REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
YOKOGAWA RAP LIMITED |
|
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
YOKOGAWA RAP LIMITED |
|
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
|
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Strategic Report | 2 |
|
Report of the Directors | 3 |
|
Report of the Independent Auditors | 4 |
|
Income Statement | 7 |
|
Other Comprehensive Income | 8 |
|
Balance Sheet | 9 |
|
Statement of Changes in Equity | 10 |
|
Notes to the Financial Statements | 11 |
|
YOKOGAWA RAP LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
AUDITORS: |
|
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
|
|
|
BANKERS: |
|
10 Portland Street |
Swansea |
SA1 3DF |
|
|
|
SOLICITORS: |
|
Bay House |
Pheonix Way |
Swansea |
SA1 9YT |
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
The directors present their strategic report for the year ended 31 March 2022. |
|
REVIEW OF BUSINESS |
The financial year to 31 March 2022 saw the continued integration of RAP within the Yokogawa group. Integration and trading results have been difficult in the backdrop of covid and a long sales cycle but the original expectations set out in acquisition are considered on track. Intake and operating profit were behind plan for the year (Intake £1.6m vs £1.3m and OP £269k loss vs 199k loss) which was due to a slow start to the year. The second half saw much stronger results being an indication of the integration and sales activity starting to come to fruition. |
Reduced sales were balanced by controlling costs through delayed recruitment and reduced travel activity. |
Sales opportunities continue to grow and the future outlook is considered to be positive and still inline with the post merger integration plan. |
|
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks that the business faces are the general economic risk and sensitivity to changes in customers' maintenance budgets and future investment decisions. The company mitigates this with strong forecasting and tight cost control. Exchange rate exposure is limited via natural hedges and, where a transaction risk is material, hedges are undertaken via the parent company. |
|
FUTURE DEVELOPMENTS |
The group introduced an new medium term business plan ("MTBP") during the period called "Accelerate Growth 2023". |
|
The four basic strategies of this new Accelerate Growth 2023 MTBP are: |
1) Implement IA2IA & smart manufacturing and transform value provision |
2) Strengthen industry responsiveness and expand cross-industry business |
3) Ensure profitability and sound growth |
4) Optimize internal operations and transform mindsets |
|
The Company is positioned to support Yokogawa group's MTBP and will seek to enhance its corporate value. |
|
GOING CONCERN |
The Company's business activities, together with the factors likely to affect its future performance and development are set out in the Strategic Report. The Company's forecasts and projections, taking account of possible changes in trading performance, show that the company should be able to operate within the current working capital facility. The Company's financial results are expected to improve in the future as it integrates with the Yokogawa group and utilises the Yokogawa sales channels. The Company is also expected to receive financial support from its parent and the group during this period. |
|
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. They thus continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
|
POST BALANCE SHEET EVENTS |
£300,000 loan from Yokogawa UK limited issued after the 31 March 2022. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
|
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2022. |
|
DIRECTORS |
|
|
Other changes in directors holding office are as follows: |
|
|
|
|
Mr T Matsubara appointed 1 April 2022 |
|
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
|
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements 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 financial statements, the directors are required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 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. |
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
|
AUDITORS |
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
YOKOGAWA RAP LIMITED |
|
Opinion |
We have audited the financial statements of Yokogawa RAP Limited (the 'company') for the year ended 31 March 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
|
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2022 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. |
|
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 Auditors' 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. |
|
Material Uncertainty related to Going Concern |
We draw attention to note 2 in the financial statements, which indicates that the company incurred a net loss of £(168,039) during the year ended 31 March 2022 and also notes the effect of these losses on the Company. As stated in note 2, these results, along with other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. |
|
Yokogawa UK limited as provided assurance that they will continue to support Yokogawa RAP and not recall the £700k loan issued in the year. |
|
Observing forecasts to actual performance for the 3 months post year end has provided additional assurance that forecasted results can be relied apon for forcasted performance over the next 12 months. |
|
Our opinion is not modified in respect of this matter. |
|
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
|
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. |
|
In connection with our audit of the financial statements, 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 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. |
|
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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors 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 Report of the Directors. |
|
We have nothing to report in respect of the following matters where 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
YOKOGAWA RAP LIMITED |
|
|
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
|
Auditors' 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 a Report of the Auditors 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. |
|
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
|
- | enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to: |
- | identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- | internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- | discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. |
- | obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation. |
|
In addition to the above, our procedures to respond to risks identified included the following: |
|
- | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; |
- | enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; |
- | In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; |
- | assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and |
- | evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
|
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
|
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
YOKOGAWA RAP LIMITED |
|
|
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 a Report of the Auditors 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. |
|
|
|
|
|
for and on behalf of
|
Chartered Accountants |
And Statutory Auditors |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
|
|
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
2022 | 2021 |
Notes | £ | £ |
|
TURNOVER | 3 |
|
|
|
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
|
|
|
Administrative expenses | ( |
) | ( |
) |
(261,275 | ) | (336,046 | ) |
|
Other operating income |
|
|
OPERATING LOSS | 5 | ( |
) | ( |
) |
|
Interest receivable and similar income |
|
|
(217,779 | ) | (288,546 | ) |
|
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
|
Tax on loss | 7 |
|
|
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
2022 | 2021 |
Notes | £ | £ |
|
LOSS FOR THE YEAR | ( |
) | ( |
) |
|
|
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
( |
) |
( |
) |
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
BALANCE SHEET |
31 MARCH 2022 |
|
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
|
|
|
CURRENT ASSETS |
Debtors | 9 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 10 |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
( |
) |
|
CREDITORS |
Amounts falling due after more than one
year |
11 |
( |
) |
|
|
PROVISIONS FOR LIABILITIES | 13 | ( |
) |
|
NET LIABILITIES | ( |
) | ( |
) |
|
CAPITAL AND RESERVES |
Called up share capital | 14 |
|
|
Share premium | 15 |
|
|
Retained earnings | 15 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
|
Balance at 1 April 2020 |
|
|
|
|
|
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 March 2021 |
|
( |
) |
|
( |
) |
|
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 March 2022 |
|
( |
) |
|
( |
) |
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
1. | STATUTORY INFORMATION |
|
Yokogawa RAP Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Going concern |
During the year ended 31 March 2022, the company incurred a net loss of (168,039) , and retained losses of £237,885. |
|
The Company's business activities, together with the factors likely to affect its future performance and development are set out in the Strategic Report. The Company's forecasts and projections, taking account of possible changes in trading performance, show that the company should be able to operate within the current working capital facility. The Company's financial results are expected to improve in the future as it integrates with the Yokogawa group and utilises the Yokogawa sales channels. The Company is also expected to receive financial support from its parent and the group during this period. |
|
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. They thus continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
|
Taking into account the financial position of Yokogawa UK Limited and the Yokogawa group, continued financial support of Yokogawa RAP is expected to continue for the forseeable future. |
|
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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
|
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirement of paragraph 33.7. |
|
This information is included in the consolidated financial statements of Yokogawa Electric Corporation as at 31 March 2022 and these financial statements may be obtained from 9-32 Nakacho, 2-Chrome, Musashino, Tokyo 180, Japan |
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
2. | ACCOUNTING POLICIES - continued |
|
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates arid 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. |
|
Useful economic lives of tangible assets |
The annual depreciation charges for tangibles assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See following notes for the useful economic lives for each class of assets. |
|
Amounts recoverable on contract |
During the year and at the balance sheet date the directors quantify the amounts recoverable on each contract in progress. Cost of work done to date including materials and staff costs is taking into consideration before arriving at a valuation by reference to the stage of completion. The company include provisions in their valuations for unforeseen costs based on their risk and likelihood of them occurring. |
Revenue from licences is recognised once the contract has been agreed due to the nature of the licences, once sold are held for perpetuity. |
|
Turnover |
Turnover represents net invoiced sales of services provided, excluding value added tax. |
|
Sales from Implementation & Modification is recognised based on its point of completion. The point of completion criteria is met once the contract completeness reaches each of the 5 stages of the agreed contract. |
Licence element of the contract is recognised on the contract date or early on in the implementation process. The criteria being that the licences are held for perpetuity. |
|
Sales from annual maintenance contracts are spread over the period of the contract on a monthly pro rata basis. |
|
Tangible fixed assets |
|
Fixtures and fittings | - |
|
Computer equipment | - |
|
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
2. | ACCOUNTING POLICIES - continued |
|
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
|
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
|
Cash at bank and in hand |
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
|
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
|
Creditors |
Short term creditors are measured at transaction price. |
|
Provision for liabilities |
Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. |
|
Operating lease commitments |
Operating lease commitments are recognised as costs in the period in which they relate. |
|
Functional and Presentation Currency |
The company's functional and presentation currency is pounds sterling. |
|
Employee Benefits |
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
|
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. |
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
3. | TURNOVER |
|
The turnover and loss before taxation are attributable to the one principal activity of the company. |
|
An analysis of turnover by class of business is given below: |
|
2022 | 2021 |
£ | £ |
|
|
|
|
|
|
|
|
|
An analysis of turnover by geographical market is given below: |
|
2022 | 2021 |
£ | £ |
United Kingdom |
|
|
Europe |
|
|
Rest of the World | 227,010 | 266,122 |
|
|
|
4. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
|
The average number of employees during the year was as follows: |
2022 | 2021 |
|
Management & admin staff | 4 | 4 |
Direct staff | 22 | 21 |
|
|
|
Within wages costs is £128,952 of recharges. |
|
2022 | 2021 |
£ | £ |
Directors' remuneration |
|
|
|
5. | OPERATING LOSS |
|
The operating loss is stated after charging: |
|
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
|
|
Auditors' remuneration |
|
|
Foreign exchange differences |
|
|
R&D Expenditure |
|
|
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Loan interest |
|
|
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
7. | TAXATION |
|
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
Over / under provision in |
prior periods | - | (24,854 | ) |
Losses used for group relief | (71,561 | ) | (65,835 | ) |
Total current tax | ( |
) | ( |
) |
|
Deferred tax |
|
|
Tax on loss | ( |
) | ( |
) |
|
UK corporation tax has been charged at 19% . |
|
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
|
2022 | 2021 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of
(2021 - |
( |
) |
( |
) |
|
Effects of: |
Income not taxable for tax purposes |
|
|
Depreciation in excess of capital allowances |
|
- |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Accelerated capital allowances | 13,837 | - |
Effect of rate changes to deferred tax | - | (14,377 | ) |
Deferred tax not recognised | - | 3,589 |
Total tax credit | (57,724 | ) | (90,689 | ) |
|
The withheld amount of the R&D credit for the year, totalling £8,222, has been used to settle the corporation tax liability of another Company within the Group, Yokogawa RAP Ltd will receive full consideration for this R&D credit. |
|
Taxable losses totalling £376,635 have been transferred to to another company in the group via Group Loss Relief rules, Yokogawa RAP Ltd will receive full consideration for the value of the tax relief provided by these taxable losses. |
|
Deferred tax liabilities due to accelerated capital allowances have been recognised at 19%. |
|
Deferred tax assets relating to carried forward losses have not been recognised in these financial statements. |
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
8. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
|
|
|
Additions |
|
|
|
At 31 March 2022 |
|
|
|
DEPRECIATION |
At 1 April 2021 |
|
|
|
Charge for year |
|
|
|
At 31 March 2022 |
|
|
|
NET BOOK VALUE |
At 31 March 2022 |
|
|
|
At 31 March 2021 |
|
|
|
|
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Tax |
|
|
VAT |
|
|
Accrued income |
|
|
Prepayments |
|
|
|
|
|
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Other creditors |
|
|
Deferred income |
|
|
Accrued expenses |
|
|
|
|
|
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Other loans (see note 12) |
|
|
|
12. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2022 | 2021 |
£ | £ |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
|
|
YOKOGAWA RAP LIMITED (REGISTERED NUMBER: 02960461) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
13. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred taxation | 13,837 | - |
|
Deferred |
tax |
£ |
Charge to Income Statement during year |
|
Balance at 31 March 2022 |
|
|
14. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary A | 1p | 50 | 50 |
|
Ordinary B | 1p | 50 | 50 |
|
Ordinary C | 1p | 3 | 3 |
103 | 103 |
|
15. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 April 2021 | ( |
) |
|
(64,467 | ) |
Deficit for the year | ( |
) | ( |
) |
At 31 March 2022 | ( |
) |
|
(232,506 | ) |
|
16. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
|
17. | ULTIMATE CONTROLLING PARTY |
|
The controlling party is Yokogawa UK Ltd. |
|
The ultimate controlling party is
|
|
18. | SHARE-BASED PAYMENT TRANSACTIONS |
|
All share options previously held were exercised on 05/09/2019, there are no share options held as at 31/03/2022. |