Oiffy LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC360422 (England and Wales)
Oiffy LLP
Limited Liability Partnership Information
Designated members
A Helfrecht
J Tittel
Limited liability partnership number
OC360422
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Oiffy LLP
Contents
Page
Balance sheet
1
Notes to the financial statements
4 - 8
Oiffy LLP
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,355
2,603
Current assets
Debtors
4
1,456,059
1,407,972
Cash and cash equivalents
49,671
91,185
1,505,730
1,499,157
Creditors: amounts falling due within one year
5
(5,325)
-
Net current assets
1,500,405
1,499,157
Total assets less current liabilities
1,501,760
1,501,760
Creditors: amounts falling due after more than one year
6
(1,501,760)
(1,501,760)
Net assets attributable to members
-
-
Represented by:
Amounts due from members
(1,455,164)
(1,407,702)

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) 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 limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 31 January 2025 and are signed on their behalf by:
31 January 2025
A Helfrecht
J Tittel
Designated member
Designated Member
Limited Liability Partnership Registration No. OC360422
Oiffy LLP
Reconciliation of Members' Interests
For the year ended 31 March 2024
Page 2
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2024
£
£
£
£
Amounts due from members
(1,407,702)
Members' interests at 1 April 2023
-
(1,407,702)
(1,407,702)
(1,407,702)
Loss for the financial year available for discretionary division among members
(39,734)
-
-
(39,734)
Members' interests after loss for the year
(39,734)
(1,407,702)
(1,407,702)
(1,447,436)
Allocation of loss for the financial year
39,734
(39,734)
(39,734)
-
Drawings
-
(7,728)
(7,728)
(7,728)
Members' interests at 31 March 2024
-
(1,455,164)
(1,455,164)
(1,455,164)
Amounts due from members, included in debtors
(1,455,164)
(1,455,164)
Oiffy LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 March 2024
Page 3
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2023
£
£
£
£
Amounts due from members
(1,295,195)
Members' interests at 1 April 2022
-
(1,295,195)
(1,295,195)
(1,295,195)
Loss for the financial year available for discretionary division among members
(66,680)
-
-
(66,680)
Members' interests after loss for the year
(66,680)
(1,295,195)
(1,295,195)
(1,361,875)
Allocation of loss for the financial year
66,680
(66,680)
(66,680)
-
Drawings
-
(45,827)
(45,827)
(45,827)
Members' interests at 31 March 2023
-
(1,407,702)
(1,407,702)
(1,407,702)
Amounts due from members, included in debtors
(1,407,702)
(1,407,702)
Oiffy LLP
Notes to the Financial Statements
For the year ended 31 March 2024
Page 4
1
Accounting policies
Limited liability partnership information

Oiffy LLP is a limited liability partnership incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

During the year, the LLP made a loss of £39,734 (2023: £66,680). The members have prepared cash flow forecasts for a period of 12 months following the approval of the financial statements, which shows that the LLP will trade profitably with positive cash flows generated from operations. Consequently, the members are confident that the LLP will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the Balance Sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance Sheet date are carried forward as work in progress.

Oiffy LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.4
Members' participating interests

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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Oiffy LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 6
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Members
2024
2023
Number
Number
The average number of members during the year was
2
2
Oiffy LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
15,708
Depreciation and impairment
At 1 April 2023
13,105
Depreciation charged in the year
1,248
At 31 March 2024
14,353
Carrying amount
At 31 March 2024
1,355
At 31 March 2023
2,603
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts due from members
1,455,164
1,407,702
Other debtors
895
270
1,456,059
1,407,972
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,275
-
Taxation and social security
605
-
Other creditors
2,445
-
5,325
-
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,501,760
1,501,760
Oiffy LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
6
Creditors: amounts falling due after more than one year
(Continued)
Page 8

Included in the other creditor due after one year balance is a loan totalling £1,501,760 (2023: £1,501,760). The loan is repayable upon Oiffy LLP selling the rights to any projects, as set out in the investment agreement.

7
Related party transactions

At the year end, A. Helfrecht, a member of Oiffy LLP owed £727,582 (2023: £703,851 ) to the LLP.

 

At the year end, J. Tittel, a member of Oiffy LLP owed £727,582 (2023: £703,851 ) to the LLP.

8
Controlling party

There is no ultimate controlling party.

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