Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 2025-01-01 true true true true true false false No description of principal activity 60 64 true 13381712 2025-01-01 2025-12-31 13381712 2024-01-01 2024-12-31 13381712 2025-12-31 13381712 2024-12-31 13381712 2024-01-01 13381712 3 2025-01-01 2025-12-31 13381712 3 2024-01-01 2024-12-31 13381712 4 2025-01-01 2025-12-31 13381712 4 2024-01-01 2024-12-31 13381712 d:CompanySecretary1 2025-01-01 2025-12-31 13381712 d:Director1 2025-01-01 2025-12-31 13381712 d:Director2 2025-01-01 2025-12-31 13381712 d:Director2 2025-12-31 13381712 d:Director3 2025-01-01 2025-12-31 13381712 d:Director4 2025-01-01 2025-12-31 13381712 d:Director5 2025-01-01 2025-12-31 13381712 d:Director5 2025-12-31 13381712 d:RegisteredOffice 2025-01-01 2025-12-31 13381712 e:Buildings 2025-12-31 13381712 e:Buildings 2024-12-31 13381712 e:ComputerEquipment 2025-01-01 2025-12-31 13381712 e:ComputerEquipment 2025-12-31 13381712 e:ComputerEquipment 2024-12-31 13381712 e:ComputerEquipment e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 13381712 e:OtherPropertyPlantEquipment 2025-01-01 2025-12-31 13381712 e:OtherPropertyPlantEquipment 2025-12-31 13381712 e:OtherPropertyPlantEquipment 2024-12-31 13381712 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 13381712 e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 13381712 e:CurrentFinancialInstruments 2025-12-31 13381712 e:CurrentFinancialInstruments 2024-12-31 13381712 e:Non-currentFinancialInstruments 2025-12-31 13381712 e:Non-currentFinancialInstruments 2024-12-31 13381712 e:Non-currentFinancialInstruments 3 2025-12-31 13381712 e:Non-currentFinancialInstruments 3 2024-12-31 13381712 e:CurrentFinancialInstruments e:WithinOneYear 2025-12-31 13381712 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 13381712 e:Non-currentFinancialInstruments e:AfterOneYear 2025-12-31 13381712 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 13381712 e:ReportableOperatingSegment1 2025-01-01 2025-12-31 13381712 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 13381712 e:UKTax 2025-01-01 2025-12-31 13381712 e:UKTax 2024-01-01 2024-12-31 13381712 e:ShareCapital 2025-12-31 13381712 e:ShareCapital 2024-12-31 13381712 e:ShareCapital 2024-01-01 13381712 e:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 13381712 e:RetainedEarningsAccumulatedLosses 2025-12-31 13381712 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 13381712 e:RetainedEarningsAccumulatedLosses 2024-12-31 13381712 e:RetainedEarningsAccumulatedLosses 2024-01-01 13381712 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2025-12-31 13381712 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 13381712 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2025-12-31 13381712 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2024-12-31 13381712 e:RetirementBenefitObligationsDeferredTax 2025-12-31 13381712 e:RetirementBenefitObligationsDeferredTax 2024-12-31 13381712 e:OtherDeferredTax 2025-12-31 13381712 e:OtherDeferredTax 2024-12-31 13381712 d:OrdinaryShareClass1 2025-01-01 2025-12-31 13381712 d:OrdinaryShareClass1 2025-12-31 13381712 d:OrdinaryShareClass1 2024-12-31 13381712 d:FRS101 2025-01-01 2025-12-31 13381712 d:Audited 2025-01-01 2025-12-31 13381712 d:FullAccounts 2025-01-01 2025-12-31 13381712 d:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 13381712 e:Subsidiary1 2025-01-01 2025-12-31 13381712 e:Subsidiary1 1 2025-01-01 2025-12-31 13381712 e:FinancialLiabilitiesAmortisedCost 2025-01-01 2025-12-31 13381712 6 2025-01-01 2025-12-31 13381712 e:CurrentFinancialInstruments 7 2025-12-31 13381712 e:CurrentFinancialInstruments 7 2024-12-31 13381712 e:Buildings e:Right-of-useAssets 2025-01-01 2025-12-31 13381712 e:Buildings e:Right-of-useAssets 2024-01-01 2024-12-31 13381712 e:WithinOneYear 2025-12-31 13381712 e:WithinOneYear 2024-12-31 13381712 e:BetweenOneFiveYears 2025-12-31 13381712 e:BetweenOneFiveYears 2024-12-31 13381712 f:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13381712 JONAS COLLECTIONS AND RECOVERY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
JONAS COLLECTIONS AND RECOVERY LIMITED COMPANY INFORMATION
Directors | J MacKinnon
| D Boxall (resigned 31 July 2025)
| M Otchet
| B Symons
| R Clancy (appointed 18 July 2025)
Company secretary | J MacKinnon
Registered number | 13381712
Registered office | Gladstone House
| Hithercroft Road
| Wallingford
| OX10 9BT
Independent auditors | James Cowper Kreston Audit
| Chartered Accountants and Statutory Auditor
| 2 Communications Road
| Greenham Business Park
| Greenham
| Newbury
| RG19 6AB
JONAS COLLECTIONS AND RECOVERY LIMITED CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 6
Statement of comprehensive income | 7
Balance sheet | 8
Statement of changes in equity | 9
Notes to the financial statements | 10 - 23
JONAS COLLECTIONS AND RECOVERY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
Jonas Collections and Recovery Limited (the “Company”) is a wholly owned subsidiary within Constellation Software Inc., focused on delivering centralized services and administrative support to affiliated entities. The Company operates under a cost-plus model with fixed margins, ensuring predictability in its financial performance.
Business review
The Company provides a range of administrative and collections-related services to group companies, primarily based in the UK , India and Canada. Revenue is generated on a cost-plus basis, whereby direct and indirect costs incurred are reimbursed by the service recipients with an agreed-upon mark-up of 7%. During 2025, the Company reported turnover of £8,267,427, an decrease of 7.5% from £8,887,061 in 2024. Operating profit decreased to a loss of £1,461,066 from a profit of £1,080,163 in the prior year, mainly driven by the impact of the foreign exchange movements on the amounts owed by group with a net exchange loss of £1,951,222 (2024: gain of £493,392), which is not included in the marked up costs. Loss for the year after taxation was £1,103,069 (2024:Profit of £841,958).
Principal risks and uncertainties
As a cost-plus service provider operating under intercompany agreements, the Company faces limited commercial risk. However, its principal risk arises from foreign exchange rate fluctuations due to its international cost recovery structure, with a significant portion of recoveries denominated in USD. In 2025, the Company experienced a net exchange loss of £1,951,222 (2024: gain of £493,392), which impacted reported results. The Company continues to evaluate the materiality of this exposure and may consider mitigation strategies such as hedging in future periods if volatility persists.
Financial key performance indicators
The directors use the following key financial performance indicators (KPIs) to assess the ongoing performance of the Company in relation to its service obligations, efficiency, and profitability. These KPIs reflect the Company’s revenue generation and cost management capabilities and are considered appropriate and sufficient for a cost-plus operating model. The directors have determined that they provide a reasonable basis for understanding the financial position and performance of the business year-on-year.
KPI | 2025 | 2024
Turnover | £8,267,427 | £8,887,061
Turnover growth/(decline) | (7.5%) | 13.6%
Operating profit/(loss) | (£1,461,066) | £1,080,163
Profit/(loss) after tax | (£1,103,069) | £841,462
This report was approved by the board and signed on its behalf.
J MacKinnon Director
Date: 20 July 2026
Page 1
JONAS COLLECTIONS AND RECOVERY 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
The directors who served during the year were:
J MacKinnon
D Boxall (resigned 31 July 2025)
M Otchet
B Symons
R Clancy (appointed 18 July 2025)
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 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.
Results and dividends
The loss for the year, after taxation, amounted to £1,103,069 (2024 - profit £841,462). The directors did not propose any dividend in respect of the year ended 31 December 2024 or 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.
Auditors
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 2
JONAS COLLECTIONS AND RECOVERY LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
J MacKinnon Secretary
Date: 20 July 2026
Page 3
JONAS COLLECTIONS AND RECOVERY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JONAS COLLECTIONS AND RECOVERY LIMITED
Opinion
We have audited the financial statements of Jonas Collections and Recovery 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 101 ‘Reduced Disclosure Framework’ (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 loss 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 4
JONAS COLLECTIONS AND RECOVERY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JONAS COLLECTIONS AND RECOVERY 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
JONAS COLLECTIONS AND RECOVERY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JONAS COLLECTIONS AND RECOVERY 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. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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. Jonathan Baillie BA (Hons) ACA FCCA (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury RG19 6AB 21 July 2026 Page 6
JONAS COLLECTIONS AND RECOVERY LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 8,267,427 | 8,887,061
Gross profit |  | 8,267,427 | 8,887,061
Administrative expenses |  | (9,728,493) | (7,806,898)
Operating (loss)/profit | 5 | (1,461,066) | 1,080,163
Interest payable and similar expenses |  | (1,264) | (5,871)
(Loss)/profit before tax |  | (1,462,330) | 1,074,292
Tax on (loss)/profit | 9 | 359,261 | (232,830)
(Loss)/profit for the financial year |  | (1,103,069) | 841,462
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 10 to 23 form part of these financial statements.
Page 7
JONAS COLLECTIONS AND RECOVERY LIMITED REGISTERED NUMBER: 13381712 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 6,545 |  | 117,694
Investments | 11 |  | 14,128 |  | 14,128
|  |  | 20,673 |  | 131,822
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 1,607,680 |  | 3,260,655 |
Cash at bank and in hand | 13 | 319,519 |  | 288,554 |
|  | 1,927,199 |  | 3,549,209 |
Creditors: amounts falling due within one year | 14 | (1,421,719) |  | (2,042,408) |
Net current assets |  |  | 505,480 |  | 1,506,801
Total assets less current liabilities |  |  | 526,153 |  | 1,638,623
Creditors: amounts falling due after more than one year | 15 |  | - |  | (9,401)
|  |  | 526,153 |  | 1,629,222
Net assets |  |  | 526,153 |  | 1,629,222
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 1 |  | 1
Profit and loss account |  |  | 526,152 |  | 1,629,221
|  |  | 526,153 |  | 1,629,222
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J MacKinnon
Director
Date: 20 July 2026
The notes on pages 10 to 23 form part of these financial statements. Page 8
JONAS COLLECTIONS AND RECOVERY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2025 | 1 | 1,629,221 | 1,629,222
Loss for the year | - | (1,103,069) | (1,103,069)
At 31 December 2025 | 1 | 526,152 | 526,153
| The notes on pages 10 to 23 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1 | 787,759 | 787,760
Profit for the year | - | 841,462 | 841,462
At 31 December 2024 | 1 | 1,629,221 | 1,629,222
| The notes on pages 10 to 23 form part of these financial statements.
Page 9
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The Company is a private company limited by share capital and incorporated in England and Wales. The registered office is Gladstone House, Hithercroft Road, Wallingford, OX10 9BT. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers ∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; ∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member This information is included in the consolidated financial statements of Constellation Software Inc. as at 31 December 2025 and these financial statements may be obtained from www.csisoftware.com/category/stat-filings.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006. Page 10
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 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 stated net of VAT. Revenue from the supply of services represents the value of services provided under contracts to the extent that there is a right consideration and is recorded at the value of consideration due. Revenue is calculated on costs incurred recharged to an affiliated company at a mark-up of 7%. Page 11
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Leases
The Company as a lessee The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: ∙fixed lease payments (including in-substance fixed payments), less any lease incentives; The lease liability is included in 'Creditors' on the Balance sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Company did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are included in the 'Intangible Assets', 'Tangible Fixed Assets' and 'Investment Property' lines, as applicable, in the Balance sheet. The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.10. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient. Leases are classified as finance leases whenver the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other finance leases are classified as operating leases. Page 12
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | 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.
| 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 | 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 13
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | 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:
|  |  |  | Computer equipment | - | 3 years
|  |  |  | Right-of-use assets | - | Over period of lease term
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Page 14
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below: Financial assets and financial liabilities are initially measured at fair value. Financial assets All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets. Impairment of financial assets The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. Financial liabilities At amortised cost Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
There are no critical accounting judgements or material sources of estimation uncertainty in the preparation of these financial statements.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Intercompany revenue | 8,267,427 | 8,887,061
|  | 8,267,427 | 8,887,061
| All turnover arose within the UK , India and Canada.
Page 15
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 117,881 | 97,800
| Exchange differences | 1,951,222 | (493,392)
| Defined contribution pension cost | 215,798 | 226,003
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 12,350 | 12,000
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 5,892,557 | 6,316,515
| Social security costs | 776,053 | 779,353
| Cost of defined contribution scheme | 215,798 | 226,003
|  | 6,884,408 | 7,321,871
| The average monthly number of employees, including the directors, during the year was 60 (2024: 64).
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest on lease liabilities | 1,264 | 5,871
|  | 1,264 | 5,871
Page 16
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | 268,697
| Adjustments in respect of previous periods | (268,697) | (35,867)
| Total current tax | (268,697) | 232,830
| Deferred tax |  |
| Origination and reversal of timing differences | (90,564) | -
| Total deferred tax | (90,564) | -
| Tax on (loss)/profit | (359,261) | 232,830
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (1,462,330) | 1,074,292
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (365,583) | 268,573
| Effects of: |  |
| Losses carried back | 275,019 | -
| Adjustments to tax charge in respect of prior periods | (268,697) | (35,867)
| Movement in deferred tax not recognised | - | 124
| Total tax charge for the year | (359,261) | 232,830
Page 17
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 9.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. OECD Pillar Two model rules Jonas Collections and Recovery Limited is within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the UK, the jurisdiction in which the entity is incorporated, and is effective in 2025. Under the legislation, the Company is liable to pay a top-up tax in the UK for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect. The Company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12. Page 18
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Tangible fixed assets
|  | Computer equipment | Right-of-use assets | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | - | 215,494 | 215,494
| Additions | 6,732 | - | 6,732
| At 31 December 2025 | 6,732 | 215,494 | 222,226
| Depreciation |  |  |
| At 1 January 2025 | - | 97,800 | 97,800
| Charge for the year | 187 | 117,694 | 117,881
| At 31 December 2025 | 187 | 215,494 | 215,681
| Net book value |  |  |
| At 31 December 2025 | 6,545 | - | 6,545
| At 31 December 2024 | - | 117,694 | 117,694
| The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance sheet is as follows:
|  | 2025 | 2024
|  | £ | £
| Tangible fixed assets owned | 6,545 | -
| Right-of-use tangible fixed assets | - | 117,694
|  | 6,545 | 117,694
| Information about right-of-use assets is summarised below:
| Net book value
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Property | - | 117,694
| Depreciation charge for the year ended
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Property | 117,694 | 97,800
Page 19
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 14,128
| At 31 December 2025 | 14,128
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Class of shares | Holding
| Jonas Collections and Recovery India Private Limited | Ordinary | 99%
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 842,830 | 3,149,955
| Other debtors | 45,472 | 34,420
| Prepayments and accrued income | 93,936 | 71,485
| Tax recoverable | 529,863 | -
| Deferred taxation | 95,579 | 4,795
|  | 1,607,680 | 3,260,655
13. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 319,519 | 288,554
|  | 319,519 | 288,554
Page 20
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | - | 663
| Amounts owed to group undertakings | 39,149 | 68,085
| Corporation tax | - | 217,612
| Other taxation and social security | 212,318 | 197,671
| Lease liabilities | - | 110,405
| Other creditors | 16,551 | 41,775
| Accruals and deferred income | 1,153,701 | 1,406,197
|  | 1,421,719 | 2,042,408
15. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Lease liabilities | - | 9,401
|  | - | 9,401
16. | Leases
| Company as a lessee
| The company leases premises from which it operates.
| Lease liabilities are due as follows:
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Not later than one year | - | 110,405
| Between one year and five years | - | 9,401
|  | - | 119,806
| The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Interest expense on lease liabilities | 1,264 | 5,871
Page 21
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at amortised cost | 319,519 | 3,184,375
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | 1,223,045 | 1,627,125
| Financial assets measured at amortised cost comprise of amounts owed by group and other debtors.
| Financial liabilities measured at amortised cost comprise of trade payables, amounts owed to group, accruals, lease liabilities and other creditors.
18. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 4,795 | 4,795
| Charged to profit or loss | 90,784 | -
| At end of year | 95,579 | 4,795
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short term timing differences | 4,795 | 4,795
| Deferred tax charged in the Profit and loss account for the period | 90,784 | -
|  | 95,579 | 4,795
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1.00 | 1 | 1
Page 22
JONAS COLLECTIONS AND RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | 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 £215,798 (2024: £226,003). Contributions totalling £16,331 (2024: £41,775) were payable to the fund at the balance sheet date and are included in other creditors.
21. | Controlling party
The Company's immediate parent is Jonas Collections and Recovery Inc, incorporated in the US. The ultimate parent is Constellation Software Inc, incorporated in Canada. The smallest group in which the results of the Company are consolidated is that headed by Jonas Collections and Recovery Inc. The consolidated accounts are not publicly available. The largest group in which the results of the Company are consolidated is that headed by Constellation Software Inc. The consolidated financial statements of this group are available to the public and may be obtained from www.csisoftware.com/category/stat-filings.
Page 23