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REGISTERED NUMBER: NI629895 (Northern Ireland)















Financial Statements for the Year Ended 31 December 2023

for

Pyramid UK Hotel Limited

Pyramid UK Hotel Limited (Registered number: NI629895)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Pyramid UK Hotel Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R M Kelleher
W Q Fields





REGISTERED OFFICE: C/O A.L. Goodbody,
42/46 Fountain Street
Belfast
Co. Antrim
BT1 5EB





REGISTERED NUMBER: NI629895 (Northern Ireland)





AUDITORS: RSM UK Audit LLP, Statutory Auditor
Chartered Accountants,
25 Farringdon Street
London
EC4A 4AB

Pyramid UK Hotel Limited (Registered number: NI629895)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 11,723,283 11,723,283

CURRENT ASSETS
Debtors 5 103,775 103,775
Cash at bank 11,224 12,309
114,999 116,084
CREDITORS
Amounts falling due within one year 6 219,687 3,081
NET CURRENT (LIABILITIES)/ASSETS (104,688 ) 113,003
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,618,595

11,836,286

CREDITORS
Amounts falling due after more than one
year

7

(13,680,977

)

(12,953,802

)

PROVISIONS FOR LIABILITIES 8 (935,903 ) (935,903 )
NET LIABILITIES (2,998,285 ) (2,053,419 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 (2,998,385 ) (2,053,519 )
SHAREHOLDERS' FUNDS (2,998,285 ) (2,053,419 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by:





W Q Fields - Director


Pyramid UK Hotel Limited (Registered number: NI629895)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Pyramid UK Hotel Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The principal activities of the Company are set out in the Report of the Directors.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In accordance with FRS 102, the Company has taken advantage of the exemptions from the following disclosure requirements;

- Section 26 'Share based Payment'
- Section 11 'Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues'
- Section 7 'Statement of Cash Flows' - Presentation of a Statement of Cash Flow and related notes and disclosures
- Section 33 'Related Party Disclosures' - Compensation for key management personnel

Preparation of consolidated financial statements
The financial statements contain information about Pyramid UK Hotel Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

The Company carries out annually an impairment review of the subsidiary undertakings based on forward looking projections and liquidity. The Company has concluded that no impairment provision is required.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Pyramid UK Hotel Limited (Registered number: NI629895)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
Management produces forecasts which take into account the ongoing war in Ukraine and its impact on the global economy, together with other macro events and factors which include the wider european geopolitical issues.

The forecasts are reviewed by the directors of the company. The company is a non-trading holding company which has been provided a letter of support by the parent company in respect of the companies financial obligations. The Directors have satisfied themselves that the parent company has sufficient financial resources to provide such support.

As such, the directors are satisfied that the Company has adequate resources to continue to operate for the foreseeable future. For this reason they continue to adopt the going concern basis for preparing these financial statements.

Financial instruments
The Company has elected to apply the provisions of Sections 11 and 12 of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Provisions
Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Pyramid UK Hotel Limited (Registered number: NI629895)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 14,823,783
PROVISIONS
At 1 January 2023
and 31 December 2023 3,100,500
NET BOOK VALUE
At 31 December 2023 11,723,283
At 31 December 2022 11,723,283

The provision written back noted above is the reduction in the cost of investment due to an adjustment in the contingent consideration payable.

5. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 46,173 46,173
Other debtors 100 100
46,273 46,273

Amounts falling due after more than one year:
Amounts owed by group undertakings 57,502 57,502

Aggregate amounts 103,775 103,775

The amount outstanding by group undertakings is a term loan which matures in 2030 and accrues interest at 8% per annum. The loan is unsecured

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 3,080 3,081
Amounts owed to group undertakings 216,607 -
219,687 3,081

The amount due to group undertakings relates to an 8% interest bearing loan of £165,000 together with the accumulated interest which is repayable on demand . Management do not expect settlement of the balances within 12 months of the balance sheet date.

Pyramid UK Hotel Limited (Registered number: NI629895)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 13,680,977 12,953,802

The amount outstanding is is a term loan which matures in 2030 and includes the principal and rolled up interest accruing at 8% per annum. The loan is unsecured.

8. PROVISIONS FOR LIABILITIES

The provision for the payment of additional contingent consideration was reduced by £3,100,500 in 2022 as this was no longer required. This amount is unchanged in 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary 1.00 100 100

10. RESERVES
Retained
earnings
£   

At 1 January 2023 (2,053,519 )
Deficit for the year (944,866 )
At 31 December 2023 (2,998,385 )

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Saxon Moseley (Senior Statutory Auditor)
for and on behalf of RSM UK Audit LLP, Statutory Auditor

12. RELATED PARTY DISCLOSURES

The Company has entered into a long term loan agreement with Hamilton Hotel Partners Limited a subsidiary of the Company in an amount of £165,000 (2022: £165,000). The loan matures in 2030 with an interest rate of 8%. The interest due in the period was £13,200 (2022: £13,200)

13. POST BALANCE SHEET EVENTS

There are no events occurring subsequently to the Balance Sheet date that require adjustment to or disclosure in the financial statements.

Pyramid UK Hotel Limited (Registered number: NI629895)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Pyramid-BMC Holdings LLC, an undertaking incorporated and operating in the United States of America whose address is

30 Rowes Wharf
Suite 530
Boston, MA 02110
USA