ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 10201370

ENPLAS (EUROPE) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

ENPLAS (EUROPE) LIMITED

CONTENTS

	Page
Company Information	1
Strategic Report	2
Directors' Report	3
Directors' Responsibilities Statement	4
Independent Auditor's Report	5 - 8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11 - 12
Notes to the Financial Statements	13 - 25

ENPLAS (EUROPE) LIMITED

COMPANY INFORMATION

Directors	Tatsuo, Hojo (appointed 1 April 2024)
	Shoji Miyasaka (appointed 1 April 2025)
	Mikihiro Sugibuchi (appointed 1 April 2025)


Registered number	10201370


Registered office	19 Eastbourne Terrace
	London
	England
	W2 6LG


Independent auditor	Blick Rothenberg Audit LLP
	Chartered Accountants & Statutory Auditor
	16 Great Queen Street
	Covent Garden
	London
	WC2B 5AH

Page 1

ENPLAS (EUROPE) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

Enplas (Europe) Limited is part of the Enplas Corporation Group and is responsible for the sale of IC sockets for semiconductors. It also conducts market research services and sells semiconductor products predominantly within Europe.

Business review

The results for the year 31 March 2025 show 31% decrease in the Company's activities with turnover
up to $9.6m compared to $14.0m in the year 31 March 2024. This is mainly due to inventory control
made by our main customers such as Bosch, Infineon, EDA, Synergie CAD, Microtest, reflecting to the
semiconducting business in Europe. However, semiconducting market in the EU has significant
influence in the world, and there is no doubt that it is an important market for us. The directors reflect
the voices of customers and cooperate with the head office to promote development for the customer's
cutting-edge market and build a system that contributes globally. The financial year commencing 1st
April 2025 shows dramatical V-shaped sales recovery and we expect 13.0m turnover at the end of
financial year, which is similar level for the financial year 31 March 2024.

The gross profit margin is 35% and similar level as in 2024 (36%) because the materials that have
much lower cost of sales have continuously been sold during the year ended 31/03/2025.

Principal risks and uncertainties

The Company is exposed to the risks detailed below.

Fluctuation Risk of Exchange Rate

The functional currency of the Company is the United States dollar and the proportion of foreign
currency sales is about 39.0%. Therefore, fluctuation in exchange rates fluctuate the dollar converted
value of income, expenses, assets and liabilities arising from our foreign currency-denominated
transactions. As a result, there is a possibility that it may affect business results and financial situation.

Industry Market Trends

Although the Company receives a lot of orders related to automotive semiconductors and can expect
sales increase in the future, it is affected by change in regulation and uncertain sales trends of cars. As
a result, there is a possibility that it may affect business results and the Company's financial situation.

With the above risks and uncertainties considered, the company is aware that any plans development of
the business may be subject to unforeseen future events outside of the company's control.

Financial key performance indicators

The directors use several performance indicators to assess the company’s ability to meet its objectives.
The key performance indicators are Sales and Gross profit margins. These have been cited in the
business review section above.

This report was approved by the board on 12 December 2025 and signed on its behalf.

................................................

Tatsuo, Hojo

Director

Page 2

ENPLAS (EUROPE) 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.

Results and dividends

The profit for the year, after taxation, amounted to $295,170 (2024 - $1,456,352).

Directors

The directors who served during the year were:

Toshio Arai (resigned 26 May 2024)

Tatsuo, Hojo (appointed 1 April 2024)

Tomoaki Soshi (appointed 1 April 2024, resigned 1 April 2025)

Mikihiro Sugibuchi (resigned 1 April 2024)

Daisuke Yokota (resigned 1 April 2025)

Branches outside the United Kingdom

The Company has a branch in France.

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'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's auditor is aware of that information.

Auditor

The auditor, Blick Rothenberg Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 12 December 2025 and signed on its behalf.

................................................

Tatsuo, Hojo

Director

Page 3

ENPLAS (EUROPE) LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

The directors are responsible for preparing the Strategic Report, the Directors' 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 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 of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Page 4

ENPLAS (EUROPE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENPLAS (EUROPE) LIMITED

FOR THE YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Enplas (Europe) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 31 March 2025 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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.

Page 5

ENPLAS (EUROPE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENPLAS (EUROPE) LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the 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, 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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.

Page 6

ENPLAS (EUROPE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENPLAS (EUROPE) LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations

∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the semiconducting industry;

∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery and employment law;

∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:

∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

∙performed analytical procedures to identify any unusual or unexpected relationships;

∙tested a sample of journal entries to identify unusual transactions; and

∙investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

∙agreeing financial statement disclosures to underlying supporting documentation;

∙reading the minutes of meetings of those charged with governance;

∙enquiring of management as to actual and potential litigation and claims; and

∙reviewing correspondence with HM Revenue and Customs, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if
any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.

Page 7

ENPLAS (EUROPE) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENPLAS (EUROPE) LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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.

Yusuke Takanishi (Senior Statutory Auditor)

for and on behalf of

Blick Rothenberg Audit LLP

Chartered Accountants

Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH

12 December 2025

Page 8

ENPLAS (EUROPE) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	$	$


Turnover	4	9,658,533	14,004,441
Cost of sales		(6,262,954)	(9,022,519)
Gross profit		3,395,579	4,981,922
Distribution costs		(135,909)	(172,214)
Administrative expenses		(3,010,236)	(2,871,250)
Other operating income		26,635	2,394
Other operating expenses		(152)	(63,441)
Operating profit		275,917	1,877,411
Other interest receivable and similar income	7	77,866	8,122
Profit before taxation		353,783	1,885,533
Tax on profit	8	(58,613)	(429,181)
Profit for the financial year		295,170	1,456,352

There was no other comprehensive income for 2025 (2024:$NIL).

The notes on pages 13 to 25 form part of these financial statements.

Page 9

REGISTERED NUMBER:10201370

ENPLAS (EUROPE) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		$		$

Fixed assets
Tangible assets	10		79,974		88,295
Investments	11		168,914		168,914
Deposit			257,673		367,445
			506,561		624,654
Current assets
Stocks	12	103,923		278
Debtors: amounts falling due within one year	13	4,235,864		6,915,220
Cash at bank and in hand	14	5,771,370		3,006,384
		10,111,157		9,921,882
Creditors: amounts falling due within one year	15	(1,909,318)		(2,131,679)
Net current assets			8,201,839		7,790,203
Total assets less current liabilities			8,708,400		8,414,857
Provisions for liabilities
Deferred tax	16	(12,898)		(14,525)
			(12,898)		(14,525)
Net assets			8,695,502		8,400,332

Capital and reserves
Called up share capital	17	500,000	500,000
Share premium account	18	1,709,460	1,709,460
Profit and loss account	18	6,486,042	6,190,872
		8,695,502	8,400,332

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 December 2025.

................................................

Tatsuo, Hojo

Director

The notes on pages 13 to 25 form part of these financial statements.

Page 10

ENPLAS (EUROPE) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	$	$	$	$
At 1 April 2024	500,000	1,709,460	6,190,872	8,400,332
Comprehensive income for the year
Profit for the year	-	-	295,170	295,170
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	295,170	295,170
Total transactions with owners	-	-	-	-
At 31 March 2025	500,000	1,709,460	6,486,042	8,695,502

The notes on pages 13 to 25 form part of these financial statements.

Page 11

ENPLAS (EUROPE) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	$	$	$	$
At 1 April 2023	500,000	1,709,460	6,378,520	8,587,980
Comprehensive income for the year
Profit for the year	-	-	1,456,352	1,456,352
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	1,456,352	1,456,352
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(1,644,000)	(1,644,000)
Total transactions with owners	-	-	(1,644,000)	(1,644,000)
At 31 March 2024	500,000	1,709,460	6,190,872	8,400,332

The notes on pages 13 to 25 form part of these financial statements.

Page 12

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Enplas (Europe) Limited is a private limited company, limited by shares, incorporated in England and Wales. The registered office and principal place of business is located at 19 Eastbourne Terrace, London, W2 6LG.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

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 3.17(d).

This information is included in the consolidated financial statements of Enplas Corporation as at 31 March 2025 and these financial statements may be obtained from the Company's website.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

2.4

Going concern

The company is in a net asset position, has adequate liquid assets and is profitable. As a consequence, the directors believe that the company is well placed to meet its liabilities as they become due for the foreseeable future. Accordingly, it is felt appropriate to adopt the going concern basis in preparing the financial statements.

Page 13

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.10

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.

2.11

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.

Page 15

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Motor vehicles	-	3	Years
Fixtures and fittings	-	3	Years
Office equipment	-	3	Years
Computer equipment	-	3	Years

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.

2.12

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.16

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Page 16

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Financial instruments (continued)

Financial assets and financial liabilities are recognised when the company becomes party to the
contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the company after deducting all of its liabilities.

The company’s policies for its major classes of financial assets and financial liabilities are set out
below.

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price,
unless the arrangement constitutes a financing transaction, where the transaction is measured at the
present value of the future receipts discounted at a market rate of interest for a similar debt
instrument. Financing transactions are those in which payment is deferred beyond normal business
terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any
impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction
price, unless the arrangement constitutes a financing transaction, where the debt instrument is
measured at the present value of the future payments discounted at a market rate of interest for a
similar debt instrument. Financing transactions are those in which payment is deferred beyond
normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.18

Share Capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Page 17

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The presentation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The key judgements and estimates made by management in preparing these financial statements relate to depreciation of fixed assets, amortisation of intangible assets, valuation of investments, valuation of stock and deferred taxation, and are explained more fully in the respective accounting policy notes.

Parts sales	9,658,533	14,004,441
	9,658,533	14,004,441

Analysis of turnover by country of destination:

					2025	2024
					$	$

United Kingdom	16,999	38,237
Rest of Europe	9,641,534	13,966,204
	9,658,533	14,004,441

5.	Auditor's remuneration
		2025	2024
		$	$

Fees payable to the Company's auditors for the audit of the Company's financial statements

28,700

25,400

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Wages and salaries	916,684	938,398
Social security costs	135,360	123,589
Cost of defined contribution scheme	37,076	34,577
	1,089,120	1,096,564

The director's remuneration paid amounted to $NIL (2024 - $NIL).

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Sales	4	4
Engineer	7	6
Administration	1	1

	12	11

7.	Interest receivable
		2025	2024
		$	$

	Other interest receivable	77,866	8,122
		77,866	8,122

Page 19

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	90,233	476,032
Adjustments in respect of previous periods	(29,993)	(64,754)
	60,240	411,278

Total current tax	60,240	411,278

Deferred tax
Origination and reversal of timing differences	(1,627)	17,903
Total deferred tax	(1,627)	17,903


	Tax on profit	58,613	429,181

Profit on ordinary activities before tax

353,783

1,885,533

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	88,446	471,383
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	160	116
Foreign tax credits	-	1,725
Adjustments to tax charge in respect of prior periods	(29,993)	(64,754)
Exchange difference arising on movement between opening and closing spot rates	-	3,648
Movement in deferred tax not recognised	-	23,953
Other differences leading to an increase (decrease) in the tax charge	-	(6,890)
Total tax charge for the year	58,613	429,181

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Dividends
		2025	2024
		$	$

	Dividends	-	1,644,000
		-	1,644,000

10.	Tangible fixed assets

	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	$	$	$	$
Cost or valuation
At 1 April 2024	100,667	274,933	120,391	495,991
Additions	-	43,712	-	43,712
Disposals	-	(22,945)	-	(22,945)
At 31 March 2025	100,667	295,700	120,391	516,758
Depreciation
At 1 April 2024	70,968	218,079	118,649	407,696
Charge for the year on owned assets	7,748	42,912	1,372	52,032
Disposals	-	(22,944)	-	(22,944)
At 31 March 2025	78,716	238,047	120,021	436,784
Net book value
At 31 March 2025	21,951	57,653	370	79,974
At 31 March 2024	29,699	56,854	1,742	88,295

11.	Fixed asset investments

		Investments in subsidiary companies
		$
	Cost or valuation
	At 1 April 2024	168,914
	At 31 March 2025	168,914

Page 21

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Enplas (Deutschland) GmbH.	Alte Poststr. 34, 85356 Freising, Germany	Providing the customer support and technical services for Enplas products in marketed in territories covered by the customer.	Ordinary	100%
Enplas (Italia) S.r.l.	Via Stelvio 19, 20019 Settimo Milanese (MI), Italy	The same as above description	Ordinary	100%
Enplas (Israel) Ltd.	Carmel Compound Gate,Topaz building, 5 Hat Nahum Street, Tirat Carmel, 3508504 Israel	The same as above description	Ordinary	100%

	The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:
	Name	Profit/(Loss)
		$

	Enplas (Deutschland) GmbH.	322,769
	Enplas (Italia) S.r.l.	220,578
	Enplas (Israel) Ltd.	369,751

12.	Stocks
		2025	2024
		$	$

Finished goods and goods for resale	103,923	278
	103,923	278

13.	Debtors
		2025	2024
		$	$

Due after more than one year
Deposit	257,673	367,445
	257,673	367,445

					2025	2024
					$	$

	Due within one year
	Trade debtors	3,304,034	4,920,492

Page 22

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.Debtors (continued)

Amounts owed by group undertakings	-	38,233
Other debtors	878,128	1,774,526
Prepayments and accrued income	53,702	181,969
	4,235,864	6,915,220

14.	Cash and cash equivalents
		2025	2024
		$	$

Cash at bank and in hand	5,771,370	3,006,384
	5,771,370	3,006,384

15.	Creditors: Amounts falling due within one year
		2025	2024
		$	$

Amounts owed to group undertakings	1,327,396	1,314,819
Corporation tax	90,233	476,032
Other creditors	372,807	245,413
Accruals and deferred income	118,882	95,415
	1,909,318	2,131,679

16.	Deferred taxation

		2025
		$

	At beginning of year	(14,525)
	Charged to profit or loss	1,627
	At end of year	(12,898)

The provision for deferred taxation is made up as follows:
	2025	2024
	$	$

	Tax losses carried forward	(12,898)	(14,525)
		(12,898)	(14,525)

Page 23

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Share capital
		2025	2024
		$	$

Allotted, called up and fully paid

500,000 (2024 - 500,000) Ordinary shares of $1.00- each	500,000	500,000

18.

Reserves

Share premium account

The share premium account represents the difference between the amount paid per share on the merger with Enplas (Europe) B.V. and the nominal value of the relevant shares.

Profit and loss account

The profit and loss account reserve consists of the cumulative figures of all current and prior period profits and losses. The Company merged with Enplas (Europe) B.V. on 1 October 2016 and the retained loss of $620,460 has been absorbed to the Company.

19.	Pension commitments

The Company operates a defined contributions pension scheme for its qualifying employees. The total expense charged to profit and loss in the year ended 31 March 2025 was $37,076 (2024 - $34,576.54).

Not later than 1 year	24,866	66,105
Later than 1 year and not later than 5 years	24,355	3,911
	49,221	70,016

21.	Related party transactions
	The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

Page 24

ENPLAS (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22.	Post balance sheet events

On 12 May 2025, the company paid dividends of $2,594,000 to its registered shareholders. This represents a non-adjusting post balance sheet event.

23.	Parent undertaking

The Company's parent undertaking and ultimate controlling party is Enplas Corporation. It is the smallest and largest group of which the Company is a member and which prepares consolidated accounts. Its registered office address is 2-30-1, Namiki, Kawaguchi City, Saitama 332-0034 Japan and copies of consolidated financial statements can be obtained there.

Page 25