Caseware UK (AP4) 2025.0.111 2025.0.111 No description of principal activity 2025-01-01 false false 6 6 true false 05169578 2025-01-01 2025-12-31 05169578 2024-01-01 2024-12-31 05169578 2025-12-31 05169578 2024-12-31 05169578 2024-01-01 05169578 c:Director1 2025-01-01 2025-12-31 05169578 c:Director2 2025-01-01 2025-12-31 05169578 c:Director3 2025-01-01 2025-12-31 05169578 c:Director3 2025-12-31 05169578 c:Director4 2025-01-01 2025-12-31 05169578 c:Director4 2025-12-31 05169578 c:RegisteredOffice 2025-01-01 2025-12-31 05169578 d:Buildings d:LongLeaseholdAssets 2025-01-01 2025-12-31 05169578 d:Buildings d:LongLeaseholdAssets 2025-12-31 05169578 d:Buildings d:LongLeaseholdAssets 2024-12-31 05169578 d:FurnitureFittings 2025-01-01 2025-12-31 05169578 d:FurnitureFittings 2025-12-31 05169578 d:FurnitureFittings 2024-12-31 05169578 d:FurnitureFittings d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 05169578 d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 05169578 d:CurrentFinancialInstruments 2025-12-31 05169578 d:CurrentFinancialInstruments 2024-12-31 05169578 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 05169578 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 05169578 d:ShareCapital 2025-12-31 05169578 d:ShareCapital 2024-12-31 05169578 d:ShareCapital 2024-01-01 05169578 d:OtherMiscellaneousReserve 2025-12-31 05169578 d:OtherMiscellaneousReserve 2024-12-31 05169578 d:OtherMiscellaneousReserve 2024-01-01 05169578 d:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 05169578 d:RetainedEarningsAccumulatedLosses 2025-12-31 05169578 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05169578 d:RetainedEarningsAccumulatedLosses 2024-12-31 05169578 d:RetainedEarningsAccumulatedLosses 2024-01-01 05169578 d:AcceleratedTaxDepreciationDeferredTax 2025-12-31 05169578 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 05169578 d:TaxLossesCarry-forwardsDeferredTax 2025-12-31 05169578 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 05169578 c:OrdinaryShareClass1 2025-01-01 2025-12-31 05169578 c:OrdinaryShareClass1 2025-12-31 05169578 c:OrdinaryShareClass1 2024-12-31 05169578 c:FRS102 2025-01-01 2025-12-31 05169578 c:Audited 2025-01-01 2025-12-31 05169578 c:FullAccounts 2025-01-01 2025-12-31 05169578 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 05169578 d:WithinOneYear 2025-12-31 05169578 d:WithinOneYear 2024-12-31 05169578 e:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05169578 JCM Europe (UK) Limited Directors' report and financial statements For the year ended 31 December 2025
JCM Europe (UK) Limited Company Information
Directors | Payam Zadeh
| Takatomo Imai
| Yuichi Yamamura (appointed 23 January 2025)
Registered number | 05169578
Registered office | Co-Space Milton Keynes Elder House West
| Elder Gate
| Milton Keynes
| Buckinghamshire
| MK9 1LR
Independent auditors | Kreston Reeves Audit LLP
| Statutory Auditor
| Suite 2
| Orchard House
| Orchard Street
| Canterbury
| Kent
| CT2 8AR
JCM Europe (UK) Limited Contents
| Page
Directors' report | 1 - 2
Independent auditors' report | 3 - 6
Statement of comprehensive income | 7
Balance sheet | 8
Statement of changes in equity | 9
Notes to the financial statements | 10 - 18
JCM Europe (UK) Limited Directors' report For the year ended 31 December 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing 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 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.
Directors
The directors who served during the year were:
Payam Zadeh
Takatomo Imai
Mitsuhiro Ueno (resigned 14 February 2025)
Yuichi Yamamura (appointed 23 January 2025)
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 1
JCM Europe (UK) Limited Directors' report (continued) For the year ended 31 December 2025
Auditors
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025. The auditor, Kreston Reeves Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Payam Zadeh Director
Date: 19 June 2026
Page 2
JCM Europe (UK) Limited Independent auditors' report to the members of JCM Europe (UK) Limited
Opinion
We have audited the financial statements of JCM Europe (UK) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of 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: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 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.
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 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. Page 3
JCM Europe (UK) Limited Independent auditors' report to the members of JCM Europe (UK) Limited (continued)
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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has 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 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; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 1, 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 4
JCM Europe (UK) Limited Independent auditors' report to the members of JCM Europe (UK) 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: Capability of the audit in detecting irregularities, including fraud Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to British Gaming Board regulations, anti-bribery, and employment law. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals to manipulation revenue recognition. Audit procedures performed by the engagement team included: ∙Detailed discussions were held with management to identify any known or suspected instances of non-compliance with laws and regulations; and ∙Further assessment of the company's compliance with laws and regulations was undertaken by ensuring the engagement team were made aware of the identified laws and regulations to ensure they remained alert to any indications of non-compliance; and ∙Challenging assumptions and judgements made by management in its significant accounting estimates; ∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and ∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and ∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and ∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and ∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. 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. Page 5
JCM Europe (UK) Limited Independent auditors' report to the members of JCM Europe (UK) Limited (continued) As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 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. Christopher Gregory BA(Hons) ACA (Senior statutory auditor) for and on behalf of Kreston Reeves Audit LLP Statutory Auditor Canterbury 19 June 2026 Page 6
JCM Europe (UK) Limited Statement of comprehensive income For the year ended 31 December 2025
| 2025 | 2024
| £ | £
Turnover |  | 2,602,875 | 3,974,800
Cost of sales |  | (923,966) | (2,185,695)
Gross profit |  | 1,678,909 | 1,789,105
Administrative expenses |  | (683,399) | (765,045)
Operating profit |  | 995,510 | 1,024,060
Interest (payable)/receivable and similar expenses |  | (984) | 29,496
Profit before tax |  | 994,526 | 1,053,556
Tax on profit |  | (250,747) | (265,788)
Profit for the financial year |  | 743,779 | 787,768
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 10 to 18 form part of these financial statements.
Page 7
JCM Europe (UK) Limited Registered number: 05169578 Balance sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets |  |  | 59,864 |  | 42,986
|  |  | 59,864 |  | 42,986
Current assets |  |  |  |  |
Stocks |  | 4,976 |  | - |
Debtors: amounts falling due within one year | 5 | 550,464 |  | 427,018 |
Cash at bank and in hand |  | 1,362,084 |  | 1,533,733 |
|  | 1,917,524 |  | 1,960,751 |
Creditors: amounts falling due within one year | 6 | (536,625) |  | (506,753) |
Net current assets |  |  | 1,380,899 |  | 1,453,998
Total assets less current liabilities |  |  | 1,440,763 |  | 1,496,984
Net assets |  |  | 1,440,763 |  | 1,496,984
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 127,000 |  | 127,000
Other reserves |  |  | 159,407 |  | 159,407
Profit and loss account |  |  | 1,154,356 |  | 1,210,577
|  |  | 1,440,763 |  | 1,496,984
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 were approved and authorised for issue by the board and were signed on its behalf by:
Payam Zadeh
Director
Date: 19 June 2026
The notes on pages 10 to 18 form part of these financial statements. Page 8
JCM Europe (UK) Limited Statement of changes in equity For the year ended 31 December 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 127,000 | 159,407 | 2,722,809 | 3,009,216
Profit for the year | - | - | 787,768 | 787,768
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (2,300,000) | (2,300,000)
At 1 January 2025 | 127,000 | 159,407 | 1,210,577 | 1,496,984
Profit for the year | - | - | 743,779 | 743,779
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (800,000) | (800,000)
At 31 December 2025 | 127,000 | 159,407 | 1,154,356 | 1,440,763
| The notes on pages 10 to 18 form part of these financial statements.
Page 9
JCM Europe (UK) Limited Notes to the financial statements For the year ended 31 December 2025
1. | General information
JCM Europe (UK) Limited ("the company") is a private company limited by shares and is incorporated in England and Wales with the registration number 05169578. The address of the registered office is Co-Space Milton Keynes Elder House West, Milton Keynes, Buckinghamshire, MK9 1LR. 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 financial statements are rounded to the nearest Pound. The following principal accounting policies have been applied:
| 2.2 | Going concern
The company is continuing to rely on the financial support from its ultimate parent company, Japan Cash Machine Co Ltd, trading as JCM Global, a company quoted on the Tokyo Stock Exchange. JCM Global has confirmed its intention to continue its financial support for a period of at least 12 months from the date of the approval of these accounts. The group has considerable financial resources and as a consequence the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries and considering the uncertainties, the directors have formed a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 10
JCM Europe (UK) Limited Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.4 | 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:
|  |  |  | Fixtures and fittings | - | 20% | straight line
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. Assets under contruction Plant and machinery in the course of construction is held as an 'asset under construction' within tangible fixed assets. Once the asset is complete, it is transferred to its actual asset class and depreciation commences.
| 2.5 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.6 | 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.
| 2.7 | 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.
| 2.8 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Page 11
JCM Europe (UK) Limited Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments (continued)
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. 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. 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. Page 12
JCM Europe (UK) Limited Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments (continued)
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. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.9 | 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.
| 2.10 | 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 13
JCM Europe (UK) Limited Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 14
JCM Europe (UK) Limited Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | Provision for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
| 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2024 - 6).
Page 15
JCM Europe (UK) Limited Notes to the financial statements For the year ended 31 December 2025
4. | Tangible fixed assets
|  | Assets under construction | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 40,838 | 19,796 | 60,634
| Additions | 15,450 | 2,960 | 18,410
| At 31 December 2025 | 56,288 | 22,756 | 79,044
| Depreciation |  |  |
| At 1 January 2025 | - | 17,648 | 17,648
| Charge for the year on owned assets | - | 1,532 | 1,532
| At 31 December 2025 | - | 19,180 | 19,180
| Net book value |  |  |
| At 31 December 2025 | 56,288 | 3,576 | 59,864
| At 31 December 2024 | 40,838 | 2,148 | 42,986
Page 16
JCM Europe (UK) Limited Notes to the financial statements For the year ended 31 December 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 46,274 | 89,882
| Amounts owed by group undertakings | 411,520 | 191,967
| Other debtors | 64,418 | 110,319
| Prepayments and accrued income | 21,908 | 27,325
| Deferred taxation | 6,344 | 7,525
|  | 550,464 | 427,018
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 7,361 | 9,800
| Amounts owed to group undertakings | 298,206 | 439,725
| Corporation tax | 163,009 | -
| Other creditors | 9,163 | 9,706
| Accruals and deferred income | 58,886 | 47,522
|  | 536,625 | 506,753
7. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 7,525 | 13,756
| Charged to profit or loss | (1,181) | (6,231)
| At end of year | 6,344 | 7,525
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 7,525 | 2,527
| Timing differences | (1,181) | 4,998
|  | 6,344 | 7,525
Page 17
JCM Europe (UK) Limited Notes to the financial statements For the year ended 31 December 2025
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 127,000 (2024 - 127,000) Ordinary shares of £1.00 each | 127,000 | 127,000
9. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,085 (2024 - £11,661).
10. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 7,110 | 6,750
|  | 7,110 | 6,750
11. | Related party transactions
| All transactions with related parties arising in the current and prior period have been concluded under normal market conditions.
12. | Controlling party
The company is a wholly owned subsidiary of JCM Europe GmbH, a company registered in Germany, registered at Companies House with the company number FC029269. The ultimate parent undertaking of the company continues to be Japan Cash Machine Co Ltd, trading as JCM Global, a company registered on the Tokyo Stock Exchange. Copies of the consolidated accounts of Japan Cash Machine Limited may be obtained from The Secretary, Japan Cash Machine Co Ltd, 925 Pilot Road, Las Vegas, Nevada, USA, 89119.
Page 18