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Registered number: 02133499 NKC CONVEYORS (UK) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
NKC CONVEYORS (UK) LIMITED COMPANY INFORMATION
Directors | T Nakanishi
| K J Robson
| A Takamatsu
Registered number | 02133499
Registered office | 13th Floor
| One Angel Court
| London
| EC2R 7HJ
Independent auditor | S&W Audit
| Chartered Accountants & Statutory Auditor
| 103 Colmore Row
| Birmingham
| B3 3AG
Bankers | SMBC Bank International
| 100 Liverpool Street
| London
| EC2M 2AT
NKC CONVEYORS (UK) LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Directors' Responsibilities Statement | 5
Independent Auditor's Report | 6 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 24
NKC CONVEYORS (UK) LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their Strategic Report for the year ended 31 December 2025.
Principal activities
The principal activity of the Company continues to be the sale and installation of conveyor systems and the research & development of new products in Europe. Organisation review NKC Conveyors (UK) Limited is a wholly owned subsidiary of Nakanishi Metal Works Co. Limited and is registered in the UK with the Head Office being in Milton Keynes. Two directors reside in Japan, with one director in the UK. The sales and administration team are based in Milton Keynes. Strategy and trading review Though sales growth remains a key priority for the Company, the strategy is also to put in place a business model which ensures sustainable profitability. Trading activity in the year was £7,061,162 (2024 - £11,823,899). During the year, NKC Conveyors (UK) Limited continued to provide an experienced workforce and supervisors for various projects across the Group, as well as receiving extensive modifications work for its major customers. Sales forecasts for 2026 are expected to show a decrease compare to the prior year, mainly due to the changes in the EV market, plus the future strategic business paths for some key customers still to be confirmed. As in previous years, the Company is expected to receive various maintenance and replacement orders throughout the year.
Risks/Opportunities
The Company's principal risks and uncertainties are as follows; 1. The majority of Japanese customers/car manufacturers have suffered from the continuing economic crisis in Europe and may stop or postpone the large proportion of the investments in their European Manufacturing facilities. 2. NKC may have to compensate for any unexpected failure of products. 3. Fluctuations of currencies, especially the notable rise of the British Pound Sterling and Euro against other currencies, will cause a decrease in costs. NKC manage the quality of their products strictly, this provides less exposure to unexpected costs and helps reduce the risks to the business. Page 1
NKC CONVEYORS (UK) LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 The continuing economic situation in the United Kingdom has resulted in additional pressure on the car industry and its suppliers. The risk posed to the Company is managed at the Group level with supplier costs and their ability to supply the required materials and support reviewed constantly by local management, with detailed attention to costing for new projects. In the event of a material drop in revenue the Company has significant cash reserves that enables it to continue to operate during this period without any adverse impact on the business. The board regularly reviews the financial requirements of the Company and the risks associated therewith. The Company operations are primarily financed from retained earnings and its associated strong cash balance. The Company does not use complicated financial instruments or derivative financial instruments for trading purposes.
Employment Matters
We have continued to keep employees informed about matters relevant to them and appreciate their efforts and loyalty which the individuals have dedicated to NKC Conveyors (UK) Limited over the last few years. We remain an equal opportunities employer. Environment Matters The business understands its environmental responsibilities so to this end we continue to work on effective steps to minimise the impact that our manufacturing and installation processes place on the environment. This report was approved by the board and signed on its behalf.
K J Robson Director
Date: 30 March 2026
Page 2
NKC CONVEYORS (UK) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the audited financial statements for the Company for the year ended 31 December 2025.
Results and dividends
The profit for the year, after taxation, amounted to £716,037 (2024 - £831,927). During the year no dividend was paid or proposed (2024 - £Nil).
Directors
The directors who served during the year and up to the date of approval of financial statements were:
T Nakanishi
K J Robson
A Takamatsu
Future developments
The Company will continue for a foreseeable future to focus on the main principal activity of sale and installation of conveyor systems and the research & development of new products in Europe. This is also supported by strong order book for 2026 and beyond.
Qualifying third party indemnity provisions
During the year ended 31 December 2025 and at the date of this report, the Company has made an indemnity for the benefit of the statutory directors which is a qualifying indemnity provision for the purposes of Section 234 of the Companies Act 2006.
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.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Branches outside the UK
NKC Conveyors (UK) Limited have operating branches outside of the UK. The Company has branches operating in Hungary and Spain.
Independent auditors
The auditor, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 3
NKC CONVEYORS (UK) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
K J Robson Director
Date: 30 March 2026
Page 4
NKC CONVEYORS (UK) LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the Strategic Report, the Directors' Report and the audited financial statements for the Company in accordance with applicable law and regulations. Company law requires the directors to prepare audited financial statements for the Company for each financial year. Under that law the directors have elected to prepare the audited financial statements for the Company 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 audited financial statements for the Company 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 audited financial statements for the Company, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ∙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. Page 5
NKC CONVEYORS (UK) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NKC CONVEYORS (UK) LIMITED Opinion We have audited the financial statements of NKC Conveyors (UK) Limited (the 'Company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the 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 FRS 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 December 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Annual Report and Financial Statements. 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 6
NKC CONVEYORS (UK) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NKC CONVEYORS (UK) LIMITED (CONTINUED)
Opinions 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 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: We obtained a general understanding of the Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company’s industry and regulation. Page 7
NKC CONVEYORS (UK) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NKC CONVEYORS (UK) LIMITED (CONTINUED) We understand that the Company complies with the framework through: ∙The directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly; and ∙The engagement of external experts to assist with ongoing tax compliance and the preparation of the statutory accounts. In the context of the audit, we have considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company's ability to conduct its business and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company: ∙The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements. The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were the manipulation of the financial statements, especially year end cut off for revenue, via fraudulent journal entries, particularly as the size of the Company means there is little opportunity for segregation of duties. This area was communicated to the other members of the engagement team not present at the discussion. The procedures we carried out to gain evidence in the above areas included: ∙Testing of revenue transactions to underlying documentation; and ∙Testing of manual journal entries, selected based on specific risk assessment, to ensure they had a proper business purpose. A further description of our responsibilities is available 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. Benjamin Stapleton (Senior Statutory Auditor) for and on behalf of S&W Audit Chartered Accountants Statutory Auditor 103 Colmore Row Birmingham B3 3AG 30 March 2026 Page 8
NKC CONVEYORS (UK) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 7,061,162 | 11,823,899
Cost of sales |  | (4,588,999) | (9,398,948)
Gross profit |  | 2,472,163 | 2,424,951
Administrative expenses |  | (1,444,040) | (1,390,895)
Operating profit | 5 | 1,028,123 | 1,034,056
Interest receivable and similar income | 9 | 43,501 | 18,681
Profit before tax |  | 1,071,624 | 1,052,737
Tax on profit | 10 | (355,587) | (220,810)
Profit for the financial year |  | 716,037 | 831,927
Other comprehensive income for the year |  |  |
Currency translation differences |  | 275,357 | (237,444)
Total comprehensive income for the year |  | 991,394 | 594,483
The notes on pages 12 to 24 form part of these financial statements.
Page 9
NKC CONVEYORS (UK) LIMITED REGISTERED NUMBER: 02133499 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 11 |  | 101,451 |  | 53,132
|  |  | 101,451 |  | 53,132
Current assets |  |  |  |  |
Debtors | 12 | 1,616,980 |  | 4,700,460 |
Cash at bank and in hand |  | 6,692,944 |  | 3,873,628 |
|  | 8,309,924 |  | 8,574,088 |
Creditors: amounts falling due within one year | 13 | (1,749,374) |  | (3,014,348) |
Net current assets |  |  | 6,560,550 |  | 5,559,740
Total assets less current liabilities |  |  | 6,662,001 |  | 5,612,872
Provisions for liabilities |  |  |  |  |
Other provisions | 15 |  | (80,038) |  | (22,303)
Net assets |  |  | 6,581,963 |  | 5,590,569
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 50,000 |  | 50,000
Profit and loss account | 17 |  | 6,531,963 |  | 5,540,569
Shareholders' funds |  |  | 6,581,963 |  | 5,590,569
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
K J Robson
Director
Date: 30 March 2026
The notes on pages 12 to 24 form part of these financial statements. Page 10
NKC CONVEYORS (UK) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 50,000 | 4,946,086 | 4,996,086
Comprehensive income for the year |  |  |
Profit for the year | - | 831,927 | 831,927
Currency translation differences | - | (237,444) | (237,444)
At 1 January 2025 | 50,000 | 5,540,569 | 5,590,569
Comprehensive income for the year |  |  |
Profit for the year | - | 716,037 | 716,037
Currency translation differences | - | 275,357 | 275,357
At 31 December 2025 | 50,000 | 6,531,963 | 6,581,963
Page 11
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
NKC Conveyors (UK) Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 02133499). The registered office address is 13th Floor, One Angel Court, London, EC2R 7HJ. 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 judgement 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); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Nakanishi Metal Works Co., Limited and these financial statements may be obtained from 3-5 Tenmabashi 3-chome, Kita-Ku, Osaka, 530-8566 Japan.
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons: The directors have prepared forecasts for the period to March 2027 which indicate that, taking account of severe but plausible downsides and its financial resources, the Company will have sufficient funds to meet its liabilities as they fall due for that period. At the year end the Company had a cash balance of £6.7m and continues to maintain a similar holding which exceeds the expected underlying overhead for the next 12 months. The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and will have sufficient liquidity to meet its commitments as and when the liabilities fall due for the next 12 months from the date of approval of these financial statements. Page 12
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.5 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Turnover from installation contracts is recognised by reference to the stage of completion of the contract. This is achieved when the costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs to deliver the entire contract. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
| 2.6 | 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.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 13
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 20% straight-line
|  |  |  | Fixtures and fittings | - | 25% reducing balance
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.
| 2.9 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. Page 14
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument. Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management. Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
| 2.11 | 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. Page 15
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are 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 judgements, estimates and assumptions are evaluated at each reporting date and are based on historical experience as adjusted for current market conditions and other factors. Management makes estimates and assumptions concerning the future in preparing the financial statements and the actual results will not always reflect the accounting estimates made. The estimates and assumptions that had a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities of the Company are outlined below. Turnover Turnover from installation contracts is recognised by reference to the stage of completion of the contract. This is achieved when the costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs to deliver the entire contract. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 7,061,162 | 11,823,899
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 5,112,234 | 8,131,114
| Rest of Europe | 922,772 | 2,543,065
| Japan | 445,723 | 165,413
| USA | 28,786 | 26,070
| Rest of the world | 551,647 | 958,237
|  | 7,061,162 | 11,823,899
Page 16
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 100,891 | 69,386
| Other operating lease rentals | 36,399 | 30,876
| Depreciation on tangible fixed assets | 16,528 | 9,606
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 53,800 | 54,400
| The Company's auditor has been appointed to deliver tax compliance work relating to 2025 with a fee of £7,160 (2024 - £7,502) as well as to prepare the annual report and financial statements with a fee of £2,200 (2024 - £2,095).
7. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office and management | 5 | 5
|  | Site operations | 6 | 6
|  |  | 11 | 11
Page 17
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| The aggregate payroll costs of these persons were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 666,311 | 541,737
| Social security costs | 280,788 | 235,382
| Company contributions to defined contribution pension schemes | 48,041 | 56,583
|  | 995,140 | 833,702
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 120,540 | 137,968
| One director of the Company was remunerated for qualifying services to the Company as disclosed above. The notional cost of directors not remunerated through NKC Conveyors (UK) Limited has been considered and is not deemed to be significant for the years 31 December 2025 nor 31 December 2024.
9. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other income | 1 | 2,383
| Bank interest receivable | 43,500 | 16,298
|  | 43,501 | 18,681
Page 18
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 274,984 | 263,184
| Adjustments in respect of previous periods | 82,163 | (30,254)
| Double taxation relief | - | (49,164)
|  | 357,147 | 183,766
| Foreign tax |  |
| Foreign tax on income for the year | - | 35,616
| Total current tax | 357,147 | 219,382
| Deferred tax |  |
| Origination and reversal of timing differences | (1,560) | 1,428
| Tax on profit | 355,587 | 220,810
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,071,624 | 1,052,737
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 267,906 | 263,184
| Effects of: |  |
| Expenses not deductible for tax purposes | 19,991 | 2,371
| Foreign tax credits | - | (17,511)
| Adjustments to tax charge in respect of previous periods | 82,162 | (30,254)
| Adjustments to tax charge in respect of previous periods - deferred tax | (14,472) | 3,020
| Total tax charge for the year | 355,587 | 220,810
Page 19
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.Taxation (continued)
| Factors that may affect future tax charges
There are no factors that may currently affect future tax charges.
11. | Tangible fixed assets
|  | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 34,047 | 92,889 | 126,936
| Additions | 25,963 | 38,884 | 64,847
| At 31 December 2025 | 60,010 | 131,773 | 191,783
| Depreciation |  |  |
| At 1 January 2025 | 4,411 | 69,393 | 73,804
| Charge for the year | 8,397 | 8,131 | 16,528
| At 31 December 2025 | 12,808 | 77,524 | 90,332
| Net book value |  |  |
| At 31 December 2025 | 47,202 | 54,249 | 101,451
| At 31 December 2024 | 29,636 | 23,496 | 53,132
Page 20
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 672,845 | 2,886,954
| Amounts owed by group undertakings | 1,301 | 1,737
| Corporation tax repayable | - | 166,707
| Other debtors | 76,668 | 12,287
| Prepayments and accrued income | 864,606 | 1,619,247
| Deferred taxation | 1,560 | 13,528
|  | 1,616,980 | 4,700,460
| Amounts owed by group undertakings are unsecured, interest free, and are repayable on demand. Trade debtors are stated after provisions for impairment of £Nil (2024 - £Nil).
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,306,476 | 1,573,920
| Corporation tax | 118,419 | -
| Other taxation and social security | 54,619 | 161,654
| Other creditors | 31,665 | 34,899
| Accruals and deferred income | 238,195 | 1,243,875
|  | 1,749,374 | 3,014,348
| Included within trade creditors is a balance of £863,390 (2024 - £1,381,892) due to Nakanishi Metal Works Co., Limited which was payable at the balance sheet date.
Page 21
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 13,528 | 14,956
| Charged to profit or loss | (11,968) | (1,428)
| At end of year | 1,560 | 13,528
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (15,844) | (2,634)
| Short term timing differences | 17,404 | 16,162
|  | 1,560 | 13,528
15. | Provisions
|  | Provisions for warranties and sales support
|  | £
| At 1 January 2025 | 22,303
| Charged to profit or loss | 57,735
| At 31 December 2025 | 80,038
| The above provision is expected to be utilised within one year.
Page 22
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 50,000 Ordinary shares of £1.00 each | 50,000 | 50,000
| The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.
17. | Reserves
Profit and loss account This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.
18. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £48,041 (2024 - £56,583). There were no outstanding or prepaid contributions at either the beginning or end of the financial year.
19. | Commitments under operating leases
| At 31 December the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 15,901 | 15,901
| Later than 1 year and not later than 5 years | 18,551 | 47,703
|  | 34,452 | 63,604
20. | Related party transactions
| During the year, a member of the close family of a member of key management personnel was employed by the Company and paid a salary for services provided to the Company.
21. | Post balance sheet events
There have been no significant events affecting the Company since the year end. Page 23
NKC CONVEYORS (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Controlling party
The immediate parent undertaking is Nakanishi Metal Works Co., Limited., a company registered in Japan. The largest and smallest group of undertakings for which group accounts for the year ending 31 December 2025 have been drawn up, is that headed by Nakanishi Metal Works Co., Limited. The registered office address of Nakanishi Metal Works Co., Limited. is 3-5 Tenmabashi 3-chome, Kita-Ku, Osaka, 530-8566 Japan. The directors do not consider there to be an ultimate controlling party.
Page 24