Registration number:
Prepared for the registrar
Jomico LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 30 April 2024
Jomico LLP
(Registration number: OC363970)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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|
|
Cash and short-term deposits |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets attributable to members |
|
|
|
Represented by: |
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Loans and other debts due to members |
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Other amounts |
288,690 |
593,329 |
|
288,690 |
593,329 |
||
Total members' interests |
|||
Loans and other debts due to members |
288,690 |
593,329 |
|
288,690 |
593,329 |
The financial statements of Jomico LLP (registered number OC363970) were approved by the
M Blanchfield
Designated member
Jomico LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The place of registration of the LLP is England and Wales under the Limited Liability Partnership Act 2000.
The address of the registered office is:
Chalfont House
The Park
Cheltenham
GL50 2SA
The principal place of business is:Chalfont House
The Park
Cheltenham
GL50 2SA
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
The financial statements have been prepared under the historical cost convention, modified to include certain
items at fair value, and in accordance with Financial Reporting Standard 102 1A (FRS 102 1A) issued by the
Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by
Limited Liability Partnerships (issued January 2017).
The functional currency of Jomico LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the LLP operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Judgements
In the application of the LLP's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Members' remuneration and division of profits
A member's share of the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Jomico LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off
the cost less estimated residual value of each asset over its expected useful life, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line |
Office equipment |
33.33% straight line |
Motor vehicles |
25% reducing balance |
Aircraft |
25% reducing balance |
Trade debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the LLP does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Jomico LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Financial instruments
Classification
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Recognition and Measurement
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Disbursements
Disbursements are not included in income or expenses but are netted against each other.
Particulars of employees |
The average number of persons employed by the LLP during the year was
Jomico LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible fixed assets |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Aircraft |
Total |
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Cost |
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At 1 May 2023 |
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Additions |
- |
- |
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- |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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At 30 April 2024 |
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Net book value |
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At 30 April 2024 |
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At 30 April 2023 |
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Jomico LLP
Notes to the Financial Statements for the Year Ended 30 April 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
220,557 |
145,144 |
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Trade creditors |
35,668 |
13,936 |
Accruals and deferred income |
2,677 |
2,745 |
Taxation and social security |
1,110 |
- |
39,455 |
16,681 |
Related party transactions |
Summary of transactions with other related parties
At 30 April 2024 within other debtors is the amount £178,872 (2023: £123,082) which is owed from Returnjet Limited, a company under common control. The loan is interest free and has no fixed terms for repayment.
At 30 April 2024 within other debtors is the amount £974 (2023: £974) which is owed from Totalight (UK) Limited, a company under common control. The loan is interest free and has no fixed terms for repayment
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £