2 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-06 Sage Accounts Production Advanced 2024 - FRS102_2024 22,400 22,400 7,467 7,467 14,933 xbrli:pure xbrli:shares iso4217:GBP OC439291 2023-04-06 2024-04-05 OC439291 2024-04-05 OC439291 2023-04-05 OC439291 2022-04-06 2023-04-05 OC439291 2023-04-05 OC439291 2022-04-05 OC439291 core:FurnitureFittings 2023-04-06 2024-04-05 OC439291 core:MotorVehicles 2023-04-06 2024-04-05 OC439291 bus:Director1 2023-04-06 2024-04-05 OC439291 bus:Director2 2023-04-06 2024-04-05 OC439291 core:WithinOneYear 2024-04-05 OC439291 core:WithinOneYear 2023-04-05 OC439291 core:FurnitureFittings 2023-04-05 OC439291 core:MotorVehicles 2023-04-05 OC439291 core:FurnitureFittings 2024-04-05 OC439291 core:MotorVehicles 2024-04-05 OC439291 core:AfterOneYear 2024-04-05 OC439291 core:AfterOneYear 2023-04-05 OC439291 core:FurnitureFittings 2023-04-05 OC439291 core:MotorVehicles 2023-04-05 OC439291 bus:SmallEntities 2023-04-06 2024-04-05 OC439291 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 OC439291 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 OC439291 bus:LimitedLiabilityPartnershipLLP 2023-04-06 2024-04-05 OC439291 bus:FullAccounts 2023-04-06 2024-04-05 OC439291 core:IntangibleAssetsOtherThanGoodwill 2023-04-06 2024-04-05 OC439291 core:IntangibleAssetsOtherThanGoodwill 2024-04-05
REGISTERED NUMBER: OC439291
OJ Stuff LLP
Filleted Unaudited Financial Statements
5 April 2024
OJ Stuff LLP
Financial Statements
Year ended 5 April 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
OJ Stuff LLP
Balance Sheet
5 April 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
14,933
Tangible assets
6
45,162
31,187
--------
--------
60,095
31,187
Current assets
Debtors
7
439,751
149,576
Cash at bank and in hand
153,873
593,631
---------
---------
593,624
743,207
Creditors: amounts falling due within one year
8
25,917
31,980
---------
---------
Net current assets
567,707
711,227
---------
---------
Total assets less current liabilities
627,802
742,414
Creditors: amounts falling due after more than one year
9
20,805
23,021
---------
---------
Net assets
606,997
719,393
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
10
606,997
719,393
---------
---------
Members' other interests
Other reserves
---------
---------
606,997
719,393
---------
---------
Total members' interests
Loans and other debts due to members
10
606,997
719,393
Members' other interests
---------
---------
606,997
719,393
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 5 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
OJ Stuff LLP
Balance Sheet (continued)
5 April 2024
These financial statements were approved by the members and authorised for issue on 3 January 2025 , and are signed on their behalf by:
Mr O Jeffers
Mrs S Jeffers
Designated Member
Designated Member
Registered number: OC439291
OJ Stuff LLP
Notes to the Financial Statements
Year ended 5 April 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Kimberley House, 31 Burnt Oak Broadway, Edgware, London, HA8 5LD.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development
-
Straight line over 3 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 2 (2023: 4 ).
5.
Intangible assets
Website development
£
Cost
Additions
22,400
--------
At 5 April 2024
22,400
--------
Amortisation
Charge for the year
7,467
--------
At 5 April 2024
7,467
--------
Carrying amount
At 5 April 2024
14,933
--------
At 5 April 2023
--------
6.
Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 6 April 2023
7,171
35,914
43,085
Additions
29,028
29,028
--------
--------
--------
At 5 April 2024
36,199
35,914
72,113
--------
--------
--------
Depreciation
At 6 April 2023
2,920
8,978
11,898
Charge for the year
8,319
6,734
15,053
--------
--------
--------
At 5 April 2024
11,239
15,712
26,951
--------
--------
--------
Carrying amount
At 5 April 2024
24,960
20,202
45,162
--------
--------
--------
At 5 April 2023
4,251
26,936
31,187
--------
--------
--------
7.
Debtors
2024
2023
£
£
Trade debtors
13,277
1,200
Other debtors
426,474
148,376
---------
---------
439,751
149,576
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,682
1,592
Accruals and deferred income
11,330
18,045
Social security and other taxes
3,899
5,629
Obligations under finance leases and hire purchase contracts
4,465
6,714
Company credit card
3,541
--------
--------
25,917
31,980
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
20,805
23,021
--------
--------
10.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
606,997
719,393
---------
---------