Yaesu UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02894597 (England and Wales)

YAESU UK LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J Hasegawa

M Mori

SECRETARY:

D Croome

REGISTERED OFFICE:

Unit 12

Sun Valley Business Park

Winnall Close

Winchester

Hampshire

SO23 0LB

REGISTERED NUMBER:

02894597 (England and Wales)

CURRENT ASSETS

Stocks

6

871,530

924,595

Debtors

7

870,926

1,007,617

Cash at bank and in hand

123,733

218,306

1,866,189

2,150,518

CREDITORS

Amounts falling due within one year

8

(1,096,098

)

(1,354,661

)

NET CURRENT ASSETS

770,091

795,857

TOTAL ASSETS LESS CURRENT LIABILITIES

770,091

795,857

PROVISIONS FOR LIABILITIES

10

(869

)

(1,059

)

NET ASSETS

769,222

794,798

CAPITAL AND RESERVES

Called up share capital

300,000

300,000

Retained earnings

469,222

494,798

SHAREHOLDERS' FUNDS

769,222

794,798

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2018 and were signed on its behalf by:

M Mori - Director

1.	STATUTORY INFORMATION

Yaesu UK Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page. The registered office is the principal place of business.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the

UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been

prepared under the historical cost convention.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are presented in sterling which is the functional currency of the company and

rounded to the nearest £.

The financial statements have been prepared on a going concern basis which is dependent on the

continuing support of the parent company. The parent company, Yaesu Musen Co. Limited, has

indicated its intention to continue to provide financial support for a period of not less than 12 months

from the date of the signing of the accounts.

On this basis the directors consider it appropriate to prepare the financial statements on a going

concern basis. The financial statements do not include any adjustments that would result from a

withdrawal of such financial support.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Turnover is recognised when the goods are delivered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Straight line over period of the lease

Fixtures and fittings

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items. Cost is determined using the standard costing method.

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the

arrangement constitutes a financing transaction in which case the transaction is measured at the

present value of the future receipts discounted at the prevailing market rate of interest . Loans are

initially measured at fair value and are subsequently measured at amortised cost using the effective

interest method less any impairment.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing

impairment of trade and other debtors, management considers factors including the current credit

rating of the debtor, the ageing profile of debtors and historical experience.

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a

financing transaction in which case the transaction is measured at present value of future payments

discounted at the prevailing market rate of interest. Other financial liabilities are initially measured at

fair value net of their transaction costs. They are subsequently measured at amortised cost using the

effective interest method.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the

current or past reporting periods using tax rates that have been enacted or substantively enacted by

the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax

losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against future taxable profits or against the reversal of deferred tax liabilities. Deferred

tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date

that are expected to apply to the reversal of the timing difference.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - 8 ).

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2017

and 31 December 2017

12,807

26,667

39,474

DEPRECIATION

At 1 January 2017

and 31 December 2017

12,807

26,667

39,474

NET BOOK VALUE

At 31 December 2017

-

-

-

At 31 December 2016

-

-

-

6.

STOCKS

2017

2016

£

£

Finished goods

871,530

924,595

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

500,496

614,102

Other debtors

370,430

393,515

870,926

1,007,617

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

54,599

34,346

Amounts owed to group undertakings

1,014,656

1,252,766

Taxation and social security

6,424

46,729

Other creditors

20,419

20,820

1,096,098

1,354,661

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

44,568

44,568

Between one and five years

-

44,568

44,568

89,136

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

869

1,059

Deferred

tax

£

Balance at 1 January 2017

1,059

Accelerated capital allowances

(190

)

Balance at 31 December 2017

869

11.	CONTINGENT LIABILITIES

There is a letter of guarantee in favour of H M Revenue and Customs for £4,000 (2016 - £4,000) in

respect of duty and VAT deferral. An amount equal to the potential liability is held by the bank in a

designated account against this guarantee.

12.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for the benefit of the employees. The

assets of the scheme are administered by trustees in a fund independent from those of the company.

At the year end there were outstanding contributions of £1,802 (2016 - £1,785)

The total contributions paid in the year amounted to £7,958 (2016 - £3,764).

13.	RELATED PARTY DISCLOSURES

During the year the company purchased goods from Yaesu Musen Co. Ltd, the immediate parent

company, for the amount of £2,746,180 (2016 - £3,106,957).

Included within the amounts owed to group undertakings falling due is a intercompany loan of

£100,000 (2016 - £100,000). The loan carried interest payable at a rate of 1.475% and is repayable on

demand. During the year, interest of £1,475 (2016 - £1,475) was paid to Yaesu Musen Co. Ltd in

respect of the loan.

14.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Yaesu Musen Co. Limited which is controlled by Tokogiken Co.

Limited.

The immediate parent which draws up consolidated financial statements is Yaesu Musen Co. Ltd,

company address being Tennozu Parkside Building 2-5-8, Higashi-Shinagawa-ku, Tokyo 140-0002,

Japan.

The ultimate controlling party is J Hasegawa, director, by virtue of his majority shareholding in

Tokogiken Co. Limited.