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Registered number: 09824370










BLOC GRAND CENTRAL LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
BLOC GRAND CENTRAL LIMITED
REGISTERED NUMBER: 09824370

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,639,699
2,617,746

Current assets
  

Debtors
 7 
13,395
29,712

Cash at bank and in hand
  
17,195
1,961

  
30,590
31,673

Creditors: amounts falling due within one year
 8 
(7,205,229)
(7,157,472)

Net current liabilities
  
 
 
(7,174,639)
 
 
(7,125,799)

Net liabilities
  
(3,534,940)
(4,508,053)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(3,534,941)
(4,508,054)

Shareholders' deficit
  
(3,534,940)
(4,508,053)


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 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: 




................................................
R L Morgan
Director

Date: 31 January 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
BLOC GRAND CENTRAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Bloc Grand Central Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 09824370 and registered office address is Bloc Hotel South Terminal, London Gatwick Airport, Gatwick, United Kingdom, RH6 0NN.

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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Having assessed the Company’s financial position through the group’s budgets and cashflow forecasts to 31st March 2026, including stress testing these budgets, and considered the level of bank facilities available to the group, and the compliance with bank covenant tests both during the period and for the period ahead, the directors have a reasonable expectation that the Company has adequate resources to continue existence for more than one year from the signing of these accounts. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Trading levels for the group are above prior year with strong profitability. The group paid down the working capital loan in May 2023 that was taken during covid. The group is cash generative and is in a good position to return to a growth strategy.
The Company is reliant on funding from the wider group in the form of intercompany loans that are repayable on demand. The Company has received assurances from the group that there is intention and ability to provide support, although this is contingent on the group debt refinance. Security is also held on the property held within this Company in relation to the external bank debt. 
At the date of signing these financial statements, the group refinance is ongoing and there is no certainty over the timeline and the nature of the facility that will be obtained. Given the Company is reliant on the support of the group, and this support is contingent on this debt, there is material uncertainty which casts significant doubt over the going concern basis of the group. 

 
2.3

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.4

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 2

 
BLOC GRAND CENTRAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Creditors

Short-term creditors are measured at the transaction price.

 
2.6

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 reporting 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 reporting 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 reporting date.

 
2.7

Tangible fixed assets under construction

Tangible fixed assets under construction are held under the cost model and are stated at historical cost less 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 not charged on fixed assets held under construction as the assets are not yet operating in the manner intended by management.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
BLOC GRAND CENTRAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judegments and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the related actual results. 
Valuation of fixed assets under construction 
The intention of the directors is to develop this site and operate as a Bloc Hotel once fully developed and therefore this property has been recognised as a fixed asset under construction. 
As at 31 March 2024, management have performed an impairment assessment given the development of the site has been on pause since pre Covid-19 and this was considered to be an indicator of impairment. The impairment assessment takes a value in use model of a fully developed hotel with stabilised revenue and costs over a 10 year period, and compares this to the development costs required to build the hotel. The residual value as a result of this calculation was then compared to the carrying value of the fixed asset. In the prior year this resulted in impairment of £4,038,888, and in the current year, there has been a partial release of this impairment of £949,705. This model contains significant estimates and judgments including discount rate, future forecasts of the hotel, and development costs, including the cost of funding this. Any significant changes to these inputs into the impairment assessment may have a material impact on the outcome of the impairment assessment. The most sensitive input is the discount rate and an increase of 1% on this would have a material impact on the impairment. The model is also very sensitive to the development costs, specifically the cost of funding. This has been estimated at 7.5% (2023: 8.5%) pa. and an increase of 1% would also have a material impact on the impairment required. The future forecasts of the stabilised hotel is based on management’s best estimate of what the site could achieve while operating under the Bloc brand, given their knowledge of the two sites currently operating like this is the Bloc Hotel Group. If these forecasts were not achieved, then it is likely that there would be a material impact on the value of the site and any impairment release / charge.

4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023: £nil).

Page 4

 
BLOC GRAND CENTRAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Fixed assets under construction

£



Cost


At 1 April 2023
6,656,634


Additions
72,248



At 31 March 2024

6,728,882



Impairment


At 1 April 2023
4,038,888


Impairment released
(949,705)



At 31 March 2024

3,089,183



Net book value



At 31 March 2024
3,639,699



At 31 March 2023
2,617,746


6.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
There was an emphasis of matter to draw attention to note 2.2 which states that there is materiality uncertainty over the going concern status.

The audit report was signed on 31 January 2025 by Isabelle Shepherd (Senior Statutory Auditor) on behalf of HaysMac LLP.


7.


Debtors

2024
2023
£
£

Other debtors
-
6,405

Prepayments
397
1,932

Deferred taxation
12,998
21,375

13,395
29,712
Page 5

 
BLOC GRAND CENTRAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.Debtors (continued)




8.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
53,174
261,338

Amounts owed to group undertakings
7,031,094
6,830,684

Other taxation and social security
27,867
-

Accruals
93,094
65,450

7,205,229
7,157,472


Amounts owed to group undertakings are interest free and repayable on demand. 


9.


Controlling party

The Company's immediate and ultimate parent company is Bloc Hotel Group Limited. There is no ultimate controlling party.
The largest and smallest group in which the results of the Company are consolidated is that headed by Bloc Hotel Group Limited, a company incorporated in England and Wales. The consolidated financial statements of this group are available to the public and may be obtained from Companies House, or by writing to Bloc Holels South Terminal, London Gatwick Airport, Gatwick,West Sussex, RH6 0NN.

Page 6