Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3149false2023-01-01falseThe principal activity of the company continues to be that of the retail of lighting, furniture and fireplaces, bothreproduction and antique. The manufacture and finishing of fireplaces. The finishing and electrification of lightingproducts. The storage of all these items.45falsefalse 03519207 2023-01-01 2023-12-31 03519207 2022-01-01 2022-12-31 03519207 2023-12-31 03519207 2022-12-31 03519207 2022-01-01 03519207 c:PriorPeriodIncreaseDecrease 2022-01-01 2022-12-31 03519207 1 2023-01-01 2023-12-31 03519207 1 2022-01-01 2022-12-31 03519207 3 2023-01-01 2023-12-31 03519207 3 2022-01-01 2022-12-31 03519207 5 2023-01-01 2023-12-31 03519207 5 2022-01-01 2022-12-31 03519207 e:CompanySecretary1 2023-01-01 2023-12-31 03519207 e:Director1 2023-01-01 2023-12-31 03519207 e:Director2 2023-01-01 2023-12-31 03519207 e:Director3 2023-01-01 2023-12-31 03519207 e:Director4 2023-01-01 2023-12-31 03519207 e:Director5 2023-01-01 2023-12-31 03519207 e:RegisteredOffice 2023-01-01 2023-12-31 03519207 c:Buildings c:ShortLeaseholdAssets 2023-01-01 2023-12-31 03519207 c:Buildings c:ShortLeaseholdAssets 2023-12-31 03519207 c:Buildings c:ShortLeaseholdAssets 2022-12-31 03519207 c:LandBuildings 2023-12-31 03519207 c:LandBuildings 2022-12-31 03519207 c:MotorVehicles 2023-01-01 2023-12-31 03519207 c:MotorVehicles 2023-12-31 03519207 c:MotorVehicles 2022-12-31 03519207 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03519207 c:FurnitureFittings 2023-01-01 2023-12-31 03519207 c:FurnitureFittings 2023-12-31 03519207 c:FurnitureFittings 2022-12-31 03519207 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03519207 c:ComputerEquipment 2023-01-01 2023-12-31 03519207 c:ComputerEquipment 2023-12-31 03519207 c:ComputerEquipment 2022-12-31 03519207 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03519207 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03519207 c:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 03519207 c:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03519207 c:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03519207 c:CurrentFinancialInstruments 2023-12-31 03519207 c:CurrentFinancialInstruments 2022-12-31 03519207 c:Non-currentFinancialInstruments 2023-12-31 03519207 c:Non-currentFinancialInstruments 2022-12-31 03519207 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 03519207 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 03519207 c:UKTax 2023-01-01 2023-12-31 03519207 c:UKTax 2022-01-01 2022-12-31 03519207 c:ShareCapital 2023-12-31 03519207 c:ShareCapital 2022-12-31 03519207 c:ShareCapital 2022-01-01 03519207 c:SharePremium 2023-01-01 2023-12-31 03519207 c:SharePremium 2023-12-31 03519207 c:SharePremium 2022-12-31 03519207 c:SharePremium c:PriorPeriodIncreaseDecrease 2022-01-01 2022-12-31 03519207 c:SharePremium 2022-01-01 03519207 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03519207 c:RetainedEarningsAccumulatedLosses 2023-12-31 03519207 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03519207 c:RetainedEarningsAccumulatedLosses 2022-12-31 03519207 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-01-01 2022-12-31 03519207 c:RetainedEarningsAccumulatedLosses 2022-01-01 03519207 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03519207 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03519207 e:OrdinaryShareClass1 2023-01-01 2023-12-31 03519207 e:OrdinaryShareClass1 2023-12-31 03519207 e:OrdinaryShareClass1 2022-12-31 03519207 e:FRS102 2023-01-01 2023-12-31 03519207 e:Audited 2023-01-01 2023-12-31 03519207 e:FullAccounts 2023-01-01 2023-12-31 03519207 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03519207 c:WithinOneYear 2023-12-31 03519207 c:WithinOneYear 2022-12-31 03519207 c:BetweenOneFiveYears 2023-12-31 03519207 c:BetweenOneFiveYears 2022-12-31 03519207 c:MoreThanFiveYears 2023-12-31 03519207 c:MoreThanFiveYears 2022-12-31 03519207 2 2023-01-01 2023-12-31 03519207 f:PoundSterling 2023-01-01 2023-12-31 03519207 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-01-01 2022-12-31 03519207 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-01-01 03519207 c:PreviouslyStatedAmount 2022-01-01 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03519207










JAMB LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JAMB LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
W F Fisher 
C R Westway 
C L L Freemantle 
C R H Mortimer 
T E Jackson 




COMPANY SECRETARY
C R Westaway



REGISTERED NUMBER
03519207



REGISTERED OFFICE
14th Floor
33 Cavendish Square

London

W1G 0PW




TRADING ADDRESS
95-97 Pimlico Road

London

SW1W 8PH






INDEPENDENT AUDITORS
Sumer Auditco Limited

14th Floor

33 Cavendish Square

London

W1G 0PW





 
JAMB LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Statement of Cash Flows
11 - 12
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 27


 
JAMB LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL ACTIVITIES
 
The principal activity of the company continues to be that of the retail of lighting, furniture and fireplaces, both reproduction and antique. The manufacture and finishing of fireplaces. The finishing and electrification of lighting products. The storage of all these items.

BUSINESS REVIEW
 
The trading period has been marked by  growth in sales and overall profitability.  The brand continues be well nurtured and managed, with emphasis added during the year with an interior design project in Scotland, showcasing the breadth of the Jamb collection and the ability to put together a strong cohesive look.    Product development continues apace with chimney pieces, lighting and furniture featuring new collections driving sales and branding efforts.  The use of coloured rare marbles in the chimneypiece collection continued and with some outstanding pieces sourced well matched with design. The US territory remains important to us and our presence there is well received in partner showrooms.

PRINCIPAL RISKS AND UNCERTAINTIES
 
Given the global nature of the business, overall economic performance and state of international relations remains critical to our performance, whether that be the legacy of Covid, the war in Ukraine and Gaza and the impacts on outlook, costs, trade routes, exchange rates and the availability of people and resources.  Long term relationships and partnerships are the antidote to such risks and we continue work hard to manage the strength of these ties.

FINANCIAL KEY PERFORMANCE INDICATORS
 
We monitor our sales performance closely by territory and product group, margin and ensure we are well positioned with stock availability. The Company uses the following key performance indicators to measure its financial performance:

2023
2022
Variance
        £
        £
        %

Turnover

15,032,392

13,363,939

12
 
Gross profit

6,805,813

5,229,528

30
 
Profit/(Loss) before tax

2,823,428

2,515,525

12
 

GOING CONCERN
 
Our focus on long term profitability, solid cash position and limited exposure to debt, ensure our performance as a going concern.


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



C R Westway
Director

Date: 17 September 2024

Page 1

 
JAMB LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic 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 judgments 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 £2,107,259 (2022 - £2,069,856).

Dividends of £1,618,708 (2022: £392,350) were paid in the year.

DIRECTORS

The directors who served during the year were:

W F Fisher 
C R Westway 
C L L Freemantle 
C R H Mortimer 
T E Jackson 

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.

Page 2

 
JAMB LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

AUDITORS

Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006.

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





C R Westway
Director

Date: 17 September 2024

Page 3

 
JAMB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMB LIMITED
 

OPINION


We have audited the financial statements of Jamb Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, 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.


Page 4

 
JAMB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMB LIMITED (CONTINUED)


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.


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 2, 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 5

 
JAMB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMB LIMITED (CONTINUED)


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:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws
and regulations that could be expected to have a material impact on the financial statements, we have considered:

the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
the nature of the company including its management structure and control systems (including the opportunity for management to override such controls);
management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and 
the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.

Based on this understanding we identified the following matters as being of significance to the entity:
 
laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;
the timing of the recognition of commercial income;
compliance with legislation relating to health and safety and employment law;
management bias in selecting accounting policies and determining estimates;
inappropriate journal entries;
recoverability of debtor balances;
existence and valuation of stock, including goods in transit;
related party transactions;
revenue recognition, cut off of sales and expenses and the correct calculation of accrued and deferred income; and
completeness of trade and other payables, including accruals.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
enquiries of management and those charged with governance as to whether the entity complies with such
laws and regulations;
enquiries with the same concerning any actual or potential litigation or claims;
discussion with the same regarding any known or suspected instances of non-compliance with laws and
Page 6

 
JAMB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMB LIMITED (CONTINUED)


regulation and fraud; 
enquiries of any matters reported to management and the result of the subsequent investigation;
obtaining an understanding of the relevant controls during the period;
obtaining an understanding of the policies and controls over the recognition of income and testing their mplementation during the year;
review documentation relating to compliance with the regulations relating to health & safety, and employment law;
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
attendance of stock count and testing to cost information;
reviewing and assessing profit recognition and testing income and costs to agreements with customers and suppliers; and
assessing the understatement of material trade and other payables.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.





Rajiv Thakerar FCA (Senior Statutory Auditor)
for and on behalf of
Sumer Auditco Limited
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW

17 September 2024
Page 7

 
JAMB LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
15,032,392
13,363,939

Cost of sales
  
(8,226,579)
(8,134,411)

Gross profit
  
6,805,813
5,229,528

Administrative expenses
  
(4,124,279)
(2,747,565)

Other operating income
 5 
1,121
14,170

Operating profit
 6 
2,682,655
2,496,133

Interest receivable and similar income
 10 
161,854
19,742

Interest payable and similar expenses
 11 
(21,081)
(350)

Profit before tax
  
2,823,428
2,515,525

Tax on profit
 12 
(716,169)
(445,669)

Profit for the financial year
  
2,107,259
2,069,856

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 27 form part of these financial statements.

Page 8

 
JAMB LIMITED
REGISTERED NUMBER: 03519207

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
335,303
173,568

  
335,303
173,568

Current assets
  

Stocks
 15 
4,333,926
3,486,826

Debtors: amounts falling due after more than one year
 16 
-
23,565

Debtors: amounts falling due within one year
 16 
707,776
893,068

Cash at bank and in hand
 17 
4,609,651
5,574,419

  
9,651,353
9,977,878

Creditors: amounts falling due within one year
 18 
(4,233,393)
(4,905,967)

Net current assets
  
 
 
5,417,960
 
 
5,071,911

Total assets less current liabilities
  
5,753,263
5,245,479

Provisions for liabilities
  

Deferred tax
 19 
(26,442)
(7,209)

  
 
 
(26,442)
 
 
(7,209)

Net assets
  
5,726,821
5,238,270


Capital and reserves
  

Called up share capital 
 20 
100
100

Share premium account
 21 
2,999
2,999

Profit and loss account
 21 
5,723,722
5,235,171

  
5,726,821
5,238,270


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



C R Westway
Director
Date: 17 September 2024

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
JAMB LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022 (as previously stated)
100
2,999
3,527,825
3,530,924

Prior year adjustment
-
-
29,840
29,840


At 1 January 2022 (as restated)
100
2,999
3,557,665
3,560,764


Comprehensive income for the year

Profit for the year
-
-
2,069,856
2,069,856

Dividends: Equity capital
-
-
(392,350)
(392,350)



At 1 January 2023
100
2,999
5,235,171
5,238,270


Comprehensive income for the year

Profit for the year
-
-
2,107,259
2,107,259

Dividends: Equity capital
-
-
(1,618,708)
(1,618,708)


At 31 December 2023
100
2,999
5,723,722
5,726,821


The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
JAMB LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,107,259
2,069,856

Adjustments for:

Amortisation of intangible assets
-
730

Depreciation of tangible assets
130,509
79,990

Loss on disposal of tangible assets
(340)
1,200

Interest paid
21,081
350

Interest received
(161,854)
(19,742)

Taxation charge
716,169
445,669

(Increase) in stocks
(847,100)
(1,121,560)

Decrease in debtors
208,857
297,575

(Decrease)/increase in creditors
(617,770)
854,095

Corporation tax (paid)
(751,740)
(278,831)

Net cash generated from operating activities

805,071
2,329,332


Cash flows from investing activities

Purchase of tangible fixed assets
(292,244)
(65,324)

Sale of tangible fixed assets
340
17,500

Interest received
161,854
19,742

HP interest paid
-
(350)

Net cash from investing activities

(130,050)
(28,432)

Cash flows from financing activities

Repayment of/new finance leases
-
(4,478)

Dividends paid
(1,618,708)
(392,350)

Interest paid
(21,081)
-

Net cash used in financing activities
(1,639,789)
(396,828)

Net (decrease)/increase in cash and cash equivalents
(964,768)
1,904,072

Cash and cash equivalents at beginning of year
5,574,419
3,670,347

Cash and cash equivalents at the end of year
4,609,651
5,574,419


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,609,651
5,574,419

4,609,651
5,574,419

Page 11

 
JAMB LIMITED
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£






Cash at bank and in hand

5,574,419

(964,768)

4,609,651






5,574,419
(964,768)
4,609,651

The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Jamb Limited is a private company limited by share capital, incorporated in England and Wales, registration number 03519207. The address of the registered office is 14th Floor, 33 Cavendish Square, London W1G 0PW, and the principal place of business is 95-97 Pimlico Road, London, SW1W 8PH.

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 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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

Rendering of services

Revenue 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 revenue 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.

 
2.4

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.

 
2.5

INTEREST INCOME

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

 
2.6

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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 balance sheet 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 balance sheet 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.

 
2.9

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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 15

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.10
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 and reducing balance methods.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% straight line
Computer equipment
-
Over 3 years on a straight line basis

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.

 
2.11

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 balance sheet 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.

 
2.12

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.

 
2.13

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

CREDITORS

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

Page 16

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

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 Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 17

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.16
FINANCIAL INSTRUMENTS (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

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 18

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually evaluated by the directors and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The directors makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods
 
The directors consider the following to be significant areas of judgment or key sources of estimation uncertainty:

Long-term project accounting
Long-term contract project completion is a key accounting estimate. The entity's policy is to apply a standardised process to recognise profits on long-term projects based on key milestones being met. 
Tangible
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives and residual values may vary taking in account future market conditions, technoligical innovation, product life cycles and maintenance programs. 
Accruals
Management estimation is required to determine the amount of various liabilities incurred during the year and still due at the year end.


4.


TURNOVER

Analysis of turnover by country of destination:

2023
2022
        £
        £

United Kingdom

7,980,903

8,477,284

Rest of Europe

182,565

48,311

Rest of the world

6,868,924

4,838,344


15,032,392

13,363,939



5.


OTHER OPERATING INCOME

2023
2022
£
£

Insurance claims receivable
1,121
14,170


Page 19

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
99,264
(334,916)

Other operating lease rentals
544,986
432,046


7.


AUDITORS' REMUNERATION

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


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,000
19,000

8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,278,044
1,956,446

Social security costs
244,218
216,056

Company contributions to defined contribution pension schemes
386,021
37,762

2,908,283
2,210,264


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


        2023
        2022
            No.
            No.







Employee
44
40



Directors
5
5

49
45

Page 20

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
513,711
478,791

Company contributions to defined contribution pension schemes
344,950
3,173

858,661
481,964


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


10.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
161,854
19,742


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Finance leases and hire purchase contracts
-
350

Interest on overdue tax
21,081
-

21,081
350

Page 21

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


TAXATION


2023
2022
£
£

Corporation tax


Current tax on profits for the year
645,231
501,740

Adjustments in respect of previous periods
51,705
(54,379)

Total current tax
696,936
447,361

Deferred tax


Origination and reversal of timing differences
19,233
(1,692)

Total deferred tax
19,233
(1,692)


Tax on profit
716,169
445,669

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022 - lower than) the effective rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,823,428
2,515,525


Profit on ordinary activities multiplied by effective rate of corporation tax in the UK of 23.5% (2022 - 19%)
663,506
477,950

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,482
14,198

Capital allowances for year in excess of depreciation
(34,115)
2,417

Adjustments to tax charge in respect of prior periods
51,705
(54,379)

Other timing differences leading to an increase (decrease) in taxation
19,233
(1,692)

Changes in provisions leading to an increase (decrease) in the tax charge
358
7,175

Total tax charge for the year
716,169
445,669

Page 22

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


INTANGIBLE ASSETS




Patents

£





At 1 January 2023
7,303


Disposals
(7,303)



At 31 December 2023

-





At 1 January 2023
7,303


On disposals
(7,303)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 23

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
912,013
24,100
381,300
114,168
1,431,581


Additions
-
-
281,951
10,293
292,244


Disposals
-
-
(7,577)
-
(7,577)



At 31 December 2023

912,013
24,100
655,674
124,461
1,716,248



Depreciation


At 1 January 2023
878,431
15,103
284,220
80,259
1,258,013


Charge for the year on owned assets
5,348
2,249
109,831
13,081
130,509


Disposals
-
-
(7,577)
-
(7,577)



At 31 December 2023

883,779
17,352
386,474
93,340
1,380,945



Net book value



At 31 December 2023
28,234
6,748
269,200
31,121
335,303



At 31 December 2022
33,582
8,997
97,080
33,909
173,568




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
28,234
33,582

28,234
33,582


Page 24

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


STOCKS

2023
2022
£
£

Raw materials and consumables
168,783
33,498

Finished goods and goods for resale
4,165,143
3,453,328

4,333,926
3,486,826



16.


DEBTORS

2023
2022
£
£

Due after more than one year

Other debtors
-
23,565

-
23,565


2023
2022
£
£

Due within one year

Trade debtors
56,508
90,582

Other debtors
45,391
97,246

Prepayments and accrued income
605,877
705,240

707,776
893,068



17.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
4,609,651
5,574,419


The bank balances with the main bank used by the company are secured by way of fixed and floating charges over all property and assets of the company.

Page 25

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
659,523
1,029,814

Corporation tax
446,936
501,740

Other taxation and social security
184,368
136,066

Other creditors
204,256
291,777

Accruals and deferred income
2,738,310
2,946,570

4,233,393
4,905,967



19.


DEFERRED TAXATION




2023


£






At beginning of year
(7,209)


Charged to profit or loss
(19,233)



At end of year
(26,442)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(26,442)
(7,209)

(26,442)
(7,209)


20.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £1.00 each
100
100


Page 26

 
JAMB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


RESERVES

Share premium account

Share premium represents the amounts paid for additional capital in excess of the par value.

Profit and loss account

The profit and loss account comprises the balance of profits accumulated over the life of the company.


22.


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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £386,021 (2022: £37,762). Contributions totalling £10,350 (2022: £8,827) were payable to the fund at the balance sheet date. 


23.


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
440,775
161,375

Later than 1 year and not later than 5 years
1,067,250
344,875

Later than 5 years
918,750
-

2,426,775
506,250


24.OTHER FINANCIAL COMMITMENTS

At 31 December 2023 the Company made a commitment to pay £51,645 in relation to fixtures and fittings.


25.


RELATED PARTY TRANSACTIONS

Included within other debtors is an amount of £7,564 (2022: £Nil) owed by a director of the Company. This balance is interest free and repayable on demand.

 
Page 27