Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-01-01No description of principal activity110105truefalse 05186026 2023-01-01 2023-12-31 05186026 2022-01-01 2022-12-31 05186026 2023-12-31 05186026 2022-12-31 05186026 2022-01-01 05186026 2 2022-01-01 2022-12-31 05186026 d:Director2 2023-01-01 2023-12-31 05186026 d:Director2 2023-12-31 05186026 d:Director3 2023-01-01 2023-12-31 05186026 d:Director3 2023-12-31 05186026 d:Director4 2023-01-01 2023-12-31 05186026 d:Director4 2023-12-31 05186026 d:Director5 2023-01-01 2023-12-31 05186026 d:Director5 2023-12-31 05186026 d:Director6 2023-01-01 2023-12-31 05186026 d:Director6 2023-12-31 05186026 d:RegisteredOffice 2023-01-01 2023-12-31 05186026 e:Buildings 2023-01-01 2023-12-31 05186026 e:Buildings 2023-12-31 05186026 e:Buildings 2022-12-31 05186026 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05186026 e:MotorVehicles 2023-01-01 2023-12-31 05186026 e:MotorVehicles 2023-12-31 05186026 e:MotorVehicles 2022-12-31 05186026 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05186026 e:FurnitureFittings 2023-01-01 2023-12-31 05186026 e:FurnitureFittings 2023-12-31 05186026 e:FurnitureFittings 2022-12-31 05186026 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05186026 e:OfficeEquipment 2023-01-01 2023-12-31 05186026 e:OfficeEquipment 2023-12-31 05186026 e:OfficeEquipment 2022-12-31 05186026 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05186026 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05186026 e:CurrentFinancialInstruments 2023-12-31 05186026 e:CurrentFinancialInstruments 2022-12-31 05186026 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05186026 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 05186026 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 05186026 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 05186026 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 05186026 e:ReportableOperatingSegment2 2022-01-01 2022-12-31 05186026 e:ReportableOperatingSegment4 2023-01-01 2023-12-31 05186026 e:ReportableOperatingSegment4 2022-01-01 2022-12-31 05186026 f:UnitedKingdom 2023-01-01 2023-12-31 05186026 f:UnitedKingdom 2022-01-01 2022-12-31 05186026 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 05186026 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 05186026 e:UKTax 2023-01-01 2023-12-31 05186026 e:UKTax 2022-01-01 2022-12-31 05186026 e:ShareCapital 2023-12-31 05186026 e:ShareCapital 2022-12-31 05186026 e:ShareCapital 2022-01-01 05186026 e:CapitalRedemptionReserve 2023-01-01 2023-12-31 05186026 e:CapitalRedemptionReserve 2023-12-31 05186026 e:CapitalRedemptionReserve 2022-12-31 05186026 e:CapitalRedemptionReserve 2022-01-01 05186026 e:CapitalRedemptionReserve 2 2022-01-01 2022-12-31 05186026 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05186026 e:RetainedEarningsAccumulatedLosses 2023-12-31 05186026 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05186026 e:RetainedEarningsAccumulatedLosses 2022-12-31 05186026 e:RetainedEarningsAccumulatedLosses 2022-01-01 05186026 e:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 05186026 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05186026 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05186026 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05186026 d:OrdinaryShareClass1 2023-12-31 05186026 d:OrdinaryShareClass2 2023-01-01 2023-12-31 05186026 d:OrdinaryShareClass2 2023-12-31 05186026 d:OrdinaryShareClass3 2023-01-01 2023-12-31 05186026 d:OrdinaryShareClass3 2023-12-31 05186026 d:OrdinaryShareClass4 2023-01-01 2023-12-31 05186026 d:OrdinaryShareClass4 2023-12-31 05186026 d:OrdinaryShareClass5 2023-01-01 2023-12-31 05186026 d:OrdinaryShareClass5 2023-12-31 05186026 d:FRS102 2023-01-01 2023-12-31 05186026 d:Audited 2023-01-01 2023-12-31 05186026 d:FullAccounts 2023-01-01 2023-12-31 05186026 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05186026 e:WithinOneYear 2023-12-31 05186026 e:WithinOneYear 2022-12-31 05186026 e:BetweenOneFiveYears 2023-12-31 05186026 e:BetweenOneFiveYears 2022-12-31 05186026 2 2023-01-01 2023-12-31 05186026 g:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure


















Jaama Ltd
























Annual report and financial statements



For the year ended 31 December 2023



Registered number: 05186026

 
Jaama Ltd
 


Company Information


Directors
P Waterhouse 
A Holgate 




Registered number
05186026



Registered office
15 Amber Business Village
Amber Close

Tamworth

B77 4RP




Independent auditors
Buzzacott LLP

130 Wood Street

London

EC2V 6DL





 
Jaama Ltd
 


Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 26


 
Jaama Ltd
 


Strategic report
For the year ended 31 December 2023

Introduction
 
The directors present their strategic report for Jaama Limited (“the company”) for the year ended 31 December 2023.
The principal activity of the company is the development, sales and support of fleet management software packages.

Business review
 
During the period the company was acquired by Lexana Finance a subsidiary of Lexana Holdings.
The company’s turnover increased by 17% following an increase in sales to new customers along with new modules. Pre tax profit increased to £5,170,181 (2022: £3,392,565) with a dividend of £1.5m paid prior to the acquisition.

Principal risks and uncertainties
 
Credit risk
The company offers standard market terms to customers, typically 30 days and regularly reviews credit risk of both new and existing customers.
Payment from customers is in advance and is a key requirement of them being licenced to use our key business critical software, thus credit risk is viewed as being very low.
Liquidity Risk
The company seeks to manage liquidity risk by regularly forecasting cashflows and monitoring banking facilities to ensure sufficient funds are available to meet the company's financial obligations for the foreseeable future.
IT Systems & Infrastructure Risk
The company is dependent on internal and third parties' IT systems to ensure its merchant site can trade. Disaster recovery and contingency plans are in plan to mitigate any risk and are reviewed periodically.

Financial key performance indicators
 
The gross profit for the year increased from £11,159,138 to £13,028,644. The rise is gross profit is due to the increase in sales revenue, whilst maintaining costs at a similar level to the prior year.
The operating profit margin for the year was was 34.7% (2022: 23.2%) following the increase in revenue and holding costs.
On a monthly basis, a financial reporting pack is produced for review and discussion with the directors along with quarterly reviews with the parent board. This includes a statement of comprehensive income, a statement of financial position and budget comparison.
Following the acquisition, a number of key financial and non-financial performance indicators are analysed monthly with the management team including (but not limited to) gross margin, churn, new business sales, platform performance and speed, bugs, customer health.

Page 1

 
Jaama Ltd
 


Strategic report (continued)
For the year ended 31 December 2023

Future developments
 
The new ownership will re-invest profits into the business through significant increases in software development in modernisation and expansion of the product range, along with upgrading its customer support and account management activities.


This report was approved by the board and signed on its behalf by:



P Waterhouse
Director

Date: 20 August 2024

Page 2

 
Jaama Ltd
 
 

Directors' report
For the year ended 31 December 2023

The directors present their annual report and the financial statements of Jaama Ltd ('the company')  for the year ended 31 December 2023.

Directors

The directors who served during the year were:

J A Francis (resigned 13 July 2023)
R A Francis (resigned 13 July 2023)
J S Thresher (resigned 13 July 2023)
P Waterhouse (appointed 17 July 2023)
A Holgate (appointed 17 July 2023)

Directors' responsibilities statement

The directors are responsible for preparing the annual report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £4,505,982 (2022 - £2,616,992). During the year the directors proposed a total distribution of dividends amounted to £1,500,000 (2022 - £424,055).

Matters covered in the Strategic report

The company has chosen, in accordance with s.414C(11) Companies Act 2006, to set out in the Strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has been done so in respect of future developments.

Page 3

 
Jaama Ltd
 

Directors' report (continued)
For the year ended 31 December 2023


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report was approved by the board and signed on its behalf by:
 





................................................
P Waterhouse
Director

Date: 20 August 2024

Page 4

 
img22aa.png 
 
 
Independent auditors' report to the members of Jaama Ltd
 For the year ended 31 December 2023

Opinion


We have audited the financial statements of Jaama Ltd (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 2023 and of its profit 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 
img0452.png 
 

Independent auditors' report to the members of Jaama Ltd (continued)
For the year ended 31 December 2023

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 
img21b0.png 
 

Independent auditors' report to the members of Jaama Ltd (continued)
For the year ended 31 December 2023

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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities due to fraud
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 Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including
knowledge specific to auditing firms providing software as a service;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company through discussions with directors and other management at the planning stage, and
from our knowledge and experience of auditing firms providing software as a service;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non compliance with laws and regulations; and
we focused our planned audit work 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, employment
legislation, and taxation legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
 
making enquiries of management;
reviewing legal expenditure and correspondence throughout the period for any potential litigation or claims; and
considering the internal controls in place that are designed 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:
 
determined the susceptibility of the company to management override of controls by checking the implementation
of controls and enquiring of individuals involved in the financial reporting process;
reviewed journal entries throughout the period to identify unusual transactions;
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large
variances from the prior year;
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias
on the part of the company’s management;
tested the occurrence and cut-off of revenue by reviewing revenue recognised and agreeing to terms of service
contracts and customer orders and investigated any material variances to expectations; and
carried out substantive testing to check the occurrence and cut-off of expenditure.
 
Page 7

 
img5a86.png 
 

Independent auditors' report to the members of Jaama Ltd (continued)
For the year ended 31 December 2023

Auditor's responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:
 
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be
inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. 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.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Simon Wax (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
 

20 August 2024
Page 8

 
Jaama Ltd
 


Statement of comprehensive income
For the year ended 31 December 2023

Unaudited
As restated
2023
2022
Note
£
£

  

Turnover
 4 
13,151,910
11,261,579

Cost of sales
  
(123,266)
(102,441)

Gross profit
  
13,028,644
11,159,138

Administrative expenses
  
(7,982,491)
(7,793,606)

Operating profit
 5 
5,046,153
3,365,532

Interest receivable and similar income
 10 
124,028
31,383

Interest payable and similar expenses
 11 
-
(4,350)

Profit before tax
  
5,170,181
3,392,565

Tax on profit
 12 
(664,199)
(775,573)

Profit for the financial year
  
4,505,982
2,616,992

All amounts relate to continuing operations.

There was no other comprehensive income for 2023 or 2022.

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
Jaama Ltd - Registered number:05186026


Statement of financial position
As at 31 December 2023

As restated unaudited
As restated unaudited
2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 14 
143,872
512,997

Current assets
  

Debtors
 15 
9,497,104
2,909,045

Cash at bank and in hand
 16 
2,222,100
1,443,262

  
11,719,204
4,352,307

Creditors: amounts falling due within one year
 17 
(11,522,379)
(7,530,589)

Net current assets/(liabilities)
  
 
 
196,825
 
 
(3,178,282)

Total assets less current liabilities
  
340,697
(2,665,285)

  

Net assets/(liabilities)
  
340,697
(2,665,285)


Capital and reserves
  

Share capital
 19 
19,743
19,743

Capital redemption reserve
 20 
5,388
5,388

Retained earnings
 20 
315,566
(2,690,416)

  
340,697
(2,665,285)




The financial statements were approved and authorised for issue by the board and were signed on its behalf by:




P Waterhouse
Director

Date: 20 August 2024

The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
Jaama Ltd
 


Statement of changes in equity
For the year ended 31 December 2023


Share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022 (as restated) (unaudited)
19,743
2,259
(1,064,353)
(1,042,351)


Comprehensive income for the year

Profit for the year
-
-
2,616,992
2,616,992


Contributions by and distributions to owners

Dividends
-
-
(424,055)
(424,055)

Purchase of own shares
-
3,129
(3,819,000)
(3,815,871)



At 1 January 2023 (as restated) (unaudited)
19,743
5,388
(2,690,416)
(2,665,285)


Comprehensive income for the year

Profit for the year
-
-
4,505,982
4,505,982


Contributions by and distributions to owners

Dividends
-
-
(1,500,000)
(1,500,000)


At 31 December 2023
19,743
5,388
315,566
340,697


The notes on pages 12 to 26 form part of these financial statements.

Page 11

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Jaama Ltd is a private company limited by shares and it was incorporated in England and Wales. Its registered office and principal place of business is 15 Amber Business Village, Amber Close, Tamworth, B77 4RP and its registered number is 05186026.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic
of Ireland":

 the requirements of Section 7 Statement of Cash Flows;
 the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
 the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),
12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Lexana Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The company has received assurance from its immediate parent company, that it will continue to give financial support to the company for a period of at least twelve months from the date of signing these financial statements.
However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any liabilities which might arise. The financial statements do not include any adjustments to the company's assets or liabilities which might be necessary should this basis not continue to be appropriate.

Page 12

 
Jaama Ltd
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, taking into account discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
Jaama Ltd
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

 
Jaama Ltd
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method, unless stated.

Depreciation is provided on the following basis:

Improvements to property
-
in accordance with the property lease
Motor vehicles
-
25% on cost
Fixtures and fittings
-
20% reducing balance
Office equipment
-
33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.13

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.14

Creditors

Short-term creditors are measured at the transaction price. 

 
2.15

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors and loans to related parties.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described above, the directors are required
to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 
Revenue recognition
The company considers the provision of software subscriptions to involve an indeterminate number of acts over the length of the service period. Therefore, in accordance with FRS 102 paragraph 23.15, the company recognises this revenue on a straight-line basis over the specified service periods in each contract. The provision of other services, such as tailored work to meet customers’ needs, requires the company to estimate the percentage of completion of each service at the reporting date to determine appropriate levels of revenue to recognise and defer.
Section 455 tax liability
Included within the corporation tax liability at 31 December 2023 is £342,141 recognised under Section 455 of the Corporation Tax Act 2010 in respect of loans made to associated undertakings that have subsequently made payments to a participator. In recognising this liability, the company has estimated the total amount it expects to have recovered within nine months of its reporting date. If the actual amount recovered differs from this estimate, the resulting Section 455 tax liability will vary accordingly.

Page 16

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


As restated
unaudited
2023
2022
£
£

Software subscriptions
10,656,426
9,466,408

Services
1,851,680
1,196,961

Transactional income
643,804
598,210

13,151,910
11,261,579


An analysis of turnover by geographical market is as follows:

As restated
unaudited
2023
2022
£
£

United Kingdom
12,766,661
10,914,855

Rest of Europe
385,249
346,724

13,151,910
11,261,579



5.


Operating profit

The operating profit is stated after charging:

2023
unaudited
2022
£
£

Depreciation
149,317
325,655

Exchange differences
10,413
(8,468)

Operating lease expense
207,098
182,603

Page 17

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

6.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2023
unaudited
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
40,000
-

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


7.


Employees

unaudited
2023
2022
£
£

Wages and salaries
4,820,286
4,358,859

Social security costs
565,951
524,109

Cost of defined contribution scheme
343,867
451,954

5,730,104
5,334,922


The average monthly number of employees, including the directors, during the year was as follows:


        2023
   unaudited
2022
            No.
            No.







Admin
10
8



Operational
100
97

110
105

Page 18

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

8.


Directors' remuneration

2023
unaudited
2022
£
£

Directors' emoluments
173,192
259,754

Company contributions to defined contribution pension schemes
69,331
223,500

242,523
483,254


During the year retirement benefits were accruing to 3 directors (2022 (unaudited) -4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £62,481 (2022 (unaudited) -£87,798).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2,499 (2022 (unaudited) -£35,068).


9.


Key management personnel

Key management personnel compensation totalled £251,154 (2022 (unaudited): £483,254) during the year.










10.


Interest receivable

2023
unaudited
2022
£
£


Other interest receivable
124,028
31,383


11.


Interest payable and similar expenses

2023
unaudited
2022
£
£


Interest payable
-
4,350

Page 19

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

12.


Taxation


2023
unaudited
2022
£
£

Corporation tax


Current tax on profits for the year
850,452
775,573

Adjustments in respect of previous periods
(110,465)
-


739,987
775,573


Total current tax
739,987
775,573

Deferred tax


Origination and reversal of timing differences
(75,788)
-

Total deferred tax
(75,788)
-


Tax on profit
664,199
775,573
Page 20

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 -19%). The differences are explained below:

2023
unaudited
2022
£
£


Profit on ordinary activities before tax
5,170,181
3,392,565


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 -19%)
1,216,055
644,587

Effects of:


Fixed asset differences
(883)
(5,734)

Expenses not deductible for tax purposes
8,829
2,581

Group relief surrendered/(claimed)
(384,055)
-

Adjustments to tax charge in respect of
previous periods
(110,465)
110,463

Remeasurement of deferred tax for
changes in tax rates
(661)
(7,477)

Movement in deferred tax not recognised
(64,621)
31,153

Total tax charge for the year
664,199
775,573


Factors that may affect future tax charges

The deferred taxes at the reporting date reflected in these financial statements have been measured at the UK rates likely to be applied when the deferred taxes crystallise.

Page 21

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

13.


Dividends

2023
2022
£
£


Interim paid
1,500,000
424,055

The company has negative distributable reserves at 31 December 2021, 2022, and 2023, following a restatement to the financial statements in relation to revenue recognition in 2022.
At the time of the dividend distributions in July and December 2022, and March 2023, the relevant accounts used for determining available distributable reserves, were considered to have been properly prepared, notwithstanding that they were prepared under the previous revenue recognition policy that has subsequently been adjusted. These relevant accounts demonstrated positive distributable reserves and in accordance with the Companies Act 2006 and in the opinion of the directors these were therefore lawful distributions. There are no amounts repayable to the company from the former shareholder and recipient in relation to these dividends.


14.


Tangible fixed assets





Leasehold improvements
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023 (unaudited)
886,843
729,413
234,575
853,708
2,704,539


Additions
-
-
-
110,448
110,448


Disposals
-
(729,413)
-
-
(729,413)



At 31 December 2023

886,843
-
234,575
964,156
2,085,574



Depreciation


At 1 January 2023 (unaudited)
886,843
356,090
196,974
751,635
2,191,542


Charge for the year
-
43,067
30,775
75,475
149,317


Disposals
-
(399,157)
-
-
(399,157)



At 31 December 2023

886,843
-
227,749
827,110
1,941,702



Net book value



At 31 December 2023
-
-
6,826
137,046
143,872



At 31 December 2022 (unaudited)
-
373,323
37,601
102,073
512,997

Page 22

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

15.


Debtors

2023
unaudited
2022
£
£


Trade debtors
2,634,439
2,590,141

Amounts owed by group undertakings
6,189,555
-

Other debtors
352,141
18,211

Called up share capital not paid
-
130

Prepayments and accrued income
245,181
120,510

Tax recoverable
-
180,053

Deferred taxation
75,788
-

9,497,104
2,909,045



16.


Cash at hand and in bank

2023
unaudited
2022
£
£

Cash at bank
2,222,100
1,443,262



17.


Creditors: amounts falling due within one year

As restated
unaudited
2023
2022
£
£

Trade creditors
72,523
148,560

Amounts owed to group undertakings
1,897,066
-

Corporation tax
308,372
-

Other taxation and social security
721,829
740,139

Other creditors
32,179
22,226

Accruals and deferred income
8,490,410
6,619,664

11,522,379
7,530,589


Page 23

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

18.


Deferred taxation




2023


£






At beginning of year (unaudited)
-


Charged to profit or loss
75,788



At end of year
75,788

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
75,788
-

75,788
-


19.


Share capital

2023
unaudited
2022
£
£
Issued and fully paid



18,229 (2022 - 18,229) Ordinary shares of £1.00 each
18,229
18,229
1 (2022 - 1) Ordinary A share of £1.00
1
1
1 (2022 - 1) Ordinary C share of £1.00
1
1
1 (2022 - 1) Ordinary D share of £1.00
1
1
1 (2022 - 1) Ordinary E share of £1.00
1
1
1 (2022 - 1) Ordinary F share of £1.00
1
1
1,509 (2022 - 1,509) Ordinary G shares of £1.00 each
1,509
1,509

19,743

19,743



20.


Reserves

Capital redemption reserve

This was created on the buyback of company's own shares.

Profit and loss account

Includes all current and prior year profits and losses.

Page 24

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

21.


Pension commitments

The company operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £343,867 (2022(unaudited) - £451,954). Contributions totaling £32,179 (2022(unaudited) - £22,226) were payable to the fund at the reporting date and are included in creditors.


22.


Commitments under operating leases

At 31 December 2023, the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
209,292
48,209

Later than 1 year and not later than 5 years
464,588
249,369

673,880
297,578


23.


Related party transactions

The company has taken advantage of the exemptions available under FRS 102 regarding transactions with entities that are part of the group headed by Lexana Holdings Limited, on the grounds that all direct and indirect subsidiary undertakings which are party to such transactions are wholly owned members of the group.


24.


Transactions with directors

During the year ended 31 December 2023, directors purchased motor vehicles from the company for a total of £291,275 (2022 (unaudited): £nil). The directors also incurred expenditure on behalf of the company during the year totalling £7,794 (2022 (unaudited): £nil). The company paid £nil (2022 (unaudited): £607,262) in expenses on behalf of the directors. At 31 December 2023, the company owed the directors £992 (2022 (unaudited): £6,643).


25.


Prior year adjustment

In the year ended 31 December 2022, the company recognised revenue of £222,395 in the statement of comprehensive income in error. This has been correctly restated as deferred income in the prior year comparatives of these financial statements. Furthermore, the company omitted, in error, accrued expenditure of £359,000 at 31 December 2022. The prior year comparatives in these financial statements have been restated to recognise this accrued expense.
These restatements have resulted in a decrease in revenue and increase in deferred income of £222,395 and an increase in administrative expenses and accruals of £359,000. The net reduction in profit before tax is from these restatements £581,395.
The impact of this adjustment to revenue and deferred income is that the company was in a position of having negative distributable reserves following the payment of dividends of £424,055 and the repurchase of own shares of £3,819,000 in the year ended 31 December 2022.  The directors are confident that this does not constitute a departure from the Companies Act that would require either transaction to be reversed.

Page 25

 
Jaama Ltd
 
 

Notes to the financial statements
For the year ended 31 December 2023

26.


Controlling party

The immediate parent undertaking of the company is Lexana Finance Limited, a company incorporated in England and Wales.
The ultimate parent undertaking of the company is Lexana Holdings Ltd.
The smallest and largest group of undertakings for which group accounts have been drawn up which include the company is headed by Lexana Holdings Limited. The registered office of Lexana Holdings Limited is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. The principal place of business of Lexana Holdings Limited is 15 Amber Business Village, Amber Close, Tamworth, B77 4RP.

Page 26