Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3142022-04-01falseOther business support service activities not elsewhere classified4truetrue 09610351 2022-04-01 2023-03-31 09610351 2021-04-01 2022-03-31 09610351 2023-03-31 09610351 2022-03-31 09610351 c:Director3 2022-04-01 2023-03-31 09610351 d:CurrentFinancialInstruments 2023-03-31 09610351 d:CurrentFinancialInstruments 2022-03-31 09610351 d:CurrentFinancialInstruments 1 2023-03-31 09610351 d:CurrentFinancialInstruments 1 2022-03-31 09610351 d:Non-currentFinancialInstruments 2023-03-31 09610351 d:Non-currentFinancialInstruments 2022-03-31 09610351 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09610351 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09610351 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09610351 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09610351 d:ShareCapital 2023-03-31 09610351 d:ShareCapital 2022-03-31 09610351 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09610351 d:RetainedEarningsAccumulatedLosses 2023-03-31 09610351 d:RetainedEarningsAccumulatedLosses 2022-03-31 09610351 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 09610351 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 09610351 c:OrdinaryShareClass1 2022-04-01 2023-03-31 09610351 c:OrdinaryShareClass1 2023-03-31 09610351 c:OrdinaryShareClass1 2022-03-31 09610351 c:FRS102 2022-04-01 2023-03-31 09610351 c:Audited 2022-04-01 2023-03-31 09610351 c:FullAccounts 2022-04-01 2023-03-31 09610351 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09610351 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09610351 4 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 09610351










GCP CARDALE PFI LTD

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2023
 






 



 






 
GCP CARDALE PFI LTD
REGISTERED NUMBER: 09610351

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£000
£000

  

Current assets
  

Debtors: amounts falling due after more than one year
 6 
102,530
99,560

Debtors: amounts falling due within one year
 6 
4,967
6,823

Cash at bank and in hand
  
10
20

  
107,507
106,403

Creditors: amounts falling due within one year
 8 
(4,488)
(6,557)

Net current assets
  
 
 
103,019
 
 
99,846

Total assets less current liabilities
  
103,019
99,846

Creditors: amounts falling due after more than one year
 9 
(106,020)
(102,504)

  

Net liabilities
  
(3,001)
(2,658)


Capital and reserves
  

Called up share capital 
 11 
-
-

Profit and loss account
 12 
(3,001)
(2,658)

  
(3,001)
(2,658)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




Mr N S Parker
Director

Date: 6 February 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
GCP CARDALE PFI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

GCP Cardale PFI Limited is a private company, limited by shares, incorporated in England and Wales registered number 09610351. The registered office is 24 Savile Row, London, W1S 2ES.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £'000 unless otherwise stated.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Going concern

The Company was loss making in the period and is in a net liability position at the year end date. The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business as well as the Company's business model and the availability of cash resources.
The Company is part of a financing structure, the underlying loans structured to ensure that actual cash inflows from the loan debtor exceed the Company's cash outflows to service the loan creditor and overheads over the loan term. The Directors have prepared financial models over the life of the loan which support this position. Further, the Directors cite the ongoing support of fellow group companies including the Company's lender to not call its debt to the detriment of the Company. On this basis the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Turnover comprises interest receivable from the provision of loan financing. Interest receivable is recognised over the loan period using the effective interest method, which takes into account related fees and transaction costs.

Page 2

 
GCP CARDALE PFI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

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.

  
2.7

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.

 
2.8

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.

  
2.9

Interest payable

Interest payable is recognised using the effective interest method, which takes into account related fees and transaction costs. Interest payable is included within cost of sales as it is directly attributable to the interest receivable included in revenue.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Page 3

 
GCP CARDALE PFI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


 
2.11

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 operates and generates income.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor any significant judgements or assumptions in preparing these financial statements.


4.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2022 - £NIL).


5.


Exceptional items

2023
2022
£000
£000


Impairment of debtor loan
-
1,637

In the prior year the Company recognised an impairment in respect of its loan debtor based on the Directors assessment of the cash flows expected to be received over the loan term.

Page 4

 
GCP CARDALE PFI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£000
£000

Due after more than one year

Other debtors
102,530
99,560


2023
2022
£000
£000

Due within one year

Other debtors
4,967
6,823


Other debtors comprise loan receivables accounted for at amortised cost.


7.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
10
20



8.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

External loan
3,754
5,822

Corporation tax
-
1

Other creditors
724
724

Accruals and deferred income
10
10

4,488
6,557


Refer to note 9 for details on external loans.

Page 5

 
GCP CARDALE PFI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£000
£000

External loan
106,020
102,504


External loans comprise interest bearing loan notes which are accounted for at amortised cost and are repayable by instalments.
The loan notes are secured by a debenture over all assets of the Company, present and future.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£000
£000


Repayable by instalments
92,925
99,507




10.


Financial instruments

2023
2022
£000
£000

Financial assets


Financial assets measured at fair value through profit or loss
10
20




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


11.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
-
-



12.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.

Page 6

 
GCP CARDALE PFI LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS 102) paragraph 33.1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group.


14.


Controlling party

The Company's immediate and ultimate parent undertaking is GCP Intermediary Holdings Limited, a company incorporated in England and Wales.
The smallest and largest group of undertakings into which the results of the Company are consolidated is headed by GCP Intermediary Holdings Limited.
The registered office address of GCP Intermediary Holdings Limited is 24 Savile Row, London, W1S 2ES. The consolidated financial statements are available from the registered office address and Companies House.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 6 February 2024 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 7