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Registered number: 02314926










JCB INTERNATIONAL (EUROPE) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JCB INTERNATIONAL (EUROPE) LIMITED
REGISTERED NUMBER: 02314926

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,496
22,460

Tangible assets
 5 
94,848
57,796

Investments
 6 
1,588
1,588

  
98,932
81,844

Current assets
  

Debtors: amounts falling due within one year
 7 
792,045
791,357

Cash at bank and in hand
 8 
2,153,578
1,880,854

  
2,945,623
2,672,211

Creditors: amounts falling due within one year
 9 
(1,474,268)
(1,422,993)

Net current assets
  
 
 
1,471,355
 
 
1,249,218

Total assets less current liabilities
  
1,570,287
1,331,062

Provisions for liabilities
  

Deferred tax
  
-
(6,644)

  
 
 
-
 
 
(6,644)

Net assets
  
1,570,287
1,324,418


Capital and reserves
  

Called up share capital 
  
300,000
300,000

Other reserves
  
(275,393)
(275,393)

Profit and loss account
  
1,545,680
1,299,811

  
1,570,287
1,324,418


Page 1

 
JCB INTERNATIONAL (EUROPE) LIMITED
REGISTERED NUMBER: 02314926
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 income and retained earnings 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: 




Kazuhiro Yamada
Director

Date: 18 September 2024

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

JCB International (Europe) Limited ("JCBIE") is a private Company limited by shares Incorporated in England & Wales, United Kingdom. The address of its registered office is Part Ground Floor, 30 Eastbourne Terrace, London, W2 6LA, England. JCBIE operates from its Headquarters in London. 
The principal activity of the Company is that of an International credit card operator. It is responsible for implementing JCB group business strategies in the United Kingdom.  

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statement have been prepared on a going concern basis. In preparing the financial statements the directors have taken into account all information that could reasonably be expected to be available for the following 12 months from the date of signing the financial statements and beyond specifically Company's forecasts and projections and committed contractual arrangements. The primary business model of JCBIE largely revolves around a cost-plus approach. A significant portion of the expenses associated with service provision is passed on and recharged to its parent company, JCBI and JCB co. as part of contractually agreed management charge. After making enquiries and satisfying themselves that this arrangement will continue in the foreseeable future, directors consider that it is appropriate to prepare the financial statements on a going concern.
 
Page 3

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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:

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.

Page 4

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Interest income

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

 
2.7

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.

 
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.

Page 5

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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:

Leasehold improvements
-
20%
Fixtures and fittings
-
25%
Computer and office equipment
-
25%

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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.

Page 6

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 60 (2022 - 58).

Page 7

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£



Cost


At 1 January 2023
36,700



At 31 December 2023

36,700



Amortisation


At 1 January 2023
14,240


Charge for the year on owned assets
19,964



At 31 December 2023

34,204



Net book value



At 31 December 2023
2,496



At 31 December 2022
22,460



Page 8

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
230,921
156,493
442,866
830,280


Additions
31,815
31,686
5,330
68,831


Disposals
(29,159)
(20,924)
(19,708)
(69,791)



At 31 December 2023

233,577
167,255
428,488
829,320



Depreciation


At 1 January 2023
230,921
137,511
404,052
772,484


Charge for the year on owned assets
5,279
2,386
35,810
43,475


Disposals
(29,159)
(20,924)
(31,404)
(81,487)



At 31 December 2023

207,041
118,973
408,458
734,472



Net book value



At 31 December 2023
26,536
48,282
20,030
94,848



At 31 December 2022
-
18,982
38,814
57,796


6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2023
1,588



At 31 December 2023
1,588




Page 9

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
108,465
139,633

Other debtors
198,096
171,211

Prepayments and accrued income
473,879
480,513

Deferred taxation
11,605
-

792,045
791,357



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,153,578
1,880,854

2,153,578
1,880,854



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
494,021
281,866

Amounts owed to group undertakings
132,388
438,925

Other taxation and social security
105,404
147,103

Other creditors
167,415
66,703

Accruals and deferred income
575,040
488,396

1,474,268
1,422,993



10.


Controlling party

JCB International Company Limited is the immediate parent company and JCB Company Limited, a Company Incorporated in Japan, is the ultimate parent company and ultimate controlling party. According to the register kept by the Company, JCB International Company Limited had a 100% interest in the equity capital of JCB International (Europe) Limited at 31 December 2022. The smallest group to consolidate these financial statements is JCB International Company Limited. The ultimate parent undertaking and the largest group to consilidate these financial statements is JCB Company Limited. The consolidated financial statements of these undertakings may be obtained from The Secretary, JCB International Company Limited, 5-1-22 Minami Aoyama, Minato-Ku, Tokyo 107-8686, Japan

Page 10

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was qualified.

The qualification in the audit report was as follows:
In the course of our audit work, we identified material issues that have resulted in a qualified opinion:
- Overstatement of Creditors (greater than 120 days) – Known: We have noted that management is
investigating a system migration issue, which led to an overstatement of creditors in the current year due to Creditors greater than 120 days not being marked as cleared or adjusted due to system migration. From management’s investigation, we understand that creditors amounting to £68,263.23 are overstated and wil be adjusted for in the financial statements for 2024.
- Overstatement of Creditors (greater than 120 days) – Unknown: Similar to the issue noted above, there is an amount of £179,540.23 currently under management’s investigation for the amount of overstatement of this creditors balance. Management is continuing it’s investigation, and this will be adjusted in the financial statements for 2024.
- Double posting of Accountancy Costs in 2023: An amount of £40,000, relating to 2020 accounting costs, has been posted twice by management in the financial statements for 2023. This overstatement effect will be reversed in the financial statements for 2024.
- Irrecoverable VAT expenses: Irrecoverable VAT expenses totalling £17,220 were not written off in the
current year, leading to an understatement of expenses.The understatement will be corrected in the financial statements for 2024.

The audit report was signed on 18 September 2024 by Yusuke Takanishi (Senior Statutory Auditor) on behalf of Greenback Alan LLP.

Page 11