JYJ LLP Filleted accounts for Companies House (small and micro)

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REGISTERED NUMBER: SO301897

JYJ LLP

Filleted Unaudited Financial Statements

For the year ended

31 May 2020

JYJ LLP

Statement of Financial Position

31 May 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		1,105	–

Current assets

Stocks		1,022,507	596,854
Debtors	5	444,181	57,946
Cash at bank and in hand		16,345	8,955
		------------	---------
		1,483,033	663,755

Creditors: amounts falling due within one year	6	642,553		4,895
		------------		---------
Net current assets			840,480	658,860
			---------	---------
Total assets less current liabilities			841,585	658,860
			---------	---------
Net assets			841,585	658,860
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	7	841,585	658,860
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	841,585	658,860
	---------	---------

Total members' interests

Amounts due from members		(16,679)	(56,833)
Loans and other debts due to members	7	841,585	658,860
Members' other interests		–	–
		---------	---------
		824,906	602,027
		---------	---------

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 31 May 2020 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 .

JYJ LLP

Statement of Financial Position (continued)

31 May 2020

These financial statements were approved by the members and authorised for issue on 26 October 2020 , and are signed on their behalf by:

J H McColl

Designated Member

Registered number: SO301897

JYJ LLP

Notes to the Financial Statements

Year ended 31 May 2020

1.	General information

The LLP is registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, Lothian, EH3 6NL.

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 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis convention. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The members have assessed the limited liability partnership's ability to continue as a going concern and have reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 statement of financial position.

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 statement of financial position.

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 statement of financial position 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 statement of financial position within 'Members' other interests'.

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:

	Office Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include other receivables and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include other payables, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the entity assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the entity will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

4.	Tangible assets

	Equipment	Total
	£	£

Cost
At 1 June 2019	–	–
Additions	1,251	1,251
	-------	-------
At 31 May 2020	1,251	1,251
	-------	-------
Depreciation
At 1 June 2019	–	–
Charge for the year	146	146
	-------	-------
At 31 May 2020	146	146
	-------	-------
Carrying amount
At 31 May 2020	1,105	1,105
	-------	-------
At 31 May 2019	–	–
	-------	-------

5.	Debtors

	2020	2019
	£	£

Other debtors	444,181	57,946
	---------	--------

Included in other debtors are amounts due from members of £Nil (2019: £51,295)

6. Creditors: amounts falling due within one year

	2020	2019
	£	£

Bank loans and overdrafts	584,131	–
Trade creditors	22	2,895
Other creditors	58,400	2,000
	---------	-------
	642,553	4,895
	---------	-------

The bank loan is secured by fixed charge over the development property, a floating charge over all the LLP's assets and a personal guarantee up to a maximum of £100,000.00 from the LLP members.

7.	Loans and other debts due to members

	2020	2019
	£	£

Loans from members	841,585	658,860
	---------	---------

8.	Events after the end of the reporting period

In March 2020, the United Kingdom entered a public health crisis in the form of COVID-19. At the time of signing the full impact of this is unknown however the members believe at this point in time, the financial statements should be prepared on a going concern basis. The members have reviewed the situation and costs have been reduced where feasible. The members have reasonable expectations that the company will have adequate resources to meet liabilities for the period of at least 12 months from the date of approval of these financial statements.