Registered number
04111730
Joi Limited
Unaudited Filleted Accounts
30 June 2023
Joi Limited
Registered number: 04111730
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 67,057 108,766
Current assets
Stocks 174,395 1,180,544
Debtors 5 755,644 1,677,062
Cash at bank and in hand 910,685 899,383
1,840,724 3,756,989
Creditors: amounts falling due within one year 6 (471,065) (2,503,573)
Net current assets 1,369,659 1,253,416
Total assets less current liabilities 1,436,716 1,362,182
Provisions for liabilities (12,323) (21,541)
Net assets 1,424,393 1,340,641
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,424,293 1,340,541
Shareholders' funds 1,424,393 1,340,641
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N J C Adams
Director
Approved by the board on 21 February 2024
Joi Limited
Notes to the Accounts
for the year ended 30 June 2023
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.
2 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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:
Going concern
The directors have assessed the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In doing this, they have considered the level of reserves held, the results for the period, expectations of future trading as a result of trading relationships with key customers. On the basis of this information the directors are satisfied that the company will continue as a going concern and so the financial statements have been prepared on this basis.
Turnover
Turnover represents sales to external customers at amounts invoiced less value added tax and trade discounts. Turnover is recognised on dispatch of goods to customers.

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.
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.
Interest receivable and similar income
Interest receivable and similar income is recognised in profit or loss using the effective interest
method.
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
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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.

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:
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.
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.
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
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
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.
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.
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 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.
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
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees Unaudited Audited
2023 2022
Number Number
Average number of persons employed by the company 3 4
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 249,777
Additions 11,771
Disposals (37,505)
At 30 June 2023 224,043
Depreciation
At 1 July 2022 141,011
Charge for the year 53,480
On disposals (37,505)
At 30 June 2023 156,986
Net book value
At 30 June 2023 67,057
At 30 June 2022 108,766
5 Debtors Unaudited Audited
2023 2022
£ £
Trade debtors 96,049 806,257
Amounts owed by group undertakings and undertakings in which the company has a participating interest 599,900 729,491
Other debtors 59,695 104,501
Prepayments - 36,813
755,644 1,677,062
6 Creditors: amounts falling due within one year Unaudited Audited
2023 2022
£ £
Bank loans and overdrafts - 290,187
Trade creditors 32,668 893,865
Taxation and social security costs 69,980 142,035
Accruals 302,448 70,670
Other creditors 65,969 1,106,816
471,065 2,503,573
7 Directors' remuneration 2023 2022
£ £
Directors' emoluments 214,000 31,000
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 69,980 134,493
Adjustments in respect of previous periods 3,796 (989)
Total current tax 73,776 133,504
Deferred tax
Origination and reversal of timing differences (9,218) 5,066
Effects of tax rate changes on opening balance -
Total deferred tax (9,218) 5,066
Taxation on profit on ordinary activities 64,558 138,570
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%) 60,979 140,710
Effects of:
Expenses not deductible for tax purposes 1,186 1,761
Fixed asset differences (392) (4,128)
Adjustments to tax charge in respect of prior periods 3,796 (989)
Remeasurement of deferred tax for charge in tax rates (1,803) 1,216
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
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 (21,541) (16,475)
Charged to profit or loss 9,218 (5,066)
At end of year (12,323) (21,541)
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
100 100
Each ordinary share has attached to it full voting, dividend and capital distribution rights.
12 Events after the reporting date
There have been no significant events affecting the company since the year end.
13 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 24,500 72,100
14 Related party transactions
At the year end £65,603 (2022: £1,089,167) was owed by the company to Nick Adams, a director and shareholder of the company and is included in other creditors. There is no interest payable on this balance.
15 Ultimate parent undertaking and controlling party
The immediate and ultimate parent undertaking is Jogroup Holdings Limited. The controlling party is deemed to be N J C Adams, by virtue of his majority shareholding in Jogroup Holdings Limited.
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
Joi Limited 04111730 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts April 2022 Mr N J C Adams No description of principal activity 04111730 2021-07-01 2022-06-30 04111730 core:WithinOneYear 2022-06-30 04111730 core:ShareCapital 2022-06-30 04111730 core:RetainedEarningsAccumulatedLosses 2022-06-30 04111730 core:AllPeriods 2022-06-30 04111730 2021-06-30 04111730 2022-07-01 2023-06-30 04111730 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04111730 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 04111730 bus:Director40 2022-07-01 2023-06-30 04111730 1 2022-07-01 2023-06-30 04111730 2 2022-07-01 2023-06-30 04111730 core:PlantMachinery 2022-07-01 2023-06-30 04111730 1 2022-07-01 2023-06-30 04111730 countries:England 2022-07-01 2023-06-30 04111730 bus:FRS102 2022-07-01 2023-06-30 04111730 bus:FullAccounts 2022-07-01 2023-06-30 04111730 2023-06-30 04111730 core:WithinOneYear 2023-06-30 04111730 core:ShareCapital 2023-06-30 04111730 core:RetainedEarningsAccumulatedLosses 2023-06-30 04111730 core:PlantMachinery 2023-06-30 04111730 core:ShareCapitalOrdinaryShares 2023-06-30 04111730 core:AllPeriods 2023-06-30 04111730 2022-06-30 04111730 core:PlantMachinery 2022-06-30 iso4217:GBP xbrli:pure