Company registration number SC354810 (Scotland)
JJO GM HOTEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
JJO GM HOTEL LIMITED
COMPANY INFORMATION
Directors
B A Olesen
J E Olesen
Company number
SC354810
Registered office
Levishie Burn
Glenmoriston Estate Office
Invermoriston
Inverness
United Kingdom
IV63 7YH
Auditor
Azets
Titanium 1
Kings Inch Place
Renfrew
Renfrewshire
United Kingdom
PA4 8WF
JJO GM HOTEL LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
JJO GM HOTEL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
808,383
790,000
Current assets
Debtors
5
34,661
34,575
Cash at bank and in hand
408
11,129
35,069
45,704
Creditors: amounts falling due within one year
6
(752,870)
(786,221)
Net current liabilities
(717,801)
(740,517)
Net assets
90,582
49,483
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
90,580
49,481
Total equity
90,582
49,483

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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. SC354810
JJO GM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

JJO GM Hotel 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.

1.2
Going concern

The company is reliant on the continued support from JJO Moriston Limited and JJO Invest APS.true JJO Investment A/S, has provided a letter of support that covers the 12 months from the signed date of these financial statements. On the basis of this support the directors are satisfied it is appropriate to prepare the financial statements on a going concern basis.

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.

1.4
Investment properties

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.

1.5
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.

1.6
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.

JJO GM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.7
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.

1.8
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.

JJO GM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.9
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
Auditor's remuneration

The audit fee of £7,300 (2023 - £7,000) is incurred and paid by the parent entity, JJO Moriston Limited. In the prior year this was accrued with this accrual released in the current year resulting in a credit.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2

The directors receive no remuneration from the company (2023: £nil).

4
Investment property
2024
£
Fair value
At 1 May 2023
790,000
Additions
18,383
At 30 April 2024
808,383
JJO GM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Investment property
(Continued)
- 5 -

Investment property was valued on an open market basis by Strutt & Parker, Chartered Surveyors, on 2 May 2023. The directors are of the opinion the value at the year end is not materially different from this valuation.

 

Stubkjaer Invest OG Kapital APS has a standard security charge over Glenmoriston Arms Hotel, Invermoriston, Inverness, IV63 7YA.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,550
31,703
Other debtors
1,696
-
0
Prepayments and accrued income
3,415
2,872
34,661
34,575
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,060
-
0
Amounts owed to group undertakings
723,352
768,640
Taxation and social security
-
0
3,383
Other creditors
5,698
5,698
Accruals and deferred income
1,760
8,500
752,870
786,221
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
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.

Senior Statutory Auditor:
James McBride
Statutory Auditor:
Azets
JJO GM HOTEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
9
Parent company

The company's parent company, JJO Moriston Limited, a company registered in Scotland, is 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 GM Hotel Limited is a member. JJO Capital 2015 ApS registered office is at Rorbaekvej 1, 7323 Give, Denmark.

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