OSATO_DISTRIBUTION_WORLD_ - Accounts

OSATO DISTRIBUTION WORLD LIMITED - Company Information

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Company Registration No. 08088884 (England and Wales)

OSATO DISTRIBUTION WORLD LTD

DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

OSATO DISTRIBUTION WORLD LTD

COMPANY INFORMATION

Director

P Mantello

Company number

08088884

Registered office

Ibex House

Baker Street

Weybridge

Surrey

KT13 8AH

Accountants

Midgley Snelling LLP

Ibex House

Baker Street

Weybridge

Surrey

KT13 8AH

OSATO DISTRIBUTION WORLD LTD

CONTENTS

Page

Director's report

Profit and loss account

Balance sheet

3 - 4

Notes to the financial statements

5 - 9

Accountants' report

OSATO DISTRIBUTION WORLD LTD

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2013

- 1 -

The director presents his report and financial statements for the year ended 31 December 2013.

Principal activities

The principal activity of the company continued to be that of the distribution of health-care products.

Director

The following director has held office since 1 January 2013:

P Mantello

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

P Mantello

Director

30 September 2014

OSATO DISTRIBUTION WORLD LTD

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2013

- 2 -

2013

2012

Notes

€

Turnover

6,462,487

3,930,222

Cost of sales

(4,307,809)

(2,847,172)

Gross profit

2,154,678

1,083,050

Distribution costs

(718,320)

(608,199)

Administrative expenses

(1,428,069)

(725,037)

Other operating income

1,026

Operating profit/(loss)

9,315

(250,186)

Other interest receivable and similar income

Interest payable and similar charges

(7,066)

(2,588)

Profit/(loss) on ordinary activities before taxation

2,250

(252,773)

Tax on profit/(loss) on ordinary activities

Profit/(loss) for the year

2,250

(252,773)

OSATO DISTRIBUTION WORLD LTD

BALANCE SHEET

AS AT

31 DECEMBER 2013

- 3 -

2013

2012

Notes

€

Fixed assets

Intangible assets

680,396

761,235

Tangible assets

8,855

97,173

689,251

858,408

Current assets

Debtors

1,255,334

1,109,169

Cash at bank and in hand

12,855

264,464

1,268,189

1,373,633

Creditors: amounts falling due within one year

(2,207,838)

(2,476,812)

Net current liabilities

(939,649)

(1,103,179)

Total assets less current liabilities

(250,398)

(244,771)

Creditors: amounts falling due after more than one year

(7,877)

(250,398)

(252,648)

Capital and reserves

Called up share capital

125

Profit and loss account

(250,523)

(252,773)

Shareholders' funds

(250,398)

(252,648)

OSATO DISTRIBUTION WORLD LTD

BALANCE SHEET (CONTINUED)

AS AT

31 DECEMBER 2013

- 4 -

For the financial year ended 31 December 2013 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board for issue on 30 September 2014

P Mantello

Director

Company Registration No. 08088884

OSATO DISTRIBUTION WORLD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

- 5 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over ten years, which in opinion of the directors is its estimated useful life.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery etc

- 25% on cost

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.7

Basis preparing the financial statements

The financial statements have been prepared on a going concern basis, dependent on the continued support of its related parties and a review to reduce costs.. The director considers it appropriate to prepare the financial statements on a going concern basis.

1.8

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Turnover

100% (2012: 100%) of the turnover arising in the period is attributable to customers outside the UK.

OSATO DISTRIBUTION WORLD LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

- 6 -

Operating profit/(loss)

2013

2012

€

Operating profit/(loss) is stated after charging:

Amortisation of intangible assets

80,839

47,156

Depreciation of tangible assets

3,543

13,882

Investment income

2013

2012

€

Bank interest

Taxation

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the period.

Intangible fixed assets

Goodwill

€

Cost

At 1 January 2013 & at 31 December 2013

808,391

Amortisation

At 1 January 2013

47,156

Charge for the year

80,839

At 31 December 2013

127,995

Net book value

At 31 December 2013

680,396

At 31 December 2012

761,235

OSATO DISTRIBUTION WORLD LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

- 7 -

Tangible fixed assets

Plant and machinery etc

€

Cost

At 1 January 2013

111,055

Disposals

(96,886)

At 31 December 2013

14,169

Depreciation

At 1 January 2013

13,882

On disposals

(12,111)

Charge for the year

3,543

At 31 December 2013

5,314

Net book value

At 31 December 2013

8,855

At 31 December 2012

97,173

The net book value of tangible fixed assets includes £0 (2012 - £96,886) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £0 (2012 - £12,111) for the year.

Debtors

2013

2012

€

Trade debtors

893,266

224,078

Other debtors

362,068

885,091

1,255,334

1,109,169

OSATO DISTRIBUTION WORLD LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

- 8 -

Creditors: amounts falling due within one year

2013

2012

€

Net obligations under hire purchase contracts

23,631

Trade creditors

1,996,100

2,304,093

Other creditors

211,738

149,088

2,207,838

2,476,812

Creditors: amounts falling due after more than one year

2013

2012

€

Net obligations under hire purchase contracts

7,877

Share capital

2013

2012

€

Allotted, called up and fully paid

100 Ordinary shares of £1 each

125

Statement of movements on profit and loss account

Profit
and loss
account

€

Balance at 1 January 2013

(252,773)

Profit for the year

2,250

Balance at 31 December 2013

(250,523)

Control

The ultimate controlling party is T Hayashi.

OSATO DISTRIBUTION WORLD LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

- 9 -

Related party relationships and transactions

P Mantello

Director of the company

During the year net amounts for commission and consultancy services were due to P Mantello of €366,250 (2012: €184,981 commission and consultancy).

Amount due to related party at the balance sheet date €176,502 (2012: €120,230).

Osato Inc

A company under common control

During the year purchases of €4,298,809 (2012: €2,841,172 purchases) were made from Osato Inc.

Amount due to related party at the balance sheet date €1,850,359 (2012: €2,036,713).

MF Bleu Communications

A company owned by wife of P Mantello

During the year costs were charged from MF Bleu Communications of €158,920 (2012: €159,000 costs charged)

There were no outstanding balances due to/(from) the related party at the balance sheet date (2012: €0).

Equinox Sante Limited

Company controlled by director P Mantello

During the year net amounts were loaned by Equinox Sante Limited of €17,112 (2012: €7,910 loaned to).

Amount due to related party at the balance sheet date €10,090 (2012: €7,910 due from).

Osato Distribution Limited

A company under common control

During the prior period the trade and net liabilities of Osato Distribution Limited were transferred which has led to Goodwill of €808,391.

OSATO DISTRIBUTION WORLD LTD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OSATO DISTRIBUTION WORLD LTD FOR THE YEAR ENDED 31 DECEMBER 2013

- 10 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Osato Distribution World Ltd for the year ended 31 December 2013 set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

It is your duty to ensure that Osato Distribution World Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Osato Distribution World Ltd. You consider that Osato Distribution World Ltd is exempt from the statutory audit requirement for the year.

Midgley Snelling LLP

30 September 2014

Chartered Accountants

Ibex House

Baker Street

Weybridge

Surrey

KT13 8AH

OSATO DISTRIBUTION WORLD LTD

SCHEDULE OF DISTRIBUTION COSTS AND ADMINISTRATIVE EXPENSES

FOR THE YEAR ENDED 31 DECEMBER 2013

2013

2012

€

Distribution costs

Transport

718,320

608,199

718,320

608,199

Administrative expenses

Office costs

10,389

3,773

Staff costs

366,617

159,800

Commissions

296,746

142,854

Consultancy fees

196,504

107,358

TVA costs

2,098

Advertising and marketing

170,670

121,091

Telephone

3,762

9,065

Motor running expenses

31,777

31,835

Travelling expenses

58,113

51,938

Entertaining

49,129

13,132

Legal and professional fees

21,315

10,000

Accountancy

51,758

18,060

Bank charges

7,035

1,069

(Profit)/loss on foreign currency

5,605

(8,074)

Sundry expenses

2,655

Amortisation of intangible fixed assets

80,839

47,156

Depreciation of tangible fixed assets

3,543

13,882

(Profits)/losses on disposal of tangible fixed assets

71,612

1,428,069

725,037