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Registration number: 12089612

O Journal Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

O Journal Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

O Journal Limited

Company Information

Director

Mr Oluwafemi Omogbehin

Registered office

Kemp House
160 City Road
London
London
EC1V 2NX

Accountants

Stilltho Limited 5 West Street
Hunton
Maidstone
Kent
ME15 0RS

 

O Journal Limited

(Registration number: 12089612)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

225

Current assets

 

Debtors

5

15,541

15,541

Creditors: Amounts falling due within one year

6

(7,995)

(7,995)

Net current assets

 

7,546

7,546

Total assets less current liabilities

 

7,546

7,771

Creditors: Amounts falling due after more than one year

6

(8,167)

(8,167)

Net liabilities

 

(621)

(396)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(622)

(397)

Shareholders' deficit

 

(621)

(396)

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr Oluwafemi Omogbehin
Director

 

O Journal Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Kemp House
160 City Road
London
London
EC1V 2NX
United Kingdom

These financial statements were authorised for issue by the director on 30 January 2025.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

O Journal Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

33.3% written down value

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 company 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 subsequently measured at amortised cost using the effective interest method.

 

O Journal Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

O Journal Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

1,549

1,549

At 31 July 2024

1,549

1,549

Depreciation

At 1 August 2023

1,324

1,324

Charge for the year

225

225

At 31 July 2024

1,549

1,549

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

225

225

5

Debtors

Current

2024
£

2023
£

Other debtors

15,541

15,541

 

15,541

15,541

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,912

1,912

Taxation and social security

 

5,583

5,583

Accruals and deferred income

 

500

500

 

7,995

7,995

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

8,167

8,167

 

O Journal Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,167

8,167

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,834

1,834

Bank overdrafts

78

78

1,912

1,912

9

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

At 31 July 2024
£

Mr Oluwafemi Omogbehin

Directors loan account

11,594

11,594

2023

At 1 August 2022
£

At 31 July 2023
£

Mr Oluwafemi Omogbehin

Directors loan account

11,594

11,594