Company Registration No. 02955362 (England and Wales)
IDX TECHNOLOGY EUROPE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
INFORMATION FOR FILING WITH REGISTRAR
IDX TECHNOLOGY EUROPE LIMITED
COMPANY INFORMATION
Directors
M Sawada
H Son
Y Wada
Secretary
M Nela
Company number
02955362
Registered office
Unit 9
Langley Park
Waterside Drive
LANGLEY
Berkshire
SL3 6EZ
Auditors
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
IDX TECHNOLOGY EUROPE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
IDX TECHNOLOGY EUROPE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2018
31 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
1,676
Tangible assets
4
2,957
4,778
Current assets
Stocks
550,737
622,683
Debtors
5
478,113
486,362
Cash at bank and in hand
278,154
512,517
1,307,004
1,621,562
Creditors: amounts falling due within one year
6
(706,298)
(1,064,438)
Net current assets
600,706
557,124
Total assets less current liabilities
603,663
563,578
Provisions for liabilities
(40,000)
(20,000)
Net assets
563,663
543,578
Capital and reserves
Called up share capital
7
200,000
200,000
Profit and loss reserves
363,663
343,578
Total equity
563,663
543,578
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered 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 financial statements were approved by the board of directors and authorised for issue on 25 October 2018 and are signed on its behalf by:
Y Wada
Director
Company Registration No. 02955362
IDX TECHNOLOGY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
- 2 -
1
Accounting policies
Company information
IDX Technology Europe Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 9, Langley Park, Waterside Drive, LANGLEY, Berkshire, SL3 6EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation
.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
33.3% straight line
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation
.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the life of the lease
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
10% - 20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
IDX TECHNOLOGY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell.
Stocks
held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
IDX TECHNOLOGY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 4 -
1.9
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term
.
1.12
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling 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 the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2018
2017
Number
Number
UK
9
9
Germany
1
1
10
10
IDX TECHNOLOGY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 5 -
3
Intangible fixed assets
Development Costs
£
Cost
At 1 September 2017 and 31 August 2018
13,702
Amortisation and impairment
At 1 September 2017
12,026
Amortisation charged for the year
1,676
At 31 August 2018
13,702
Carrying amount
At 31 August 2018
-
At 31 August 2017
1,676
Development costs are being written off over a 3 year period. The costs have been capitalised as the website generates economic benefits for the company.
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2017
98,122
53,282
151,404
Additions
-
1,718
1,718
At 31 August 2018
98,122
55,000
153,122
Depreciation and impairment
At 1 September 2017
98,122
48,504
146,626
Depreciation charged in the year
-
3,539
3,539
At 31 August 2018
98,122
52,043
150,165
Carrying amount
At 31 August 2018
-
2,957
2,957
At 31 August 2017
-
4,778
4,778
IDX TECHNOLOGY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 6 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
394,246
360,206
Other debtors
83,273
125,605
477,519
485,811
Amounts falling due after more than one year:
Deferred tax asset
594
551
Total debtors
478,113
486,362
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
128,765
177,357
Amounts due to group undertakings
469,327
778,198
Corporation tax
26,256
42,241
Other taxation and social security
9,938
8,965
Other creditors
72,012
57,677
706,298
1,064,438
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
200,000 Ordinary shares of £1 each
200,000
200,000
200,000
200,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Keir Singleton.
The auditor was Harwood Hutton Limited.
IDX TECHNOLOGY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
Within one year
87,480
84,580
Between two and five years
226,350
286,230
313,830
370,810
10
Related party transactions
The company is a wholly owned member of
IDX Company, Ltd
and as such has taken advantage of the
exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions
entered into with other wholly-owned members of the group.
11
Parent company
The immediate and ultimate parent company is IDX Company, Ltd, a company incorporated in Japan. The company's registered office is 6-28-11 Shukugawara, Tama-ku, Kawasaki-shi, Kanagawa-ken, 214-0021, Japan.