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Registered number: 03417702










ALCAZAR (PARIS) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024




 
ALCAZAR (PARIS) LIMITED
REGISTERED NUMBER:03417702

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£'000
£'000

Fixed assets
  

Investments
 4 
575
589

  
575
589

Current assets
  

Debtors
 6 
39
8

  
39
8

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

Net current liabilities
  
 
 
(2,821)
 
 
(2,852)

Total assets less current liabilities
  
(2,246)
(2,263)

  

Net liabilities
  
(2,246)
(2,263)


Capital and reserves
  

Profit and loss account
  
(2,246)
(2,263)

  
(2,246)
(2,263)


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 by: 




M A Welden
Director
Date: 20 June 2025

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 2024

1.


General information

Alcazar (Paris) is a private company limited by share capital (Company number: 03417702), 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 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 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 "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 2024, the directors have taken into consideration detailed cash flow forecasts for the business and the forecast compliance with bank covenants covering a period of at least 12 months from the date these financial statements were authorised for issue.  

The forecasts 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 from the date these financial statements were authorised for issue. 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. Even in severe but plausible downside scenarios 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 and the scenarios modelled, in 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 2024

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 these financial statements were authorised for issuance, 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 2024

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 2024

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 debtors 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 instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are
Page 5

 
ALCAZAR (PARIS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 1).


4.


Investments





Shares in joint venture
Loans to joint ventures
Total

£'000
£'000
£



Cost


At 1 October 2023
27
562
589


Foreign exchange movement
-
(14)
(14)



At 30 September 2024
27
548
575




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

2024
2023
£'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 2024

6.


Deferred taxation




2024


£'000






At beginning of year
8


Movement in the year
31



At end of year
39

The deferred tax asset is made up as follows:

2024
2023
£'000
£'000


Accelerated capital allowances
39
8


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 £nil (2023: £42,304,000). This was repaid in the year through a refinance on 17 October 2023. The company, together with its fellow subsidairies, entered into a new facility agreement for a term of 5 years, bearing interest rates of between 8 and 18%. As at the balance sheet date the net amount due under these facilities was £48,098,000 (2023: £nil).


8.


Post balance sheet events

The company is part of D&D Group of restaurants. In April 2025 the Group relaunched under a new brand and identity, The Evolv collection, poised for future growth.


9.


Parent and Group undertaking

On 17 October 2023 the former ultimate owner, Panther Partners Limited, was placed into administration.
With effect from 17 October 2023 the immediate parent company was CGL Restaurant Holdings Limited, a company incorporated in England. The ultimate parent company during the year was Bresand Leisure Limited, a company incorporated in England.
The group for which consolidated financial statements are prepared which include the results of this company is that headed by Bresand Leisure Limited. Copies of the financial statements for Bresand Leisure Limited can be obtained from its registered office at 14th Floor, 33 Cavendish Square, London, W1G 0PW.

Page 7

 
ALCAZAR (PARIS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 20 June 2025 by Andrew G. Hill (Senior statutory auditor) on behalf of Sumer Auditco Limited.

Page 8