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REGISTERED NUMBER: 10910536 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Hamilton Hotel Investors Limited

Hamilton Hotel Investors Limited (Registered number: 10910536)






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


Hamilton Hotel Investors Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C F Evans
T M Weissinger
C P Devine
W Q Fields
R M Kelleher





SECRETARY: S W James





REGISTERED OFFICE: Unit 14, Old Park Farm
Main Road
Ford End
Chelmsford
Essex
CM3 1LN





REGISTERED NUMBER: 10910536 (England and Wales)





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

Hamilton Hotel Investors Limited (Registered number: 10910536)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investments 5 2,688,139 2,864,737

CURRENT ASSETS
Debtors 6 414,272 673,244
Cash at bank 726,082 1,060,923
1,140,354 1,734,167
CREDITORS
Amounts falling due within one year 7 1,329,507 2,145,576
NET CURRENT LIABILITIES (189,153 ) (411,409 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,498,986

2,453,328

CREDITORS
Amounts falling due after more than one
year

8

69,349

79,997
NET ASSETS 2,429,637 2,373,331

CAPITAL AND RESERVES
Called up share capital 10 200 200
Retained earnings 11 2,429,437 2,373,131
SHAREHOLDERS' FUNDS 2,429,637 2,373,331

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


Hamilton Hotel Investors Limited (Registered number: 10910536)

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

1. STATUTORY INFORMATION

Hamilton Hotel Investors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the Company is the provision of investment management consultancy services to hotels and co-investing in hotel assets with capital partners.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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'
- Section 33 'Related Party Disclosures' - Compensation for key management personnel

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company has assessed the carrying value of the fixed asset investments that it has made in various hotels. With trade recovering well, supported by recent valuations, the board has concluded that the fixed asset investments do not require an impairment provision.

In addition the Company has made an assessment of the ability to recover a loan made to a participating interest. The review has concluded that there is a risk that the loan will not be repaid in full and an impairment of £200,000 has been made.

No other significant judgements have had to be made by the Company in preparing these financial statements.

Turnover
Turnover is recorded at the invoiced value for Investment 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.

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.


Hamilton Hotel Investors Limited (Registered number: 10910536)

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

3. ACCOUNTING POLICIES - continued
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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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.

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.

Investments
Investments relate to minority interests held in the ordinary course of business. The Company does not exert control over such investments.

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 Investors Limited (Registered number: 10910536)

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

3. ACCOUNTING POLICIES - continued

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.

Open positions at the balance sheet date have not been recognised on the grounds of materiality.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

5. FIXED ASSET INVESTMENTS

31.12.23 31.12.22
£    £   
Loans to group undertakings 224,967 224,967
Loans to undertakings in which the company
has a participating interest

68,000

268,000
Other investments not loans 2,395,172 2,371,770
2,688,139 2,864,737

Additional information is as follows:
Other
investments
£   
COST
At 1 January 2023 2,371,770
Additions 83,031
Disposals (59,629 )
At 31 December 2023 2,395,172
NET BOOK VALUE
At 31 December 2023 2,395,172
At 31 December 2022 2,371,770
Loans to
group Loans to
undertakings associates Totals
£    £    £   
At 1 January 2023 224,967 268,000 492,967
Other movement - (200,000 ) (200,000 )
At 31 December 2023 224,967 68,000 292,967

Hamilton Hotel Investors Limited (Registered number: 10910536)

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

5. FIXED ASSET INVESTMENTS - continued

Loans to group undertakings and associates are unsecured, interest free and represent capital contributions made to connected entities. Management do not expect settlement of the balances within 12 months of the balance sheet date.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 367,620 323,931
Other debtors 46,652 349,313
414,272 673,244

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 162 347,854
Amounts owed to group undertakings 1,121,286 1,628,568
Taxation and social security - 18,489
Other creditors 208,059 150,665
1,329,507 2,145,576

Included in other creditors is £10,648 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.

8. CREDITORS MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
HSBC Bounce Back loan (see note 9) 11,847 22,495
Amounts owed to group undertakings 57,502 57,502
69,349 79,997

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

9. LOANS

The Company has a Bounce Back Loan of £50,000 which has a balance of £22,495 of which £10,648 is repayable within 1 year. The applicable Interest rate is 2.5%, the repayment period is 6 years and is unsecured.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
160 A Ordinary 1.00 160 160
40 B Ordinary 1.00 40 40
200 200

Hamilton Hotel Investors Limited (Registered number: 10910536)

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

11. RESERVES
Retained
earnings
£   

At 1 January 2023 2,373,131
Profit for the year 56,306
At 31 December 2023 2,429,437

12. 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

13. RELATED PARTY DISCLOSURES

The Directors of this Company are also Directors of another Company, Hamilton Hotel Partners Limited which trades in similar activities and has a trading relationship with this Company.

The value of the services charged to the Company by Hamilton Hotel Partners Limited 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.

Additionally the Company has a short term non interest bearing loan with Hamilton Hotel Partners Limited of £4,425 (2022: £870,468) which is repayable on demand.

14. POST BALANCE SHEET EVENTS

There are no post balance sheet events to be reported.

15. ULTIMATE CONTROLLING PARTY

The controlling party is Pyramid UK Hotel Limited.

The ultimate controlling party is Pyramid-BMC Holdings LLC.

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.