REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
CPHCL INVESTMENTS (UK) LIMITED |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
CPHCL INVESTMENTS (UK) LIMITED |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Profit and Loss Account | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
CPHCL INVESTMENTS (UK) LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Report of the Directors |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
Principal activity |
The company's principal activity is that of an investment holding company with subsidiary companies and participating interests in companies operating in catering and hoteliering. The company also provides office & marketing services to group companies. |
Dividends |
No dividends will be distributed for the year ended 31 December 2023. |
Directors |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Results and dividends |
The loss for the year, after taxation, amounted to £302,055 (2022 loss: £105,601). |
The directors have not recommended a dividend. |
Financial risk management objectives and policies |
The directors have examined the major strategic, business and operational risks which the company is exposed to and have put systems in place to mitigate these risks. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Report of the Directors |
for the year ended 31 December 2023 |
Auditors |
The audit business of Haines Watts Kingston LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Kingston LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. |
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
CPHCL Investments (UK) Limited |
Opinion |
We have audited the financial statements of CPHCL Investments (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
CPHCL Investments (UK) Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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. |
Auditors' 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 a Report of the Auditors 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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.Our tests included agreeing the financial statement disclosures to underlying supporting documentation |
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
CPHCL Investments (UK) Limited |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Profit and Loss Account |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Administrative expenses |
(56,992 | ) | (48,873 | ) |
Other operating (expenses)/ income | ( |
) |
Operating (loss)/profit | 6 | ( |
) |
Amounts written off investments | 7 | 207,174 | 207,174 |
(302,031 | ) | (105,598 | ) |
Interest payable and similar expenses | 8 |
Loss before taxation | ( |
) | ( |
) |
Tax on loss | 9 |
Loss for the financial year | ( |
) | ( |
) |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Other Comprehensive Income |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Loss for the year | ( |
) | ( |
) |
Other comprehensive income | - | - |
Total comprehensive income for the year | ( |
) | ( |
) |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 11 |
Current assets |
Debtors | 12 |
Cash at bank |
Creditors |
Amounts falling due within one year | 13 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
14 |
Net assets |
Capital and reserves |
Called up share capital | 16 |
Retained earnings | 17 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Statement of Changes in Equity |
for the year ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Cash Flow Statement |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 21 | ( |
) |
Interest paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of fixed asset investments | - | (38,676 | ) |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year (net) |
Loan repayments in year |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
22 |
22,376 |
Cash and cash equivalents at end of year | 22 | 17,542 | 17,821 |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
CPHCL Investments (UK) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
The financial statement have been prepared in accordance with FRS 102, "The Financial Reporting Standard applicable in the UK and the Republic of Ireland". |
3. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The basis is considered appropriate by the directors. |
The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessments. |
Additionally, the company's parent has provided confirmation that it will continue to provide financial support necessary for the company to continue to operate for the foreseeable future. |
Based on these assessments and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Preparation of consolidated financial statements |
The financial statements contain information about CPHCL Investments (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, CPHCL Company Limited, 22, Europa Centre, Floriana FRN 1400, Malta. |
Key source of estimation, uncertainty and judgement |
The preparation of the financial statements requires management to make judgements, estimates and assumption that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include: |
(i) Investment provisioning |
When calculating the investment provision, management estimates the recoverable amount of the assets with reference to the present value of estimated returns. |
(ii) Deferred tax assets |
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary can be utilised. Recognition, therefore, involves judgement regarding the prudence forecasting of future taxable profits. |
Investments in subsidiaries |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residue in the assets of the company after deducting all of its liabilities. |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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 |
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. |
4. | Employees and directors |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
5. | Directors' emoluments |
2023 | 2022 |
£ | £ |
Directors' remuneration |
6. | Operating (loss)/profit |
The operating loss (2022 - operating profit) is stated after charging: |
2023 | 2022 |
£ | £ |
Auditors' remuneration |
Other non- audit services |
7. | Amounts written off investments |
2023 | 2022 |
£ | £ |
Impairment of investments | 207,174 | 207,174 |
8. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Interest on loan from subsidiary undertakings |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | Taxation |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2022 - |
( |
) |
( |
) |
Effects of: |
Trading losses | 75,514 | 20,064 |
Total tax charge | - | - |
There is no corporation tax charge or liability in the year due to the utilisation of accumulated tax losses and deficits to offset taxable profits. |
The balance of available tax trading losses at the year end is £2,746,705 (2022: £2,444,650). |
The balance of available tax non-trading deficits at the year end is £13,213 (2022: £13,213). |
10. | Dividends |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Final |
11. | Fixed asset investments |
Interest in |
Shares in | other |
group | participating |
undertakings | interests | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
and 31 December 2023 | 5,339,341 | 17,507,794 |
Provisions |
At 1 January 2023 | 3,000,000 | 207,174 | 3,207,174 |
Provision for year | - | 207,174 | 207,174 |
At 31 December 2023 | 3,000,000 | 414,348 | 3,414,348 |
Net book value |
At 31 December 2023 | 4,924,993 | 14,093,446 |
At 31 December 2022 | 5,132,167 | 14,300,620 |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
11. | Fixed asset investments - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Tayyareci Ethem Sokok No.24, Kat4 Daire 13 80090, Gumussuyu, Istanbul, Turkey |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Net book value at 31 December 2023 £1,074,243 (2022: £1,074,243). |
Registered office: Arpad Fejedelem, Utja 94 H-1036, Budapest, Hungary |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Net book value at 31 December 2023 £6,904,333 (2022: £6,904,333). |
Registered office: CH-4336 Kaisten, Eigematt 15, Switzerland |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Net book value at 31 December 2023 £1,184,290 (2022: £1,184,290). |
Registered office: 34, Place de 7, November 1987, Tunis, Tunisia |
Nature of business: |
% |
Class of shares: | holding |
Net book value at 31 December 2023 £5,586 (2022: £5,586). |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
11. | Fixed asset investments - continued |
Associated companies |
Registered office: Les Cotes de, Carthage, Gammarth, Tunisia |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Net book value at 31 December 2023 £2,487,668 (2022: £2,694,842). |
Registered office: Avenida Madre, Andaluz Freguesia de Marvila, Cancelho de Santarem, Portugal |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Net book value at 31 December 2023 £2,437,325 (2022: £2,437,325). |
Capital and reserves and profit/(loss), as shown above, represent the full value as reported in the financial statements of the subsidiary undertaking and participating interest. |
12. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Amounts owed by participating interests | 955,330 | 984,175 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest are unsecured, interest free and have no fixed date of repayment. |
13. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | 524 | 543 |
Accrued expenses |
Amounts owed to group undertakings and undertakings in which the company has a participating interest are unsecured, interest free and have no fixed date of repayment. |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
14. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
15. | Financial instruments |
Financial assets of the Company comprise other receivables and cash, whereas financial liabilities comprise trade and other payables and long term borrowings. The fair market values of these financial instruments approximate their book values at 31 December 2023. |
(a) Credit Risk |
Financial assets that potentially subject the Company to concentrations of credit risk comprise other receivables and deposits with financial institutions. Other receivables are only due from subsidiary and associated companies. Cash is deposited with banks, which have high credit ratings and management does not expect any bank counter party to fail to meet its obligations. |
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: |
2023 | 2022 |
£ | £ |
Other receivables | 1,319,555 | 1,413,941 |
Cash and cash equivalents | 17,542 | 17,821 |
1,337,097 | 1,431,762 |
b) Liquidity Risk |
The following are the contractual maturities of financial liabilities: |
2023 |
Carrying amount |
Contractual cash flow |
6 months or less |
6 - 12 months |
1 - 2 years |
2 - 5 years |
More than 5 years |
£ | £ | £ | £ | £ | £ | £ |
Trade |
and other |
payables | 198,460 | 198,460 | 198,460 |
Long |
term |
payables | 566 | 566 | 566 |
199,026 | 199,026 | - | 198,460 | - | - | 566 |
2022 |
Carrying amount |
Contractual cash flow |
6 months or less |
6 - 12 months |
1 - 2 years |
2 - 5 years |
More than 5 years |
£ | £ | £ | £ | £ | £ | £ |
Trade |
and other |
payables | 198,233 | 198,233 | - | 198,233 |
Long |
term |
payables | 577 | 577 | 577 |
198,811 | 198,811 | - | 198,233 | - | - | 577 |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
c) Foreign Currency Risk |
The Company incurs foreign currency risk on other amounts receivable and payable denominated in currencies other than Sterling. The Company does not purchase derivative financial instruments to cover its currency risks. Currency risks are evaluated on a group basis and are hedged, if this is considered appropriate, by the parent company. |
Exposure to foreign currency risk was based on the following notional amounts: |
2023 | 2022 |
EUR | EUR |
Other receivables | 483,208 | 608,623 |
Trade and other receivables | 0 | 398,570 |
Trade and other payables | (120,058 | ) | (121,876 | ) |
Long-term payables | (651 | ) | (651 | ) |
Net balance sheet exposure | 362,500 | 884,667 |
2023 | 2022 |
CHF | CHF |
Trade and other payables | (55,000 | ) | (55,000 | ) |
Net Balance Sheet Exposure | (55,000 | ) | (55,000 | ) |
The following significant exchange rates applied during the year: |
Average rate |
Reporting date spot rate |
2023 | 2022 | 2023 | 2022 |
Euro | 1.1497 | 1.1727 | 1.1507 | 1.1275 |
Swiss Franc | 1.1173 | 1.1782 | 1.0655 | 1.1102 |
Sensitivity analysis |
A 10 percent strengthening of the British Pound against these currencies at 31 December would have increased (decreased) profit and loss by the amounts below. This analysis assumes that all other variables, in particular interest rates, remain constant. |
2023 | 2022 |
£ | £ |
Euro | (28,639 | ) | (71,331 | ) |
Swiss Franc | 4,471 | 4,504 |
A 10 percent weakening of the British Pound against these currencies at 31 December would have had the equal but opposite effect to the amounts shown above, on the basis that all other variables remain constant. |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
(d) Interest Rate Risk |
The Company does not purchase derivative financial instruments to cover its interest rate risks. Interest rate risks are evaluated on a group basis and are hedged, if this is considered appropriate, by the parent company. At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was: |
2023 | 2022 |
£ | £ |
Variable Rate Instruments-Group Companies |
Loan from Thermal Hotel Aquincum Rt (12 month |
Euribor | 566 | 577 |
566 | 577 |
Sensivity analysis |
A change of 100 basis points in interest rates at the reporting date would have increased/ (decreased) profit and loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. |
2023 | 2022 |
£ | £ |
100 basis points increase | (6 | ) | (6 | ) |
100 basis points decrease | 6 | 6 |
16. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000,000 | 10,000,000 |
17. | Reserves |
Retained |
earnings |
£ |
At 1 January 2023 |
Deficit for the year | ( |
) |
At 31 December 2023 |
18. | Other financial commitments |
CPHCL Investments (UK) has guaranteed a loan taken out by a subsidiary, Societe de Promotion Hoteliere Khamsa. |
19. | Related party disclosures |
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', in respect of transactions with wholly owned group undertakings. |
20. | Ultimate controlling party |
The company's ultimate holding company is CPHCL Company Limited, a company incorporated in Malta. CPHCL Company Limited prepares the consolidated financial statements of the group of which CPHCL Investments (UK) Limited, and its subsidiary undertakings form a part. These financial statements are filed and available for public inspection at the Malta Business Registry in Malta. |
In the opinion of the directors, there is no ultimate controlling party. |
CPHCL INVESTMENTS (UK) LIMITED (REGISTERED NUMBER: 01962947) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
21. | Reconciliation of loss before taxation to cash generated from operations |
2023 | 2022 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Impairment charge on investment | 207,174 | 207,174 |
Finance costs | 24 | 3 |
(94,857 | ) | 101,576 |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
22. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 17,542 | 17,821 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 17,821 | 22,376 |
23. | Analysis of changes in net funds |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank | 17,821 | (279 | ) | 17,542 |
17,821 | ( |
) | 17,542 |
Total | 17,821 | (279 | ) | 17,542 |