Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31true2023-04-01falseHotel operations4640truefalse 04600051 2023-04-01 2024-03-31 04600051 2022-04-01 2023-03-31 04600051 2024-03-31 04600051 2023-03-31 04600051 2022-04-01 04600051 c:Director1 2023-04-01 2024-03-31 04600051 d:PlantMachinery 2023-04-01 2024-03-31 04600051 d:PlantMachinery 2024-03-31 04600051 d:PlantMachinery 2023-03-31 04600051 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04600051 d:FurnitureFittings 2023-04-01 2024-03-31 04600051 d:FurnitureFittings 2024-03-31 04600051 d:FurnitureFittings 2023-03-31 04600051 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04600051 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04600051 d:CurrentFinancialInstruments 2024-03-31 04600051 d:CurrentFinancialInstruments 2023-03-31 04600051 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04600051 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04600051 d:ShareCapital 2024-03-31 04600051 d:ShareCapital 2023-03-31 04600051 d:RetainedEarningsAccumulatedLosses 2024-03-31 04600051 d:RetainedEarningsAccumulatedLosses 2023-03-31 04600051 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04600051 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04600051 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 04600051 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 04600051 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 04600051 c:OrdinaryShareClass1 2023-04-01 2024-03-31 04600051 c:OrdinaryShareClass1 2024-03-31 04600051 c:OrdinaryShareClass1 2023-03-31 04600051 c:FRS102 2023-04-01 2024-03-31 04600051 c:Audited 2023-04-01 2024-03-31 04600051 c:FullAccounts 2023-04-01 2024-03-31 04600051 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04600051 d:WithinOneYear 2024-03-31 04600051 d:WithinOneYear 2023-03-31 04600051 d:BetweenOneFiveYears 2024-03-31 04600051 d:BetweenOneFiveYears 2023-03-31 04600051 d:MoreThanFiveYears 2024-03-31 04600051 d:MoreThanFiveYears 2023-03-31 04600051 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04600051 2 2023-04-01 2024-03-31 04600051 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04600051









SUREJOGI GMS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SUREJOGI GMS LIMITED
REGISTERED NUMBER: 04600051

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
163,016
191,783

  
163,016
191,783

Current assets
  

Stocks
 6 
34,125
36,415

Debtors: amounts falling due within one year
 7 
2,016,767
1,994,770

Cash at bank and in hand
 8 
297,203
711,439

  
2,348,095
2,742,624

Creditors: amounts falling due within one year
 9 
(746,271)
(910,902)

Net current assets
  
 
 
1,601,824
 
 
1,831,722

Total assets less current liabilities
  
1,764,840
2,023,505

Provisions for liabilities
  

Deferred tax
 10 
(39,351)
(47,947)

Other provisions
 11 
(2,345,586)
(1,835,191)

  
 
 
(2,384,937)
 
 
(1,883,138)

Net (liabilities)/assets
  
(620,097)
140,367


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(621,097)
139,367

  
(620,097)
140,367


Page 1

 
SUREJOGI GMS LIMITED
REGISTERED NUMBER: 04600051
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 on 24 June 2025.




G Sanger
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SUREJOGI GMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Surejogi GMS Limited is a private company limited by shares incorporated in England and Wales. 
The address of the principal place of activity is 19-21 Great Marlborough St, London, W1F 7HL.
The principal activity of the Company continued to be that of the operation of the Courthouse Hotel Soho.

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

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to be able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements.
The Company, as for any business, relies upon the generation of profits and cash to create working capital to meet its liabilities as they fall due. Based on the results to date and future projections, the Directors are confident that the Company has adequate resources to meet future working capital requirements and to continue in operational existence for the foreseeable future and they consider it appropriate to prepare the financial statements on a going concern basis.
Furthermore, the Company has continued support from Mastcraft Limited who have confirmed they will support the Company as and when needed.

 
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.

Page 3

 
SUREJOGI GMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue represents income from hotel and restaurant operations excluding value added tax. It is recognised on the date of the provision of the related service. Turnover is derived solely from UK operations.


 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SUREJOGI GMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and 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.

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Fixtures and fittings
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
SUREJOGI GMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Dilapidation/Repairs Provision
The estimated amount for the dilapidation provision and repairs is determined based on the current physical condition of the property under consideration. Management actively monitors and assesses the condition of these properties in collaboration with the property manager, receiving regular updates as necessary. Additionally, management has consulted with and obtained project estimates from specialist construction companies, incorporating these assessments into their estimation process.
The Company is currently subject to an ongoing investigation by HM Revenue & Customs (“HMRC”) in relation to certain historical tax positions. The investigation is focused on the treatment of provisions.
As of the reporting date, management has engaged with professional advisors and has provided for liabilities where it considers an outflow of economic benefits to be probable and can be reliably estimated. The unwinding of these provisions are included within interest payable and the tax impact on these if any would be included within current tax liabilities in the financial statements.
However, due to the complexity and ongoing nature of the investigation, there remains significant uncertainty regarding the final outcome and the total potential future tax impact. It is therefore not currently possible to quantify the full financial impact that may arise.
The directors continue to cooperate fully with the relevant authorities and will reassess the position as more information becomes available. Based on current information, the directors do not believe the matter gives rise to any material misstatement in the financial statements for the year ended 31 March 2024.

Page 6

 
SUREJOGI GMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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.
(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.

Page 7

 
SUREJOGI GMS 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

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. 
Critical judgements 
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. 
Useful life of tangible assets 
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates based on economic utilization and the physical condition of the assets. The management has used the best judgement for ascertaining the useful economic life of these assets based on their overall past experiences and also obtaining necessary information through discussions with their head of each department at the hotel property to understand the present condition of these assets. 
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. 
Provision for dilapidation/ repairs 
The estimated amount for the dilapidation provision and repairs is determined based on the current physical condition of the property under consideration. Management actively monitors and assesses the condition of these properties in collaboration with the property manager, receiving regular updates as necessary. Additionally, management has consulted with and obtained project estimates from specialist construction companies, incorporating these assessments into their estimation process.
Management believes that the dilapidation provision provides external users of the financial statements with a true and fair view. The company, as part of the Mastcraft Limited group, has its consolidated financial statements reviewed by banks, which assess its financial stability when considering the provision of overdraft facilities.
It is important to note that this estimate is subject to inherent uncertainties. Once repairs commence, unforeseen factors may arise that were not accounted for in the original estimates, potentially leading to an understatement of liabilities. Furthermore, fluctuations in material costs and other related components may result in the estimate being either under or overstated.

Page 8

 
SUREJOGI GMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
46
40


5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2023
1,080,977
427,738
1,508,715



At 31 March 2024

1,080,977
427,738
1,508,715



Depreciation


At 1 April 2023
954,371
362,561
1,316,932


Charge for the year on owned assets
18,991
9,776
28,767



At 31 March 2024

973,362
372,337
1,345,699



Net book value



At 31 March 2024
107,615
55,401
163,016



At 31 March 2023
126,606
65,177
191,783


6.


Stocks

2024
2023
£
£

Food and beverage
34,125
36,415


Page 9

 
SUREJOGI GMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
52,919
169,060

Amounts owed by group undertakings
1,818,434
1,753,009

Other debtors
140,405
68,831

Prepayments and accrued income
5,009
3,870

2,016,767
1,994,770



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
297,203
711,439



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
81,448
111,764

Corporation tax
17,812
55,299

Other taxation and social security
24,276
18,961

Other creditors
407,139
507,838

Accruals and deferred income
215,596
217,040

746,271
910,902


Page 10

 
SUREJOGI GMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(47,947)
(42,870)


Charged to profit or loss
8,596
(5,077)



At end of year
(39,351)
(47,947)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(39,351)
(47,947)

(39,351)
(47,947)


11.


Provisions




Dilapidation provision

£





At 1 April 2023
1,835,191


Charged to profit or loss
510,395



At 31 March 2024
2,345,586


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) ordinary shares of £1.00 each
1,000
1,000



13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £5,613 (2023: £5,060) were payable to the fund at the balance sheet date.

Page 11

 
SUREJOGI GMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
3,400,000
3,400,000

Later than 1 year and not later than 5 years
13,600,000
13,600,000

Later than 5 years
17,568,219
20,968,219

34,568,219
37,968,219


15.


Charges

The company has a charge on the properties and assets of the company, The charges provided to the lender is defined in the Registration of charge filed with the companies house.


16.


Related party transactions

At the year end, an amount of £1,818,434 (2023 - £1,753,009) was receivable from the parent company Mastrcraft Limited.


17.


Controlling party

The ultimate parent company is Mastcraft Limited by virtue of holding 80% shares in the company. 
The Company's results are included in the consolidated accounts of Mastcraft Limited which can be obtained from its registered address 30 Poland Street, London, W1 F 8QS.


18.


Auditors' information

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

The audit report was signed on 25 June 2025 by Edward Passmore FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 12