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Registered number: 03752712









G-A-Y GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
G-A-Y GROUP LIMITED
 
 
COMPANY INFORMATION


Director
J Joseph 




Registered number
03752712



Registered office
G-A-Y Bar
30 Old Compton Street

London

England

W1D 4UR




Independent auditor
Adler Shine LLP
Chartered Accountants and Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
G-A-Y GROUP LIMITED
 

CONTENTS



Page
Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 26


 
G-A-Y GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The principal activity of the company was that of bars, entertainment production and promotion of live music entertainment through its venues, G-A-Y Bar and Heaven.

Business review
 
Turnover for the period totalled £9,692,493 (2023: £10,987,727) with an operating profit of £276,108 (2023: £638,465). 
The Company experienced difficult trading conditions due to the high inflationary environment and the cost of living crisis which has had an impact on consumer demand and the profitability of the business. During the year, the venue G-A-Y Late was closed.

Principal risks and uncertainties
 
Given the nature of the group's business there are a number of risk factors considered by the director. These include increased competition, changes in licensing and legislation and changes in audience preference and behaviours.
Crime and terrorism
I am always consious of the risk of crime, including terrorism, taking place inside one of our venues and hold the safety of our customers as a paramount importance.  A serious incident occuring within a venue can pose a risk of major business interruption or even closure of the site.  As such, we work closely with local authorities and our security providers to ensure that sufficient searching and other safety procedures are in place.  
Cost inflation
The current economic environment in the UK has seen significant inflation in utility costs, increases in rent and staff salaries. More recently the national minimum living wage has been increased. I continue to monitor the situation carefully and manage such cost increases where possible. 

Financial key performance indicators
 
Key performance indicators used by management include turnover and operating profit which are stated on page 8.


This report was approved by the board and signed on its behalf.



J Joseph
Director

Date: 28 January 2025

Page 1

 
G-A-Y GROUP LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The director presents his report and the financial statements for the year ended 30 April 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company was that of bar, entertainment production and promotion of live music entertainment through its venues, G-A-Y Bar and Heaven.

Results and dividends

The profit for the year, after taxation, amounted to £187,014 (2023 - £521,341).

Dividends declared in the year were £584,600 (2023 - £602,812)

Director

The director who served during the year was:

J Joseph 

Future developments

Since the year end, the Company has continued to operate its two venues.

Page 2

 
G-A-Y GROUP LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
J Joseph
Director

Date: 28 January 2025

Page 3

 
G-A-Y GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G-A-Y GROUP LIMITED
 

Opinion


We have audited the financial statements of G-A-Y Group Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 4

 
G-A-Y GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G-A-Y GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
G-A-Y GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G-A-Y GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries     and other adjustments for appropriateness and reviewing accounting estimates for bias;
• reviewed minutes of meetings;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any      instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the   financial statements and potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
G-A-Y GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G-A-Y GROUP LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Christopher Taylor, FCA (Senior Statutory Auditor)
for and on behalf of
Adler Shine LLP
Chartered Accountants and Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF

28 January 2025
Page 7

 
G-A-Y GROUP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,692,493
10,987,727

Cost of sales
  
(6,310,790)
(6,431,855)

Gross profit
  
3,381,703
4,555,872

Administrative expenses
  
(3,509,590)
(3,917,407)

Other operating income
 5 
403,995
-

Operating profit
 6 
276,108
638,465

Interest receivable and similar income
 10 
13,505
12,876

Profit before tax
  
289,613
651,341

Tax on profit
 11 
(102,599)
(130,000)

Profit for the year
  
187,014
521,341

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 26 form part of these financial statements.

Page 8

 
G-A-Y GROUP LIMITED
REGISTERED NUMBER: 03752712

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,500
13,176

Tangible assets
 14 
1,052,466
1,201,203

Investments
 15 
100
100

  
1,054,066
1,214,479

Current assets
  

Stocks
 16 
80,738
137,923

Debtors: amounts falling due after more than one year
 17 
157,185
162,097

Debtors: amounts falling due within one year
 17 
1,943,514
1,925,208

Cash at bank and in hand
 18 
1,371,320
1,674,064

  
3,552,757
3,899,292

Creditors: amounts falling due within one year
 19 
(501,949)
(611,311)

Net current assets
  
 
 
3,050,808
 
 
3,287,981

Total assets less current liabilities
  
4,104,874
4,502,460

  

Net assets
  
4,104,874
4,502,460


Capital and reserves
  

Called up share capital 
 21 
313
313

Share premium account
 22 
1,994,787
1,994,787

Profit And Loss Account
 22 
2,109,774
2,507,360

  
4,104,874
4,502,460


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

J Joseph
Director

Date: 28 January 2025

The notes on pages 11 to 26 form part of these financial statements.

Page 9

 
G-A-Y GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
313
1,994,787
2,588,831
4,583,931


Comprehensive income for the period

Profit for the period
-
-
521,341
521,341
Total comprehensive income for the period
-
-
521,341
521,341


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(602,812)
(602,812)



At 1 May 2023
313
1,994,787
2,507,360
4,502,460


Comprehensive income for the year

Profit for the year
-
-
187,014
187,014
Total comprehensive income for the year
-
-
187,014
187,014


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(584,600)
(584,600)


At 30 April 2024
313
1,994,787
2,109,774
4,104,874


The notes on pages 11 to 26 form part of these financial statements.

Page 10

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

G-A-Y Group Limited (“the Company”) is a private Company limited by shares and is incorporated and domiciled in England. The address of its registered office and principal place of business is G-A-Y Bar, 30 Old Compton Street, London, England, W1D 4UR.
The principal activity of the company was that of bar, entertainment production and promotion of live music entertainment through its venues, G-A-Y Bar and Heaven. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of JJ is G-A-Y Limited as at 30 April 2024 and these financial statements may be obtained from the registered office.

Page 11

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
10
years

Page 12

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5%
over the term of the lease
Fixtures and fittings
-
20%
straight-line
Computer equipment
-
20%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 13

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 14

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 15

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

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.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.16

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 16

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Depreciation – estimation and judgement is used in assessing the useful economic life of tangible fixed assets which is used to determine the rate of depreciation. 
Amortisation - estimation and judgement is used in assessing the useful economic life of intangible fixed assets which is used to determine the rate of amortisation. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
9,692,493
10,987,727

9,692,493
10,987,727


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Premium on surrender of lease
403,995
-

403,995
-



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
1,195,230
1,308,261

Page 17

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,000
25,000


8.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,288,076
2,488,529

Social security costs
164,397
188,761

Cost of defined contribution scheme
25,385
42,436

2,477,858
2,719,726


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Director
1
1



Admin staff
6
6



Bar staff
208
210

215
217


9.


Director's remuneration

2024
2023
£
£

Director's emoluments
165,000
180,000

165,000
180,000


Page 18

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
13,505
12,876

13,505
12,876


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
104,732
130,000

Adjustments in respect of previous periods
(2,133)
-


102,599
130,000


Total current tax
102,599
130,000

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
102,599
130,000
Page 19

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the period to 30 April 2024 is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
289,613
651,341


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
72,403
123,755

Effects of:


Capital allowances for year/period in excess of depreciation
25,353
390

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
4,843
5,855

Total tax charge for the year/period
102,599
130,000


Factors that may affect future tax charges

There are no factors which may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends
584,600
602,812

584,600
602,812

Page 20

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Intangible assets




Trademarks
Goodwill
Total

£
£
£



Cost


At 1 May 2023
143,879
1,193,821
1,337,700



At 30 April 2024

143,879
1,193,821
1,337,700



Amortisation


At 1 May 2023
130,703
1,193,821
1,324,524


Charge for the year on owned assets
11,676
-
11,676



At 30 April 2024

142,379
1,193,821
1,336,200



Net book value



At 30 April 2024
1,500
-
1,500



At 30 April 2023
13,176
-
13,176



Page 21

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 May 2023
2,899,160
2,987,506
116,346
6,003,012


Additions
61,787
27,818
878
90,483


Disposals
-
-
(26,736)
(26,736)



At 30 April 2024

2,960,947
3,015,324
90,488
6,066,759



Depreciation


At 1 May 2023
1,982,525
2,707,928
111,356
4,801,809


Charge for the year on owned assets
117,163
120,839
1,217
239,219


Disposals
-
-
(26,735)
(26,735)



At 30 April 2024

2,099,688
2,828,767
85,838
5,014,293



Net book value



At 30 April 2024
861,259
186,557
4,650
1,052,466



At 30 April 2023
916,635
279,578
4,990
1,201,203


15.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 May 2023
100



At 30 April 2024
100




Page 22

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Heaven (London) Limited
G-A-Y Bar, 30 Old Compton Street, London, England, W1D 4UR
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

Heaven (London) Limited

100


16.


Stocks

2024
2023
£
£

Finished goods and goods for resale
80,738
137,923

80,738
137,923


Page 23

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
157,185
162,097

157,185
162,097


2024
2023
£
£

Due within one year

Trade debtors
57,371
47,159

Amounts owed by group undertakings
1,014,989
912,110

Other debtors
481,926
598,356

Prepayments and accrued income
389,228
367,583

1,943,514
1,925,208



18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,371,320
1,674,064

1,371,320
1,674,064



19.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
144,502
295,392

Amounts owed to group undertakings
100
100

Other taxation and social security
181,362
189,844

Other creditors
93,240
51,976

Accruals and deferred income
82,745
73,999

501,949
611,311


Page 24

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,371,320
1,674,064




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,132,075 (2023 - 3,132,075) Ordinary shares of £0.00010 each
313
313



22.


Reserves

Share premium account

"Share premium account" represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share issue.

Profit and loss account

"Profit and loss account" represents retained profits and losses.


23.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £25,385 (2023: £42,436). Contributions totalling £7,149 (2023 - £6,824) were payable to the fund at the reporting date and are included in creditors.

Page 25

 
G-A-Y GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,115,000
890,788

Later than 1 year and not later than 5 years
4,460,000
1,129,459

Later than 5 years
13,200,000
133,767

18,775,000
2,154,014


25.


Transactions with directors

At the balance sheet date the director owed to the company £849 (2023: £4,307).


26.


Controlling party

The Company’s immediate parent undertaking is JJ is G-A-Y Limited which holds 100% of the voting rights. The ultimate controlling party is J Joseph by virtue of his 100% shareholding in JJ is G-A-Y Limited.
The largest and smallest parent company preparing consolidated accounts is JJ is G-A-Y Limited.  The consolidated accounts can be obtained from Companies House.

 
Page 26