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Company registration number: 00997644
| CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2025
| PENTEL (STATIONERY) LIMITED
PENTEL (STATIONERY) LIMITED |  |
COMPANY INFORMATION
Directors | Hideki Hayama
| Junichi Ishigaki
Company secretary | Hideki Hayama
Registered number | 00997644
Registered office | Hunts Rise
| South Marston Park
| Swindon
| Wiltshire
| SN3 4TW
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| Floor 4
| 95 Gresham Street
| City of London
| London
| EC2V 7AB
PENTEL (STATIONERY) LIMITED |  |
CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditor's Report | 5 - 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Statement of Financial Position | 10
Company Statement of Financial Position | 11
Consolidated Statement of Changes in Equity | 12 - 13
Company Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Consolidated Analysis of Net Debt | 16
Notes to the Financial Statements | 17 - 30
PENTEL (STATIONERY) LIMITED |  |
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Principal activity
The principal activity of the Group during the year was that of importing, exporting and distributing stationery and related products.
Business review
Although 2024/25 was another challenging year, we saw significant growth in Wholesale and Internet. Our traditional retail business delivered strong growth as did our export business to Ireland and E- Commerce continues to improve. Supply chain disruption has eased although inflationary costs had a significant impact across our business. The relative strength of GBP against several key currencies enabled us to improve our gross margins. The Group remained profitable with a profit of £527,994 (2024: £354,665) and sales were consistent with the prior year £8,559,157 (2024: £8,534,647). The Group's balance sheet remains strong with a net asset balance of £8,533,863 (2024: £8,075,518) and a cash balance of £4,801,244 (2024: £4,220,727), providing funds available to sustain future growth.
Principal risks and uncertainties
The Company structure and operation is set up in the most appropriate way to manage day to day business activities and risks, with regular reporting to the parent company. There will be several risks to the Company in the next year: ∙War, military conflict and economic uncertainty could negatively impact on consumer confidence, sales and our supply chain. ∙Mergers, acquisitions and the financial stability of our major customers could also affect sales. ∙Unauthorised sellers of grey imports on e-commerce platforms using Pentel logo.
Financial key performance indicators
Our sales grew by 0.3% compared to the previous financial year, in an economic environment that saw the traditional B2B office products market decline by 9% with B2C remaining steady. In 2025/26 we anticipate sales growth in all domestic sectors. We saw an improvement in our gross margin (GP%) by 1.2 percentage points, this improvement was delivered by tight stock controls, selling prices together with reduced cost of goods. Improvements to our forecasting and supply chain processes will ensure that our OTIF delivery performance, already very good continues to improve towards our target of 98%.
Future developments
Our plan for 2025/26 is to grow sales by 10% based on 2024/25 results. We have an ongoing programme of new product launches and promotions planned for the next 12 months, focussing on our key products areas: EnerGel rollerballs, Markers and Art & Craft product. Page 1
PENTEL (STATIONERY) LIMITED |  |
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 This report was approved by the board and signed on its behalf.
Hideki Hayama Secretary
Date: 8 May 2025
Page 2
PENTEL (STATIONERY) LIMITED |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £527,994 (2024 - £354,665). The directors have recommended and paid a dividend of £68,701 during the year (2023: £58,701).
Directors
The directors who served during the year, with exceptions noted below were: Hideki Hayama Junichi Ishigaki Disclosure of information in the strategic report In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the Strategic Report preceding the Directors' Report includes information that would have formerly been included in the financial instruments and future development sections of the Directors' Report.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information. Page 3
PENTEL (STATIONERY) LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Auditor
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Hideki Hayama Secretary
Date: 8 May 2025
Page 4
PENTEL (STATIONERY) LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PENTEL (STATIONERY) LIMITED
Opinion
We have audited the financial statements of Pentel (Stationery) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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. Page 5
PENTEL (STATIONERY) LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PENTEL (STATIONERY) LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
PENTEL (STATIONERY) LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PENTEL (STATIONERY) LIMITED (CONTINUED)
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 Group 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 Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including: United Kingdom ∙The Companies Act 2006; ∙Financial Reporting Standard 102; ∙UK employment legislation; ∙General Data Protection Regulations; and ∙UK tax legislation. South Africa ∙Basic Conditions of Employment Act 1997; ∙Labour Relations Act 1995; ∙South African Companies Act 2008; and ∙South African tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items. We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management, those reponsible for legal and compliance procedures and the company secretary. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: ∙identifying and assessing the measures management has in place to prevent and detect fraud; ∙understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; ∙challenging assumptions and judgements made by management in its significant accounting estimates; and ∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified potential for fraud in the following areas: ∙The application of inappropriate judgements or estimation to manipulate the financial position in the calculation of the year end provisions; or ∙Posting of unusual journals and complex transactions. Page 7
PENTEL (STATIONERY) LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PENTEL (STATIONERY) LIMITED (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditor's Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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. Sarah Hallam FCCA (Senior Statutory Auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor Floor 4 95 Gresham Street City of London London EC2V 7AB 8 May 2025 Page 8
PENTEL (STATIONERY) LIMITED |  |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 8,559,157 | 8,534,647
Cost of sales |  | (4,547,231) | (4,641,039)
Gross profit |  | 4,011,926 | 3,893,608
Distribution costs |  | (1,894,970) | (1,789,304)
Administrative expenses |  | (1,625,768) | (1,724,498)
Other operating income | 4 | - | 4,491
Operating profit | 5 | 491,188 | 384,297
Interest receivable and similar income | 9 | 187,921 | 148,822
Profit before taxation |  | 679,109 | 533,119
Tax on profit | 10 | (151,115) | (178,454)
Profit for the financial year |  | 527,994 | 354,665
Foreign currency retranslation |  | (948) | (217,562)
Other comprehensive income for the year |  | (948) | (217,562)
Total comprehensive income for the year |  | 527,046 | 137,103
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 527,994 | 354,665
|  | 527,994 | 354,665
Total comprehensive income for the year attributable to: |  |  |
Owners of the parent Company |  | 527,046 | 137,103
|  | 527,046 | 137,103
The notes on pages 17 to 30 form part of these financial statements.
Page 9
PENTEL (STATIONERY) LIMITED REGISTERED NUMBER:00997644 |  |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 1,457,810 |  | 1,485,385
|  |  | 1,457,810 |  | 1,485,385
Current assets |  |  |  |  |
Stocks | 14 | 2,395,095 |  | 2,093,913 |
Debtors: amounts falling due within one year | 15 | 1,543,903 |  | 1,437,637 |
Cash at bank and in hand | 16 | 4,801,244 |  | 4,220,727 |
|  | 8,740,242 |  | 7,752,277 |
Creditors: amounts falling due within one year | 17 | (1,664,189) |  | (1,162,144) |
Net current assets |  |  | 7,076,053 |  | 6,590,133
Total assets less current liabilities |  |  | 8,533,863 |  | 8,075,518
Net assets |  |  | 8,533,863 |  | 8,075,518
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 120,000 |  | 120,000
Profit and loss account | 21 |  | 8,413,863 |  | 7,955,518
Equity attributable to owners of the parent Company |  |  | 8,533,863 |  | 8,075,518
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Hideki Hayama
Director
Date: 8 May 2025
The notes on pages 17 to 30 form part of these financial statements. Page 10
PENTEL (STATIONERY) LIMITED REGISTERED NUMBER:00997644 |  |
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 1,206,437 |  | 1,239,191
Investments | 13 |  | 140,000 |  | 140,000
|  |  | 1,346,437 |  | 1,379,191
Current assets |  |  |  |  |
Stocks | 14 | 1,328,931 |  | 1,253,983 |
Debtors: amounts falling due within one year | 15 | 924,350 |  | 799,688 |
Cash at bank and in hand | 16 | 2,235,813 |  | 2,293,077 |
|  | 4,489,094 |  | 4,346,748 |
Creditors: amounts falling due within one year | 17 | (776,423) |  | (695,855) |
Net current assets |  |  | 3,712,671 |  | 3,650,893
Total assets less current liabilities |  |  | 5,059,108 |  | 5,030,084
Net assets |  |  | 5,059,108 |  | 5,030,084
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 120,000 |  | 120,000
Profit and loss account brought forward |  | 4,910,084 |  | 5,039,517 |
Profit/(loss) for the year |  | 97,725 |  | (70,732) |
Other changes in the profit and loss account |  | (68,701) |  | (58,701) |
Profit and loss account carried forward |  |  | 4,939,108 |  | 4,910,084
|  |  | 5,059,108 |  | 5,030,084
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Hideki Hayama
Director
Date: 8 May 2025
The notes on pages 17 to 30 form part of these financial statements. Page 11
PENTEL (STATIONERY) LIMITED |  |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £
At 1 April 2024 | 120,000 | 7,955,518 | 8,075,518 | 8,075,518
Comprehensive income for the year |  |  |  |
Profit for the year | - | 527,994 | 527,994 | 527,994
Foreign currency retranslation | - | (948) | (948) | (948)
Other comprehensive income for the year | - | (948) | (948) | (948)
Total comprehensive income for the year | - | 527,046 | 527,046 | 527,046
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | (68,701) | (68,701) | (68,701)
Total transactions with owners | - | (68,701) | (68,701) | (68,701)
At 31 March 2025 | 120,000 | 8,413,863 | 8,533,863 | 8,533,863
| The notes on pages 17 to 30 form part of these financial statements.
Page 12
PENTEL (STATIONERY) LIMITED |  |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
| Called up share capital | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £
At 1 April 2023 | 120,000 | 7,877,116 | 7,997,116 | 7,997,116
Comprehensive income for the year |  |  |  |
Profit for the year | - | 354,665 | 354,665 | 354,665
Foreign currency retranslation | - | (217,562) | (217,562) | (217,562)
Other comprehensive income for the year | - | (217,562) | (217,562) | (217,562)
Total comprehensive income for the year | - | 137,103 | 137,103 | 137,103
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | (58,701) | (58,701) | (58,701)
Total transactions with owners | - | (58,701) | (58,701) | (58,701)
At 31 March 2024 | 120,000 | 7,955,518 | 8,075,518 | 8,075,518
| The notes on pages 17 to 30 form part of these financial statements.
Page 13
PENTEL (STATIONERY) LIMITED |  |
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 | 120,000 | 5,039,517 | 5,159,517
Comprehensive income for the year |  |  |
Loss for the year | - | (70,732) | (70,732)
Contributions by and distributions to owners |  |  |
Dividends | - | (58,701) | (58,701)
Total transactions with owners | - | (58,701) | (58,701)
At 1 April 2024 | 120,000 | 4,910,084 | 5,030,084
Comprehensive income for the year |  |  |
Profit for the year | - | 97,725 | 97,725
Contributions by and distributions to owners |  |  |
Dividends | - | (68,701) | (68,701)
Total transactions with owners | - | (68,701) | (68,701)
At 31 March 2025 | 120,000 | 4,939,108 | 5,059,108
| The notes on pages 17 to 30 form part of these financial statements.
Page 14
PENTEL (STATIONERY) LIMITED |  |
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 527,994 | 354,665
Adjustments for: |  |
Depreciation of tangible assets | 62,164 | 68,284
Loss on disposal of tangible assets | (5,192) | -
Interest receivable | (187,921) | (148,822)
Taxation charge | 151,115 | 178,454
(Increase)/decrease in stocks | (301,182) | 780,441
(Increase)/decrease in debtors | (92,415) | 2,112
(Increase) in amounts owed by related parties | (3,886) | (1,414)
(Decrease) in creditors | (60,360) | (171,459)
Increase/(decrease)) in amounts owed to related parties | 572,125 | (606,763)
Corporation tax (paid) | (170,638) | (156,459)
Foreign exchange | (1,637) | (195,927)
Net cash generated from operating activities | 490,167 | 103,112
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (34,902) | (21,739)
Sale of tangible fixed assets | 6,032 | -
Interest received | 187,921 | 148,822
Net cash from investing activities | 159,051 | 127,083
Cash flows from financing activities |  |
Dividends paid | (68,701) | (58,701)
Net cash used in financing activities | (68,701) | (58,701)
Net increase in cash and cash equivalents | 580,517 | 171,494
Cash and cash equivalents at beginning of year | 4,220,727 | 4,049,233
Cash and cash equivalents at the end of year | 4,801,244 | 4,220,727
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 4,801,244 | 4,220,727
| 4,801,244 | 4,220,727
Page 15
PENTEL (STATIONERY) LIMITED |  |
CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 MARCH 2025
| At 1 April 2024 | Cash flows | At 31 March 2025
| £ | £ | £
Cash at bank and in hand | 4,220,727 | 580,517 | 4,801,244
| 4,220,727 | 580,517 | 4,801,244
The notes on pages 17 to 30 form part of these financial statements.
Page 16
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | Statement of compliance
Pentel (Stationery) Limited is a private company, limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of the registered office and principal place of business is given on the company information page. The principal activity of the company and the nature of its operations are set out in the Strategic Report on page 1. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3,18 (d) ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. The information is included in the consolidated financial statements of the Group.
| 2.3 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 17
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The directors have made no key judgements (apart from those involving estimations) in the process of applying the entity's accounting policies. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Impairment of Inventories Management include impairment provisions based on how long the stock has been held and appropriate percentages are then applied accordingly. This is reviewed by assessing the average stock life on hand considering factors such as shelf life, seasonal trends, product termination and customer demand are factors used when determining the provision. Where an item of stock no longer possesses any functional capabilities it is fully written off. Impairment of Trade Receivables Management include impairment provisions against irrecoverable debts based on their best estimate on the amounts that will be recovered. These estimates take into account historic recoverability and external economic factors when determining the provision which includes an element of uncertainty.
| 2.5 | Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and reward of ownership have transferred to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Page 18
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.7 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 19
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | twenty to fifty years straight line
|  |  |  | Plant and machinery | - | three to five years straight line
|  |  |  | Fixtures and fittings | - | five years straight line
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. No depreciation is provided in respect of freehold land.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.12 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds. Page 20
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 8,559,157 | 8,534,647
|  | 8,559,157 | 8,534,647
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 4,056,877 | 4,077,683
| Africa | 4,246,881 | 4,206,688
| Other overseas | 255,399 | 250,276
|  | 8,559,157 | 8,534,647
4. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | - | 2,000
| Sundry income | - | 2,491
|  | - | 4,491
Page 21
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on disposal of asset | (5,192) | (6,140)
| Exchange differences | 45,688 | (16,912)
| Other operating lease rentals | (88,823) | (17,114)
| Stock impariment losses | (1,788) | (15,949)
6. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements | 45,800 | 43,650
7. | Employees
| Staff costs were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 1,478,632 | 1,388,822 | 884,334 | 815,147
| Social security costs | 93,580 | 89,555 | 93,580 | 89,555
| Cost of defined contribution scheme | 45,557 | 42,652 | 45,557 | 42,652
|  | 1,617,769 | 1,521,029 | 1,023,471 | 947,354
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Distribution staff | 29 | 29 | 6 | 6
|  | Administrative staff | 28 | 30 | 21 | 19
|  |  | 57 | 59 | 27 | 25
Page 22
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Directors' remuneration
| The directors, who are considered to be the key management personnel have received aggregate remuneration in respect of qualifying services were £178,298 (2024: £156,895).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 187,921 | 148,822
|  | 187,921 | 148,822
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Foreign tax |  |
| Foreign tax on income for the year | 171,401 | 161,170
| Foreign tax in respect of prior periods | (10,483) | -
|  | 160,918 | 161,170
| Total current tax | 160,918 | 161,170
| Deferred tax |  |
| Origination and reversal of timing differences | (9,803) | 17,284
| Total deferred tax | (9,803) | 17,284
|  | 151,115 | 178,454
Page 23
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 679,109 | 533,119
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 169,777 | 133,280
| Effects of: |  |
| Expenses not deductible for tax purposes | 221 | 1,686
| Capital allowances for year in excess of depreciation | - | 12,247
| Higher rate taxes on overseas earnings | 13,388 | 13,204
| Adjustments to tax charge in respect of prior periods | (10,483) | -
| Other timing differences leading to an increase (decrease) in taxation | 168 | 221
| Unrelieved tax losses carried forward | (21,956) | 17,816
| Total tax charge for the year | 151,115 | 178,454
| Factors that may affect future tax charges
The Group and parent Company have unused tax losses of £600,690 (2024: £638,817).
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Equity dividends on ordinary shares | 68,701 | 58,701
|  | 68,701 | 58,701
Page 24
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Tangible fixed assets
| Group
|  | Land | Buildings | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 April 2024 | 879,197 | 3,450,249 | 70,926 | 814,069 | 5,214,441
| Additions | - | - | - | 34,902 | 34,902
| Disposals | - | - | - | (28,359) | (28,359)
| Exchange adjustments | - | 526 | - | 475 | 1,001
| At 31 March 2025 | 879,197 | 3,450,775 | 70,926 | 821,087 | 5,221,985
| Depreciation |  |  |  |  |
| At 1 April 2024 | - | 2,949,481 | 68,663 | 710,912 | 3,729,056
| Charge for the year on owned assets | - | 18,832 | 2,263 | 41,069 | 62,164
| Disposals | - | - | - | (27,519) | (27,519)
| Exchange adjustments | - | 83 | - | 391 | 474
| At 31 March 2025 | - | 2,968,396 | 70,926 | 724,853 | 3,764,175
| Net book value |  |  |  |  |
| At 31 March 2025 | 879,197 | 482,379 | - | 96,234 | 1,457,810
| At 31 March 2024 | 879,197 | 500,768 | 2,263 | 103,157 | 1,485,385
Page 25
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12.Tangible fixed assets (continued)
| Company
|  | Land | Buildings | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 April 2024 | 879,197 | 3,203,768 | 70,926 | 591,572 | 4,745,463
| Additions | - | - | - | 14,939 | 14,939
| At 31 March 2025 | 879,197 | 3,203,768 | 70,926 | 606,511 | 4,760,402
| Depreciation |  |  |  |  |
| At 1 April 2024 | - | 2,910,605 | 68,663 | 527,004 | 3,506,272
| Charge for the year on owned assets | - | 17,209 | 2,263 | 28,221 | 47,693
| At 31 March 2025 | - | 2,927,814 | 70,926 | 555,225 | 3,553,965
| Net book value |  |  |  |  |
| At 31 March 2025 | 879,197 | 275,954 | - | 51,286 | 1,206,437
| At 31 March 2024 | 879,197 | 293,163 | 2,263 | 64,568 | 1,239,191
Page 26
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 April 2024 | 140,000
| At 31 March 2025 | 140,000
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| Pentel South Africa (Pty) Ltd | 96 Shaft Street, Stormill Roodepoort 1725, Johannesburg, South Africa. | Ordinary shares | 100%
14. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Finished goods and goods for resale | 2,395,095 | 2,093,913 | 1,328,931 | 1,253,983
|  | 2,395,095 | 2,093,913 | 1,328,931 | 1,253,983
Page 27
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 1,189,001 | 1,177,139 | 819,048 | 732,784
| Amounts owed by related parties | 36,670 | 32,784 | 36,670 | 32,784
| Other debtors | 213,055 | 142,169 | 5,580 | -
| Prepayments and accrued income | 62,338 | 52,671 | 43,747 | 34,120
| Deferred taxation | 42,839 | 32,874 | 19,305 | -
|  | 1,543,903 | 1,437,637 | 924,350 | 799,688
16. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 4,801,244 | 4,220,727 | 2,235,813 | 2,293,077
|  | 4,801,244 | 4,220,727 | 2,235,813 | 2,293,077
17. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 308,953 | 296,569 | 251,616 | 272,936
| Amounts owed to related parties | 1,171,257 | 599,132 | 395,533 | 238,443
| Corporation tax | - | 9,720 | - | -
| Other taxation and social security | 24,942 | 72,329 | 24,942 | 72,329
| Other creditors | 90,751 | 107,661 | 36,046 | 35,414
| Accruals and deferred income | 68,286 | 76,733 | 68,286 | 76,733
|  | 1,664,189 | 1,162,144 | 776,423 | 695,855
| The Group had unpaid pension contributions outstanding at the year end of £6,455 (2024: £6,539).
Page 28
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 32,874
| Charged to profit or loss | 9,965
| At end of year | 42,839
| Company
|  | 2025
|  | £
| Charged to profit or loss | 19,305
| At end of year | 19,305
|  | Group | Group | Company
|  | 2025 | 2024 | 2025
|  | £ | £ | £
| Tax losses carried forward | 19,305 | - | 19,305
| Short term timing differences | 23,534 | 32,874 | -
|  | 42,839 | 32,874 | 19,305
19. | Commitments under operating leases
| At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Company | Company
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 44,350 | 76,855
| Later than 1 year and not later than 5 years | 58,190 | 68,921
| Later than 5 years | - | 3,216
|  | 102,540 | 148,992
| The total value of lease payments recognised as an expense is £88,823 (2024: £17,114)
Page 29
PENTEL (STATIONERY) LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 120,000 (2024 - 120,000) Ordinary shares shares of £1.00 each | 120,000 | 120,000
21. | Reserves
Profit and loss account This reserve records retained earnings and accumulated losses.
22. | Related party transactions
| During the year the group had the following transactions and year end balances with the parent company Pentel Kabushiki Kaisha: Purchases: £2,998,773 (2024: £2,535,806) Creditor: £949,259 (2024: £284,261) During the year the group had the following transactions and year end balances with other companies under common control: Sales: £13,260 (2024: £12,327) Purchases: £951,332 (2024: £642,926) Debtor: £36,670 (2024: £32,784) Creditor: £221,988 (2024: £82,613)
23. | Controlling party
The ultimate parent company was PLUS Corporation, a company incorporated in Japan. There is no ultimate controlling party. These accounts are not included in consolidated accounts higher up in the group.
Page 30