EK380,
For non-lapsed JAA UK and JAR-FCL license holders with valid Class 1 medicals, it is all correct with the change to EASA - just don't expect the CAA to recogonise you at this moment in time.
Many other member states will get you into their system and will recognise you as per my post above. It just takes time, a few phone calls, a bit of money and some form filling.
Falcon - good man..!!