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Registered number: 03417702










ALCAZAR (PARIS) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
ALCAZAR (PARIS) LIMITED
REGISTERED NUMBER:03417702

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£'000
£'000

Fixed assets
  

Investments
 4 
589
600

  
589
600

Current assets
  

Debtors
  
8
-

  
8
-

Creditors: amounts falling due within one year
 5 
(2,860)
(2,860)

Net current liabilities
  
 
 
(2,852)
 
 
(2,860)

Total assets less current liabilities
  
(2,263)
(2,260)

Provisions for liabilities
  

Deferred tax
 6 
-
(23)

  
 
 
-
 
 
(23)

Net liabilities
  
(2,263)
(2,283)


Capital and reserves
  

Profit and loss account
  
(2,263)
(2,283)

  
(2,263)
(2,283)


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 profit and loss account 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 on 29 November 2024.




G E Cox
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
ALCAZAR (PARIS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The company is a private company limited by share capital, incorporated in England and Wales. The
address of the registered office is 16 Kirby Street, London, EC1N 8TS.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company is party to funding arrangements covering various entities within the Bresand Leisure Limited group. The company has provided a cross-guarantee to this banking group and so is bound by the covenant requirements of the banking group as a whole. 

In assessing the going concern basis of preparation of the financial statements for the year ended 30 September 2023, the directors have taken into consideration detailed cash flow forecasts for the business within the wider banking group and the forecast compliance with bank covenants, which are set at a banking group level covering a period of at least 12 months from the date of approval of the financial statements.  

The forecasts for the banking group indicate that the group has sufficient liquidity to realise its assets and meet its liabilities as they fall due for a period of at least 12 months, and that the banking covenant (based on minimum liquidity) will be met for that period. The current trading performance of the group, provides comfort to the directors in their forecasts. 

As part of the assessment of the going concern principal, management have considered the risks to the liquidity of the group. Except in the most extreme circumstances, the group has means available to it to manage its cashflows, such that it has sufficient liquidity to meet its covenants, realise its assets and meet its liabilities as they fall due. In only the most extreme case involving a prolonged reduction in sales, which it does not regard as reasonably likely based on the recent performance of the group, would the group require additional liquidity. Should this need arise the business has the ability within the current facility agreement to provide additional liquidity necessary, such that the covenants remain achieved. Based on discussions the Board have had with shareholders and investors of the group, they are confident any short-term funding required would be made available, however is not currently needed.

Based on the forecasts prepared the directors view the risk of default of bank facilities, and therefore inability to meet liabilities as they fall due, is not considered a reasonably likely one and so the level of uncertainty is not considered material. Given the above and the current trading performance of the group, the directors are satisfied preparing the financial statements on a going concern basis is appropriate.
 
Page 2

 
ALCAZAR (PARIS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.2
Going concern (continued)

The Company is dependent on the continuing provision of the financial support that it has received from its parent undertaking, CGL Restaurant Holdings Limited. The parent has committed to provide continuing support for at least the next 12 months from the date of signing these financial statements, through the provision of a formal support letter signed by deed. The directors of both the company and parent undertaking have a reasonable expectation that the company and the parent undertaking will have access to adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
ALCAZAR (PARIS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment in value.

 
2.6

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.

 
2.7

Financial instruments

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

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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.
 
Page 4

 
ALCAZAR (PARIS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)


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

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future 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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
 
Page 5

 
ALCAZAR (PARIS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)


Derecognition of financial liabilities

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


3.


Employees



The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Investments





Shares in joint venture
Loans to joint ventures
Total

£'000
£'000
£



Cost


At 1 October 2022
26
574
600


Foreign exchange movement
-
(11)
(11)



At 30 September 2023
26
563
589




The company has a 50% stake in Atlantic Blue Compagnie SNC, a partnership registered in France, which is a joint venture with a fellow subsidary undertaking.


5.


Creditors: Amounts falling due within one year

2023
2022
£'000
£'000

Loan to parent undertaking
2,860
2,860


The loan from the company's parent undertaking is repayable out of the company's cash flow in line with the company's ability to make such payments and, as such, it is not meaningful to estimate segmental repayments. In addition, the company will not be in position to repay the major part of the loan until at least 12 months from the balance sheet date, and the parent undertaking agreed not to demand repayment for at least 12 months from the date of the approval of the company's financial statements but only to the extent the company has no available cash flows to meet such repayment.

Page 6

 
ALCAZAR (PARIS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Deferred taxation




2023


£'000






At beginning of year
(23)


Charged to profit or loss
31



At end of year
8

The deferred taxation balance is made up as follows:

2023
2022
£'000
£'000


Accelerated capital allowances
8
(23)


7.


Contingent liabilities

The company, together with its fellow subsidiaries, were party to an intercompany guarantee dated 11 October 2016 in favour of Santander UK Plc (as security agent for HSBC Bank Plc and Santander UK Plc) given as security for debt facilities provided to the parent undertaking and its subsidiaries. As at the balance sheet date the net amount due under these facilities was £42,304,000 (2022: £39,275,000). As per note 8 this amount has been refinanced on the 17 October 2023 and the net amount now due under the facilities is £47,775,000.


8.


Post balance sheet events

On 17 October 2023 CGL Restaurant Holdings Limited and its subsidiaries was acquired by a newly formed investor vehicle, Bresand Leisure Limited as part of a prepacked arrangement. The former ultimate owner, Panther Partners Limited was placed into administration. There has been no impact upon trade creditors or employees as part of the transaction. As part of the transaction senior debt held by the former group was refinanced with the term date extended until September 2027 and with cash interest payments until 31 March 2025 deferred. Additional investment was also put in via new secured investor loan notes for the amount of £9.2m. The new structure and financing arrangements have allowed the group to focus on growing the business, maximising operational effectiveness, rationalising the cost base of the group, including closing sites which are not offering a meaningful return, and making the most of opportunities as they arise.


9.


Parent undertaking

CGL Restaurant Holdings Limited is the smallest group entity into which the results of the Company are consolidated. Copies of the financial statements of CGL Restaurant Holdings Limited can be obtained from 16 Kirby Street, London EC1N 8TS.

Page 7

 
ALCAZAR (PARIS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 29 November 2024 by James Hallett (FCA) (Senior statutory auditor) on behalf of Sumer Auditco Limited.

Page 8