Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31true2024-01-01falseThe principle 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.6760truetruefalse 02314926 2024-01-01 2024-12-31 02314926 2023-01-01 2023-12-31 02314926 2024-12-31 02314926 2023-12-31 02314926 c:Director5 2024-01-01 2024-12-31 02314926 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 02314926 d:Buildings d:LongLeaseholdAssets 2024-12-31 02314926 d:Buildings d:LongLeaseholdAssets 2023-12-31 02314926 d:FurnitureFittings 2024-01-01 2024-12-31 02314926 d:FurnitureFittings 2024-12-31 02314926 d:FurnitureFittings 2023-12-31 02314926 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02314926 d:ComputerEquipment 2024-01-01 2024-12-31 02314926 d:ComputerEquipment 2024-12-31 02314926 d:ComputerEquipment 2023-12-31 02314926 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02314926 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02314926 d:ComputerSoftware 2024-12-31 02314926 d:ComputerSoftware 2023-12-31 02314926 d:CurrentFinancialInstruments 2024-12-31 02314926 d:CurrentFinancialInstruments 2023-12-31 02314926 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02314926 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02314926 d:ShareCapital 2024-12-31 02314926 d:ShareCapital 2023-12-31 02314926 d:OtherMiscellaneousReserve 2024-12-31 02314926 d:OtherMiscellaneousReserve 2023-12-31 02314926 d:RetainedEarningsAccumulatedLosses 2024-12-31 02314926 d:RetainedEarningsAccumulatedLosses 2023-12-31 02314926 c:FRS102 2024-01-01 2024-12-31 02314926 c:Audited 2024-01-01 2024-12-31 02314926 c:FullAccounts 2024-01-01 2024-12-31 02314926 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02314926 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02314926 2 2024-01-01 2024-12-31 02314926 6 2024-01-01 2024-12-31 02314926 d:ComputerSoftware d:OwnedIntangibleAssets 2024-01-01 2024-12-31 02314926 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 02314926










JCB INTERNATIONAL (EUROPE) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
JCB INTERNATIONAL (EUROPE) LIMITED
REGISTERED NUMBER: 02314926

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023 Restated
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
2,496

Tangible assets
 5 
125,638
94,848

Investments
 6 
1,588
1,588

  
127,226
98,932

Current assets
  

Debtors: amounts falling due within one year
 7 
816,771
726,390

Cash at bank and in hand
  
3,306,446
2,153,578

  
4,123,217
2,879,968

Creditors: amounts falling due within one year
 8 
(2,210,915)
(1,308,904)

Net current assets
  
 
 
1,912,302
 
 
1,571,064

Total assets less current liabilities
  
2,039,528
1,669,996

  

Net assets
  
2,039,528
1,669,996


Capital and reserves
  

Called up share capital 
  
300,000
300,000

Other Reserves
  
(275,393)
(275,393)

Profit and loss account
  
2,014,921
1,645,389

  
2,039,528
1,669,996


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 on 31 July 2025.




Kazuhiro Yamada
Director

Page 1

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

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. 

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 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, JCB International Co., Limited (JCBI) and JCB Co., Limited (JCB) 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.
 
 
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.

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'.

Page 2

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.4

Prior year adjustment

The company has restated its comparative figures for the year ended 31 December 2023. Disclosures relating to corrections of prior period misstatements are made in the note 9 to the financial statements, including the nature of the changes or misstatements, the amount of the adjustment for each financial statement line item, and the amount of the adjustment at the beginning of the earliest period presented. 

 
2.5

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.

 
2.6

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.

 
2.7

Interest income

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

 
2.8

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 3

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

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.


 
2.10

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.

 
2.11

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 4

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.11
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 method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
Fixtures and fittings
-
25%
Computer 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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

 

Page 5

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 instruments

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.

 

Page 6

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Derecognition of financial liabilities

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

 
2.14

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 67 (2023 - 60).


4.


Intangible assets




Computer software

£



Cost


At 1 January 2024
36,700



At 31 December 2024

36,700



Amortisation


At 1 January 2024
34,204


Charge for the year on owned assets
2,496



At 31 December 2024

36,700



Net book value



At 31 December 2024
-



At 31 December 2023
2,496



Page 7

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
233,577
167,255
428,488
829,320


Additions
63,644
11,785
6,800
82,229


Disposals
-
-
(5,096)
(5,096)



At 31 December 2024

297,221
179,040
430,192
906,453



Depreciation


At 1 January 2024
207,041
118,973
408,458
734,472


Charge for the year on owned assets
-
11,416
18,245
29,661


Disposals
21,778
-
(5,096)
16,682



At 31 December 2024

228,819
130,389
421,607
780,815



Net book value



At 31 December 2024
68,402
48,651
8,585
125,638



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


6.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2024
1,588



At 31 December 2024
1,588




Page 8

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

2024
2023 Restated
£
£


Amounts owed by group companies
26,092
66,134

Other debtors
140,186
174,772

Prepayments and accrued income
641,385
473,879

Deferred taxation
9,108
11,605

816,771
726,390



8.


Creditors: Amounts falling due within one year

2024
2023 Restated
£
£

Trade creditors
187,384
277,739

Amounts owed to group undertakings
1,062,150
140,283

Other taxation and social security
191,894
105,404

Other creditors
117,293
210,438

Accruals and deferred income
652,194
575,040

2,210,915
1,308,904



9.


Prior year adjustment

The prior year financial statements, for the year ended 31 December 2023, included several misstated figures that have been corrected in these financial statements as a prior year adjustment.  These matters were referred to in the audit report in the financial statements for the year ended 31 December 2023.  
 
The misstatements arose due to a data migration issue in prior years. Additionally, there was an overstatement of accrued costs in prior years amounting to £40,000 and irrecoverable VAT expenses amounting to £17,220 that should have been written off in the prior year.  
 
The prior year adjustment impact to the profit and loss account included amounts which related to periods prior to 31 December 2023.  The impact of these amounts was not deemed to be material, individually or in aggregate, and has been adjusted in the profit and loss account for 31 December 2023. 
The table below details the restatement to the comparatives for 31 December 2023 as a result of these adjustments.  
 
Page 9

 
JCB INTERNATIONAL (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Prior year adjustment effects as at 31 December 2023

As previously reported
Movement
Restated
        £
        £
        £
Statement of Income

Turnover


8,140,782

(50,226)
 
8,090,556
 
Cost of sales


(150,400)

139,500
 
(10,900)
 
Distribution costs


(73,818)

815
 
(73,003)
 
Administrative expenses


(7,531,417)

45,119
 
(7,486,298)
 
Other operating charges


(15,304)

(2,263)
 
(17,567)
 
Tax on profit


(113,407)

(33,236)
 
(146,643)
 
Profit for the financial year


409,510

99,709
 
509,219
 
Balance Sheet

Debtors


792,045

(65,655)
 
726,390
 
Creditors: amounts falling due within one year


(1,474,268)

165,364
 
(1,308,904)
 
Profit and loss account


1,545,680

99,709
 
1,645,389
 
Reconciliation of changes in equity

Called up share capital


300,000

-
 
300,000
 
Other reserves


(275,393)

-
 
(275,393)
 
Profit and loss account


1,545,680

99,709
 
1,645,389
 
Total equity


1,570,287

99,709
 
1,669,996
 



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. 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


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 31 July 2025 by Yusuke Takanishi (Senior Statutory Auditor) on behalf of Blick Rothenberg Audit LLP.

Page 10