Registration number: 04159177

Torex Semiconductor Europe Limited (Registration number: 04159177)

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 12

Torex Semiconductor Europe Limited (Registration number: 04159177)

Company Information

Directors

G Henson T Yamamoto

Company secretary

S Sakurai

Registered office

Unit 1, The Courtyard Whitwick Business Park Stenson Road Coalville Leicestershire England LE67 4JP

Auditors

Charnwood Accountants & Business Advisors LLP The Point Granite Way Mountsorrel Loughborough LE12 7TZ

Torex Semiconductor Europe Limited (Registration number: 04159177)

Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	7	73,128	93,314
Current assets
Stocks	8	205,700	160,624
Debtors	9	1,101,461	970,023
Cash at bank and in hand		2,361,264	2,029,471
		3,668,425	3,160,118
Creditors: Amounts falling due within one year	10	(1,690,556)	(1,299,645)
Net current assets		1,977,869	1,860,473
Total assets less current liabilities		2,050,997	1,953,787
Provisions for liabilities		(10,687)	(11,395)
Net assets		2,040,310	1,942,392
Capital and reserves
Called up share capital	12	1,000	1,000
Share premium reserve		69,464	69,464
Profit and loss account		1,969,846	1,871,928
Total equity		2,040,310	1,942,392

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 27 April 2026 and signed on its behalf by:
 

......................................... G Henson Director

Torex Semiconductor Europe Limited (Registration number: 04159177)

Notes to the Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1, The Courtyard
Whitwick Business Park
Stenson Road
Coalville
Leicestershire
LE67 4JP
England

These financial statements were authorised for issue by the Board on 27 April 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Torex Semiconductor Europe Limited (Registration number: 04159177)

Notes to the Financial Statements for the Year Ended 31 March 2026

Judgements

In preparing these financial statements, the directors have made the following judgements:

Determine whether leases entered into by the Company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Determine whether there are indicators of impairment of the Company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Key sources of estimation uncertainty

Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Revenue recognition

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

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

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Torex Semiconductor Europe Limited (Registration number: 04159177)

Notes to the Financial Statements for the Year Ended 31 March 2026

Foreign currency transactions and balances

The Company's functional and presentational currency is GBP.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

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

Tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Tangible 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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Torex Semiconductor Europe Limited (Registration number: 04159177)

Notes to the Financial Statements for the Year Ended 31 March 2026

Depreciation

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

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. Depreciation rates are as follows:

Asset class	Depreciation method and rate
Leasehold land and buildings	over the term of the lease
Fixtures and fittings	33% straight line
Computer equipment and software	20% - 33% straight line

Cash and cash equivalents

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

Debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are recognised initially at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leases

Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

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

Torex Semiconductor Europe Limited (Registration number: 04159177)

Notes to the Financial Statements for the Year Ended 31 March 2026

Defined contribution pension obligation

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
 Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial guarantee contracts
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

3

Turnover

The whole of the turnover is attributable to the principal activity of the company.

The analysis of the company's turnover for the year by country of destination is as follows:

	2026  £	2025  £
UK	329,651	352,625
Europe	5,799,654	5,432,467
Rest of world	813,911	693,104
	6,943,216	6,478,196

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2025 - 12).

Torex Semiconductor Europe Limited (Registration number: 04159177)

Notes to the Financial Statements for the Year Ended 31 March 2026

5

Taxation

Tax charged/(credited) in the statement of comprehensive income

	2026 £	2025 £
Current taxation
UK corporation tax	146,808	101,910
Deferred taxation
Arising from origination and reversal of timing differences	(708)	(466)
Tax expense in the income statement	146,100	101,444

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2025 - the same as the standard rate of corporation tax in the UK) of 25% (2025 - 25%).

The differences are reconciled below:

	2026 £	2025 £
Profit before tax	541,585	387,787
Corporation tax at standard rate	135,396	96,947
Tax increase from effect of capital allowances and depreciation	4,339	4,339
Effect of expense not deductible in determining taxable profit (tax loss)	6,365	158
Total tax charge	146,100	101,444

Deferred tax

Deferred tax assets and liabilities

2026	Liability £
Accelerated capital allowances	10,687

2025	Liability £
Accelerated capital allowances	11,395

Torex Semiconductor Europe Limited (Registration number: 04159177)

Notes to the Financial Statements for the Year Ended 31 March 2026

6

Dividends

		2026		2025
		£		£
Interim dividend of £297,567.00 (2025 - £351,771.00) per ordinary share		297,567		351,771

7	Tangible assets

	Leasehold land and buildings £	Fixtures and fittings £	Computer equipment and software £	Total £
Cost or valuation
At 1 April 2025	87,738	52,084	113,157	252,979
Additions	-	1,334	14,249	15,583
Disposals	-	(499)	-	(499)
At 31 March 2026	87,738	52,919	127,406	268,063
Depreciation
At 1 April 2025	40,065	45,035	74,565	159,665
Charge for the year	17,335	4,856	13,467	35,658
Eliminated on disposal	-	(388)	-	(388)
At 31 March 2026	57,400	49,503	88,032	194,935
Carrying amount
At 31 March 2026	30,338	3,416	39,374	73,128
At 31 March 2025	47,673	7,049	38,592	93,314

8

Stocks

	2026 £	2025 £
Finished goods and goods for resale	205,700	160,624

9

Debtors

	2026 £	2025 £
Trade debtors	1,082,593	950,294
Prepayments	8,753	12,969
Other debtors	10,115	6,760
	1,101,461	970,023

Torex Semiconductor Europe Limited (Registration number: 04159177)

Notes to the Financial Statements for the Year Ended 31 March 2026

10

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Trade creditors		5,525	5,868
Amounts owed to group undertakings and undertakings in which the company has a participating interest	15	1,530,822	1,168,030
Taxation and social security		14,124	11,159
Accruals and deferred income		49,780	13,046
Other creditors		90,305	101,542
		1,690,556	1,299,645

11	Provisions for liabilities

	Deferred tax £	Total £
At 1 April 2025	11,395	11,395
Increase (decrease) in existing provisions	(708)	(708)
At 31 March 2026	10,687	10,687

12	Share capital

Allotted, called up and fully paid shares

	2026		2025
	No.	£	No.	£
Ordinary A shares of £1 each	500	500	500	500
Ordinary B shares of £1 each	500	500	500	500
	1,000	1,000	1,000	1,000

Torex Semiconductor Europe Limited (Registration number: 04159177)

Notes to the Financial Statements for the Year Ended 31 March 2026

13	Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension charge for the year represents contributions payable by the company to the scheme and amounted to £41,586 (2025 - £19,842).

14	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2026 £	2025 £
Not later than one year	31,240	39,289
Later than one year and not later than five years	86,183	117,423
	117,423	156,712

15	Related party transactions

The company is a wholly owned subsidiary of TorexSemiconductor Ltd, whose consolidated accounts include the company and are publically available. The company and those of its subsidiaries that are wholly owned are exempt from disclosing transactions with other companies also wholly owned within the Torex Semiconductor Ltd group.

Torex Semiconductor Europe Limited (Registration number: 04159177)

Notes to the Financial Statements for the Year Ended 31 March 2026

Directors' remuneration

The directors' remuneration for the year was as follows:

	2026 £	2025 £
Remuneration	140,000	140,000
Contributions paid to defined contribution pension schemes	24,201	4,201
	164,201	144,201

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2026 No.	2025 No.
Accruing benefits under defined contribution pension schemes	1	1

16	Parent and ultimate parent undertaking

The company's immediate parent is Torex Semiconductor Ltd, incorporated in Japan.

 The most senior parent entity producing publicly available financial statements is Torex Semiconductor Ltd. These financial statements are available upon request from https://ir.torex.co.jp/en/index.html. Parent company registered office, 3F Daiho Annex, 1-24-1 Shinkawa, Chuo-Ku, Tokyo, 104-0033, Japan.

The directors consider there to be no ultimate controlling party.
 

17 Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 April 2026 was Christopher David Hutton FCCA, who signed for and on behalf of Charnwood Accountants & Business Advisors LLP.