REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Pyramid UK Hotel Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
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 |
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 |
The principal activities of the Company are set out in the Report of the Directors. |
2. | 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' - 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 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 3,100,500 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
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 |
Amounts owed to group undertakings |
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 |
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: | £ | £ |
Ordinary | 1.00 | 100 | 100 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |