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Registered number: 03609481









JAYBEN LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JAYBEN LIMITED
 
 
COMPANY INFORMATION


Directors
J C Parish 
R Parish 




Company secretary
J C Parish



Registered number
03609481



Registered office
Office 10
Billingsgate Market

Trafalgar Way

Poplar

London

E14 5ST




Independent auditors
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
JAYBEN LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 7
Statement of income and retained earnings
 
8
Balance sheet
 
9
Notes to the financial statements
 
10 - 14


 
JAYBEN LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
The Company is a holding company and does not trade in its own right.
Therefore there are no key performance indicators or principal risks and uncertainties applicable to the company other than those of its trading subsidiary, J.Bennett (Billingsgate) Limited.


This report was approved by the board on 26 September 2024 and signed on its behalf.



J C Parish
Director

Page 1

 
JAYBEN 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 £777,382 (2022 - £1,244,115).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

J C Parish 
R Parish 

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

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

Post balance sheet events

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

This report was approved by the board on 26 September 2024 and signed on its behalf.
 





J C Parish
Director

Page 3

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

Opinion


We have audited the financial statements of Jayben Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Balance sheet 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

 
JAYBEN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAYBEN 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

 
JAYBEN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAYBEN 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.

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:
 
Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussions with directors, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows - Companies Act 2006, FRS 102, Employment legislation and Tax legislation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions; and
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.
Page 6

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




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.





Andrew May ACCA (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

26 September 2024
Page 7

 
JAYBEN LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Income from shares in group undertakings
  
777,382
1,244,115

Profit before tax
  
777,382
1,244,115

Tax on profit
 6 
-
-

Profit after tax
  
777,382
1,244,115

  

  

Retained earnings at the beginning of the year
  
265,204
265,204

Profit for the year
  
777,382
1,244,115

Dividends declared and paid
  
(777,382)
(1,244,115)

Retained earnings at the end of the year
  
265,204
265,204
The notes on pages 10 to 14 form part of these financial statements.

Page 8

 
JAYBEN LIMITED
REGISTERED NUMBER: 03609481

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 8 
144,342
144,342

Current assets
  

Debtors: amounts falling due within one year
 9 
121,060
121,060

Total assets less current liabilities
  
265,402
265,402

  

Net assets
  
265,402
265,402


Capital and reserves
  

Called up share capital 
 10 
132
132

Other reserves
 11 
66
66

Profit and loss account
 11 
265,204
265,204

  
265,402
265,402


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




J C Parish
Director

The notes on pages 10 to 14 form part of these financial statements.

Page 9

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

1.


General information

Jayben Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is Office 10, Billingsgate Market, Trafalgar Way, Poplar, London, E14 5ST.

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

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 J.Bennett (Holdings) Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The directors are not aware of any circumstances likely to arise which may cause the going concern basis to be inappropriate.

  
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. 

  
2.5

Debtors

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

Page 10

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

2.Accounting policies (continued)

  
2.6

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Judgments in applying accounting policies
The Company does not consider there to be any critical judgments in applying accounting policies.
Accounting estimates and assumptions
The Company does not consider there to be any significant accounting estimates and assumptions.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 3).


5.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
65,660
35,063

Company contributions to defined contribution pension schemes
154,000
-

219,660
35,063


The directors received emoluments through the company's subsidiary undertaking, J. Bennett (Billingsgate) Limited.
During the year retirement benefits were accruing to 2 directors
 (2022 - 3) in respect of defined contribution pension schemes.

Page 11

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

6.


Taxation


2023
2022
£
£



Total current tax
-
-


Taxation on profit on ordinary activities
-
-

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 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
777,382
1,244,115


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
194,346
236,382

Effects of:


Dividends from UK companies
(194,346)
(236,382)

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


7.


Dividends

2023
2022
£
£


Dividends declared
777,382
1,244,115

Post year end and prior to the approval of the accounts, dividends of  £364,000 (2022 - £417,382) were declared.

Page 12

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

8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
144,342



At 31 December 2023
144,342





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

J.Bennett (Billingsgate) Limited
England & Wales
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit

J.Bennett (Billingsgate) Limited
6,551,213
1,098,363

The registered office of J.Bennett (Billingsgate) Limited is Office 10, Billingsgate Market, Trafalgar Way, Poplar, London, E14 5ST. 


9.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
120,928
120,928

Other debtors
132
132

121,060
121,060


Page 13

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

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



66 (2022 - 66) Ordinary A shares of £1.00 each
66
66
66 (2022 - 66) Ordinary B shares of £1.00 each
66
66

132

132

There are no restrictions on the distribution of dividends and the repayment of capital.



11.


Reserves

Other reserves

The other reserve is a result of repurchase of own shares.

Profit and loss account

The profit and loss account represents accumulated profits and losses of the Company since incorporation less dividends paid.


12.


Controlling party

The Company's ultimate parent undertaking and controlling party is J. Bennett (Holdings) Limited, a company incorporated in England and Wales. Its registered office is Office 10, Billingsgate Market, Trafalgar Way Poplar, London, E14 5ST.
The Parent's consolidated accounts can be obtained from Companies House.

 
Page 14