Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseActivities related to other holding companies not elsewhere classified44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11970895 2023-01-01 2023-12-31 11970895 2022-01-01 2022-12-31 11970895 2023-12-31 11970895 2022-12-31 11970895 c:Director2 2023-01-01 2023-12-31 11970895 d:CurrentFinancialInstruments 2023-12-31 11970895 d:CurrentFinancialInstruments 2022-12-31 11970895 d:Non-currentFinancialInstruments 2023-12-31 11970895 d:Non-currentFinancialInstruments 2022-12-31 11970895 d:Non-currentFinancialInstruments 1 2023-12-31 11970895 d:Non-currentFinancialInstruments 1 2022-12-31 11970895 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11970895 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11970895 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11970895 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11970895 d:ShareCapital 2023-12-31 11970895 d:ShareCapital 2022-12-31 11970895 d:SharePremium 2023-12-31 11970895 d:SharePremium 2022-12-31 11970895 d:RetainedEarningsAccumulatedLosses 2023-12-31 11970895 d:RetainedEarningsAccumulatedLosses 2022-12-31 11970895 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11970895 c:OrdinaryShareClass1 2023-12-31 11970895 c:OrdinaryShareClass1 2022-12-31 11970895 c:FRS102 2023-01-01 2023-12-31 11970895 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11970895 c:FullAccounts 2023-01-01 2023-12-31 11970895 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11970895 2 2023-01-01 2023-12-31 11970895 6 2023-01-01 2023-12-31 11970895 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11970895










GCUK OWNER LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GCUK OWNER LTD
REGISTERED NUMBER: 11970895

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
56,000,001
56,000,001

  
56,000,001
56,000,001

Current assets
  

Debtors: amounts falling due after more than one year
 6 
52,684
977,217

Debtors: amounts falling due within one year
 6 
19,887,247
19,931,487

  
19,939,931
20,908,704

Creditors: amounts falling due within one year
 7 
(27,908,389)
(67,056,976)

Net current liabilities
  
 
 
(7,968,458)
 
 
(46,148,272)

Total assets less current liabilities
  
48,031,543
9,851,729

Creditors: amounts falling due after more than one year
 8 
(43,578,329)
-

  

Net assets
  
4,453,214
9,851,729


Capital and reserves
  

Called up share capital 
 9 
338,263
338,263

Share premium account
  
31,043,147
31,043,147

Profit and loss account
  
(26,928,196)
(21,529,681)

  
4,453,214
9,851,729


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.
 
Page 1

 
GCUK OWNER LTD
REGISTERED NUMBER: 11970895
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


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 comprehensive income 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: 

................................................
Justin David Petersen
Director

Date: 14 January 2025

Page 2

 
GCUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GCUK Owner Limited, company number 11970895, is a private company, limited by shares, registered and incorporated in England and Wales within the United Kingdom. The registered office address is 54 Portland Place, London, United Kingdom, W1B 1DY. The principal activity of the Company is to act as a holding entity for a hotel and hospitality company.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors confirm that, having reviewed the Company's cash requirements for the next 12 months from the date of signing the financial statements, they have formed a judgement that the Company has reasonable expectations that adequate resources will be available to continue operations for the foreseeable future. The Company has also received confirmation of support from its parent for at least 12 months after the signing of the balance sheet, which provides additional security on the resources available. Therefore, these financial statements have been prepared on the going concern basis. In forming this judgement, the directors have reviewed forecasts for 2025-26, cash flow projections from the date of the approval of these financial statements, contingency planning and the sufficiency of banking facilities.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP rounded to the nearest £1.

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.

Page 3

 
GCUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

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

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

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.

 
2.10

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.

The Company 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 Company's Balance Sheet when the Company 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
Page 4

 
GCUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)


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 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.

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
Page 5

 
GCUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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 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 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.

Derecognition of financial liabilities

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made judgements relating to a number of areas in the financial statements.
The directors have made a judgement in relation to the valuation of the OTC call option in debtors. The option is held at fair value based on the directors' conclusions having assessed the valuations completed by independent valuers who hold recognised and relevant professional qualifications.


4.


Employees




The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 6

 
GCUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
56,000,001



At 31 December 2023
56,000,001






Net book value



At 31 December 2023
56,000,001



At 31 December 2022
56,000,001

Page 7

 
GCUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Financial instruments
52,684
977,217


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
19,869,176
19,927,050

Other debtors
4,197
4,437

Prepayments and accrued income
13,874
-

19,887,247
19,931,487



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
-
39,767,946

Trade creditors
6,000
5,000

Amounts owed to group undertakings
27,637,986
26,729,027

Accruals and deferred income
264,403
555,003

27,908,389
67,056,976


Amounts owed to group undertakings are unsecured, bear no interest, and are repayable on demand.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
43,578,329
-


The other loan is provided by ENIV and is secured on the Graduate Hotel, Cambridge, CB2 1RT. This loan was taken to refinance the prior year loan provided by Deutsche Bank AG. The facility has a drawdown limit of £44,541,000. Interest is charged at 4.5% per annum plus SONIA. This loan is due for repayment on 2 February 2026.

Page 8

 
GCUK OWNER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



33,826,302 (2022 - 33,826,302) Ordinary shares of £0.01 each
338,263
338,263

Ordinary shareholders have the right to receive notice of, and to attend, speak and vote at all general
meetings of the Company and shall recieve, vote on and constitute an eligible member for the purposes
of all written resolutions of the Company, with the right to cast a vote for each A ordinary share of which
they are the holder.


10.


Related party transactions

Refer to notes 6 and 7 for disclosure of the related party transactions. All related party transactions were with wholly owned companies within the group and are therefore exempt from disclosure under FRS 102
Section 33.1A.
 
Page 9