. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured as the fair value of the consideration receivable, in respect of the sale of goods, or the rendering of services, taking into account, any trade discounts, prompt settlement discounts and volume rebates allowed by the entity, and excluding, any sales taxes and value added taxes.

Intangible assets
Intangible fixed assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 15% on cost and 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MUGEN EURO CO. LIMITED (REGISTERED NUMBER: 05965443)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024
and 31 December 2024 15,645
NET BOOK VALUE
At 31 December 2024 15,645
At 31 December 2023 15,645

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2024 2,529,947 2,314,834 4,844,781
Additions 5,377 138,221 143,598
At 31 December 2024 2,535,324 2,453,055 4,988,379
DEPRECIATION
At 1 January 2024 139,795 1,835,630 1,975,425
Charge for year 12,600 29,556 42,156
Eliminated on disposal - (9,877 ) (9,877 )
At 31 December 2024 152,395 1,855,309 2,007,704
NET BOOK VALUE
At 31 December 2024 2,382,929 597,746 2,980,675
At 31 December 2023 2,390,152 479,204 2,869,356

A portion of the freehold property being 75%, is let out or is available for let to a 3rd party. This element of the property is therefore classified as investment property. This is therefore valued at 'fair value' under fair value accounting. The Director considers the market value of the property to be £2,790,916 in line with the insurance valuation in 2022. The revaluation has been taken to the Profit & Loss Account in line with FRS102 requirements.

There has been a change in the method adopted in calculating the accounting estimate in relation to the depreciation charge on plant & machinery, for the year ended 31 December 2023. The method applied previously, was to depreciate plant & machinery at 10% cost (straight-line). For the year to 31 December 2023, going forward, the company will use the method of 10% reducing balance. The reason for the change in method being adopted, is that the Directors, believe the current values of the fixed assets (plant & machinery), will not be correctly reflected in the net book value, if they continue in applying the existing method, and current values are of prime importance, rather than maintaining the same systematic approach. The effect on the accounting estimate in the year to 31 December 2023, is to reduce the depreciation charge by £114,932.

MUGEN EURO CO. LIMITED (REGISTERED NUMBER: 05965443)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2016 (123,027 ) - (123,027 )
Valuation in 2022 905,936 - 905,936
Cost 1,752,415 2,453,055 4,205,470
2,535,324 2,453,055 4,988,379

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,752,415 1,747,038
Aggregate depreciation 152,395 130,350

Value of land in freehold land and buildings 1,600,020 1,616,688

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 383,003 327,260
Other debtors 91,378 69,660
474,381 396,920

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 76,620 78,109
Taxation and social security 9,748 8,394
Other creditors 55,440 50,772
141,808 137,275

8. SECURED DEBTS

Debenture including fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 13 April 2007.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 166,944 166,944

MUGEN EURO CO. LIMITED (REGISTERED NUMBER: 05965443)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 166,944
Balance at 31 December 2024 166,944

The deferred tax provision at 31 December 2023 and 31 December 2024, includes a provision made during the year to 31 December 2022, in respect of the revaluation of the investment property. The value of the provision at 31 December 2023 relating to this is £156,181. The value of the provision at 31 December 2023 relating to accelerated capital allowances is £10,763. The value of the provisions at 31 December 2024, was the same as at 31 December 2023. There has been no movement during this year.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David A. Cox (Senior Statutory Auditor)
for and on behalf of Cox & Co. (Accountancy) Limited

11. RELATED PARTY DISCLOSURES

During the year the company made sales of £8,770 (2023: £9,008) to, and purchases of £243,573 (2023: £228,136) from M-TEC Co., Ltd, the parent undertaking.

At the year end, there was a balance owing from M-TEC Co Ltd of £Nil (2023: £1,454) and there was a balance owing to M-TEC Co Ltd of £92,234 (2023: £87,443). These balances are recorded in trade debtors and trade creditors respectively.

12. ULTIMATE CONTROLLING PARTY

The controlling party is M-TEC Co., Ltd.

The ultimate controlling party is M-TEC Co., Ltd.

M-TEC Co., Ltd is incorporated in Japan.