Company registration number 13916571 (England and Wales)
THE PIG HOTEL MIDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE PIG HOTEL MIDCO LIMITED
COMPANY INFORMATION
Directors
Mr C J Brenan
Mr S V S Walker
Ms Y Yu
Company number
13916571
Registered office
3rd Floor
63 St James's Street
London
England
SW1A 1LY
Auditor
Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
THE PIG HOTEL MIDCO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 16
THE PIG HOTEL MIDCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Pig Hotel Midco Limited is an intermediary holding company within The Pig Hotel Holdco Limited Group and has the same principal activities, risks and uncertainties. Therefore the same strategic report is presented below.

 

The directors present the strategic report together with the audited financial statements for the year ended 31 December 2023.

Review of the business

The group is ultimately majority owned and operated by investment funds managed by KSL Capital Partners. KSL is a private equity firm specialising in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate, and travel services. KSL is one of the world’s largest investors in hospitality and leisure. This was the first full year the group was owned by KSL following their majority investment in March 2022.

 

The directors consider turnover, EBITDA, occupancy and daily covers to be the key performance indicators (KPIs) as they are the most effective measure of performance against the group's objectives.

 

As a group we had turnover of £49.9m (2022: £40.1m for the period since acquisition) and an EBITDA of £4.7m for the year (2022: £5.2m for the period since acquisition). On a full year basis, group turnover was £1.5m below 2022 which was still benefiting from the pent-up demand for domestic travel post Covid. 2023, however, saw increases in both average daily room rate and spend per cover which offset the impact of lower occupancy in the hotels and lower average daily covers in the restaurants.

 

The reduction in EBITDA was primarily a result of increased indirect costs. As well as inflationary pressures on cost (especially in utilities), which the group did not fully pass onto guests, additional cost was incurred in head office post-acquisition to prepare for future growth.

 

As a group we have an average occupancy of 82% (2022: 91%) and average daily restaurant covers of 1,283 (2022: 1,683) for the year to 31 December 2023. In 2022, the hospitality industry in the UK experienced significant uplift as a result of Covid restrictions being lifted. The group benefited from this in 2022 but the industry saw a softening of demand in 2023 which resulted in lower occupancy and average daily restaurant covers.

 

Financial ratios improved during the year, with the group current ratio (current assets / current liabilities) reaching 1.4 (2022: 0.9). Net cash flow was an increased by £5.6m (2022: £8.4m) during the year.

 

The directors are expanding the portfolio, with the purchase of Groombridge Place in March 2023, and a post year end purchase of Barnsley House in January 2024.

Principal risks and uncertainties

The principal risks and uncertainties facing the company are broadly grouped as liquidity risk, interest rate risk, credit risk and price risk. Further details are included in the directors' report.

- 1 -
THE PIG HOTEL MIDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Directors' Duties – S172 Companies Act 2006

The board of directors of Home Grown Hotels Limited consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a)-(f) of the Act) in the decisions taken during the year ended 31 December 2023.

 

To assist them in discharging their duty under s172 Companies Act 2006, the directors engage with employees, customers and suppliers to reflect their insights and views when making decisions on strategy; delivering operational effectiveness, driving initiatives; and committing to deliver outcomes that enhance social value. Below are examples of how the directors engage with stakeholders:

 

 

 

 

As the board of directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours. The intention is to nurture our reputation, through both the construction and delivery of our vision, that reflects our responsible behaviour.

The above, along with the narratives in the Report of the Directors, help highlight how the directors have observed the principles of s172 and engaged with stakeholders in decision making and in promoting the long-term success of the company.

On behalf of the board

Mr S V S Walker
Director
11 June 2024
- 2 -
THE PIG HOTEL MIDCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of a non-trading holding company.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C J Brenan
Mr S V S Walker
Ms Y Yu
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments
Treasury operations and financial instruments

The company operates a centralised treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company's activities.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the businesses. The company uses two major banks, both rated A with the major rating agencies, to finance its operations.

 

Interest rate risk

The company is exposed to fair value interest rate risk on any fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses a combination of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on long credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. However, the group has no significant concentration of credit risk. In common with hotel and restaurant operations, services are provided in relatively small transactions with immediate settlement.

Price risk

The directors consider that the company faces the usual pricing risk of any other company operating in a competitive, commercial environment.

- 3 -
THE PIG HOTEL MIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Business relationships

Details of engagement with suppliers, customers and others in a business relationship can be found in the section 172 statement in the strategic report.

Future developments

The recent purchase of one new Pig site supports our vision of the continued growth of the number of hotels within The Pig Group.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Matters covered by the Strategic Report

Some of the company’s analysis of principal risk management objectives and future developments of the business are set out in the strategic report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr S V S Walker
Director
11 June 2024
- 4 -
THE PIG HOTEL MIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE PIG HOTEL MIDCO LIMITED
Opinion
- 5 -

We have audited the financial statements of The Pig Hotel Midco Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THE PIG HOTEL MIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE PIG HOTEL MIDCO LIMITED
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- 6 -
THE PIG HOTEL MIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE PIG HOTEL MIDCO LIMITED

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Jay ACA FCCA
Senior Statutory Auditor
For and on behalf of Fiander Tovell Limited
20 June 2024
Chartered Accountants
Statutory Auditor
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
- 7 -
THE PIG HOTEL MIDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
-
-
Administrative expenses
(480)
(644)
Operating loss
(480)
(644)
Interest payable and similar expenses
4
(182,545)
-
0
Loss before taxation
(183,025)
(644)
Tax on loss
5
-
0
-
0
Loss for the financial year
(183,025)
(644)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

- 8 -
THE PIG HOTEL MIDCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
6
82,877,639
82,877,639
Current assets
Debtors
8
20,105,676
2,513,222
Creditors: amounts falling due within one year
9
(2,589,345)
(2,513,866)
Net current assets/(liabilities)
17,516,331
(644)
Total assets less current liabilities
100,393,970
82,876,995
Creditors: amounts falling due after more than one year
10
(14,964,732)
-
0
Net assets
85,429,238
82,876,995
Capital and reserves
Called up share capital
12
85,612,907
82,877,639
Profit and loss reserves
(183,669)
(644)
Total equity
85,429,238
82,876,995
The financial statements were approved by the board of directors and authorised for issue on 11 June 2024 and are signed on its behalf by:
Mr S V S Walker
Director
Company registration number 13916571 (England and Wales)
- 9 -
THE PIG HOTEL MIDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 February 2022
-
0
-
0
-
Period ended 31 December 2022:
Loss and total comprehensive income
-
(644)
(644)
Issue of share capital
12
82,877,639
-
82,877,639
Balance at 31 December 2022
82,877,639
(644)
82,876,995
Period ended 31 December 2023:
Loss and total comprehensive income
-
(183,025)
(183,025)
Issue of share capital
12
2,735,268
-
2,735,268
Balance at 31 December 2023
85,612,907
(183,669)
85,429,238
- 10 -
THE PIG HOTEL MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
Company information

The Pig Hotel Midco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 63 St James's Street, London, England, SW1A 1LY.

1.1
Reporting period

The current financial statements are for the 12 months to 31 December 2023. The comparative financial statements of The Pig Hotel Midco Limited are for the period from 15 February 2022 to 31 December 2022. As a result, the comparatives are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

The Pig Hotel Midco Limited is a wholly owned subsidiary of The Pig Hotel Holdco Limited and the results of The Pig Hotel Midco Limited are included in the consolidated financial statements of The Pig Hotel Holdco Limited which are available from its registered office: 3rd Floor, 63 St. James's Street, London, England, SW1A 1LY.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

- 11 -
THE PIG HOTEL MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

- 12 -
THE PIG HOTEL MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are not considered to be any key sources of estimation uncertainty.

3
Employees

There are 0 (2022: 0) employees other than the directors.

- 13 -
THE PIG HOTEL MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Interest payable and similar expenses
2023
2022
£
£
Interest on overdrafts and loans
182,545
-
5
Taxation

On the 1 April 2023 the rate of UK Corporation Tax increased from 19% to 25% for companies with profits over £250,000. For profits between £50,000 and £250,000 a marginal rate of tax is applied

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(183,025)
(644)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
(43,011)
(122)
Effect of change in corporation tax rate
(37)
-
0
Group relief
43,048
122
Taxation charge for the period
-
-
6
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
7
82,877,639
82,877,639
7
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Home Grown Hotels Limited
a
Ordinary shares
-
100.00
HGH (Staff Houses) Limited
a
Ordinary shares
-
100.00
The Pig Hotel Group Limited
a
Ordinary shares
100.00
-

Registered office addresses (all UK unless otherwise indicated):

a
Clayhill, Beechen Lane, Lyndhurst, England, SO43 7DD
- 14 -
THE PIG HOTEL MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
20,105,676
2,513,222
9
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
2,549,733
2,513,866
Accruals and deferred income
39,612
-
0
2,589,345
2,513,866
10
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
11
14,964,732
-
0
11
Loans and overdrafts
2023
2022
£
£
Bank loans
14,964,732
-
0
Payable after one year
14,964,732
-
0

The bank loans are secured over the properties and assets held by the group.

On 23 March 2023 a new loan was drawn totalling £3.5m with a second draw down of £11.5m on 20 December 2023. The term of the loans are 13 months from the date it was drawn, at which point any outstanding balances are repayable. It attracts interest at a rate of 2.00% above SONIA rate. Interest charged on bank loans is shown under interest payable within the statement of comprehensive income

12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
85,612,907
82,877,639
85,612,907
82,877,639

On 19 December 2023, 2,735,268 ordinary shares of £1 each were issued.

 

All shares in issue have the same rights, preferences and restrictions attached to them.

- 15 -
THE PIG HOTEL MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Financial commitments, guarantees and contingent liabilities

The company has provided fixed charge and negative pledge over its shares and related assets as security against bank borrowing facilities entered into by The Pig Hotel Group Limited.

14
Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

15
Ultimate controlling party

The company is 100% owned by The Pig Hotel Holdco Limited. The ultimate controlling party is Humboldt Offshore (Alternative) LP, an entity registered in the Cayman Islands.

 

The results of the company are included in the consolidated financial statements of The Pig Hotel Holdco Limited. The registered office of The Pig Hotel Holdco Limited is 3rd Floor 63 St. James's Street, London, SW1A 1LY.

 

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