Company registration number 05186026 (England and Wales)
JAAMA LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
JAAMA LTD
COMPANY INFORMATION
Directors
P Waterhouse
A Holgate
Company number
05186026
Registered office
15 Amber Business Village
Amber Close
Tamworth
B77 4RP
Auditor
BHP LLP
Mayesbrook House
Lawnswood Business Park
Redvers Close
Leeds
LS16 6QY
JAAMA LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
JAAMA LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The company’s turnover increased by 9% following an increase in sales to new customers along with new modules. Pre tax profit fell to £4,392,850 (2023: £5,170,181) following strengthening its senior management team along with investing in its development capacity to modernise and expand its product range, along with upgrading its customer support and account management activities. The business also incurred re-structuring costs following the strengthening of the senior team.

Principal risks and uncertainties

Credit risk

The company offers standard market terms to customers, typically 30 days and regularly reviews credit risk of both new and existing customers.

Payment from customers is in advance and is a key requirement of them being licenced to use our key business critical software, thus credit risk is viewed as being very low.

Liquidity Risk

The company seeks to manage liquidity risk by regularly forecasting cashflows and monitoring banking facilities to ensure sufficient funds are available to meet the company's financial obligations for the foreseeable future.

IT Systems & Infrastructure Risk

The company is dependent on internal and third parties' IT systems to ensure its merchant site can trade. Disaster recovery and contingency plans are in plan to mitigate any risk and are reviewed periodically.

Key performance indicators

The gross profit for the year increased from £13,028,644 to £14,191,330. The rise is gross profit is due to the increase in sales revenue, whilst maintaining costs of sales at a similar level to the prior year.

The operating profit margin fell for the year to 29.6% (2023: 34.7%) following the investment in the business, but is still above 23.2% recorded in 2022.

On a monthly basis, a financial reporting pack is produced for review and discussion with the directors along with quarterly reviews with the parent board. This includes a statement of comprehensive income, a statement of financial position and budget comparison.

A number of key financial and non financial performance indicators are analysed monthly with the management team including (but not limited to) gross margin, churn, new business sales, platform performance and speed, bugs, customer health.

Future developments

The company will continue re-invest profits back into the business including new product development to further expand its offering and enhance its experience to its customers.

On behalf of the board

P Waterhouse
Director
9 May 2025
JAAMA LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued is the development, sales and support of fleet management software packages.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £3,475,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P Waterhouse
A Holgate
Auditor

The auditor, BHP LLP, has been appointed under section 485 of the Companies Act 2006. The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

JAAMA LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
P Waterhouse
Director
9 May 2025
JAAMA LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAAMA LTD
- 4 -
Opinion

We have audited the financial statements of Jaama Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

JAAMA LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAAMA LTD (CONTINUED)
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

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:

JAAMA LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAAMA LTD (CONTINUED)
- 6 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

 

 

To address the risks of fraud through management bias and override controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.

Chris Neale (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
Mayesbrook House
Lawnswood Business Park
Redvers Close
Leeds
LS16 6QY
9 May 2025
JAAMA LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
14,321,306
13,151,910
Cost of sales
(129,976)
(123,266)
Gross profit
14,191,330
13,028,644
Administrative expenses
(9,986,198)
(7,982,491)
Operating profit
4
4,205,132
5,046,153
Interest receivable and similar income
8
187,718
124,028
Profit before taxation
4,392,850
5,170,181
Tax on profit
9
(348,017)
(664,199)
Profit for the financial year
4,044,833
4,505,982

The profit and loss account has been prepared on the basis that all operations are continuing operations.

JAAMA LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
64,856
-
0
Tangible assets
12
188,133
143,872
252,989
143,872
Current assets
Debtors
13
8,452,270
9,497,104
Cash at bank and in hand
3,496,543
2,222,100
11,948,813
11,719,204
Creditors: amounts falling due within one year
14
(11,291,272)
(11,522,379)
Net current assets
657,541
196,825
Net assets
910,530
340,697
Capital and reserves
Called up share capital
17
19,743
19,743
Capital redemption reserve
5,388
5,388
Profit and loss reserves
885,399
315,566
Total equity
910,530
340,697

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
P Waterhouse
Director
Company registration number 05186026 (England and Wales)
JAAMA LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
19,743
5,388
(2,690,416)
(2,665,285)
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
4,505,982
4,505,982
Dividends
10
-
-
(1,500,000)
(1,500,000)
Balance at 31 December 2023
19,743
5,388
315,566
340,697
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
4,044,833
4,044,833
Dividends
10
-
-
(3,475,000)
(3,475,000)
Balance at 31 December 2024
19,743
5,388
885,399
910,530
JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Jaama Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 15 Amber Business Village, Amber Close, Tamworth, B77 4RP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Lexana Holdings Limited. These consolidated financial statements are available from its registered office, 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ.

JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.2
Going concern

The Company is a subsidiary of Lexana Holdings Limited ("Group"). The Company’s ability to operate as a going concern is therefore directly linked to the Group’s funding position which the Directors have considered in their assessment of going concern.true

After reviewing the Group’s forecasts and risk assessments and making enquiries, the Directors have formed a judgement at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the 12 months from the date of signing this Annual report and financial statements. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.

In arriving at their opinion, the Directors considered:

The Group forecasts on which the going concern assessment is based have been subject to sensitivity analysis and stress testing to assess the impact of the above risks and the Directors have also reviewed mitigating actions that could be taken. The conclusions from these reviews all supported the adoption of the going concern basis

1.3
Turnover

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

 

Revenue from software licence agreements is recognised over the period in which the customer is entitled to use the software, in line with the stage of completion of the performance obligations under the contract, and when all of the following conditions are met:

 

Revenue from services and transactional income is recognised when the performance obligations are satisfied.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% on cost
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
in accordance with the property lease
Fixtures and fittings
20% reducing balance
Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described above, the directors are required

to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

Revenue recognition  

The company considers the provision of software subscriptions to involve an indeterminate number of acts over the length of the service period. Therefore, in accordance with FRS 102 paragraph 23.15, the company recognises this revenue on a straight-line basis over the specified service periods in each contract. The provision of other services, such as tailored work to meet customers' needs, requires the company to estimate the percentage of completion of each service at the reporting date to determine appropriate levels of revenue to recognise and defer.

 

Intercompany debtor recoverability

The carrying value and recoverability of intercompany debtor balances is assessed based on management's expectations of future cash flows generated by the wider group. Management review the cash generation for the group as a whole, including forecasts, budgets and historical performance, to assess the likelihood of full recovery of intercompany debtor balances. The key assumptions underpinning these forecasts include revenue growth and operating margins, which are considered reasonable based on current market conditions and historical experience.

 

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Software subscriptions
12,086,013
10,656,426
Services
1,502,862
1,851,680
Transactional income
732,431
643,804
14,321,306
13,151,910
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,832,300
12,766,661
Rest of Europe
489,006
385,249
14,321,306
13,151,910
2024
2023
£
£
Other revenue
Interest income
187,718
124,028
JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
2,464
10,413
Fees payable to the company's auditor for the audit of the company's financial statements
33,770
40,000
Depreciation of owned tangible fixed assets
114,541
149,317
(Profit)/loss on disposal of tangible fixed assets
-
21,815
Operating lease charges
412,293
422,964
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
33,770
40,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Admin
11
10
Operational
113
100
Total
124
110

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,083,212
4,820,286
Social security costs
647,970
565,951
Pension costs
188,749
343,867
6,919,931
5,730,104
JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
227,309
173,192
Company pension contributions to defined contribution schemes
63,420
69,331
290,729
242,523

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
128,000
62,481
Company pension contributions to defined contribution schemes
5,400
2,499
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
187,718
124,028
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
316,229
850,452
Adjustments in respect of prior periods
-
0
(110,465)
Total current tax
316,229
739,987
Deferred tax
Origination and reversal of timing differences
31,788
(75,788)
Total tax charge
348,017
664,199
JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,392,850
5,170,181
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,098,213
1,216,027
Tax effect of expenses that are not deductible in determining taxable profit
1,346
8,829
Adjustments in respect of prior years
-
0
(110,465)
Group relief
(751,276)
(384,055)
Tax at marginal rate
-
0
28
Fixed asset differences
-
0
(883)
Remeasurement of deferred tax for changes in tax rates
-
0
(661)
Movement in deferred tax not recognised
(266)
(64,621)
Taxation charge for the year
348,017
664,199
10
Dividends
2024
2023
£
£
Final paid
3,475,000
1,500,000
11
Intangible fixed assets
Software
£
Cost
At 1 January 2024
-
0
Additions
64,856
At 31 December 2024
64,856
Amortisation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
64,856
At 31 December 2023
-
0
JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
12
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
886,843
234,575
964,156
2,085,574
Additions
-
0
-
0
158,802
158,802
At 31 December 2024
886,843
234,575
1,122,958
2,244,376
Depreciation and impairment
At 1 January 2024
886,843
227,749
827,110
1,941,702
Depreciation charged in the year
-
0
5,483
109,058
114,541
At 31 December 2024
886,843
233,232
936,168
2,056,243
Carrying amount
At 31 December 2024
-
0
1,343
186,790
188,133
At 31 December 2023
-
0
6,826
137,046
143,872
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,509,064
2,634,439
Amounts owed by group undertakings
5,247,264
6,189,555
Other debtors
461,828
352,141
Prepayments and accrued income
190,114
245,181
8,408,270
9,421,316
Deferred tax asset (note 15)
44,000
75,788
8,452,270
9,497,104
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
118,905
72,523
Amounts owed to group undertakings
1,708,067
1,897,066
Corporation tax
211,472
308,372
Other taxation and social security
696,650
721,829
Other creditors
50,651
32,179
Accruals and deferred income
8,505,527
8,490,410
11,291,272
11,522,379
JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
44,000
75,788
2024
Movements in the year:
£
Asset at 1 January 2024
(75,788)
Charge to profit or loss
31,788
Asset at 31 December 2024
(44,000)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
188,749
343,867

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
18,229
18,229
18,229
18,229
Ordinary A share of £1 each
1
1
1
1
Ordinary B share of £1 each
1
1
1
1
Ordinary C share of £1 each
1
1
1
1
Ordinary D share of £1 each
1
1
1
1
Ordinary E shere of £1 each
1
1
1
1
Ordinary F share of £1 each
1,509
1,509
1,509
1,509
19,743
19,743
19,743
19,743
JAAMA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
214,168
209,292
Between two and five years
269,757
464,588
483,925
673,880
19
Related party transactions
Transactions with related parties

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

20
Directors' transactions

During the year ended 31 December 2024, directors purchased motor vehicles from the company for a total of £nil (2023: £291,275). The directors also incurred expenditure on behalf of the company during the year totalling £8,519 (2023: £7,794). At 31 December 2024, the company owed the directors £nil (2023: £992).

21
Ultimate controlling party

The immediate parent undertaking of the company is Lexana Finance Limited, a company incorporated in England and Wales.

 

The ultimate parent undertaking of the company is Lexana Holdings Ltd.

 

The smallest and largest group of undertakings for which group accounts have been drawn up which include the company is headed by Lexana Holdings Limited. The registered office of Lexana Holdings Limited is 71-75 Shelton Street, Covent Garden, London, WC2H 9 ct. The principal place of business of Lexana Holdings Limited is 15 Amber Business Village, Amber Close, Tamworth, B77 4RP.

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