Caseware UK (AP4) 2024.0.164 2024.0.164 2025-04-30 2025-04-30 2025-04-30 false false 2024-05-01 false No description of principal activity 1 1 false 08155965 2024-05-01 2025-04-30 08155965 2023-05-01 2024-04-30 08155965 2025-04-30 08155965 2024-04-30 08155965 2023-05-01 08155965 1 2024-05-01 2025-04-30 08155965 d:Director1 2024-05-01 2025-04-30 08155965 d:RegisteredOffice 2024-05-01 2025-04-30 08155965 c:Buildings c:LongLeaseholdAssets 2024-05-01 2025-04-30 08155965 c:FurnitureFittings 2024-05-01 2025-04-30 08155965 c:ComputerEquipment 2024-05-01 2025-04-30 08155965 c:Goodwill 2024-05-01 2025-04-30 08155965 c:CopyrightsPatentsTrademarksServiceOperatingRights 2024-05-01 2025-04-30 08155965 c:CurrentFinancialInstruments 2025-04-30 08155965 c:CurrentFinancialInstruments 2024-04-30 08155965 c:Non-currentFinancialInstruments 2025-04-30 08155965 c:Non-currentFinancialInstruments 2024-04-30 08155965 c:CurrentFinancialInstruments c:WithinOneYear 2025-04-30 08155965 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-30 08155965 c:ShareCapital 2025-04-30 08155965 c:ShareCapital 2024-04-30 08155965 c:ShareCapital 2023-05-01 08155965 c:RetainedEarningsAccumulatedLosses 2024-05-01 2025-04-30 08155965 c:RetainedEarningsAccumulatedLosses 2025-04-30 08155965 c:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 08155965 c:RetainedEarningsAccumulatedLosses 2024-04-30 08155965 c:RetainedEarningsAccumulatedLosses 2023-05-01 08155965 d:OrdinaryShareClass1 2024-05-01 2025-04-30 08155965 d:OrdinaryShareClass1 2025-04-30 08155965 d:OrdinaryShareClass1 2024-04-30 08155965 d:FRS102 2024-05-01 2025-04-30 08155965 d:Audited 2024-05-01 2025-04-30 08155965 d:FullAccounts 2024-05-01 2025-04-30 08155965 d:PrivateLimitedCompanyLtd 2024-05-01 2025-04-30 08155965 c:Subsidiary1 2024-05-01 2025-04-30 08155965 c:Subsidiary1 1 2024-05-01 2025-04-30 08155965 d:Consolidated 2025-04-30 08155965 d:ConsolidatedGroupCompanyAccounts 2024-05-01 2025-04-30 08155965 2 2024-05-01 2025-04-30 08155965 6 2024-05-01 2025-04-30 08155965 e:PoundSterling 2024-05-01 2025-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registered number: 08155965 JJ IS G-A-Y LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
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 statement of comprehensive income | 9
Consolidated balance sheet | 10 - 11
Company balance sheet | 12 - 13
Consolidated statement of changes in equity | 14
Company statement of changes in equity | 15
Consolidated statement of cash flows | 16
Notes to the financial statements | 17 - 31
JJ IS G-A-Y LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
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 £7,120,120 (2024: £9,692,493) with a profit before tax of £138,700 (2024: £300,045). 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: 13 January 2026
Page 1
JJ IS G-A-Y LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 30 APRIL 2025 The director presents his report and the financial statements for the year ended 30 April 2025.
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 2006. He 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 £70,752 (2024 - £195,464). Dividends declared in the year were £407,600 (2024: £584,600).
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 2025
Post balance sheet events
On 5th October 2025, the Group surrendered the lease and closed its G-A-Y Bar venue.
Auditors
The auditors, Adler Shine LLP, will 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: 13 January 2026
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 2025, which comprise 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 policies. The 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 2025 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 Report. Our 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 2006. Our 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 13 January 2026 Page 8
JJ IS G-A-Y LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 7,120,120 | 9,692,493
Cost of sales |  | (5,024,579) | (6,310,790)
Gross profit |  | 2,095,541 | 3,381,703
Administrative expenses |  | (3,251,483) | (3,105,854)
Other operating income | 5 | 1,236,192 | -
Operating profit | 6 | 80,250 | 275,849
Interest receivable and similar income | 10 | 58,450 | 24,196
Profit before taxation |  | 138,700 | 300,045
Tax on profit | 11 | (67,948) | (104,581)
Profit for the year |  | 70,752 | 195,464
Total comprehensive income for the year |  | 70,752 | 195,464
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 70,752 | 195,464
|  | 70,752 | 195,464
The notes on pages 17 to 31 form part of these financial statements.
Page 9
JJ IS G-A-Y LIMITED REGISTERED NUMBER: 08155965 CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | - |  | 1,500
Tangible assets | 14 |  | 886,531 |  | 1,052,466
|  |  | 886,531 |  | 1,053,966
Current assets |  |  |  |  |
Stocks | 16 | 113,339 |  | 80,738 |
Debtors: amounts falling due after more than one year | 17 | 281,944 |  | 297,583 |
Debtors: amounts falling due within one year | 17 | 1,718,937 |  | 963,107 |
Cash at bank and in hand | 18 | 2,690,283 |  | 3,456,621 |
|  | 4,804,503 |  | 4,798,049 |
Creditors: amounts falling due within one year | 19 | (680,180) |  | (504,313) |
Net current assets |  |  | 4,124,323 |  | 4,293,736
Total assets less current liabilities |  |  | 5,010,854 |  | 5,347,702
Provisions for liabilities |  |  |  |  |
|  |  | 5,010,854 |  | 5,347,702
Net assets |  |  | 5,010,854 |  | 5,347,702
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 3 |  | 3
Profit and loss account | 22 |  | 5,010,851 |  | 5,347,699
Equity attributable to owners of the parent Company |  |  | 5,010,854 |  | 5,347,702
|  |  | 5,010,854 |  | 5,347,702
Page 10
JJ IS G-A-Y LIMITED REGISTERED NUMBER: 08155965 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Joseph
Director
Date: 13 January 2026
The notes on pages 17 to 31 form part of these financial statements. Page 11
JJ IS G-A-Y LIMITED REGISTERED NUMBER: 08155965 COMPANY BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
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 |  | 140,397 |
Debtors: amounts falling due within one year | 17 | 19,774 |  | 34,582 |
Cash at bank and in hand | 18 | 2,148,168 |  | 2,085,301 |
|  | 2,308,339 |  | 2,260,280 |
Creditors: amounts falling due within one year | 19 | (1,035,241) |  | (1,017,452) |
Net current assets |  |  | 1,273,098 |  | 1,242,828
Total assets less current liabilities |  |  | 4,586,990 |  | 4,556,720
|  |  | 4,586,990 |  | 4,556,720
Net assets |  |  | 4,586,990 |  | 4,556,720
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 3 |  | 3
Profit and loss account | 22 |  | 4,586,987 |  | 4,556,717
|  |  | 4,586,990 |  | 4,556,720
Page 12
JJ IS G-A-Y LIMITED REGISTERED NUMBER: 08155965 COMPANY BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Joseph
Director
Date: 13 January 2026
The notes on pages 17 to 31 form part of these financial statements. Page 13
JJ IS G-A-Y LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £
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 1 May 2024 | 3 | 5,347,699 | 5,347,702 | 5,347,702
Profit for the year | - | 70,752 | 70,752 | 70,752
Dividends: Equity capital | - | (407,600) | (407,600) | (407,600)
At 30 April 2025 | 3 | 5,010,851 | 5,010,854 | 5,010,854
| The notes on pages 17 to 31 form part of these financial statements.
Page 14
JJ IS G-A-Y LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
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 1 May 2024 | 3 | 4,556,717 | 4,556,720
Profit for the year | - | 437,870 | 437,870
Dividends: Equity capital | - | (407,600) | (407,600)
At 30 April 2025 | 3 | 4,586,987 | 4,586,990
| The notes on pages 17 to 31 form part of these financial statements.
Page 15
JJ IS G-A-Y LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 70,752 | 195,464
Adjustments for: |  |
Amortisation of intangible assets | 1,500 | 11,676
Depreciation of tangible assets | 113,812 | 239,218
Loss on disposal of tangible assets | 62,471 | -
Interest received | (58,450) | (24,196)
Taxation charge | 67,948 | 104,581
(Increase)/decrease in stocks | (32,601) | 57,185
(Increase)/decrease in debtors | (1,051,422) | 5,634
Increase/(decrease) in creditors | 124,904 | (109,361)
Corporation tax received | 294,244 | 13,065
Net cash generated from operating activities | (406,842) | 493,266
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (10,346) | (90,483)
Interest received | 58,450 | 24,196
Net cash from investing activities | 48,104 | (66,287)
Cash flows from financing activities |  |
Dividends paid | (407,600) | (584,600)
Net cash used in financing activities | (407,600) | (584,600)
Net (decrease) in cash and cash equivalents | (766,338) | (157,621)
Cash and cash equivalents at beginning of year | 3,456,621 | 3,614,242
Cash and cash equivalents at the end of year | 2,690,283 | 3,456,621
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,690,283 | 3,456,621
| 2,690,283 | 3,456,621
The notes on pages 17 to 31 form part of these financial statements.
Page 16
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
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 Heaven Nightclub, 11 The Arches, Villiers Street, London, WC2N 6NG. 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 Statement of comprehensive income 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 statement of comprehensive income 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 17
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 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 18
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 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 19
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 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 20
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 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 21
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 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. 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 depreciation.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 7,120,120 | 9,692,493
|  | 7,120,120 | 9,692,493
| All turnover arose within the United Kingdom.
Page 22
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Insurance proceeds | 1,236,192 | -
|  | 1,236,192 | -
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 1,117,233 | 1,195,230
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 20,000 | 25,000
Page 23
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 1,633,290 | 2,288,076 | - | -
| Social security costs | 125,193 | 164,397 | - | -
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Director | 1 | 1 | 1 | 1
|  | Administrative staff | 5 | 9 | - | -
|  | Bar staff | 163 | 210 | - | -
|  |  | 169 | 220 | 1 | 1
9. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 120,000 | 165,000
|  | 120,000 | 165,000
10. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 58,450 | 24,196
|  | 58,450 | 24,196
Page 24
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 67,948 | 106,714
| Adjustments in respect of previous periods | - | (2,133)
|  | 67,948 | 104,581
| Total current tax | 67,948 | 104,581
| Deferred tax |  |
| Total deferred tax | - | -
| Taxation on profit on ordinary activities | 67,948 | 104,581
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 138,700 | 300,045
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 34,675 | 75,011
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 15,618 | 23,580
| Capital allowances for year in excess of depreciation | 17,655 | 5,990
| Total tax charge for the year | 67,948 | 104,581
Page 25
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 11.Taxation (continued)
| Factors that may affect future tax charges
There are no factors which may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 407,600 | 584,600
|  | 407,600 | 584,600
13. | Intangible assets
| Group and Company
|  | Patents | Trademarks | Goodwill | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 May 2024 | 15,229 | 128,650 | 1,193,821 | 1,337,700
| At 30 April 2025 | 15,229 | 128,650 | 1,193,821 | 1,337,700
| Amortisation |  |  |  |
| At 1 May 2024 | 15,229 | 127,150 | 1,193,821 | 1,336,200
| Charge for the year on owned assets | - | 1,500 | - | 1,500
| At 30 April 2025 | 15,229 | 128,650 | 1,193,821 | 1,337,700
| Net book value |  |  |  |
| At 30 April 2025 | - | - | - | -
| At 30 April 2024 | - | 1,500 | - | 1,500
Page 26
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
14. | Tangible fixed assets
| Group
|  | Long-term leasehold property | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 May 2024 | 2,960,947 | 3,015,323 | 90,488 | 6,066,758
| Additions | - | - | 10,346 | 10,346
| Disposals | (1,535,980) | (520,541) | - | (2,056,521)
| At 30 April 2025 | 1,424,967 | 2,494,782 | 100,834 | 4,020,583
| Depreciation |  |  |  |
| At 1 May 2024 | 2,099,688 | 2,828,766 | 85,838 | 5,014,292
| Charge for the year on owned assets | 32,919 | 78,320 | 2,572 | 113,811
| Disposals | (1,409,816) | (584,235) | - | (1,994,051)
| At 30 April 2025 | 722,791 | 2,322,851 | 88,410 | 3,134,052
| Net book value |  |  |  |
| At 30 April 2025 | 702,176 | 171,931 | 12,424 | 886,531
| At 30 April 2024 | 861,259 | 186,557 | 4,650 | 1,052,466
Page 27
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 May 2024 | 3,313,892
| At 30 April 2025 | 3,313,892
| Net book value |
| At 30 April 2025 | 3,313,892
| At 30 April 2024 | 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 28
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
16. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 113,339 | 80,738
|  | 113,339 | 80,738
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 281,944 | 297,583 | 140,397 | 140,397
|  | 281,944 | 297,583 | 140,397 | 140,397
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 9,884 | 57,371 | - | -
| Other debtors | 1,302,948 | 516,508 | 19,774 | 34,582
| Prepayments and accrued income | 406,105 | 389,228 | - | -
|  | 1,718,937 | 963,107 | 19,774 | 34,582
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 2,690,283 | 3,456,621 | 2,148,168 | 2,085,301
|  | 2,690,283 | 3,456,621 | 2,148,168 | 2,085,301
Page 29
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
19. | Creditors: amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 253,697 | 144,502 | - | -
| Amounts owed to group undertakings | - | - | 1,024,414 | 1,014,988
| Corporation tax | 53,427 | 2,464 | 10,827 | 2,464
| Other taxation and social security | 62,243 | 181,362 | - | -
| Other creditors | 28,425 | 93,240 | - | -
| Accruals and deferred income | 282,388 | 82,745 | - | -
|  | 680,180 | 504,313 | 1,035,241 | 1,017,452
20. | Financial instruments
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 2,690,283 | 3,456,621
| Financial assets that are debt instruments measured at amortised cost | - | -
|  | 2,690,283 | 3,456,621
| 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
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 3 (2024 - 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 30
JJ IS G-A-Y LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
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 £17,215 (2024: £25,385). Contributions totalling £2,881 (2024: £7,149) were payable to the fund at the reporting date and are included in creditors.
24. | Commitments under operating leases
| At 30 April 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 920,000 | 1,115,000
| Later than 1 year and not later than 5 years | 4,460,000 | 4,460,000
| Later than 5 years | 13,395,000 | 13,200,000
|  | 18,775,000 | 18,775,000
25. | Transactions with directors
At the balance sheet date the Company owed the director £16,872 (2024: £-849).
26. | Post balance sheet events
On 5th October 2025, the Group surrendered the lease and closed its G-A-Y Bar venue.
27. | Controlling party
The ultimate controlling party is Mr J Joseph by virtue of his 100% shareholding in the company.
Page 31