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Registered number: 08155965









JJ IS G-A-Y LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
JJ IS G-A-Y LIMITED
 
 
COMPANY INFORMATION


Director
J Joseph 




Registered number
08155965



Registered office
Flat 1
30 Old Compton Street

London

W1D 4UR




Independent auditor
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Cornwall Avenue

London

N3 1LF





 
JJ IS G-A-Y LIMITED
 

CONTENTS



Page
Group strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 8
Consolidated profit and loss account
9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Company balance sheet
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16 - 30


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

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

Business review
 
The group turnover for the year totalled £9,692,493 (2023: £10,987,727) with a profit before tax of £300,045 (2023: £698,986).
The Group 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 financial performance indicators include revenue, gross profit margin and operating profits which are disclosed within the financial statements. The group also monitors venue attendance and average spend per head.


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



J Joseph
Director

Date: 28 January 2025

Page 1

 
JJ IS G-A-Y 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 Group strategic report, the Director's report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £195,464 (2023 - £568,791).

Dividends declared in the year were £584,600 (2023: £552,812).

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.

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 and the Group'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 and the Group's auditors are aware of that information.

Page 2

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

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

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

Opinion


We have audited the financial statements of JJ is G-A-Y Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's 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 Group 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 Group's or the parent 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

 
JJ IS G-A-Y LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JJ IS G-A-Y 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 5

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


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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
JJ IS G-A-Y LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JJ IS G-A-Y 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 Group 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 7

 
JJ IS G-A-Y LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JJ IS G-A-Y 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
Statutory Auditor
  
Cornwall Avenue
London
N3 1LF

28 January 2025
Page 8

 
JJ IS G-A-Y LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
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
  
(3,509,849)
(3,870,873)

Other operating income
 5 
403,995
-

Operating profit
 6 
275,849
684,999

Interest receivable and similar income
 10 
24,196
13,987

Profit before tax
  
300,045
698,986

Tax on profit
 11 
(104,581)
(130,195)

Profit for the year
  
195,464
568,791

Profit for the year attributable to:
  

Owners of the parent
  
195,464
568,791

  
195,464
568,791

The notes on pages 16 to 30 form part of these financial statements.

Page 9

 
JJ IS G-A-Y LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£


Profit for the financial year

  

195,464
568,791

Other comprehensive income
  

Total comprehensive income for the year
  
195,464
568,791

Profit for the year attributable to:
  


Owners of the parent Company
  
195,464
568,791

  
195,464
568,791

Total comprehensive income attributable to:
  


Owners of the parent Company
  
195,464
568,791

  
195,464
568,791

The notes on pages 16 to 30 form part of these financial statements.

Page 10

 
JJ IS G-A-Y LIMITED
REGISTERED NUMBER: 08155965

CONSOLIDATED BALANCE SHEET
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

  
1,053,966
1,214,379

Current assets
  

Stocks
 16 
80,738
137,923

Debtors: amounts falling due after more than one year
 17 
297,583
335,076

Debtors: amounts falling due within one year
 17 
963,107
1,046,911

Cash at bank and in hand
 18 
3,456,621
3,614,242

  
4,798,049
5,134,152

Creditors: amounts falling due within one year
 19 
(504,313)
(611,693)

Net current assets
  
 
 
4,293,736
 
 
4,522,459

Total assets less current liabilities
  
5,347,702
5,736,838

Provisions for liabilities
  

  
5,347,702
5,736,838

Net assets
  
5,347,702
5,736,838


Capital and reserves
  

Called up share capital 
 21 
3
3

Profit and loss account
 22 
5,347,699
5,736,835

Equity attributable to owners of the parent Company
  
5,347,702
5,736,838

  
5,347,702
5,736,838


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 16 to 30 form part of these financial statements.

Page 11

 
JJ IS G-A-Y LIMITED
REGISTERED NUMBER: 08155965

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
3,313,892
3,313,892

  
3,313,892
3,313,892

Current assets
  

Debtors: amounts falling due after more than one year
 17 
140,397
172,979

Debtors: amounts falling due within one year
 17 
34,582
33,813

Cash at bank and in hand
 18 
2,085,301
1,940,178

  
2,260,280
2,146,970

Creditors: amounts falling due within one year
 19 
(1,017,452)
(912,592)

Net current assets
  
 
 
1,242,828
 
 
1,234,378

Total assets less current liabilities
  
4,556,720
4,548,270

  

  

  
4,556,720
4,548,270

Net assets
  
4,556,720
4,548,270


Capital and reserves
  

Called up share capital 
 21 
3
3

Profit and loss account
 22 
4,556,717
4,548,267

  
4,556,720
4,548,270


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 16 to 30 form part of these financial statements.

Page 12

 
JJ IS G-A-Y LIMITED
 

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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 May 2022
3
5,720,856
5,720,859
5,720,859



Profit for the year
-
568,791
568,791
568,791

Dividends: Equity capital
-
(552,812)
(552,812)
(552,812)



At 1 May 2023
3
5,736,835
5,736,838
5,736,838



Profit for the year
-
195,464
195,464
195,464

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


At 30 April 2024
3
5,347,699
5,347,702
5,347,702


The notes on pages 16 to 30 form part of these financial statements.

Page 13

 
JJ IS G-A-Y LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
3
4,497,437
4,497,440



Profit for the year
-
603,642
603,642

Dividends: Equity capital
-
(552,812)
(552,812)



At 1 May 2023
3
4,548,267
4,548,270



Profit for the year
-
593,050
593,050

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


At 30 April 2024
3
4,556,717
4,556,720


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 
JJ IS G-A-Y LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
195,464
568,791

Adjustments for:

Amortisation of intangible assets
11,676
(34,621)

Depreciation of tangible assets
239,218
358,777

Interest received
(24,196)
(13,987)

Taxation charge
104,581
130,195

Decrease in stocks
57,185
1,753

Decrease in debtors
5,634
329,769

(Decrease) in creditors
(109,361)
(201,598)

Corporation tax received/(paid)
13,065
(523,691)

Net cash generated from operating activities

493,266
615,388


Cash flows from investing activities

Purchase of intangible fixed assets
-
(351,389)

Purchase of tangible fixed assets
(90,483)
-

Interest received
24,196
13,987

Net cash from investing activities

(66,287)
(337,402)

Cash flows from financing activities

Dividends paid
(584,600)
(552,812)

Net cash used in financing activities
(584,600)
(552,812)

Net (decrease) in cash and cash equivalents
(157,621)
(274,826)

Cash and cash equivalents at beginning of year
3,614,242
3,889,068

Cash and cash equivalents at the end of year
3,456,621
3,614,242


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,456,621
3,614,242

3,456,621
3,614,242


Page 15

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

1.


General information

JJ is G-A-Y Limited (“the Company”) is a private Company limited by shares and is incorporated and domiciled in England. The address of the registered office is 30 Old Compton Street, London.
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. 
The Company's functional and presentational currency is pounds sterling, rounded to the nearest pound.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 28 April 2014.

 
2.3

Going concern

The Director has reviewed the financial and trading position of the Group for the forthcoming twelve months from the date of the approval of the financial statements and considers that the Group will have sufficient cash resources available to meet its liabilities as they fall due.  It is for this reason the Director considers that it remains appropriate to prepare the financial statements on a going concern basis.

Page 16

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. 

 
2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

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 balance sheet date in the countries where the Company and the Group operate and generate income.

Page 17

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

2.Accounting policies (continued)

 
2.9

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:

Goodwill
-
10
years
Trademarks
-
10
years

 
2.10

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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 balance sheet 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.

Page 18

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

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

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.

 
2.16

Financial instruments

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

The Group 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 Group's Balance sheet when the Group 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 Group'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
Page 19

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 receipts 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
Page 20

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

 
2.17

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.


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 in the circumstances. 
Amortisation and depreciation – estimation and judgement is used in assessing the useful economic life of intangible and tangible assets which is used to determine the rate of amortisation and depreciation. 


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.

Page 21

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

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


7.


Auditors' remuneration

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


2024
2023
£
£

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

Page 22

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

8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

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

Social security costs
164,397
188,761
-
-


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Director
1
1
1
1



Administrative staff
9
6
-
-



Bar staff
210
210
-
-

220
217
1
1


9.


Director's remuneration

2024
2023
£
£

Director's emoluments
165,000
180,000

165,000
180,000



10.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
24,196
13,987

24,196
13,987

Page 23

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

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
106,714
130,195

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


104,581
130,195


Total current tax
104,581
130,195

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
104,581
130,195

Factors affecting tax charge for the year

The tax assessed for the year 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
300,045
698,986


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
75,011
132,807

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
23,580
255

Capital allowances for year in excess of depreciation
5,990
(2,867)

Total tax charge for the year
104,581
130,195

Page 24

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


Factors that may affect future tax charges

There are no factors which may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends
584,600
552,812

584,600
552,812


13.


Intangible assets

Group and Company





Patents
Trademarks
Goodwill
Negative goodwill
Total

£
£
£
£
£



Cost


At 1 May 2023
15,229
128,650
1,193,821
(622,536)
715,164



At 30 April 2024

15,229
128,650
1,193,821
(622,536)
715,164



Amortisation


At 1 May 2023
15,229
115,474
1,193,821
(622,536)
701,988


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



At 30 April 2024

15,229
127,150
1,193,821
(622,536)
713,664



Net book value



At 30 April 2024
-
1,500
-
-
1,500



At 30 April 2023
-
13,176
-
-
13,176



Page 25

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

14.


Tangible fixed assets

Group






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

Page 26

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 May 2023
3,313,892



At 30 April 2024
3,313,892






Net book value



At 30 April 2024
3,313,892



At 30 April 2023
3,313,892


Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

G-A-Y Group Limited
Live music venue operations
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Heaven (London) Limited
Dormant
Ordinary
100%

Page 27

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

16.


Stocks

Group
Group
2024
2023
£
£

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

80,738
137,923


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
297,583
335,076
140,397
172,979

297,583
335,076
140,397
172,979


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
57,371
47,159
-
-

Other debtors
516,508
632,169
34,582
33,813

Prepayments and accrued income
389,228
367,583
-
-

963,107
1,046,911
34,582
33,813



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,456,621
3,614,242
2,085,301
1,940,178

3,456,621
3,614,242
2,085,301
1,940,178


Page 28

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

19.


Creditors: amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
144,502
295,392
-
-

Amounts owed to group undertakings
-
-
1,014,988
912,110

Corporation tax
2,464
482
2,464
482

Other taxation and social security
181,362
189,844
-
-

Other creditors
93,240
51,976
-
-

Accruals and deferred income
82,745
73,999
-
-

504,313
611,693
1,017,452
912,592



20.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
3,456,621
3,614,242

Financial assets that are debt instruments measured at amortised cost
3,456,621
1,381,298

6,913,242
4,995,540




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and other debtors.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3 (2023 - 3) Ordinary shares of £1.00 each
3
3



22.


Reserves

Profit and loss account

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

Page 29

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

23.


Pension commitments

The Group 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.


24.


Commitments under operating leases

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


Group
Group
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 the group £849 (2023: £4,307).


26.


Controlling party

The ultimate controlling party is Mr J Joseph  by virtue of his 100% shareholding in the company.

 
Page 30