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Financial Statements for the Year Ended 31 December 2019 |
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Itaya Europe Ltd |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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Itaya Europe Ltd |
Itaya Europe Ltd (Registered number: 04336209) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Itaya Europe Ltd |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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The Oakley |
Kidderminster Road |
Droitwich |
Worcestershire |
WR9 9AY |
Itaya Europe Ltd (Registered number: 04336209) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Itaya Europe Ltd (Registered number: 04336209) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Itaya Europe Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services |
provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value |
of consideration takes into account trade discounts, settlement discounts and volume rebates. |
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When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the |
present value of the future receipts. The difference between the fair value of the consideration and the nominal |
amount received is recognised as interest income. |
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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. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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. |
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Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and |
cost, adjusted where applicable for any loss of service potential. |
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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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Itaya Europe Ltd (Registered number: 04336209) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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Warranties |
Provision is made for the estimated liability on all products still under warranty, including claims already |
received. The provision is based on past experience of claims arising in the warranty periods. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Itaya Europe Ltd (Registered number: 04336209) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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2019 | 2018 |
£ | £ |
Future minimum lease payments due under finance leases: |
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Within one year | 6,909 | 6,909 |
In two to five years | 17,283 | 24,191 |
24,192 | 31,100 |
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. |
Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the |
assets. The average lease term is 2.5 years. All leases are on a fixed repayment basis and no arrangements |
have been entered into for contingent rental payments. |
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5. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Pension control | - | 2,108 |
VAT | 71,353 | - |
Other creditors |
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Credit card account | 1,934 | - |
Accrued expenses |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
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Itaya Europe Ltd (Registered number: 04336209) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2019 | 2018 |
£ | £ |
Between one and five years |
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Hire purchase contracts are secured against the assets to which they relate to. |
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10. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 24,976 | 11,443 |
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Deferred |
tax |
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Balance at 1 January 2019 |
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Provided during year |
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Balance at 31 December 2019 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 400,000 | 400,000 |
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12. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2019 |
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Profit for the year |
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At 31 December 2019 |
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13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Itaya Europe Ltd (Registered number: 04336209) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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14. | PARENT COMPANY |
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The ultimate parent company is ltaya Engineering Limited, a company that is registered in Japan. The company |
owns 100% of the issued share capital of ltaya Europe Limited. |
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Copies of the ltaya Engineering Limited financial statements can be obtained from the company secretary at 504 |
Matsuhidai, Matsuda-Shi, 270-2214, Chiba, Japan. |