REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Hamilton Hotel Investors Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
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 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 |
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 |
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 |
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 |
5. | FIXED ASSET INVESTMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Loans to group undertakings |
Loans to undertakings in which the company has a participating interest |
Other investments not loans |
Additional information is as follows: |
Other |
investments |
£ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Loans to |
group | Loans to |
undertakings | associates | Totals |
£ | £ | £ |
At 1 January 2023 |
Other movement | ( |
) | ( |
) |
At 31 December 2023 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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) |
Amounts owed to group undertakings |
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: | £ | £ |
A Ordinary | 1.00 | 160 | 160 |
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 |
Profit for the year |
At 31 December 2023 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |
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. |