Joseph James Furniture Outlet LLP

(Registration number: OC429984)
Balance Sheet as at 31 March 2025

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Joseph James Furniture Outlet LLP (registered number OC429984) were approved by the Board and authorised for issue on 30 December 2025. They were signed on behalf of the limited liability partnership by:

......................................... Mr Joseph Shenton Chairman and designated member

Joseph James Furniture Outlet LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

1	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 England and Wales 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.

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.

The functional currency of Joseph James Furniture Outlet 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.

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

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Joseph James Furniture Outlet LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Computer Equipment	33.33% Straight Line
Fixtures & Fittings	10% Straight Line
Plant & Machinery	25% Straight Line
Motor Vehicles	25% Straight Line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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 limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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 limited liability partnership 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.

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.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Joseph James Furniture Outlet LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2	Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation	41,496	28,987

3	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 23 (2024 - 18).

Joseph James Furniture Outlet LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

4	Tangible fixed assets

	Plant and machinery  £	Fixtures and fittings  £	Motor vehicles  £	Office equipment  £
Cost
At 1 April 2024	1,046	39,358	54,005	10,009
Additions	435	-	42,130	664
Disposals	-	(1,995)	-	-
At 31 March 2025	1,481	37,363	96,135	10,673
Depreciation
At 1 April 2024	723	17,347	27,003	8,865
Charge for the year	406	12,179	27,544	1,366
Eliminated on disposals	-	(665)	-	-
At 31 March 2025	1,129	28,861	54,547	10,231
Net book value
At 31 March 2025	352	8,502	41,588	442
At 31 March 2024	323	22,011	27,002	1,144

	Total £
Cost
At 1 April 2024	104,418
Additions	43,229
Disposals	(1,995)
At 31 March 2025	145,652
Depreciation
At 1 April 2024	53,938
Charge for the year	41,495
Eliminated on disposals	(665)
At 31 March 2025	94,768
Net book value
At 31 March 2025	50,884
At 31 March 2024	50,480

5

Stocks

	2025 £	2024 £
Finished goods	192,101	145,448

Joseph James Furniture Outlet LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Debtors

	2025 £	2024 £
Trade debtors	31,381	40,371
Other debtors	4,166	4,166
Total current trade and other debtors	35,547	44,537

7	Creditors: Amounts falling due within one year

	2025 £	2024 £
Bank loans and overdrafts	35,817	30,830
Trade creditors	114,105	121,524
Other creditors	20,521	15,456
Accruals and deferred income	3,866	2,989
Taxation and social security	43,885	22,078
	218,194	192,877

8	Creditors: Amounts falling due after more than one year

	2025 £	2024 £
Bank loans and overdrafts	23,628	60,630
Other creditors	41,129	18,832
	64,757	79,462

9

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.