Company registration number SC336223 (Scotland)
JJO MORISTON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
JJO MORISTON LIMITED
COMPANY INFORMATION
Directors
B A Olesen
J E Olesen
J A Olesen
Company number
SC336223
Registered office
Levishie Burn
Glenmoriston Estate Office
Invermoriston
Inverness
United Kingdom
IV63 7YH
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
JJO MORISTON LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
Notes to the financial statements
2 - 11
JJO MORISTON LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,724,838
11,327,472
Investment property
4
33,078,890
32,086,484
Investments
5
2
2
44,803,730
43,413,958
Current assets
Stocks
21,028
55,169
Debtors
6
1,249,058
4,903,528
Cash at bank and in hand
228,194
233,525
1,498,280
5,192,222
Creditors: amounts falling due within one year
7
(2,402,317)
(4,026,258)
Net current (liabilities)/assets
(904,037)
1,165,964
Total assets less current liabilities
43,899,693
44,579,922
Creditors: amounts falling due after more than one year
8
(13,825,000)
(14,225,000)
Provisions for liabilities
(6,755,568)
(6,771,950)
Net assets
23,319,125
23,582,972
Capital and reserves
Called up share capital
2,100,000
2,100,000
Revaluation reserve
25,523,111
25,531,718
Profit and loss reserves
(4,303,986)
(4,048,746)
Total equity
23,319,125
23,582,972
The notes on pages 2 to 11 form part of these financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
B A Olesen
Director
Company Registration No. SC336223
JJO MORISTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
JJO Moriston Limited is a private company limited by shares incorporated in Scotland. The registered office is Levishie Burn, Glenmoriston Estate Office, Invermoriston, Inverness, United Kingdom, IV63 7YH.
1.1
Accounting convention
These financial statements have been prepared in accordance 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 company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
JJO Moriston Limited is a wholly owned subsidiary of JJO Invest A/S and the results of JJO Moriston Limited are included in the consolidated financial statements of JJO Capital 2015 ApS, a company incorporated in Denmark.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. JJO Investment A/S has provided a letter of support that covers the 12 months from the signed date of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
The company has two main streams of revenue. Revenue from running an estate, which includes revenue from activities such as shooting and fishing, and revenue from renewable energy generation. Both streams of income are recognised in the period to which it relates with adjustments made for accrued and deferred income as deemed appropriate. Revenue from renewable contracts are recognised and calculated in line with the lease agreements in place between the company and the energy providers.
1.4
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.
JJO MORISTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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:
Freehold property
2% straight line
Tractors and machinery
25% on reducing balance
Fixtures and fittings
15% and 33% on reducing balance
Estate equipment
15% and 25% on reducing balance
Motor vehicles
25% on reducing balance
Wine collection
Not depreciated
Heritage assets
Not depreciated
Freehold land is not depreciated.
The directors believe that the residual value of the wine held under fixed assets is greater than the cost and therefore no depreciation has been provided for.
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 credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
JJO MORISTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
1.10
Financial instruments
The company 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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
JJO MORISTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and balances with fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
JJO MORISTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Retirement benefits
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Government grants
Government 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.
1.17
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
JJO MORISTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Tangible fixed assets
Freehold property
Tractors and machinery
Fixtures and fittings
Estate equipment
Motor vehicles
Wine collection
Heritage assets
Total
£
£
£
£
£
£
£
£
Cost
At 1 May 2023
10,880,583
135,023
664,030
178,351
174,879
241,830
12,274,696
Additions
92,582
26,540
337,288
12,802
31,026
500,238
Disposals
(1,500)
(1,500)
Transfers
39,840
39,840
At 30 April 2024
10,971,665
161,563
1,001,318
191,153
174,879
70,866
241,830
12,813,274
Depreciation and impairment
At 1 May 2023
235,583
96,750
368,011
136,245
110,635
947,224
Depreciation charged in the year
49,028
9,570
56,874
9,678
16,062
141,212
At 30 April 2024
284,611
106,320
424,885
145,923
126,697
1,088,436
Carrying amount
At 30 April 2024
10,687,054
55,243
576,433
45,230
48,182
70,866
241,830
11,724,838
At 30 April 2023
10,645,000
38,273
296,019
42,106
64,244
241,830
11,327,472
During the year £39,840 of stock was transfered to fixed assets.
JJO MORISTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
4
Investment property
2024
£
Fair value
At 1 May 2023
32,086,484
Additions
1,003,882
Revaluations
(11,476)
At 30 April 2024
33,078,890
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 2 May 2023 by Strutt & Parker Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2023 & 30 April 2024
2
Carrying amount
At 30 April 2024
2
At 30 April 2023
2
Unlisted investments relates to bottles of wine held for investment purposes and not resale.
The folllowing was a subsidiary undertaking of the company:
100% shareholding in JJO GM Hotel Limited, a company registered at Levishie Burn, Glenmoriston Estate, Inverness, Scotland, IV63 7YH.
JJO MORISTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,250
Amounts owed by group undertakings
321,051
2,688,288
Other debtors
22,879
102,052
Prepayments and accrued income
861,778
2,101,938
1,205,708
4,903,528
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
43,350
Total debtors
1,249,058
4,903,528
Included in debtors due greater than one year is an outstanding loan which is due to be repaid in March 2026. Interest is accruing on this loan at a rate of 18% per annum and is secured by wine placed under a bond,
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
400,000
400,000
Trade creditors
118,549
14,889
Amounts owed to group undertakings
1,142,274
2,911,100
Taxation and social security
1,603
1,962
Deferred income
708,584
675,404
Other creditors
9,243
7,594
Accruals and deferred income
22,064
15,309
2,402,317
4,026,258
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,825,000
14,225,000
Bank loans are secured by a standard security over Glenmoriston Lodge Estate, Bhlaraidh and the lease with SSE Generation Ltd.
Bank loans are secured by a standing charge over Glenmoriston Estate.
JJO MORISTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 10 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
12,225,000
12,625,000
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
193,451
120,394
Tax losses
(784,131)
(697,559)
Revaluations
7,346,289
7,349,157
Retirement benefit obligations
(41)
(42)
6,755,568
6,771,950
2024
Movements in the year:
£
Liability at 1 May 2023
6,771,950
Credit to profit or loss
(16,382)
Liability at 30 April 2024
6,755,568
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,333
2,124
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At the period end the company had outstanding commitments of £380 (2023 - £399).
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
JJO MORISTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Audit report information
(Continued)
- 11 -
Senior Statutory Auditor:
James McBride
Statutory Auditor:
Azets Audit Services
12
Directors' transactions
During the period the directors introduced funds of £15,749 (2023 - £15,250) to the company and the company paid expenses on behalf of the directors of £11,982 (2023 - £12,893).
At the period end the company owed the directors £6,686 (2023 - £2,919) which is included within other creditors.
Loans with the directors are repayable on demand and no interest is charged.
13
Parent company
The company was under the control of JJO Invest A/S, registered in Denmark.
The ultimate controlling party is JJO Capital 2015 Aps (Bo Anders Olesen).
JJO Capital 2015 Aps is the parent of the smallest and largest group for which consolidated financial statements are drawn up, of which JJO Moriston Limited is a member. JJO Capital 2015 Aps registered office is at Rorbaekvej 1, 7323 Give, Denmark.
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