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Company Registration Number: 02501317

IEC (Europe) Limited

Financial Statements

for the financial year ended 31 March 2026

IEC (Europe) Limited

Company Registration Number: 02501317

STATEMENT OF FINANCIAL POSITION

as at 31 March 2026

|  |  | 2026 |  | 2025
|  | Notes | £ |  | £
Fixed Assets

Tangible assets |  | 5 | 8,469 |  | 13,290
|  |  | ───────── |  | ─────────
Current Assets

Debtors |  | 6 |  |  |
- amounts falling due after more than one year |  |  | 10,795 |  | 10,795
- amounts falling due within one year |  |  | 256,730 |  | 256,713
Cash and cash equivalents |  |  | 381,640 |  | 342,078
|  |  | ───────── |  | ─────────
|  |  | 649,165 |  | 609,586
|  |  | ───────── |  | ─────────
Creditors: amounts falling due within one year |  | 7 | (73,498) |  | (98,886)
|  |  | ───────── |  | ─────────
Net Current Assets |  |  | 575,667 |  | 510,700
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 584,136 |  | 523,990
Provisions for liabilities |  | 8 | (18,725) |  | (18,118)
|  |  | ───────── |  | ─────────
Net Assets |  |  | 565,411 |  | 505,872
|  |  | ═════════ |  | ═════════
Capital and Reserves

Called up share capital |  |  | 1,000,000 |  | 1,000,000
Statement of income and retained earnings |  |  | (434,589) |  | (494,128)
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 565,411 |  | 505,872
|  |  | ═════════ |  | ═════════
The financial statements have been prepared 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 (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Statement of Income and Retained Earnings and Directors' Report.

Approved by the Board and authorised for issue on 30 June 2026 and signed on its behalf by

________________________________ |  |  |  |  |
Mr T Watanabe |  |  |  |  |
Director |  |  |  |  |

IEC (Europe) Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 March 2026

1. | General Information
| IEC (Europe) Limited (Company number 02501317) is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Poyle Tech centre, Willow Road, Poyle, Slough, SL3 0DP.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the financial year ended 31 March 2026 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the historical cost basis. The financial statements are prepared in Sterling, which is the functional currency of the entity, and to the nearest ?1.
| Turnover
| Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the freighting of goods is recognised when the significant risks and rewards of movement have transferred to the buyer, usually on despatch of the goods from the country of export; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
| Impairment
| A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
| Operating leases
| Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
| Tangible assets and depreciation
| Tangible assets are initially recorded at cost, and are substantively stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|  | Short leasehold property | - | Straight line over life of the lease
|  | Plant and machinery | - | 20% Straight line
|  | Fixtures, fittings and equipment | - | 20% Straight line
| If there is an indication that there has been a significant change in depreciation rate. Useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
| Provisions
| Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event: it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
| Taxation and deferred taxation
| The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
| Foreign currencies
| Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
| Financial Instruments
| The company only enters in to basic financial instruments transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors.
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.

3. | INFORMATION RELATING TO THE AUDITOR'S REPORT
| The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
| The financial statements were audited by Henry Reeves & Co Limited.
| The Auditor's Report was signed by Stuart Relf FCCA (Senior Statutory Auditor) for and on behalf of Henry Reeves & Co Limited on 30th June 2026.

4. | Employees
| The average monthly number of employees, including directors, during the financial year was 5, (2025 - 5).

5. | Tangible assets
|  | Short | Plant and | Fixtures, | Total
|  | leasehold | machinery | fittings and |
|  | property |  | equipment |
|  | £ | £ | £ | £
| Cost
| At 1 April 2025 | 16,963 | 23,757 | 14,018 | 54,738
|  | ───────── | ───────── | ───────── | ─────────
| At 31 March 2026 | 16,963 | 23,757 | 14,018 | 54,738
|  | ───────── | ───────── | ───────── | ─────────
| Depreciation
| At 1 April 2025 | 6,785 | 20,645 | 14,018 | 41,448
| Charge for the financial year | 3,393 | 1,428 | - | 4,821
|  | ───────── | ───────── | ───────── | ─────────
| At 31 March 2026 | 10,178 | 22,073 | 14,018 | 46,269
|  | ───────── | ───────── | ───────── | ─────────
| Net book value
| At 31 March 2026 | 6,785 | 1,684 | - | 8,469
|  | ═════════ | ═════════ | ═════════ | ═════════
| At 31 March 2025 | 10,178 | 3,112 | - | 13,290
|  | ═════════ | ═════════ | ═════════ | ═════════

6. | Debtors | 2026 | 2025
|  | £ | £
| Trade debtors | 161,866 | 167,911
| Amounts owed by group undertakings | 72,591 | 59,469
| Other debtors | 12,630 | 20,710
| Taxation | 7,495 | 6,749
| Prepayments and accrued income | 12,943 | 12,669
|  | ───────── | ─────────
|  | 267,525 | 267,508
|  | ═════════ | ═════════

| Amounts falling due after more than one year and included in debtors are:
|  | 2026 | 2025
|  | £ | £
| Rent deposits | 10,795 | 10,795
|  | ═════════ | ═════════

7. | Creditors | 2026 | 2025
| Amounts falling due within one year | £ | £
| Trade creditors | 22,724 | 24,205
| Amounts owed to group undertakings | 32,348 | 58,053
| Taxation | 5,183 | 4,597
| Other creditors | 1,286 | 1,286
| Accruals | 11,957 | 10,745
|  | ───────── | ─────────
|  | 73,498 | 98,886
|  | ═════════ | ═════════

8. | Provisions for liabilities
| The amounts provided for an asset retirement obligation is analysed below:
|  |  | Total | Total
|  |  | 2026 | 2025
|  | £ | £ | £
| At financial year start | 18,118 | 18,118 | 17,531
| Utilised during the financial year | 607 | 607 | 587
|  | ───────── | ───────── | ─────────
| At financial year end | 18,725 | 18,725 | 18,118
|  | ═════════ | ═════════ | ═════════
| The company entered into a new office lease in February 2023. The company has recognised that at the end of the lease, costs will be incurred to bring the office back to its original condition. The company has calculated the net present value of these costs, and this has been included within provisions and tangible fixed assets.

9. | Reserves
| The profit and loss reserve brought forward consists of the accumulation of the company's profit or loss since the company was incorporated. The movements within this reserve in the year is the profit during the year. The company's accumulated historic losses dictates that there are no distributable reserves.

10. | Operating leases
| The total future minimum lease payments under non-cancellable operating leases are as follows:
|  | 2026 | 2025
|  | £ | £
| Not later than 1 year | 33,680 | 33,680
| Later than 1 year and not later than 5 years | 29,066 | 62,746
|  | ───────── | ─────────
|  | 62,746 | 96,426
|  | ═════════ | ═════════

11. | Directors advances, creditors and guarantees
| There were no advances, credits of guarantees made to any of the directors during the year.

12. | Related party transactions
| During the year the company entered into the following transactions with related parties:
|  | 2026 | 2025
|  | £ | £
| Balance owed by International Express Co. Ltd | 72,591 | 53,324
| Balance owed to International Express Co. Ltd | (32,348) | (58,053)
| Sales to International Express Co. Ltd | 320,939 | 328,946
| Purchases from International Express Co. Ltd | 290,033 | 323,845
| Balance owed by IEC Express (Hong Kong) Ltd. | - | 6,145
| Sales to IEC Express (Hong Kong) Ltd. | 5,322 | 23,406
| Purchases from IEC Express (Hong Kong) Ltd. | - | 3,710
| Purchases from IEC Express (Shanghai) Ltd. | - | 3,876
|  | ───────── | ─────────
|  | 656,537 | 685,199
|  | ═════════ | ═════════
| During the year the company entered into transactions with it's parent company International Express Co. Ltd, a company based in Japan. At 31 March 2026, there are amounts owed from and to this company of £72,591 (2025 - £53,324) and £32,348 (2025 - £58,053) respectively. All the transactions were on normal trading terms and are unsecured. The company also entered into transactions with two associated parties, International Express (Hong Kong) Ltd and International Express (Shanghai) Ltd. At 31 March 2026, the amounts owed to these companies totalled £Nil (2025 - £6,145) and £Nil (2025 - £Nil) respectively. All the transactions were on normal trading terms and are unsecured.

13. | Controlling Party
| The parent company is International Express Co. Ltd, a company registered in Japan, by virtue of their 100% ownership of the ordinary share capital in IEC (Europe) Limited. International Express Co. Ltd is the parent of the largest group for which group accounts including IEC (Europe) Limited are prepared. Copies of these accounts may be obtained from their head office located at 2-1-17, Kaigan, Minato-ku, Tokyo, 105-0022.