Tokyo Leasing (UK) PLC - Limited company accounts 20.1

REGISTERED NUMBER: 01727049 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

TOKYO LEASING (UK) PLC

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

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

N Morimoto

H Sone

SECRETARY:

N Morimoto

REGISTERED OFFICE:

5 Argosy Court

Scimitar Way

Whitley Business Park

Coventry

CV3 4GA

REGISTERED NUMBER:

01727049 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

5 Argosy Court

Scimitar Way

Whitley Business Park

Coventry

CV3 4GA

The directors present their strategic report for the year ended 31 December 2021.

The Directors present their Annual report and audited financial statements for the year ended 31 December 2021. The company has chosen in accordance with Companies Act 2006. s. 414C( I I) to set out in the company's strategic report information required to be contained in the director's report.

REVIEW OF BUSINESS

The Company was engaged primarily in the leasing of equipment. The last lease agreement was terminated in February 2014 and since that date the company has been investigating new leasing opportunities. To date none of these opportunities have reached fruition and therefore the company's only activity has been the receipt of interest from the bank balances held.

The Company's key financial and other performance indicators during the year were as follows:

2021

2020

£

£

Turnover

-

-

Total operating profit/(loss)

(26,940

)

(33,726

)

Profit / (Loss) after tax

(19,153

)

3,799

Shareholders' funds

8,352,736

8,371,889

PRINCIPAL RISKS AND UNCERTAINTIES

Foreign currency exchange rate risk

All foreign currency bank balances are exposed to exchange risk as the company has not entered into any contracts to mitigate this. As at the year end however each of these accounts has a nil balance.

Operational risk

Operational risk is mitigated by the Company through the stringent application of written procedures and compliance monitoring against those procedures.

KEY PERFORMANCE INDICATORS

In the opinion of the Directors there are no other Key Performance Indicators whose disclosure is necessary for an understanding of the development, performance or position of the business.

FUTURE DEVELOPMENTS

The company currently is not trading and is continuing to investigate new leasing opportunities in the UK and European Countries.

ON BEHALF OF THE BOARD:

N Morimoto - Director

31 March 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2021.

DIRECTORS

The directors who have held office during the period from 1 January 2021 to the date of this report are as follows:

S Saito - resigned 1 April 2021

T Kitamura - resigned 1 April 2021

N Morimoto - appointed 1 April 2021

H Sone - appointed 1 April 2021

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, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N Morimoto - Director

31 March 2022

Opinion

We have audited the financial statements of Tokyo Leasing (UK) PLC (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 December 2021 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Jeremy Kitson BA FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

5 Argosy Court

Scimitar Way

Whitley Business Park

Coventry

CV3 4GA

19 April 2022

TURNOVER

-

-

Administrative expenses

26,940

33,726

OPERATING LOSS

4

(26,940

)

(33,726

)

Interest receivable and similar income

7,787

37,525

(LOSS)/PROFIT BEFORE TAXATION

(19,153

)

3,799

Tax on (loss)/profit

6

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(19,153

)

3,799

(LOSS)/PROFIT FOR THE YEAR

(19,153

)

3,799

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(19,153

)

3,799

CURRENT ASSETS

Debtors

7

1,702

879

Cash at bank

8,358,173

8,378,331

8,359,875

8,379,210

CREDITORS

Amounts falling due within one year

8

7,139

7,321

NET CURRENT ASSETS

8,352,736

8,371,889

TOTAL ASSETS LESS CURRENT LIABILITIES

8,352,736

8,371,889

CAPITAL AND RESERVES

Called up share capital

9

6,655,000

6,655,000

Retained earnings

10

1,697,736

1,716,889

SHAREHOLDERS' FUNDS

8,352,736

8,371,889

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2022 and were signed on its behalf by:

N Morimoto - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2020

6,655,000

1,713,090

8,368,090

Changes in equity

Total comprehensive income

-

3,799

3,799

Balance at 31 December 2020

6,655,000

1,716,889

8,371,889

Changes in equity

Total comprehensive income

-

(19,153

)

(19,153

)

Balance at 31 December 2021

6,655,000

1,697,736

8,352,736

Cash flows from operating activities

Cash generated from operations

1

(27,945

)

(24,850

)

Net cash from operating activities

(27,945

)

(24,850

)

Cash flows from investing activities

Interest received

7,787

37,525

Net cash from investing activities

7,787

37,525

(Decrease)/increase in cash and cash equivalents

(20,158

)

12,675

Cash and cash equivalents at beginning of year

2

8,378,331

8,365,656

Cash and cash equivalents at end of year

2

8,358,173

8,378,331

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2021

2020

£

£

(Loss)/profit before taxation

(19,153

)

3,799

Finance income

(7,787

)

(37,525

)

(26,940

)

(33,726

)

(Increase)/decrease in trade and other debtors

(823

)

8,874

(Decrease)/increase in trade and other creditors

(182

)

2

Cash generated from operations

(27,945

)

(24,850

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2021

31.12.21

1.1.21

£

£

Cash and cash equivalents

8,358,173

8,378,331

Year ended 31 December 2020

31.12.20

1.1.20

£

£

Cash and cash equivalents

8,378,331

8,365,656

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.21

Cash flow

At 31.12.21

£

£

£

Net cash

Cash at bank

8,378,331

(20,158

)

8,358,173

8,378,331

(20,158

)

8,358,173

Total

8,378,331

(20,158

)

8,358,173

1.	STATUTORY INFORMATION

Tokyo Leasing (UK) PLC is a public 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with 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.

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.

Foreign currencies

Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the sheet date. All differences are taken to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2021 nor for the year ended

31 December 2020.

There are no employees as at 31 December 2021 and were no employees as at 31 December 2020.

2021

2020

£

£

Directors' remuneration

-

-

4.	OPERATING LOSS

The operating loss is stated after charging:

2021

2020

£

£

Foreign exchange differences

-

4,625

5.	AUDITORS' REMUNERATION

2021

2020

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

5,400

5,400

Auditors' remuneration for non audit work

20,880

23,040

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2021 nor for the year ended 31 December 2020.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

1,702

879

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Accrued expenses

7,139

7,321

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

6,655,000

Ordinary

£1

6,655,000

6,655,000

10.

RESERVES

Retained

earnings

£

At 1 January 2021

1,716,889

Deficit for the year

(19,153

)

At 31 December 2021

1,697,736

11.	ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The immediate and ultimate parent company is Tokyo Century Corporation, 3 kanda-neribeicho, Chiyoda-Ku, Tokyo 101-0022 Japan, a company incorporated and registered in Japan. The consolidated financial statements of Tokyo Century Corporation are available to the public and may be obtained from Tokyo Leasing (UK) PLC at the address below.

5 Argosy Court

Scimitar Way

Whitley Business Park

Coventry

CV3 4GA