Company registration number 11153341 (England and Wales)
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
COMPANY INFORMATION
Directors
W M Adriaanse
A E Lindblom
S J Torner
B L Williams
Secretary
CSC CLS (UK) Limited
Company number
11153341
Registered office
1 Bartholomew Lane
London
United Kingdom
EC2N 2AX
Auditor
HaysMac LLP
10 Queen Street Place
London
United Kingdom
EC4R 1AG
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of operator of a hotel at Heathrow Airport, UK. The hotel is leased from a related party, Pandox Hatton Cross Propco Limited.

Business model

The company owns a hotel that trades in the three principal accommodation markets of business, events, and leisure.

Business review and results

The performance of the company is set out in the profit and loss account within these financial statements. Total turnover increased by 5.5% to £14,140,003 (2023: £13,407,759). Average occupancies for the financial year were 89% (2023: 78%). RevPar averaged £83 (2023: £76). This was driven by the continued strong performance of the UK hotel market.

 

Total cost of sales have seen an increase of 1% to £3,206,201 (2023: £3,190,032) and administration expenses have increased by 4% to £8,513,536 (2023: £8,153,557). The increase in administrative expenses reflects both the general inflationary environment facing the business and the higher spend incurred, including through increasing staff headcount by an average of 3 employees, in order to service the additional customer demand that has caused occupancy and revenue to increase during the year. The company generated a profit before tax for the financial year of £2,255,444 (2023: £1,866,777).

 

Cash at bank and in hand at the year end was £2,824,293 (2023: £1,449,407) with the increase in cash being correlated to the increase in turnover performance. The expectation as the cash reserves continue to grow is for cash to be up streamed to the company's shareholders in 2025.

 

Debtors at the year end was £2,128,942 (2023: £1,682,636) and Creditors falling due within one year at the year end was £2,147,178 (2023: £1,921,044). The increase in debtors largely relates to an increase in intercompany receivables from £nil to £502,740 as a result of rental up streams by a fellow group undertaking. The increase in creditors within one year largely reflects the increase in administrative expenses.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

To deliver the company’s business objectives, the company needs to deliver to three key stakeholder groups:

 

  1. Staff

  2. Guests

  3. Investors

 

The Company uses several measures to assess how well the company is delivering to its stakeholders.

 

Staff measures

Team turnover – This measures how many people leave the company each year and is an indicator of engagement and job satisfaction. Motivated and committed staff are key to delivering good customer service.

 

Health and Safety – This measures how well the company looks after its people and its guests. It is critical to the Company to provide safe working environments and safe hotels for its guests to stay in. This is measured by Health and Safety audits by external independent experts.

 

Guest Measures

Guest Satisfaction – The company actively seeks feedback from its guests so that it can act on their experiences to improve the services provided. Guest satisfaction is measured continually and analysed on a monthly basis.

 

Investors

Profit Growth – The company measures its profit growth against last year focusing on Earnings before interest, Taxation, Depreciation and Amortisation (EBITDA), and against its budgets and reports on a monthly basis. EBITDA for the year 2024 was £2,743,559 (2023: £2,353,650).

 

Gross profit margin for the year 2024 was 77% (2023: 68%) achieving a gross profit of £10,933,802 (2023: £9,059,740).

 

Operating profit margin for the year 2024 was 17% (2023: 15%) achieving operating profit of £2,420,266 (2023: £2,064,170).

Principal risks and uncertainties
Financing and interest rates

The company's objective is to reduce the risk of financial loss due to a counter party's failure to honour its obligations. Credit is only given to corporates and standard payment terms are quoted on all contracts. The hotel is primarily responsible for implementing the group's credit control procedures with monitoring provided by the group finance function. This responsibility includes the determination of credit-worthy customers, management of individual exposures and ensuring payment is secured in accordance with the agreed terms.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Liquidity

The company aims to mitigate liquidity risk by managing cash generation by its operations.

 

Hotel investment is approved following a detailed appraisal process and an assessment of the financial needs of the investment. All capital items are approved at board level whether purchased outright, leased, rented or subject to hire purchase agreements. The method of funding for each is dictated in each case by cash flow implications.

 

IT

With the majority of the group's processes and information systems being held on central file servers situated within a single site data centre, the group's objective is to eliminate the principal single points of failure within the key elements of hardware, software and data communications. This is achieved by having automated fail-over systems as well as a replication of the central data centre located in off-site premises.

 

Competition

Competitive risk exists in all business and the company's objective is to be able to identify such risks at an early stage so that an appropriate strategy can be implemented to reduce that risk. This is achieved through a regime of regular forecasting and budgeting together with a systematic review process of historic and future performance by senior management.

On behalf of the board

B L Williams
Director
24 July 2025
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 9.

No dividends were paid or declared during the year (2023: £NIL).

Directors

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

W M Adriaanse
A E Lindblom
S J Torner
B L Williams
Future developments

The hotel is well located to benefit from the continued demand for quality affordable accommodation from both corporate and private customers.

Auditor

HaysMac LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

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.

Change of name

The company passed a special resolution on 8 July 2024 changing its name from Pandox UK Opco Limited to Pandox Hatton Cross Opco Limited.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Going Concern

The company is wholly reliant, for the foreseeable future, on the continued financial support from its ultimate parent company, Pandox AB, in order to meet its obligations as and when they fall due for the foreseeable future.

 

Management have reforecasted the expected financial performance and cash flows for the period up to 31 July 2026 and performed additional sensitivity analysis in order to understand the level of support that may be required. This has been discussed with Pandox AB and a letter of support has been provided to the Board of Directors.

 

Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from Pandox AB in order for the company to meet its obligations as and when they fall due until 31 July 2026. The Directors have also considered the financial position of Pandox AB and concluded that they have sufficient financial resources with which to provide the support detailed in the letter.

 

Therefore on the basis of the above, the Directors have approved the financial statements utilising the going concern basis of preparation.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
B L Williams
Director
24 July 2025
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PANDOX HATTON CROSS OPCO LIMITED
- 6 -
Opinion

We have audited the financial statements of Pandox Hatton Cross Opco Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, 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:

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANDOX HATTON CROSS OPCO LIMITED
- 7 -
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 set out on page 1, 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.

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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Based on our understanding of the company and industry, we considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

 

particularly in respect of the recoverability of debtors.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANDOX HATTON CROSS OPCO LIMITED
- 8 -

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 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.

David Lyons
Senior Statutory Auditor
For and on behalf of HaysMac LLP
Statutory Auditor
10 Queen Street Place
London
EC4R 1AG
Date: 24 July 2025
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
14,140,003
13,407,759
Cost of sales
20
(3,206,201)
(3,190,032)
Gross profit
10,933,802
10,217,727
Administrative expenses
20
(8,513,536)
(8,153,557)
Operating profit
4
2,420,266
2,064,170
Interest payable and similar expenses
7
(164,822)
(197,393)
Profit before taxation
2,255,444
1,866,777
Tax on profit
8
(544,309)
(614,567)
Profit for the financial year
1,711,135
1,252,210

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

 

For details of the restatement please refer to note 20.

The notes on pages 12 to 21 form part of these financial statements.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,176,111
1,267,549
Current assets
Stocks
10
18,117
4,144
Debtors
11
2,128,942
1,682,636
Cash at bank and in hand
2,824,293
1,449,407
4,971,352
3,136,187
Creditors: amounts falling due within one year
12
(2,147,178)
(1,921,044)
Net current assets
2,824,174
1,215,143
Total assets less current liabilities
4,000,285
2,482,692
Creditors: amounts falling due after more than one year
13
(1,887,741)
(2,081,283)
Net assets
2,112,544
401,409
Capital and reserves
Called up share capital
15
101
101
Share premium account
999
999
Other reserves
(741,480)
(741,480)
Profit and loss reserves
2,852,924
1,141,789
Total equity
2,112,544
401,409

The notes on pages 12 to 21 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
B L Williams
Director
Company registration number 11153341 (England and Wales)
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
101
999
(741,480)
(110,421)
(850,801)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
1,252,210
1,252,210
Balance at 31 December 2023
101
999
(741,480)
1,141,789
401,409
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
1,711,135
1,711,135
Balance at 31 December 2024
101
999
(741,480)
2,852,924
2,112,544

The notes on pages 12 to 21 form part of these financial statements.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Pandox Hatton Cross Opco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX. The company's principal activity is that of a hotel operator. The address of the property and principal place of business is Eastern Perimeter Road, Hatton Cross, London, TW6 2SQ, United Kingdom.

1.1
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 financial statements of the company are consolidated in the financial statements for the year ended 31 December 2024 of Pandox AB. These consolidated financial statements are available from its website: https://www.pandox.se/investor-relations/financial-reports-and-presentations.

1.2
Going concern

The company is wholly reliant, for the foreseeable future, on the continued financial support from itstrue ultimate parent company, Pandox AB, in order to meet its obligations as and when they fall due for the foreseeable future.

 

Management have reforecasted the expected financial performance and cash flows for the period up to 31 July 2026 and performed additional sensitivity analysis in order to understand the level of support that may be required. This has been discussed with Pandox AB and a letter of support has been provided to the Board of Directors.

 

Whilst the letter of support is not legally binding the Board of Directors believe that the company will be provided financial support from Pandox AB in order for the company to meet its obligations as and when they fall due until 31 July 2026. The Directors have also considered the financial position of Pandox AB and concluded that they have sufficient financial resources with which to provide the support detailed in the letter.

 

Therefore on the basis of the above, the Directors have approved the financial statements utilising the going concern basis of preparation.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover

Turnover comprises income from the operation of a hotel, which excludes value added tax and trade discounts, represents the invoiced value of goods and services supplied and is recognised at the point of sale at which the accommodation and related services are provided.

1.4
Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

 

Deprecation is provided on the following basis:

Fixtures and fittings
10 - 20 % straight line

The assets' residual values, useful lives and deprecation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

Repairs and maintenance costs are charged to the profit and loss account during the period in which they are incurred.

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis. Where necessary provisions are made for obsolete or slow moving stock.

1.6
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.

1.7
Debtors
Short-term debtors are measured at transaction price, less any impairment.
1.8
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Foreign exchange

 

Functional and presentation currency

The company's functional and presentational currency is GBP.

 

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items are measured at the fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company hs no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recoverability of debtors

Trade and other receivables are recognised to the extent that they are judged recoverable. Director reviews are performed to estimate the level of provisions required for irrecoverable debt, considering customer credit worthiness, current economic trends and changes in customer payment terms. Provisions are made specifically against invoices where recoverability is certain.

 

Total trade debtors as at 31 December 2024 are £866,823 (2023: £490,486), which includes a provision against bad debts of £39,534 (2023: £53,920). No bad debt provisions have been recognised against other debtors of £257,248 (2023: £333,822).

Impairment of tangible fixed assets

Judgements and estimates are required in assessing whether there are indicators of impairment of tangible fixed assets and, where such indications are identified, in determining their fair value. Given the significance of the assets, which have a carrying value of £1,176,111 as at 31 December 2024 (2023: £1,267,549), any change in these assumptions could lead to a material difference in the value of the fixed asset. Judgement is also required in assessing the depreciation rates for tangible fixed assets based on the expected life of the asset to the expected life of the asset itself. Any change in useful economic life which drives the depreciation rates could lead to a material change in value of fixed assets.

 

Based on the estimated useful lives of the tangible fixed assets held by the company, a depreciation charge of £323,293 (2023: £289,480) has been recognised in the Profit and Loss Account.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Accomodation
11,045,650
10,150,578
Food and Beverage
2,359,645
2,355,960
Other
734,708
901,221
14,140,003
13,407,759

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
323,293
289,480
Operating lease charges
1,603,569
1,524,871
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
36,250
42,767

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Rooms
62
55
Food & Beverage
49
53
Maintenance
4
4
Marketing & Sales
2
3
Administrative & general
6
5
Total
123
120
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,286,905
3,202,278
Social security costs
342,838
302,752
Pension costs
67,626
68,291
3,697,370
3,573,321

During the year, no director received remuneration (2023: £Nil). Directors, who constitute the key management personnel of the company, are remunerated through other companies within the Pandox AB group and therefore their emoluments are disclosed within their financial statements.

7
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
164,822
197,393
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
556,219
558,774
Deferred tax
Origination and reversal of timing differences
(11,910)
55,792
Total tax charge
544,309
614,567
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 18 -

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

2024
2023
£
£
Profit before taxation
2,255,444
1,866,777
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
563,861
438,693
Tax effect of expenses that are not deductible in determining taxable profit
81
22,768
Change in unrecognised deferred tax assets
13,490
-
0
Adjustments in respect of prior years
(7,905)
146,983
Effect of change in corporation tax rate
-
0
3,264
Depreciation on assets not qualifying for tax allowances
4,187
2,859
Adjustments to tax charge in respect of previous periods - deferred tax
(29,405)
-
0
Taxation charge for the year
544,309
614,567
9
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2024
4,339,231
Additions
243,758
Disposals
(11,903)
At 31 December 2024
4,571,086
Depreciation and impairment
At 1 January 2024
3,071,682
Depreciation charged in the year
323,293
At 31 December 2024
3,394,975
Carrying amount
At 31 December 2024
1,176,111
At 31 December 2023
1,267,549
PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
10
Stocks
2024
2023
£
£
Finished goods and goods for resale
18,117
4,144
11
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
866,823
490,486
Amounts owed by group undertakings
502,740
-
0
Other debtors (note 20)
257,248
333,822
Prepayments and accrued income (note 20)
308,272
676,379
Deferred tax asset (note 14)
193,859
181,949
2,128,942
1,682,636

There has been a change in classification within the prior year related to accruals and prepayments. An amount of £676,349 has been reclassed in the prior year from Other debtors to Prepayments and accrued income.

 

Amounts owed by group undertakings are interest free and repayable on demand.

12
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
451,458
-
0
Amounts owed to group undertakings (note 20)
302,876
426,769
Corporation tax
10,570
127,843
Other taxation and social security (note 20)
80,260
201,500
Other creditors (note 20)
321,110
256,407
Accruals and deferred income (note 20)
980,904
908,525
2,147,178
1,921,044

In the prior year VAT group payments made on behalf of the company was incorrectly classified within Other creditors. To correct this there has been a reclassification for the amount of £426,769, decreasing Other Creditors and increasing Amounts due to group undertakings by this amount.

 

Amounts due to group undertakings are interest free and repayable on demand.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
13
Creditors: amounts falling due after more than one year
2024
2023
as restated
£
£
Amounts owed to group undertakings
1,887,741
2,081,283

Amounts owed to group undertakings are related to an intergroup loan which is subject to interest at Sonia + 3.58%. The loan matures on 23 February 2028.

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
193,859
181,949
2024
Movements in the year:
£
Asset at 1 January 2024
181,949
Charge to profit or loss
11,910
Asset at 31 December 2024
193,859
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
101
101
101
101
16
Reserves

Share premium account

This reserve represents the amount above the nominal value received for shares issued.

 

Other reserves

The other reserve relates to the excess paid for the business over the net book value of the net assets required. This is on transactions between companies under common control and therefore was accounted under the group restructuring provisions of FRS 102.

 

Profit and loss account

Profit and loss account represents all other gains and losses reported by the company that have not been reported elsewhere.

PANDOX HATTON CROSS OPCO LIMITED
PREVIOUSLY KNOWN AS PANDOX UK OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
1,603,569
1,524,871
Between two and five years
6,414,275
6,099,484
In over five years
22,449,962
22,873,065
30,467,806
30,497,420
18
Pension commitments

The company operates a defined contribution pension scheme. The assets of these schemes are held separately from those of the company in independently administered funds. The company's pension cost for the year was £67,626 (2023: £68,291). Included in creditors is £39,870 (2023: £12,025) in respect of contributions payable to the scheme which were unpaid at the year end and included within accruals.

19
Ultimate controlling party

The company's immediate parent undertaking is Pandox Base Ltd, a company registered in the United Kingdom.

 

The largest and smallest group to consolidate the results of this company are the group headed by Pandox AB. The ultimate parent undertaking is Pandox AB, a company registered in Box 15, 10120 Stockholm, Sweden. Financial statements for Pandox AB are available from the following website: https://www.pandox.se/ investor-relations/financial-reports-and-presentations.

 

There is no individual ultimate controlling party.

20
Prior year classifications

During the year a review of cost of sales was carried out and it was identified that £1,157,987 should have been allocated within administrative expenses in the prior year financial statements. Therefore the 2023 comparative has been restated to reduce cost of sales and increase administrative expenses by this amount.

 

During the year a review of debtor classifications was carried out and it was identified that £676,379 prepayments and accrued income were incorrectly included within other debtors in the prior year financial statements. Therefore the 2023 comparative has been restated to reduce other debtors and increase prepayments and accrued income by this amount.

 

During the year a review of creditor classifications was carried out and it was identified that £908,525 accruals and deferred income were incorrectly included within other creditors in the prior year financial statements. Therefore the 2023 comparative has been restated to reduce other creditors and increase accruals and deferred income by this amount.

 

In addition to the above, it has also been identified that in the prior year a VAT liability owed by a group company had been incorrectly recognised within these financial statements. Therefore the 2023 comparative has been restated to de recognise this liability, resulting in a reduction in other taxation and social security of £426,769 and a corresponding increase in amounts owed to group undertakings compared with amounts previously reported.

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