Company Registration No. 06162848 (England and Wales)
LONDON PROCESS CENTRE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
LONDON PROCESS CENTRE LTD
COMPANY INFORMATION
Directors
N Cooper
Y Tango
K Nakajima
K Saito
(Appointed 1 April 2025)
Company number
06162848
Registered office
Oakland Court
26 Market Square
South Woodham Ferrers
Essex
CM3 5XA
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
LONDON PROCESS CENTRE LTD
CONTENTS
Page
Directors' report
1 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
LONDON PROCESS CENTRE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their annual report, together with the financial statements and auditor’s report of London Process Centre Ltd (‘the Company’) for the year ended 31 March 2025.

The directors have not prepared a Strategic Report in accordance with the provisions applicable to companies entitled to the small companies’ exemption.

Principal activities

The Company was incorporated on 15 March 2007. Its principal activity throughout the year was that of providing support services to Mitsui & Co. Europe PLC, the immediate parent company and its EMEA (Europe, the Middle East and Africa) based group companies.

Results and dividends

The Company made a profit after tax for the year of £80,647 (2024: profit £130,147). The directors are satisfied with the Company’s performance in the year. The directors consider the progress and future prospects of the Company to be satisfactory. The results of the Company for the year are shown on page 8.

From the accounting period beginning 1 April 2024, London Process Centre Ltd is subject to the Domestic Top-up Tax rule in the UK. Under this rule, additional taxes could arise in the UK and be payable to HMRC if the Effective Tax Rate ('ETR') in the UK is less than 15%.

Calculations undertaken by Mitsui & Co., Ltd as the Ultimate Parent Entity during the year indicate that the ETR for the UK is above the minimum 15% requirement and consequently no Domestic Top-up Tax is required for London Process Centre Ltd. Whilst further calculations are required to ascertain the position for future years the Company anticipates that the ETR in the UK would remain above the minimum rate.

During the year an interim dividend was paid for £130,150 (2024: £nil).

Directors

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

K Mizutani
(Resigned 31 March 2025)
N Cooper
Y Tango
K Nakajima
K Saito
(Appointed 1 April 2025)
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

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

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 11 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Financial instruments
Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company monitors its risk of shortage of funds, and aims to mitigate liquidity risk by managing cash generated by its operations and its cash collection.

LONDON PROCESS CENTRE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Financial Risk

The Company manages its cash in order to meet its day to day operating and business needs.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily of trade receivables). However, the directors believe that the Company’s exposure to credit risk is not significant as the majority of trade receivables are due from the parent company. It is, and has been throughout the period under review, the Company’s policy that no derivative financial instrument contracts shall be undertaken.

Future developments

Significant changes in the present nature of the business are not expected in the near future.

Auditor

Each of the directors of the Company holding office at the date of approval of this report confirms that:

- so far as each of the directors are aware, there is no relevant audit information of which the Company’s auditor is unaware; and

- the director has taken all steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with provisions of s418 of the Companies Act 2006.

Rickard Luckin Ltd have been reappointed as auditor for financial year 2025/26, and a resolution to appoint them has been approved.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the UK. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs as adopted by the UK are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LONDON PROCESS CENTRE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Statement of disclosure to auditor

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

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

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

Going Concern

The Company has sufficient financial resources in the form of cash and working capital facilities to meet its financial obligations. It has access to funding from Mitsui Group Companies and the parent Company where necessary. As a consequence the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Financial Statements have been prepared on a going concern basis.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
N Cooper
Director
11 September 2025
LONDON PROCESS CENTRE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LONDON PROCESS CENTRE LTD
- 4 -
Opinion

We have audited the financial statements of London Process Centre Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

LONDON PROCESS CENTRE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LONDON PROCESS CENTRE LTD
- 5 -
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 identifie d material misstatements in the directors' r eport.

We have nothing to report in respect of the following matters where 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

LONDON PROCESS CENTRE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LONDON PROCESS CENTRE LTD
- 6 -

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; data protection legislation; anti-bribery and anti-corruption legislation.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

- Challenging assumptions made by management in its significant accounting estimates in particular: depreciation and weighted average borrowing costs;

- Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account;

- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud; and

- Ensuring that testing undertaken on both the performance statement, and the Statement of Financial Position includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

LONDON PROCESS CENTRE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LONDON PROCESS CENTRE LTD
- 7 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Terri Smith (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited
25 September 2025
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
LONDON PROCESS CENTRE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Revenue
3
3,978,418
3,834,223
Gross profit
3,978,418
3,834,223
Other operating income
500
3,366
Administrative expenses
(3,862,354)
(3,658,180)
Operating profit
4
116,564
179,409
Finance costs
8
(8,319)
(3,982)
Profit before taxation
108,245
175,427
Income tax expense
9
(27,598)
(45,280)
Profit and total comprehensive income for the year
80,647
130,147
LONDON PROCESS CENTRE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
Non-current assets
Intangible assets
10
51,592
-
0
Property, plant and equipment
11
781,318
195,013
Deferred tax asset
12
-
0
16,044
832,910
211,057
Current assets
Trade and other receivables
13
258,341
402,474
Cash and cash equivalents
608,775
1,016,414
867,116
1,418,888
Current liabilities
Trade and other payables
14
499,176
477,710
Current tax liabilities
-
0
36,709
Lease liabilities
15
42,301
77,932
Deferred revenue
17
51,592
-
0
593,069
592,351
Net current assets
274,047
826,537
Non-current liabilities
Lease liabilities
15
126,891
19,579
Deferred tax liabilities
12
11,554
-
0
138,445
19,579
Net assets
968,512
1,018,015
Equity
Called up share capital
19
250,000
250,000
Retained earnings
718,512
768,015
Total equity
968,512
1,018,015
LONDON PROCESS CENTRE LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 10 -

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

The financial statements were approved by the board of directors and authorised for issue on 11 September 2025 and are signed on its behalf by:
N Cooper
K Saito
Director
Director
Company registration number 06162848 (England and Wales)
LONDON PROCESS CENTRE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 April 2023
250,000
637,868
887,868
Year ended 31 March 2024:
Profit and total comprehensive income
-
130,147
130,147
Balance at 31 March 2024
250,000
768,015
1,018,015
Year ended 31 March 2025:
Profit and total comprehensive income
-
80,647
80,647
Transactions with owners:
Dividends
18
-
(130,150)
(130,150)
Balance at 31 March 2025
250,000
718,512
968,512
LONDON PROCESS CENTRE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
418,882
1,024,400
Interest paid
(8,319)
(3,982)
Net cash inflow from operating activities
410,563
1,020,418
Investing activities
Purchase of intangible assets
(54,653)
-
0
Purchase of property, plant and equipment
(535,887)
(54,551)
Proceeds from disposal of property, plant and equipment
2,754
-
0
Net cash used in investing activities
(587,786)
(54,551)
Financing activities
Payment of lease liabilities
(99,842)
(101,908)
Dividends paid
(130,150)
-
0
Net cash used in financing activities
(229,992)
(101,908)
Net (decrease)/increase in cash and cash equivalents
(407,215)
863,959
Cash and cash equivalents at beginning of year
1,016,414
152,674
Effect of foreign exchange rates
(424)
(219)
Cash and cash equivalents at end of year
608,775
1,016,414
LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information

London Process Centre Ltd (the “Company”) is a private limited company incorporated in the United Kingdom under the Companies Act. The address of the registered office is Oakland Court, 26 Market Square, South Woodham Ferrers, Essex, CM3 5XA. The nature of the Company’s operations and its principal activities are set out in the directors' report on page 1.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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

The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 March 2025.

1.2
Going concern

The Company has sufficient financial resources in the form of cash and working capital facilities to meet its financial obligations. It has access to funding from Mitsui Group Companies and the parent Company where necessary. As a consequence the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.true

1.3
Revenue

Rendering of services

The Company recognises revenue when the contracted service is performed. Revenue represents a management fee for performing the administrative support functions for Mitsui & Co. Europe PLC and its EMEA based subsidiary companies.

1.4
Intangible assets other than goodwill

Intangible assets are made up of development costs of robotic process automations (RPA) for the entities own benefit.

These assets are amortised on a straight line basis of three years from the date the software was put into use. This is in line with the reporting of the parent companies accounting policies.

1.5
Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all property, plant and equipment, other than land, on a straight-line basis over its expected useful life as follows:

Leasehold land and buildings
Straight-line over the period of the lease
Leasehold improvements
Straight-line over the period of the lease
Furniture, fittings and equipment
Straight-line over a period of three to five years

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the de-recognition of the asset is included in profit or loss in the period of de-recognition.

LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.6
Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above. For the purpose of the statement of financial position, cash deposits and overdrafts are presented separately.

1.7
Trade and other receivables

Financial assets are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

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

1.8
Equity instruments

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

1.9
Taxation
Current tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the reporting date.

LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, with the following exceptions:

- where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; and

- deferred tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised.

Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax assets and liabilities are offset, only if a legally enforceable right exists to set off current tax assets against current tax liabilities, the deferred taxes relate to the same taxation authority and that authority permits the Company to make a single net payment.

Income tax is charged or credited directly to equity if it relates to items that are credited or charged to equity. Otherwise income tax is recognised in profit or loss.

1.10
Provisions

A provision is recognised when the Company has a legal or constructive obligation as a result of a past event; it is probable that an outflow of economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. If the effect is material, expected future cash flows are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability.

Where the Company expects some or all of a provision to be reimbursed, for example under an insurance policy, the reimbursement is recognised as a separate asset but only when recovery is virtually certain. The expense relating to any provision is presented in profit or loss net of any reimbursement. Where discounting is used, the increase in the provision due to unwinding the discount is recognised as a finance cost.

1.11
Pension Costs

Contributions to a defined contribution scheme are recognised in profit or loss in the period in which they become payable.

1.12
Leases

At inception, the C ompany assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the C ompany recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -

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

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any, and adjusted for certain measurement of the lease liability.

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

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

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

Amounts payable under operating leases for intangible assets are charged to profit or loss on a straight line basis over the term of the lease.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Dividends

An interim dividend is declared and paid by the directors subject to the member’s approval to ensure prompt return on investment in the form of receipt of dividends by the parent company. Each fiscal year, the retained earnings balance held is reviewed in respect of the budgeted cash flow position and the debt-to-equity position and a figure for the annual dividend payable by the Company to Mitsui & Co. Europe Plc is determined

LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2
Critical accounting estimates and judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

In the process of applying the Company's accounting policies, management has made the following judgements and estimations which have the most significant effect on the amounts recognised in the financial statements:

Key sources of estimation uncertainty
Depreciation

The Directors have exercised judgement in determining the useful economic lives of the tangible fixed assets in order to set the depreciation policy.

Weighted average borrowing costs

IFRS16 'Leases' requires the company to initially measure the lease liability at present value of the lease payments not paid at that date. The interest rate used to discount the future rent payments is the company's incremental borrowing rate which varies depending on the length of the lease. For more detail on the rates used please see note 15.

3
Revenue

Revenue recognised in the Statement of Comprehensive Income is analysed as follows:

2025
2024
£
£
Revenue analysed by class of business
Rendering of services
3,978,418
3,834,223
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
3,161,444
3,149,142
Europe
725,898
534,346
Rest of World
91,076
150,735
3,978,418
3,834,223

Management services are provided on an ongoing basis with service obligations met as time is spent providing these services. Invoices are raised monthly with 30 days payment terms.

LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
424
219
Depreciation of property, plant and equipment
121,105
100,509
Profit on disposal of property, plant and equipment
(2,754)
-
Amortisation of intangible assets (included within administrative expenses)
3,061
-
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
13,750
6
Employees

Staff costs

None of the directors received remuneration from the Company during the year, however the Company pays a management fee to the parent in regards directors’ remuneration (refer to note 20 for details).

The average number of employees in the year were:

2025
2024
Number
Number
Directors
4
4
Business Support
12
12
Realisation
8
8
Quality and Assurance
4
4
Human Resources Support Centre
6
4
Management
7
8
Expenses
11
10
Corporate Support and Credit
12
12
Accounts Payable
11
11
Technology and innovation
5
6
Total
80
79
LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,213,552
2,097,091
Social security costs
226,567
201,371
Pension costs
119,047
105,340
2,559,166
2,403,802
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
341,696
326,782

See note 21 for further details.

8
Finance costs
2025
2024
£
£
Interest on lease liabilities
8,319
3,982
9
Income tax expense
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
36,709
Deferred tax
Origination and reversal of temporary differences
27,598
8,571
Total tax charge
27,598
45,280
LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Income tax expense
(Continued)
- 20 -

The tax expense in the Statement of Comprehensive Income for the year is higher than the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are reconciled below:

2025
2024
£
£
Profit before taxation
108,245
175,427
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
27,061
43,857
Effect of expenses not deductible in determining taxable profit
520
-
0
Permanent capital allowances in excess of depreciation
-
0
627
Depreciation on assets not qualifying for tax allowances
17
796
Taxation charge for the year
27,598
45,280
10
Intangible assets
Software
£
Cost
Additions - internally generated
54,653
At 31 March 2025
54,653
Amortisation and impairment
Charge for the year
3,061
At 31 March 2025
3,061
Carrying amount
At 31 March 2025
51,592
11
Property, plant and equipment
Leasehold land and buildings
Leasehold improvements
Furniture, fittings and equipment
Total
£
£
£
£
Cost
At 1 April 2023
1,045,247
127,185
124,759
1,297,191
Additions
-
0
40,954
13,597
54,551
Disposals
-
0
-
0
(5,562)
(5,562)
At 31 March 2024
1,045,247
168,139
132,794
1,346,180
Additions
171,523
440,237
95,650
707,410
Disposals
-
0
-
0
(73,982)
(73,982)
At 31 March 2025
1,216,770
608,376
154,462
1,979,608
LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Property, plant and equipment
Leasehold land and buildings
Leasehold improvements
Furniture, fittings and equipment
Total
£
£
£
£
(Continued)
- 21 -
Accumulated depreciation and impairment
At 1 April 2023
840,205
94,874
121,141
1,056,220
Charge for the year
83,987
14,306
2,216
100,509
Eliminated on disposal
-
0
-
0
(5,562)
(5,562)
At 31 March 2024
924,192
109,180
117,795
1,151,167
Charge for the year
85,031
13,457
22,617
121,105
Eliminated on disposal
-
0
-
0
(73,982)
(73,982)
At 31 March 2025
1,009,223
122,637
66,430
1,198,290
Carrying amount
At 31 March 2025
207,547
485,739
88,032
781,318
At 31 March 2024
121,055
58,959
14,999
195,013

All figures included above under the column 'Leasehold land and buildings' relate to right-of-use assets recognised as a result of applying the Standard IFRS 16 - Leases.

12
Deferred taxation
Liabilities
Assets
2025
2024
2025
2024
£
£
£
£
Deferred tax balances
11,554
-
0
-
0
16,044

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£
Asset at 1 April 2023
(24,615)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
8,571
Asset at 1 April 2024
(16,044)
Deferred tax movements in current year
Charge/(credit) to profit or loss
27,598
Liability at 31 March 2025
11,554
LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Deferred taxation
(Continued)
- 22 -

Deferred tax assets and liabilities are offset in the financial statements only where the Company has a legally enforceable right to do so.

The deferred tax liability relates to accelerated capital allowances (ACAs), and is expected to reverse after 12 months.

13
Trade and other receivables
2025
2024
£
£
Amount owed by parent undertaking
41,838
178,705
Amounts owed by fellow group undertakings
116,215
104,901
Other receivables
11,212
7,792
Prepayments
89,076
111,076
258,341
402,474

Trade receivables are denominated in pounds sterling and due from the parent and other group Companies (see note 21).

Trade receivables are non-interest bearing and are generally on 30 days’ terms. There is no provision for impairment as the parent and fellow group undertakings have not defaulted on its transaction obligations, and there is no expectation of a default.

Receivables to be recovered no more than twelve months after the reporting date total £250,841 (2024: £394,974) and more than twelve months after the reporting date £7,500 (2024: £7,500).

14
Trade and other payables
2025
2024
£
£
Amount owed to parent undertaking
304,249
229,329
Accruals
102,346
81,589
Social security and other taxation
16,380
90,231
Other payables
76,201
76,561
499,176
477,710

All trade and other payables are expected to be settled no more than twelve months after the reporting date.

LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
15
Lease liabilities
2025
2024
Maturity analysis of lease payments
£
£
Within one year
42,301
77,932
In two to five years
126,891
19,579
Total undiscounted liabilities
169,192
97,511

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current liabilities
42,301
77,932
Non-current liabilities
126,891
19,579
169,192
97,511

Practical Expedient

The Company has made use of the practical expedient set out in IFRS 16.C10. allowing the application of a single discount rate to all leases, as they have substantially similar characteristics.

Weighted average lessee’s incremental borrowing rate applied

The borrowing rate applied to lease liabilities recognised in the statement of financial position at the date of initial application was 1.9144%, the borrowing rate for extended lease liabilities at the date 31 March 2022 was 2.0087%, and the borrowing rate for extended lease liabilities at the date 28 March 2024 was 3.70830%, which are the interest rates set by Mitsui Europe, for internal borrowings within the group. These rates are set based on the number of years remaining on the leases.

LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
16
Financial instruments

The Company’s financial instruments comprise cash, trade and other receivables, trade and other payables from the parent. The fair value of the Company’s financial assets and liabilities approximates to their book value.

The Company’s financial instruments arise directly from the Company's operations and to finance its activities.

The Company’s activities do not expose the Company to significant interest rate risk, foreign currency risk, or price risk. The Company is exposed to credit risk and liquidity risk. Refer to the Directors’ Report for further details.

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The Company’s main counterparty is Mitsui & Co Europe Ltd which is the parent company.

The Company’s maximum credit risk exposure is summarised as follows:

Assets 2025 2024

£ £

Trade and other receivables 169,265 291,398

Cash and cash equivalent 608,775 1,016,414

It is, and has been throughout the period under review, the Company’s policy that no derivative financial instrument contracts shall be undertaken.

17
Deferred revenue
2025
2024
£
£
Arising from internally generated intangible assets
51,592
-
All deferred revenues are expected to be settled within 12 months from the reporting date.
18
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary
Interim dividend paid
0.52
-
130,150
-
0
19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
250,000
250,000
250,000
250,000

The Company has one class of ordinary shares which carry one vote and one right to fixed income.

LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
20
Capital risk management

The primary objective of the Company’s capital management is to maintain healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure, and makes adjustments to it, in light of changes in economic conditions.

The capital structure of the Company consists of equity attributable to the parent company comprising issued capital as disclosed in Note 19 and retained earnings.

21
Related party transactions

The Company is controlled by Mitsui & Co Europe Ltd which owns all of the issued share capital. The revenue of the Company is derived from the parent company and other group companies for services rendered by the Company. Transactions entered into, and trading balances outstanding at 31 March 2025 with other related parties are as follows:

Revenue
Expenses
2025
2024
2025
2024
£
£
£
£
Parent company
2,614,493
3,049,200
750,370
693,283
Other related parties
1,363,924
785,023
-
0
-
0
3,978,417
3,834,223
750,370
693,283
Amount owed by related parties
Amount owed to related parties
2025
2024
2025
2024
£
£
£
£
Parent company
41,838
178,705
304,249
229,329
Other related parties
116,215
104,901
-
-
158,053
283,606
304,249
229,329

No transactions were carried out with the directors or other related parties.

Other information

Key management personnel

Key management personnel are the Directors and other senior employees of the Company, who are seconded from Mitsui & Co Europe Ltd and paid by Mitsui & Co Europe Ltd. Total compensation paid to key management personnel in respect of services to London Process Centre Ltd was £341,696 (2024: £326,782). None of the directors received remuneration from the Company during the current or previous year.

Most of the key management personnel of the Company also provide services to other entities within the group, for this year and the preceding year.

LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
22
Ultimate control and controlling party

The company's immediate parent is Mitsui & Co. Europe Ltd, a company incorporated in the United Kingdom.

The company's ultimate parent and controlling party is Mitsui & Co Ltd, a company incorporated in Japan.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Mitsui & Co Ltd
Smallest group
Mitsui & Co Ltd

Copies of the group financial statements are available from:

Mitsui & Co Ltd

Nippon Life Marunouchi Garden Tower

1-3, Marunouchi 1-chrome

Chiyoda-ku

Tokyo 100-8631, Japan

23
Cash generated from operations
2025
2024
£
£
Profit for the year before taxation
108,245
175,427
Adjustments for:
Finance costs
8,319
3,982
Gain on disposal of property, plant and equipment
(2,754)
-
Amortisation and impairment of intangible assets
3,061
-
Depreciation and impairment of property, plant and equipment
121,105
100,509
Foreign exchange gains on cash equivalents
424
219
Movements in working capital:
Decrease in trade and other receivables
144,133
694,927
(Decrease)/increase in trade and other payables
(15,243)
49,336
Increase in deferred revenue outstanding
51,592
-
Cash generated from operations
418,882
1,024,400
24
Analysis of changes in net funds
1 April 2024
Cash flows
New leases
Exchange rate movements
31 March 2025
£
£
£
£
£
Cash at bank and in hand
1,016,414
(407,215)
-
(424)
608,775
Lease liabilities
(97,511)
99,842
(171,523)
-
(169,192)
918,903
(307,373)
(171,523)
(424)
439,583
LONDON PROCESS CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
24
Analysis of changes in net funds
(Continued)
- 27 -
1 April 2023
Cash flows
New leases
Exchange rate movements
31 March 2024
Prior year:
£
£
£
£
£
Cash at bank and in hand
152,674
863,959
-
(219)
1,016,414
Lease liabilities
(199,419)
101,908
-
-
(97,511)
(46,745)
965,867
-
(219)
918,903
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