G1 Propco Ltd
Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 08257214 (England and Wales)
G1 PropCo Ltd
G1 Propco Ltd
Company Information
Directors
B King
R Meehan
J Raymond
Company number
08257214
Registered office
53-59 Chandos Place
London
United Kingdom
WC2N 4HS
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
G1 PropCo Ltd
G1 Propco Ltd
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
G1 PropCo Ltd
G1 Propco Ltd
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
3,300,000
3,300,000
Current assets
Debtors
5
649,913
463,820
Cash at bank and in hand
59,116
97
709,029
463,917
Creditors: amounts falling due within one year
6
(783,989)
(718,797)
Net current liabilities
(74,960)
(254,880)
Total assets less current liabilities
3,225,040
3,045,120
Provisions for liabilities
7
(618,351)
(633,892)
Net assets
2,606,689
2,411,228
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
1,917,217
1,901,676
Profit and loss reserves
689,471
509,551
Total equity
2,606,689
2,411,228

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
R Meehan
Director
Company Registration No. 08257214
G1 Propco Ltd
Statement of Changes in Equity
For the year ended 31 March 2023
Page 2
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
1
2,053,810
339,641
2,393,452
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
17,776
17,776
Transfers
-
(152,134)
152,134
-
Balance at 31 March 2022
1
1,901,676
509,551
2,411,228
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
195,461
195,461
Transfers
-
15,541
(15,541)
-
Balance at 31 March 2023
1
1,917,217
689,471
2,606,689
G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information

G1 PropCo Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 53-59 Chandos Place, London, United Kingdom, WC2N 4HS.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Z Hotels Group Limited. These consolidated financial statements are available from its registered office, 53-59 Chandos Place, London, WC2N 4HS.

G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
1.2
Going concern

The Company made a profit for the year of £195,461 (202true2: profit of £17,776) and had net assets at the reporting date of £2,606,689 (2022: assets of £2,411,228).

 

The Company is reliant on the ongoing support of the parent company and wider group. The directors of the ultimate parent company have assessed the Group's financial position, budgets and cash flow forecasts for the period ended May 2025, including stress testing these budgets and forecasts, and have confirmed that sufficient support will be available to enable the Company to continue to trade and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. They have also confirmed that the amounts owed to the parent and fellow group companies will not be called for repayment until such time as the Company is able to pay these amounts without compromising its ability to trade and meet its liabilities as they fall due. Based on this assessment, the directors have a reasonable expectation that the Company has sufficient available resources to continue to trade and meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements for the year ended 31 March 2023 and have therefore prepared the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised to the extent that it is probably that the economic benefits will flow to the company and revenue can be reliably measured.

 

Turnover is the total amount of rent receivable by the company excluding Value Added Tax, and is attributable to the continuing activities of the investment property.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 5
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

 

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties

The investment properties are held at valuation which the directors reassess at each year end for any changes in value, guided by an external valuation obtained from an external firm of professional valuers.

G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
3,300,000

The freehold investment property was valued on an open market basis by the directors, guided by an external valuation obtained from an external firm of professional valuer in July 2023.

 

The investment property was subject to a mortgage charge over the borrowings of a connected company at the balance sheet date and was released from this charge in May 2023.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,870
9,806
Amounts due from group undertakings
638,043
450,483
Other debtors
-
0
3,531
649,913
463,820

An impairment loss of £Nil (2022: £Nil) was recognised against debtors during the year.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,365
9,806
Amounts owed to group undertakings
711,600
687,500
Taxation and social security
13,314
17,291
Accruals and deferred income
46,710
4,200
783,989
718,797
G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
618,351
633,892
2023
Movements in the year:
£
Liability at 1 April 2022
633,892
Credit to profit or loss
(15,541)
Liability at 31 March 2023
618,351

The deferred tax liability set out above is expected to reverse in more than 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
1
1
9
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Within one year
184,168
184,168
Between two and five years
736,672
736,672
In over five years
5,525,040
5,709,208
6,445,880
6,630,048
10
Related party transactions
G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
10
Related party transactions
(Continued)
Page 8

As a wholly owned subsidiary of Z Hotels Group Limited, advantage has been taken of the exemption in FRS 102 (section 33) "Related Party Disclosure" in respect of the disclosure of transactions and balances with other wholly owned group undertakings as consolidated financial statements including the company are prepared.

 

At the balance sheet date the investment property in the company was being held as security for a loan drawn down by Z Hotels Holborn Limited. In May 2023 G1 Propco Ltd was released from this charge.

11
Parent company

The immediate parent company is Z Hotels ZHH Limited and the ultimate controlling party is Z Hotels Group Limited at the balance sheet date.

 

The smallest and largest group of undertakings for which group accounts have been drawn up is headed by Z Hotels Group Limited.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Matthew Meadows.
The auditor was Moore Kingston Smith LLP.
13
Events after the reporting date

In July 2023 the share capital in the company was sold to a connected company outside the group headed by Z Hotels Group Limited.

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