Company registration number 05302374 (England and Wales)
SHOTOKU LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
SHOTOKU LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
SHOTOKU LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
26,574
34,893
Investments
5
100
100
26,674
34,993
Current assets
Stocks
7
2,340,490
2,034,621
Debtors
8
708,450
1,168,265
Cash at bank and in hand
1,095,003
1,615,532
4,143,943
4,818,418
Creditors: amounts falling due within one year
9
(1,806,294)
(2,389,203)
Net current assets
2,337,649
2,429,215
Total assets less current liabilities
2,364,323
2,464,208
Creditors: amounts falling due after more than one year
10
(400,000)
-
0
Provisions for liabilities
11
(17,998)
(14,924)
Net assets
1,946,325
2,449,284
Capital and reserves
Called up share capital
12
1,000,000
1,000,000
Profit and loss reserves
946,325
1,449,284
Total equity
1,946,325
2,449,284

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 section 1A for small entities.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 5 May 2026 and are signed on its behalf by:
J M T Eddershaw
Director
Company registration number 05302374 (England and Wales)
SHOTOKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

Shotoku Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oakingham House, Frederick Place, High Wycombe, Buckinghamshire, HP11 1JU.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Shotoku Limited is a wholly owned subsidiary of Shotoku Corporation and the results of Shotoku Limited are included in the consolidated financial statements of Shotoku Corporation which are available from 6-10-10 Futago, Takatsu-ku, Kawasaki, Kanagawa 213-0002, Japan.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The director s ha ve reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the director s ha ve concluded that t he y can continue to adopt the going concern basis in preparing the annual report and accounts.

1.3
Turnover

Income arising from development, manufacture and sale of camera support systems is recognised based on stage of project completion and in proportion to costs incurred. Upon successful delivery, installation and testing of the manufactured systems on site, final income is recognised.

Maintenance contract income is released to the profit and loss account as and when costs are incurred with the residual balance released at the end of the period of the contract.

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
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
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.

SHOTOKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -

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:

Leasehold improvements
Over life of lease
Plant and machinery
20% Straight line method
Fixtures, fittings & equipment
20% Straight line method
Computer equipment
33.33% Straight line method

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
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.

1.8
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.

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.

SHOTOKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.10
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 and cash and bank balances, 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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

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.

1.11
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.

1.12
Taxation

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

SHOTOKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
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.

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.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.17
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.

SHOTOKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2
Judgements 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 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.

Critical judgements

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Sales provisions

The directors assess all ongoing sales contracts at the Balance Sheet date and recognise a sales provision where final sign-off on any project work has not yet been received and/or where any uncertainty exists. The directors make their assessment on the basis of past experience and specific circumstances affecting individual sales contracts. The directors believe the sales provision recognised within the financial statements to be appropriate at the reporting date.

Stock provisioning

Stock is included in the financial statements at the lower of cost and net realisable value. The directors regularly review stock held and make provision for any slow-moving or obsolete items.

Bad debt provisions

The directors assess the recoverability of trade receivables at each reporting date and recognise a provision for impairment where there is objective evidence that the full amount may not be recoverable. The directors make their assessment on the basis of past experience and specific circumstances affecting individual debtors. The directors believe the provision for bad debts recognised within the financial statements is appropriate at the reporting date.

Warranty provision

The directors assess exposure to warranty claims regularly and make provision for any known issues at the Balance Sheet date. Furthermore, the directors assess the history of any claims and factor this into the provision made.

Dilapidation provision

The directors assess exposure to dilapidation payments on a lease-by-lease basis and make provision for any known exposure.

3
Employees

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

2025
2024
Number
Number
Total
30
36
SHOTOKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2025
119,024
482,147
601,171
Additions
-
0
2,847
2,847
At 31 December 2025
119,024
484,994
604,018
Depreciation and impairment
At 1 January 2025
119,024
447,254
566,278
Depreciation charged in the year
-
0
11,166
11,166
At 31 December 2025
119,024
458,420
577,444
Carrying amount
At 31 December 2025
-
0
26,574
26,574
At 31 December 2024
-
0
34,893
34,893
5
Fixed asset investments
2025
2024
£
£
Investments
100
100
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Shotoku USA LLC
136, Broadway, Suite 1, Woodcliff Lake, NJ 07677
Sales of camera support systems
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Shotoku USA LLC
237,153
93,812
7
Stocks
2025
2024
£
£
Stocks
2,340,490
2,034,621
SHOTOKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
466,509
901,343
Corporation tax recoverable
-
0
13,854
Other debtors
241,941
253,068
708,450
1,168,265
9
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
89,148
107,367
Amounts owed to group undertakings
8,040
8,040
Taxation and social security
43,807
73,554
Other creditors
1,665,299
2,200,242
1,806,294
2,389,203
10
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
400,000
-
0
11
Provisions for liabilities
2025
2024
£
£
Warranty provision
13,368
10,294
Deferred tax liabilities
4,630
4,630
17,998
14,924
12
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
1,000,000 Ordinary shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
SHOTOKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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 loss 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.

Senior Statutory Auditor:
David Hynes
Statutory Auditor:
BK Plus Audit Limited
Date of audit report:
5 May 2026
14
Operating lease commitments
Lessee

At the reporting end date the company had total commitments under operating leases of £1,668,872 (20 2 4: £1,834,812).

15
Related party transactions

The company has taken advantage of the exemption available under Section 33.1A of FRS 102 not to disclose related party transactions with the ultimate parent company or any wholly owned subsidiaries within the group.

16
Parent company

The company is controlled by its immediate and ultimate parent company, Shotoku Corporation, a company whose registered office is 6-10-10 Futago, Takatsu-ku, Kawasaki, Kanagawa 213-0002, Japan.

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