| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| MUGEN EURO CO. LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Land and buildings | - |
| Plant and machinery etc | - |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 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 |
| 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 |
| Balance at 31 December 2024 |
| 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. |
| for and on behalf of |
| 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 is incorporated in Japan. |