Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 5 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Provisions for liabilities | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | |||||||
Shareholders' funds | |||||||
Mr N J C Adams | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | General information | |||||||
JOI Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 04111730. The address of its registered office is Unit 7 Tideway Yard, 125 Mortlake High Street, London, England, SW14 8SN. The principal activity of the company is the sale of clothing, drinkware and bespoke products to support advertising campaigns. |
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2 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound. The following principal accounting policies have been applied: |
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Going concern | ||||||||
Turnover | ||||||||
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Turnover 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 turnover 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. |
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Interest payable and similar expenses | ||||||||
Interest payable and similar expenses 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. |
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Interest receivable and similar income | ||||||||
Interest receivable and similar income is recognised in profit or loss using the effective interest method. |
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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. | ||||||||
Intangible fixed assets | ||||||||
Tangible fixed assets | ||||||||
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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: |
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Plant & machinery | - 25% straight line | |||||||
Fixtures & fittings | - 25% straight line | |||||||
Office equipment | - 25% 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. |
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Cash and cash equivalents | ||||||||
Investments | ||||||||
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. | ||||||||
Stocks | ||||||||
Debtors | ||||||||
Financial instruments | ||||||||
Financial assets | ||||||||
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in the Statement of income and retained earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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Financial liabilities | ||||||||
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discontinued at a rate of interest. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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. |
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Current and deferred taxation | ||||||||
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date. |
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Creditors | ||||||||
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. | ||||||||
Taxation | ||||||||
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. | ||||||||
Provisions | ||||||||
Related party exemption | ||||||||
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. | ||||||||
Foreign currency translation | ||||||||
Leased assets | ||||||||
Pensions | ||||||||
3 | Employees | Unaudited | Audited | |||||
2023 | 2022 | |||||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 July 2022 | ||||||||
Additions | ||||||||
Disposals | ( |
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At 30 June 2023 | ||||||||
Depreciation | ||||||||
At 1 July 2022 | ||||||||
Charge for the year | ||||||||
On disposals | ( |
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At 30 June 2023 | ||||||||
Net book value | ||||||||
At 30 June 2023 | ||||||||
At 30 June 2022 | ||||||||
5 | Debtors | Unaudited | Audited | |||||
2023 | 2022 | |||||||
£ | £ | |||||||
Trade debtors | ||||||||
Amounts owed by group undertakings and undertakings in which the company has a participating interest | ||||||||
Other debtors | ||||||||
Prepayments | - | |||||||
6 | Creditors: amounts falling due within one year | Unaudited | Audited | |||||
2023 | 2022 | |||||||
£ | £ | |||||||
Bank loans and overdrafts | - | |||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Accruals | ||||||||
Other creditors | ||||||||
7 | Directors' remuneration | 2023 | 2022 | |||||
£ | £ | |||||||
Directors' emoluments | ||||||||
Company contributions to defined contribution pension schemes | - | |||||||
214,000 | 31,000 | |||||||
8 | Taxation | Unaudited | Audited | |||||
2023 | 2022 | |||||||
£ | £ | |||||||
Corporation tax | ||||||||
Current tax on profits for the year | ||||||||
Adjustments in respect of previous periods | ( |
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Total current tax | ||||||||
Deferred tax | ||||||||
Origination and reversal of timing differences | ( |
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Effects of tax rate changes on opening balance | - | |||||||
Total deferred tax | ( |
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Taxation on profit on ordinary activities | ||||||||
Factors affecting tax charge for the year | ||||||||
Profit on ordinary activities before tax | 297,518 | 740,578 | ||||||
Profit on ordinary activities multiplied by a blended standard rate of | ||||||||
corporation tax in the UK of 19% and 25% (2022: 19%) | ||||||||
Effects of: | ||||||||
Expenses not deductible for tax purposes | ||||||||
Fixed asset differences | ( |
( |
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Adjustments to tax charge in respect of prior periods | ( |
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Remeasurement of deferred tax for charge in tax rates | ( |
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Total tax charge for the year | 63,766 | 138,570 | ||||||
9 | Stocks | Unaudited | Audited | |||||
2023 | 2022 | |||||||
£ | £ | |||||||
Raw materials and consumables | ||||||||
174,395 | 1,180,544 | |||||||
There was no impairment charge recognised in profit or loss during the year relating to stock | ||||||||
(2022: £nil). | ||||||||
10 | Deferred taxation | Unaudited | Audited | |||||
2023 | 2022 | |||||||
£ | £ | |||||||
At beginning of year | ( |
( |
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Charged to profit or loss | ( |
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At end of year | ( |
( |
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11 | Called up share capital | Unaudited | Audited | |||||
2023 | 2022 | |||||||
£ | £ | |||||||
Allotted, called up and fully paid | ||||||||
100 (2022: 100) ordinary shares of £1 each | ||||||||
100 | 100 | |||||||
Each ordinary share has attached to it full voting, dividend and capital distribution rights. | ||||||||
12 | Events after the reporting date | |||||||
13 | Other financial commitments | 2023 | 2022 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | ||||||||
14 | Related party transactions | |||||||
15 | Ultimate parent undertaking and controlling party | |||||||
16 | Other information | |||||||
Joi Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Unit 7 Tideway Yard | ||||||||
125 Mortlake High Street | ||||||||
London | ||||||||
SW14 8SN |