REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Hamilton Hotel Partners Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Hamilton Hotel Partners Limited |
Hamilton Hotel Partners Limited (Registered number: 05857561) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Hamilton Hotel Partners Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants, |
25 Farringdon Street |
London |
EC4A 4AB |
Hamilton Hotel Partners Limited (Registered number: 05857561) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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 |
Hamilton Hotel Partners Limited (Registered number: 05857561) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Hamilton Hotel Partners Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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' |
- Section 33 'Related Party Disclosures' - Compensation for key management personnel |
Preparation of consolidated financial statements |
The financial statements contain information about Hamilton Hotel Partners 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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recorded at the invoiced value for hotel management consultancy services excluding discounts, rebates value added tax and other sales taxes. Revenue is recognised in the period in which the services are provided. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments are recorded at cost less any provision for impairment. The Company carries out annually an impairment review of the investments that it has made based on forward looking projections, valuations and liquidity. The Company has concluded that no impairment provision is required |
Hamilton Hotel Partners Limited (Registered number: 05857561) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
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 |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to profit or loss in the period to which they relate. |
Hamilton Hotel Partners Limited (Registered number: 05857561) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Going concern |
Management produces forecasts which are regularly reviewed to reflect the current economic environment, the effects of 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 . |
These forecasts are then reviewed by the directors to ensure that the Company will produce adequate profits and will generate sufficient cash reserves to enable the Company to meet its obligations as they fall due for at least a period of 12 months from the date of signing of these financial statements. |
In addition the parent company has provided a letter of support in respect of the Company's 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. |
Derivatives |
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value, at each reporting date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedge for hedge accounting purposes, and if so, the nature of the risk being hedged. |
The Company uses foreign exchange contracts to limit its exposure to foreign exchange risks on highly probably forecast foreign currency sales. The Company does not designate these derivatives as hedges for accounting purposes and consequently fair value gains and losses are recognised in profit and loss. The Company does not anticipate any material impact from such contracts. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Hamilton Hotel Partners Limited (Registered number: 05857561) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 | 4,330 |
NET BOOK VALUE |
At 31 December 2023 | 4,330 |
At 31 December 2022 | 4,330 |
7. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by joint ventures |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
Amounts owed by group undertakings are unsecured, interest free with the exception of the interest bearing loan of £165,000 (2022: £165,000) which is noted in the Related Party note and repayable on demand. Management do not expect settlement of the balances within 12 months of the balance sheet date. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors |
Taxation and social security |
Other creditors |
Included in other creditors is £10,652 being the amount repayable within one year of the HSBC Bounce Back Loan |
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
Hamilton Hotel Partners Limited (Registered number: 05857561) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
HSBC Bounce back loan - more than one year (see note 12) £11,847 (2022: £22,495) |
Deferred Rent Provision arising from a rent free period £85,144 |
10. | LOANS |
The Company has a Bounce Back Loan of £50,000 which has a balance at the year end of £22,495 of which £10,648 is repayable within one year. The applicable Interest rate is 2.5%, the repayment period is 6 years and is unsecured. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary "A" | £1 | 24 | 24 |
Ordinary "B" | £1 | 76 | 76 |
100 | 100 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Hamilton Hotel Partners Limited (Registered number: 05857561) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | RELATED PARTY DISCLOSURES |
The Directors of this Company are also Directors of 2 other companies, Hamilton Hotel Investors Limited and JLC (UK) SG Limited which trade in similar activities and have a trading relationship with this Company. |
The value of the services charged to Hamilton Hotel Investors Limited by the Company in the accounting period amounted to £1,187,068 (2022: £2,014,412). This includes £1,112,901 (2022: £754,141) which was due at the Balance Sheet date. |
The Company has also made a short term, non interest bearing loan to Hamilton Hotel Investors Limited of £4,425 (2022: £870,468) which is repayable on demand. |
The value of the services charged to JLC (UK) SG Limited by the Company in the accounting period amounted to £160,054 (2022: £176,972). This includes £10,234 (2022: £33,577) which was due at the balance sheet date |
The Company has made a loan of £165,000 (2022: £165,000) to Pyramid UK Hotel Limited, the parent company. Interest is payable at 8% per annum on the principal only. The interest for the period was £13,200 (2022: £13,200) |
15. | POST BALANCE SHEET EVENTS |
The are no post balance sheet events to report. |
16. | ULTIMATE CONTROLLING PARTY |
The controlling party is Pyramid UK Hotel Limited. |
The ultimate controlling party is |
The largest and smallest group in which the results of the company are consolidated is headed by Pyramid-BMC Holdings, LLC. The consolidated accounts are available from its registered office 30 Rowes Wharf, Suite 530, Boston, MA 02110, USA. |