Company registration number 01617265 (England and Wales)
J.S.T. (U.K.) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
J.S.T. (U.K.) LIMITED
COMPANY INFORMATION
Director
Mr A Takahashi
Secretary
Mr M D Bowen
Company number
01617265
Registered office
Blyth Road
Halesworth
IP19 8EW
Auditor
Ensors
Connexions
159 Princes Street
Ipswich
IP1 1QJ
J.S.T. (U.K.) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
J.S.T. (U.K.) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The director presents the strategic report for the year ended 31 March 2025.

Review of the business

During the past financial year we have continually monitored market conditions and adjusted our approach to product promotion and supply in order to help adapt to changing customer requirements.

Turnover has reduced notably for the year which has resulted in reduced gross profit. Gross profit levels have been further suppressed by the impact of exchange rate movements and increased operational costs. The performance during the year fell below expectations due to local and global economic factors along with residual levels of stockholding across customer supply chains. At the year-end we consider the position of the Company to remain very strong, both in terms of our financial position, with net assets of £64.8m (202 4: £62.6 m), and our competitive position in the market place.

Quality, Cost, Delivery, and Customer Service are the fundamental key performance indicators monitored by our customers. Our objective is to deliver continuous improvement in each of these areas. Relative importance for each of these key performance indicators varies with market sector.

Principal risks and uncertainties

Our business success is directly linked to the success of our customer’s sales and marketing activities.

Monitoring of customer’s actual usage balanced with their forecast requirements remains a key factor in the success of our production and logistics planning. Reliable forecast data remains difficult to obtain due to a range of ongoing global risks and external factors influencing both customers decision making and market conditions.

Customer residual stock levels following over-ordering during the Covid pandemic has generally been depleted, leading to confidence of improved conditions over the next 12-18 months. This will ensure improved stability and visibility in terms of customer planning during the coming financial year. Product lead-times have remained at normal levels.

Trading impact to our business resulting from Brexit has been either eliminated or controlled. We are familiar with overseas trade documentation and our pricing has been gradually adjusted to cover any tariff impact. An ongoing change to logistics handling and routing for UK customers will continue to bring adjustments for internal processes during the coming year however, we do not foresee any direct customer impact. We have been insulated from any significant direct impact as a result of the current US tariff regime.

Volatility in currency exchange rates continues to have a significant impact on the competitiveness of both our own products and those of our customers in certain market areas.

Infringement of company owned IP is recognised as an ongoing risk and handling of confidential information along with IP protection are strictly managed.

Our strength is in our product quality, our flexibility and our customer service. We benefit from diversity in our customer base across a variety of market sectors.

Key performance indicators

We consider the following financial key performance indicators, which are monitored regularly, as important to the business:

Turnover: £14,936,235 (2024: £17,543,095)

Gross profit: £4,084,186 (2024: £5,284,977)

The directors consider the results for the year to be satisfactory.

J.S.T. (U.K.) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

By order of the board

Mr M D Bowen
Secretary
19 January 2026
J.S.T. (U.K.) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company during the year continued to be that of the marketing and distribution of components for the electronics industry.

Director

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

Ms M Nishimoto
(Resigned 14 November 2025)
Mr A Takahashi
Mr M Yoshimura
(Resigned 14 November 2025)
Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Financial instruments

The company does not actively use financial instruments as part of its financial risk management. Its policy is to finance working capital through retained earnings. The company makes sales on credit so is subject to the normal credit risk associated with such transactions. The company also transacts in foreign currencies so its exposed to a certain degree to foreign exchange fluctuations. The transactions are mainly with countries with stable currencies. The company's exposure to the price of financial instruments in terms of price, credit, liquidity and cash flows is therefore minimal.

Future developments

During the forthcoming year, the company expects to make satisfactory results taking into consideration the economic conditions likely to exist throughout the period. Excess stock residing within the supply chain is expected to have an impact on targeted and actual sales figures for the year. Business planning will take this into account.

J.S.T. Connectors India Private Limited, our India branch company, have relocated to new premises providing a more suitable operating base with additional facilities to support customer meetings.

Disputed tax amount

There is an ongoing dispute with HMRC regarding the treatment of a funds flow of £1,425,000 which just physically changed hands between the company and the parent organisation JST Manufacturing Company in Japan. The directors do not consider this funds flow to be either a distribution or income, but despite this, the company incurred a net tax cost of £342,000 which has been transferred to HMRC. The company is seeking it be returned from HMRC of this amount and as such have recorded a debtor in these financial statements.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Matters covered in the strategic report

Information previously included in the directors report in respect of the business review, key performance indicators and principal risks and uncertainties can now be found in the strategic report under s414C(11) of the Companies Act 2006.

J.S.T. (U.K.) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
By order of the board
Mr M D Bowen
Secretary
19 January 2026
J.S.T. (U.K.) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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.

J.S.T. (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J.S.T. (U.K.) LIMITED
- 6 -

Qualified opinion on financial statements

We have audited the financial statements of J.S.T. (U.K.) 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, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and 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, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, 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 qualified opinion

The company suffered a net tax cost of approximately £342,000 in relation to a funds transfer of £1,425,000 to the parent company which took place in the year ending March 2013. The Directors continue to seek to recover the net tax cost incurred from HMRC and have recognised a debtor as at 31 March 2019. The debtor has been presented as a separate line item in the Statement of Financial Position. The recoverability of this debtor is not considered to be probable and as such, debtors are overstated by £342,000.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director 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 director is 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.

As described in the Basis for Qualified Opinion section of our report, our audit opinion is qualified in respect of a material tax debtor where recovery is not considered to be probable.

J.S.T. (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J.S.T. (U.K.) LIMITED (CONTINUED)
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

Except for the matter described in the Basis of Qualified Opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

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

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the Basis of Qualified Opinion section of our report, i n the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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 director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including revenue recognition, management override of systems and control, transactions with related parties, commitments and contingencies and accounting estimates.

We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.

J.S.T. (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J.S.T. (U.K.) LIMITED (CONTINUED)
- 8 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud;

- reviewed and challenged accounting estimates to ensure no indication of management bias.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
20 January 2026
J.S.T. (U.K.) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
14,936,235
17,543,095
Cost of sales
(10,852,049)
(12,258,118)
Gross profit
4,084,186
5,284,977
Distribution costs
(819,906)
(866,914)
Administrative expenses
(2,054,976)
(2,195,819)
Other operating income
108,108
119,484
Operating profit
4
1,317,412
2,341,728
Interest receivable and similar income
7
1,588,489
1,814,790
Interest payable and similar expenses
8
(15,558)
-
0
Profit before taxation
2,890,343
4,156,518
Tax on profit
9
(756,823)
(1,043,245)
Profit for the financial year
2,133,520
3,113,273

The profit and loss account has been prepared on the basis that all operations are continuing operations.

J.S.T. (U.K.) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
10
6,164,870
6,248,015
Investments
11
822,904
822,904
6,987,774
7,070,919
Current assets
Stocks
13
3,677,907
4,524,083
Trade and other debtors
2,555,596
2,757,054
Corporation tax recoverable
22
342,000
342,000
Debtors falling due within one year
14
2,897,596
3,099,054
Investments
15
41,177,482
39,114,578
Cash at bank and in hand
12,959,434
10,872,489
60,712,419
57,610,204
Creditors: amounts falling due within one year
16
(2,530,002)
(1,643,509)
Net current assets
58,182,417
55,966,695
Total assets less current liabilities
65,170,191
63,037,614
Provisions for liabilities
(404,352)
(405,295)
Net assets
64,765,839
62,632,319
Capital and reserves
Called up share capital
19
1,000,000
1,000,000
Revaluation reserve
20
1,989,021
2,143,776
Profit and loss reserves
21
61,776,818
59,488,543
Total equity
64,765,839
62,632,319
The financial statements were approved by the board of directors and authorised for issue on 19 January 2026 and are signed on its behalf by:
Mr A Takahashi
Director
Company Registration No. 01617265
J.S.T. (U.K.) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
1,000,000
2,305,572
56,213,474
59,519,046
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
3,113,273
3,113,273
Transfers
-
(161,796)
161,796
-
Balance at 31 March 2024
1,000,000
2,143,776
59,488,543
62,632,319
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
2,133,520
2,133,520
Transfers
-
(154,755)
154,755
-
Balance at 31 March 2025
1,000,000
1,989,021
61,776,818
64,765,839
J.S.T. (U.K.) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,640,938
2,978,791
Interest paid
(15,558)
-
0
Income taxes paid
(950,000)
(1,108,021)
Net cash inflow from operating activities
2,675,380
1,870,770
Investing activities
Purchase of tangible fixed assets
(151,585)
(91,559)
Proceeds from disposal of tangible fixed assets
37,565
68,034
Movement of current asset investments
(2,062,904)
(3,531,091)
Interest received
1,774,200
1,840,687
Net cash used in investing activities
(402,724)
(1,713,929)
Net increase in cash and cash equivalents
2,272,656
156,841
Cash and cash equivalents at beginning of year
10,872,489
10,741,546
Effect of foreign exchange rates
(185,711)
(25,898)
Cash and cash equivalents at end of year
12,959,434
10,872,489
J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information

J.S.T. (U.K.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Blyth Road, Halesworth, IP19 8EW.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line
Plant, machinery, office equipment, fixtures and fittings
5% and 20% straight line
Computers
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

The cost of stock is calculated using the purchase price on a weighted average basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts.

J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, cash an d bank balances and current asset investments are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors and amounts due to fellow group companies 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Foreign exchange

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

J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Valuation of Stock

Stock is held at the lower of cost and net realisable value. The stock provision is made on an increasing straight line scale based on the aging of the most recent stock movement past one year old. All stock with the most recent movement older than seven years is fully provided for. For stock of components the provision is only applicable to lines with more than three items in stock, as this is the minimum level kept on hand for spares.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
3,752,018
5,826,798
Rest of Europe
2,755,527
3,737,336
Rest of the World
8,428,690
7,978,961
14,936,235
17,543,095
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
6,013
350,433
Fees payable to the company's auditor for the audit of the company's financial statements
17,870
14,490
Depreciation of tangible fixed assets
170,061
172,026
Loss/(profit) on disposal of tangible fixed assets
27,104
(44,067)
J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Warehouse and distribution
5
5
Purchasing, sales and marketing
5
5
Engineering and quality assurance
11
13
Administration
17
18
Total
38
41

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,669,896
1,693,656
Social security costs
172,476
171,961
Pension costs
171,991
150,307
2,014,363
2,015,924
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
120,000
120,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,774,200
1,840,687
Other income from investments
Exchange differences
(185,711)
(25,897)
Total income
1,588,489
1,814,790
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
15,558
-
0
J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
757,766
1,055,687
Deferred tax
Origination and reversal of timing differences
(943)
(12,442)
Total tax charge
756,823
1,043,245

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,890,343
4,156,518
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
722,586
1,039,130
Tax effect of expenses that are not deductible in determining taxable profit
167
279
Origination and reversal of fixed asset timing differences
45,169
26,486
Chargeable gains/(losses)
(11,099)
(22,650)
Taxation charge for the year
756,823
1,043,245
J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
10
Tangible fixed assets
Freehold buildings
Plant, machinery, office equipment, fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
6,959,581
3,362,592
14,188
170,719
10,507,080
Additions
-
0
122,596
-
0
28,989
151,585
Disposals
-
0
(262,060)
-
0
(19,478)
(281,538)
At 31 March 2025
6,959,581
3,223,128
14,188
180,230
10,377,127
Depreciation and impairment
At 1 April 2024
941,234
3,167,699
12,552
137,580
4,259,065
Depreciation charged in the year
68,417
78,786
1,636
21,222
170,061
Eliminated in respect of disposals
-
0
(197,391)
-
0
(19,478)
(216,869)
At 31 March 2025
1,009,651
3,049,094
14,188
139,324
4,212,257
Carrying amount
At 31 March 2025
5,949,930
174,034
-
0
40,906
6,164,870
At 31 March 2024
6,018,347
194,893
1,636
33,139
6,248,015

Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of these properties included within tangible fixed assets is £5,240,268 (2024 - £5,285,263).

11
Fixed asset investments
2025
2024
Notes
£
£
Investments in associates
12
762,906
762,906
Unlisted investments
59,998
59,998
822,904
822,904
Fixed asset investments not carried at market value

Investments in associates are measured at cost less provision for impairment in accordance with accounting policies.

Unlisted investments are held in minority shareholdings of overseas companies for which there is no active market. It is of the director's opinion that the fair value cannot be measured reliably, therefore these are held at cost less provision for impairment.

J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
12
Associates

Details of the company's associates at 31 March 2025 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
J.S.T. Belgium NV
1910 Kampenhout, Oudestrat 15, Belgium
Marketing and distribution of components for the electronics industry
Ordinary
29.36
0
13
Stocks
2025
2024
£
£
Finished goods and goods for resale
3,677,907
4,524,083

The provision against stock has increased in the year by £66,309 (2024 increase £7,491).

14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,174,714
2,043,935
Corporation tax recoverable
342,000
342,000
Amounts owed by group undertakings
291,285
403,225
Other debtors
6,213
124,106
Prepayments and accrued income
83,384
185,788
2,897,596
3,099,054

Included within corporation tax recoverable is a £342k debtor which the Directors are pursuing from HMRC. The accounts also recognise a contingent liability in respect of this amount, which is discussed further in note 21.

15
Current asset investments
2025
2024
£
£
Cash on short-term deposit
41,177,482
39,114,578
J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
16
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
674,239
384,309
Amounts owed to group undertakings
1,537,501
896,362
Corporation tax
65,498
257,732
Other taxation and social security
206,403
44,819
Other creditors
4,060
35,534
Accruals and deferred income
42,301
24,753
2,530,002
1,643,509
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
(51,800)
(61,943)
Short term timing differences
(2,460)
(2,474)
Capital gain on investment properties
458,612
469,712
404,352
405,295
2025
Movements in the year:
£
Liability at 1 April 2024
405,295
Credit to profit or loss
(943)
Liability at 31 March 2025
404,352

The deferred tax in relation to capital gains on investment properties will not unwind until disposal which is not anticipated.

J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
171,991
150,307

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £9,841 (2024: £9,893) were payable to the fund at the balance sheet date.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
20
Revaluation reserve

The revaluation reserve relates to historic movements in the fair value of properties that were previously categorised as investment properties before adopting the FRS 102 Triennial Review 2017.

21
Profit and loss reserves

The profit and loss account represents retained realised earnings.

22
Contingent liability

As described in the Directors' Report, included in debtors is £342k which the Directors are pursuing from HMRC. Should the Directors be unsuccessful in recovering this amount there will be a loss to the company of £342k to write off the debtor.

23
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Transactions with entities under common ultimate control

During the year the company made payments for design and manufacturing support services of £202,068 (2024: £207,996).

Other information

Transactions with wholly owned group companies

The directors have taken advantage of the exemptions available in FRS 102 from disclosing transactions and balances with wholly owned group companies.

Key Management Compensation

The remuneration of key management personnel during the year was £257,244 (2024: £251,534).

J.S.T. (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
24
Directors' transactions

The company advanced directors £9,573 (2024: £15,007) during the year. The directors repaid the company £10,932 (2024: £14,144) during the year. The balance owed at the year end of £142 (2024: £1,501) is included within other debtors. No interest is charged on the amounts advanced.

25
Ultimate controlling party

The parent company is J.S.T Mfg. Co. Limited

The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is J.S.T Mfg. Co Limited, a company incorporated in Japan.

In the opinion of the directors, this is the company's ultimate parent company. By virtue of her shareholding in J.S.T Mfg. Co. Limited, Ms M Nishimoto is the ultimate controlling party.

26
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
2,133,520
3,113,273
Adjustments for:
Taxation charged
756,823
1,043,245
Finance costs
15,558
-
0
Investment income
(1,588,489)
(1,814,790)
Loss/(gain) on disposal of tangible fixed assets
27,104
(44,067)
Depreciation and impairment of tangible fixed assets
170,061
172,026
Movements in working capital:
Decrease in stocks
846,176
74,870
Decrease in debtors
201,458
646,922
Increase/(decrease) in creditors
1,078,727
(212,688)
Cash generated from operations
3,640,938
2,978,791
27
Analysis of changes in net funds
1 April 2024
Cash flows
Exchange rate movements
31 March 2025
£
£
£
£
Cash at bank and in hand
10,872,489
2,272,656
(185,711)
12,959,434
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