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Registered number: 09337661










GCP SOCIAL HOUSING 1 LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024
 






 



 






 
GCP SOCIAL HOUSING 1 LIMITED
REGISTERED NUMBER: 09337661

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£000
£000

  

Current assets
  

Debtors: amounts falling due after more than one year
 5 
58,487
56,878

Cash at bank and in hand
 6 
86
646

  
58,573
57,524

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(2,908)
(2,971)

Net current assets
  
 
 
55,665
 
 
54,553

Total assets less current liabilities
  
55,665
54,553

Creditors: amounts falling due after more than one year
 8 
(56,861)
(55,751)

  

Net liabilities
  
(1,196)
(1,198)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
 10 
(1,197)
(1,199)

  
(1,196)
(1,198)


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 by: 




Mr N S Parker
Director

Date: 7 July 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
GCP SOCIAL HOUSING 1 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

GCP Social Housing 1 Limited is a private company, limited by shares, incorporated in England and Wales, registered number 09337661. The registered office is 24 Savile Row, London, W1S 2ES.

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).

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £'000.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102 The Financial Reporting Standard applicable in the UK and the republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from this standard.

  
2.3

Going concern

The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of at least 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business. In doing so the Directors have considered the Company's business model and availability of cash resources.
The Company is part of a financing structure, the underlying loans structured to ensure that actual cash inflows from the loan debtors exceed the Company's cash outflows to service the loan creditor and overheads over the loan term. The Directors have prepared financial models over the life of the loan which support this position. Having undertaken this assessment the Directors consider that the Company will generate sufficient cash flow to meet its liabilities as they fall due for payment and it is therefore appropriate to prepare the financial statements on a going concern basis.

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Turnover comprises interest receivable from the provision of loan financing. Interest receivable is recognised over the loan period using the effective interest method, which takes into account related fees and transaction costs.

Page 2

 
GCP SOCIAL HOUSING 1 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.5

Interest payable

Interest payable is recognised using the effective interest method, which takes into account related fees and transaction costs. Interest payable is included within cost of sales as it is directly attributable to the interest receivable included in revenue.

  
2.6

Taxation

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.

 
2.7

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.

  
2.8

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.

 
2.9

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.

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.

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.
 
Page 3

 
GCP SOCIAL HOUSING 1 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)


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 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 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.

Derecognition of financial liabilities

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

Page 4

 
GCP SOCIAL HOUSING 1 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 preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Other debtors 
Other debtors are held at amortised cost which requires the Directors to forecast the expected loan debtor cashflows receivable over the life of the loans. Interest income is recognised annually at an effective rate in the statement of income and retained earnings based on the forecast cashflows.
Each year end the Directors update their forecasts and recognise any difference between actual and forecast cashflows as an adjustment to the effective interest income. Forecasts require an estimation as to future inflation rates, based on current market data, given the loans are subject to quarterly indexation. Actual rates will vary from forecast over the loan lifetime, rendering the effective interest rate calculated an estimate subject to these variations. If actual loan cashflows over the life of the loans were to be considerably different to the Directors forecasts there could be a material impact on the carrying value of other debtors and the associated interest income.


4.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).


5.


Debtors

2024
2023
£000
£000

Due after more than one year

Other debtors
58,487
56,878


Other debtors comprise loans receivable accounted for at amortised cost.


6.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
86
646


Page 5

 
GCP SOCIAL HOUSING 1 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

External loans
128
546

Other creditors
2,769
2,414

Accruals and deferred income
11
11

2,908
2,971


Refer to note 8 for details of external loans.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£000
£000

External loans
56,861
55,751


External loans comprise interest bearing loan notes which are accounted for at amortised cost and are repayable by instalments, with a final amount repayable by bullet repayment.
The loan notes are secured by a debenture over all assets of the Company, present and future.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£000
£000


Repayable by instalments
52,278
44,557

Repayable other than by instalments
4,583
11,194

56,861
55,751


Page 6

 
GCP SOCIAL HOUSING 1 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



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



10.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.


11.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS 102) paragraph 33.1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group.


12.


Parent company

The Company's immediate and ultimate parent undertaking is GCP Intermediary Holdings Limited, a company incorporated in England and Wales.
The smallest and largest group of undertakings into which the results of the Company are consolidated is headed by GCP intermediary Limited.
The consolidated financial statements of GCP Intermediary Holdings Limited may be obtained from Companies House or from its registered office 24 Savile Row, London, W1S 2ES.


13.


Auditors' information

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

The qualification in the audit report was as follows:

Basis for qualified opinion
The Company’s loan debtors are engaged in the provision of supported living accommodation to housing associations. During the year and in prior years, the borrowers have been unable to service the loans in line with the terms of the underlying facility agreement because of structural challenges in respect of the underlying leases. Unpaid interest has been capitalised. Management have not been able to provide accurate forecasts to substantiate the recoverability of the capitalised interest and as a result, the audit evidence available is limited. At the year end date the total carrying value of capitalised interest is £1,923,000. This is included in other debtors.

The audit report was signed on 7 July 2025 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 7