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Jacadi UK Limited

Registered number: 13817970
Annual report
For the period ended 31 December 2022

 
 13817970
31 December 2022
JACADI UK LIMITED
REGISTERED NUMBER: 13817970

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
Note
£

Fixed assets
  

Tangible assets
 4 
116,210

  
116,210

Current assets
  

Stocks
 5 
84,289

Debtors: amounts falling due after more than one year
 6 
99,055

Debtors: amounts falling due within one year
 6 
180,084

Cash at bank and in hand
  
207,357

  
570,785

Creditors: amounts falling due within one year
 7 
(688,633)

Net current liabilities
  
(117,848)

Total assets less current liabilities
  
(1,638)

Net liabilities
  
(1,638)


Capital and reserves
  

Called up share capital 
 8 
10,000

Profit and loss account
  
(11,638)

Total equity
  
(1,638)


The financial statements have been prepared 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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




C M M Dardenne
Director

Date: 10 September 2024

The notes on pages 3 to 11 form part of these financial statements.
Page 1

 
 13817970
31 December 2022
JACADI UK LIMITED
REGISTERED NUMBER: 13817970
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022


Page 2

 
 13817970
31 December 2022
JACADI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Jacadi UK Limited (the 'Company') is a private company limited by shares, incorporated in England and Wales. The address of the registered office is First Floor, 14 Cork Street, London, United Kingdom, W1S 3NS.
The principal activity of the Company during the period was that of the wholesale and retail sale of clothing.
The Company was incorporated on 24 December 2021. The financial statements are for the 12 month period ('the period') ended 31 December 2022.
On 24 December 2021 the Company extended its accounting reference date from 24 December 2022 to 31 December 2022 to bring in line with fellow group companies.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland 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.

The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis. The Company remains assured of the financial support by the parent company. The director has received confirmation that the parent will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due for a period of at least twelve months from the date of these financial statements. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
 13817970
31 December 2022
JACADI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation 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.
All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'. 

 
2.4

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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Interest payable and similar expenses

Interest payable and similar expenses 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
 13817970
31 December 2022
JACADI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

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 other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

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.

 
2.8

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

Depreciation is provided on the following basis:

Store fit out
-
10 years straight line
Fixtures and fittings
-
5 year straight line
Computer equipment
-
4 years straight line

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.

Page 5

 
 13817970
31 December 2022
JACADI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
 13817970
31 December 2022
JACADI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.13

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discontinued at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including the director, during the period was 6.

Page 7

 
 13817970
31 December 2022
JACADI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Store fit out
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 24 December 2021
-
-
-
-


Additions
78,237
39,909
9,127
127,273



At 31 December 2022

78,237
39,909
9,127
127,273



Depreciation


At 24 December 2021
-
-
-
-


Charge for the period
4,036
5,696
1,331
11,063



At 31 December 2022

4,036
5,696
1,331
11,063



Net book value



At 31 December 2022
74,201
34,213
7,796
116,210


5.


Stocks

2022
£

Finished goods and goods for resale
84,289


Page 8

 
 13817970
31 December 2022
JACADI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

6.


Debtors

2022
£

Due after more than one year

Other debtors
99,055


2022
£

Due within one year

Trade debtors
41,156

Other debtors
1,421

Prepayments and accrued income
122,571

Tax recoverable
14,936

180,084


Other debtors due after more than one year represents rental deposits.


7.


Creditors: Amounts falling due within one year

2022
£

Trade creditors
16,594

Amounts owed to group undertakings
652,056

Other creditors
19,983

688,633


Amounts owed to group undertakings include a balance of £113,830 which incurs interest at a rate of 2.0763% and is unsecured and repayable on demand. The remaining balance of £538,226 is unsecured, interest-free and repayable on demand.

Page 9

 
 13817970
31 December 2022
JACADI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

8.


Called up share capital

2022
£
Allotted, called up and fully paid


10,000 Ordinary shares of £1 each
10,000


The Company has one class of ordinary shares which carry voting rights but no rights to fixed income.
At incorporation on 24 December 2021 the Company issued 10,000 Ordinary shares at par value.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. Contributions totalling £nil were payable to the fund at the reporting date and are included in creditors.


10.


Related party transactions

The Company has taken advantage of the exemption from disclosing related party transactions undertaken between wholly owned members of the group that have been concluded under normal market conditions. 


11.


Post balance sheet events

There have been no significant events affecting the Company since the period end.


12.


Controlling party

The immediate parent undertaking is Jacadi SAS, a company registered in France. The registered address is 32 rue de Guersant, 75017 PARIS, RCS de Paris.
The ultimate controlling party is Mr Jean Jacques Duforest by virtue of his control over ID Valeurs SAS.
The smallest and largest group in which the results of the Company are consolidated is Jacadi SAS.

Page 10

 
 13817970
31 December 2022
JACADI UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

13.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2022 was qualified.

The qualification in the audit report was as follows:

We were unable to satisfy ourselves concerning the stock quantities of £84,289 held at 31 December 2022. We have concluded that where the other information refers to the stock value or related balances such as costs sales, it may be materially misstated for the same reason.

The audit report was signed on 11 September 2024 by Tracey Becker (Senior Statutory Auditor) on behalf of Kreston Reeves LLP.

Page 11