Company registration number NI027951 (England and Wales)
PANDOX BELFAST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PANDOX BELFAST LIMITED
COMPANY INFORMATION
Directors
W M Adriaanse
A E Lindblom
S J Torner
B L Williams
Secretary
CSC CLS (UK) Limited
Company number
NI027951
Registered office
Hilton Belfast
4 Lanyon Place
Belfast
Northern Ireland
BT1 3LP
Auditor
Forvis Mazars LLP
Chartered Accountants and Statutory Auditors
5th Floor Merck House
Seldown Lane
Poole
Dorset
BH15 1TW
PANDOX BELFAST LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
PANDOX BELFAST 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 a hotel operator.

Review of the business

The company made a gross profit for the year of £5,998,385 (2023: £5,113,045) and the turnover of £12,137,725 (2023: £11,512,804). The company made a profit before taxation of £1,860,882 (2023: £1,338,029).

Principal risks and uncertainties

Competitive risk

This c ompany operates in the UK. Risks that arise come from competitors opening new hotels or improving an existing hotel. The c ompany monitors its competitors' performance and participates in regular benchmarking to understand the c ompany's position compared to its competitors.

Economic risk

Management are of the opinion the risk to hotel trading will be low given its location, customer base and target market.

Interest rate risk

The company has loans which attract interest. The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet its foreseeable needs with the use of a strong treasury function.

Management does not believe the company is any more exposed to financial statements risk factors than others in the industry and has a system of internal controls and procedures that attempt to mitigate such risks.

Foreign Currency risk

The Company is only exposed to minor foreign currency risk, as the Company's activities are in the UK.

Credit risk

The Company's principle financial assets are bank balances and cash and trade debtors.

The Company's credit risk is primarily attributable to its trade debtors, The amounts presented in the balance sheet are net of allowances for bad debts. An allowance for impairment is made when there is an identified loss event which, based on previous experience is evidence of the reduction in the recoverability of the asset.

The Company has no significant concentration of credit risk.

PANDOX BELFAST LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

In order to deliver the Company's business objectives, the c ompany needs to deliver to three key stakeholder groups:

- People

- Guests

- Investors

The company uses a number of measures to assess how well the company is delivering to its stakeholders.

People measures

Team turnover - This measures how many people leave the c ompany each year and is an indicator of engagement and job satisfaction. Motivated and committed staff are key to delivering good customer services. There is also a cost associated with recruiting and training staff.

Health and safety - This measures how well the c ompany looks after its people and its guests. It is critical to the c ompany 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

Brand Standards - The c ompany is audited by its brand partners against set criteria to make sure they meet high operational standards and its customers' expectations.

Gues t satisfaction - The c ompany 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.

Investor Relations

Profit Growth - The c ompany measures its profit growth against last year focusing on Earnings Before Interest, Taxation, Deprecation and Amortisation (EBITDA), and against its budgets and reports, and analyses this every month.

On behalf of the board

B L Williams
Director
7 October 2025
PANDOX BELFAST LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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 ordinary dividends were paid during the year (2023: £14,410,896). The directors do not recommend payment of a further dividend. There were no capital reductions arranged during the year (2023: £7,399,998).

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
Qualifying third party indemnity provisions

The company has made no qualifying third party indemnity provisions for the benefit of its directors during the year.

Going concern

The directors believe it is appropriate to prepare the financial statements on a going concern basis, which assumes the company will continue to operate for at least 12 months from the approval date of these financial statements. Despite net current liabilities of £2,977,592 (2023: restated amount of £431,935), the company is expected to meet its current liabilities as they fall due. The majority of these liabilities arise from intercompany borrowing, and the counterparty has agreed that repayment will not be required within the next 12 months.

In reaching this conclusion, the directors have conducted forecasts that indicate no material uncertainty regarding the company's ability to continue as a going concern, both financially and operationally, during this period. This assessment is supported by the company's strong performance as well as its anticipated profitability throughout the forecast period.

Future developments

The Company will continue to operate as a hotel operator in the future with a view to optimise returns.

Auditor

The auditor, Forvis Mazars LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

Economic impact of global events

The Directors have carried out an assessment of the potential impact of economic and global uncertainties on the business, including the impact of mitigation measures, and have concluded that these are no adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of any potential impacts in their going concern assessment.

The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

PANDOX BELFAST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
B L Williams
Director
7 October 2025
PANDOX BELFAST LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 UK 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.

PANDOX BELFAST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PANDOX BELFAST LIMITED
- 6 -
Opinion

We have audited the financial statements of Pandox Belfast Limited (the ‘company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 FRS 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 2024 and of its profit 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 “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 information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PANDOX BELFAST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANDOX BELFAST LIMITED
- 7 -
Matters on which we are required to report by exception

In 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:

- 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 remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 3, 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 the financial statements.

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

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.

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, food hygiene regulation, anti-money laundering regulation, non-compliance with the bribery act, corporation tax and any changes to financial regulations.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;

- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

PANDOX BELFAST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PANDOX BELFAST LIMITED
- 8 -

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the occurrence assertion of group bookings) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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.

Stephen Mills
Senior Statutory Auditor
For and on behalf of Forvis Mazars LLP
7 October 2025
Chartered Accountants
Statutory Auditor
Chartered Accountants and Statutory Auditors
5th Floor Merck House
Seldown Lane
Poole
Dorset
BH15 1TW
PANDOX BELFAST LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
12,137,725
11,512,804
Cost of sales
(6,139,340)
(6,399,759)
Gross profit
5,998,385
5,113,045
Administrative expenses
(3,436,293)
(2,673,033)
Other operating income
66,790
58,027
Fair value movements
-
0
(25,762)
Operating profit
4
2,628,882
2,472,277
Interest receivable and similar income
7
-
0
135,367
Interest payable and similar expenses
8
(768,000)
(1,269,615)
Profit before taxation
1,860,882
1,338,029
Tax on profit
9
785,830
(506,002)
Profit for the financial year
2,646,712
832,027

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

The notes on pages 12 to 25 form part of these financial statements.

PANDOX BELFAST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
26,763,246
27,339,812
Current assets
Stocks
12
33,391
36,300
Debtors
13
471,040
413,733
Deferred tax asset
17
194,170
-
0
Cash at bank and in hand
632,756
1,295,875
1,331,357
1,745,908
Creditors: amounts falling due within one year
15
(4,308,949)
(2,177,843)
Net current liabilities
(2,977,592)
(431,935)
Total assets less current liabilities
23,785,654
26,907,877
Creditors: amounts falling due after more than one year
14
(10,882,657)
(15,660,424)
Provisions for liabilities
Deferred tax liability
17
-
0
991,168
-
(991,168)
Net assets
12,902,997
10,256,285
Capital and reserves
Called up share capital
19
2
2
Profit and loss reserves
12,902,995
10,256,283
Total equity
12,902,997
10,256,285

The notes on pages 12 to 25 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 7 October 2025 and are signed on its behalf by:
B L Williams
Director
Company registration number NI027951 (England and Wales)
PANDOX BELFAST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
7,400,000
16,435,154
23,835,154
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
832,027
832,027
Dividends
10
-
(14,410,896)
(14,410,896)
Capital reduction
19
(7,399,998)
7,399,998
-
0
Balance at 31 December 2023
2
10,256,283
10,256,285
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
2,646,712
2,646,712
Balance at 31 December 2024
2
12,902,995
12,902,997

The notes on pages 12 to 25 form part of these financial statements.

PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Pandox Belfast Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hilton Belfast, 4 Lanyon Place, Belfast, Northern Ireland, BT1 3LP.

The principle activity of the company is that of a hotel operator.

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 preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the. FRS 102 "The.Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

- the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e),11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27,12.29(a), 12.29(b) and 12.29A;

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

The information is included in the consolidated financial statements of Pandox AB as at 31 December 202 4 and these financial statements may be obtained from https://www.pandox.se/investor-relations/financial-reports-and-presentations/annual-reports/.

The financial statements are prepared in pound sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Going concern

The directors true believe it is appropriate to prepare the financial statements on a going concern basis, which assumes the company will continue to operate for at least 12 months from the approval date of these financial statements. Despite net current liabilities of £10,384,317 (2023: £13,206,831), the company is expected to meet its current liabilities as they fall due. The majority of these liabilities arise from intercompany borrowing, and the counterparty has agreed that repayment will not be required within the next 12 months.

In reaching this conclusion, the directors have conducted forecasts that indicate no material uncertainty regarding the company's ability to continue as a going concern, both financially and operationally, during this period. This assessment is supported by the company's strong performance as well as its anticipated profitability throughout the forecast period.

PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover

Hotel Income

Turnover from hotel operations arise wholly in the United Kingdom. The turnover of the hotel is derived primarily from the rental of rooms, conference and banqueting, and food and beverage sales. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover from a contract to provide services is re c ognsied in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied.

The amount of turnover can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

1.4
Tangible fixed assets

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

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land and buildings
50 years
Fixtures, fittings and Equipment
3-5 years

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

1.5
Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated), is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.6
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.

1.7
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.

1.8
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.

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.

PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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, 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 paymen ts 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. A m ounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.9
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.

1.10
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 BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.

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.

1.11
Retirement benefits

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 has 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 other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

1.12
Government grants

The UK government during the covid pandemic provided financial support packages to help companies, including government backed financing arrangements. Of the provided schemes, the company used the furlough scheme. The income from the furlough scheme is recognised within 'Other operating income over the life of the grant.'

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

The amount credited to the Statement of Comprehensive Income is reviewed annually in line with the useful life and depreciation review of the related tangible fixed assets.

PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.13

Foreign currency translation

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. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at 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 the income statement.

Foreign exchange gains and losses that relate to cash and cash equivalents are presented in the

income statement within 'finance(expense)/income'. All other foreign exchange gains and losses are presented in the income statement within 'administrative expenses'.

1.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

1.15

Interest payable and similar expenses

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction oin the proceeds of the associated capital instrument.

PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Taxation

Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Government Grants

Management judgement is required to determine the period in which deferred government grants, relating to expenditure on tangible fixed assets, are credited to the Statement of Comprehensive Income, based on an assessment of the useful life of the related assets.

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.

Impairment of fixed assets

Determining whether fixed assets are impaired requires an initial analysis of the asset, considering if there are any indicators of impairment. If there is such an indication, the value of the asset's cash generating is compared to the carrying amount of the asset's cash generating unit.

In estimating the fair value, the Directors have performed their own assessment of the valuation of the property.

Allocation of fixture, furniture and equipment

Management judgement is required to determine the split in the value of fixed assets between FF&E and Land and Buildings. The Directors have used a qualified QS as an managements expert to help determine this split.

Establishing the fair value of derivative financial instruments

The pricing of derivative financial instruments is in accordance with market standards. Market parameters supplied by external providers were used.

Pricing financial instruments were determined according to the most suitable pricing model for each product, the adequate numerical method and the relevant market data.

The gains on fair value movements on interest rate caps are recognised in the Statement of Comprehensive Income.

The key input used in valuing the derivatives is the Daily Mark which is an estimate of a mid-market price, derived using market standard internal models.

The cash flows arising from the interest caps matured in 2024.

PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Hotel - Rooms
9,186,986
8,587,315
Hotel - Food & Beverage
2,666,471
2,624,935
Hotel - Other turnover
284,268
300,554
12,137,725
11,512,804
2024
2023
£
£
Other revenue
Interest income
-
135,367
Government grants receivable
66,790
58,027

All turnover arose within the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(66,790)
(58,027)
Depreciation of owned tangible fixed assets
994,059
1,004,344
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
37,500
32,650
Other fees payable to auditor
17,500
17,500
55,000
50,150
PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
6
Employees

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

2024
2023
Number
Number
Rooms
52
59
Food & Beverage
76
72
Maintenance
4
3
Marketing & sales
1
1
Administrative & general
10
8
Total
143
143

Their aggregate remuneration comprised:

2024
2023
restated
£
£
Wages and salaries
2,513,716
2,348,740
Social security costs
180,264
156,349
Pension costs
51,983
51,416
2,745,963
2,556,505
The directors recieved no remuneration and are remunerated by other group companies.
For more details surrounding the restatement please refer to note 23.
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest receivable
-
0
135,367
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
0
135,367
PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
529,657
Interest payable to group undertakings
768,000
592,614
768,000
1,122,271
Other finance costs:
Derivative fees
-
0
147,344
768,000
1,269,615
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
399,508
242,274
Deferred tax
Origination and reversal of timing differences
(1,185,338)
263,728
Total tax (credit)/charge
(785,830)
506,002

The actual (credit)/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
1,860,882
1,338,029
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
465,221
314,437
Tax effect of expenses that are not deductible in determining taxable profit
-
0
82,951
Depreciation on assets not qualifying for tax allowances
235,699
146,050
Adjustments to tax charge in respect of prior periods
(30,185)
(53,725)
Impact of difference between CT & DT rate
-
0
16,289
Movement in deferred tax not recognised
24,044
-
0
Adjustment to tax charge in respect of previous periods - deferred tax
(1,480,609)
-
0
Taxation (credit)/charge for the year
(785,830)
506,002
PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
10
Dividends
2024
2023
£
£
Final paid
-
14,410,896
11
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings and Equipment
Total
£
£
£
Cost
At 1 January 2024
26,767,869
5,432,470
32,200,339
Additions
26,852
418,019
444,871
At 31 December 2024
26,794,721
5,850,489
32,645,210
Depreciation and impairment
At 1 January 2024
2,485,464
2,375,063
4,860,527
Depreciation charged in the year
442,865
578,572
1,021,437
At 31 December 2024
2,928,329
2,953,635
5,881,964
Carrying amount
At 31 December 2024
23,866,392
2,896,854
26,763,246
At 31 December 2023
24,282,405
3,057,407
27,339,812

Included in freehold property is an amount of £4,852,000 (2023: £4,852,000) relating to Land that is not depreciated.

12
Stocks
2024
2023
£
£
Food and beverage stock
33,391
36,300
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
160,034
244,235
Corporation tax recoverable
170,482
-
0
Other debtors
-
0
39,274
Prepayments and accrued income
140,524
130,224
471,040
413,733
PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
14
Creditors: amounts falling due after more than one year
2024
2023
as restated
Notes
£
£
Amounts owed to group undertakings
8,063,919
12,774,896
Government grants
16
2,818,738
2,885,528
10,882,657
15,660,424

Amounts owed by group undertakings attract interest at a fixed rate of 700 bps per annum and is capitalised quarterly in arrears. The loan has been made available for five years and matures on the 19 July 2028.

15
Creditors: amounts falling due within one year
2024
2023
as restated
Notes
£
£
Trade creditors
472,983
429,033
Amounts owed to group undertaking
2,073,943
379,327
Corporation tax
-
0
78,426
Other taxation and social security
359,836
294,942
Government grants
16
66,790
66,790
Other creditors
454,360
175,467
Accruals and deferred income
881,037
753,858
4,308,949
2,177,843

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

There is a fixed and floating charge over the Company's assets in relation to group finance arrangements.

In respect of the government grant there are no covenants or conditions as part of the grant

16
Government grants
2024
2023
£
£
Arising from government grants
2,885,528
2,952,318
Included in the financial statements as follows:
Current liabilities
66,790
66,790
Non-current liabilities
2,818,738
2,885,528
2,885,528
2,952,318

At the year end, the Company owed deferred government grants of £2,885,528 (2023: £2,952,318). These are repayable in installments by December 2068. Within this amount £66,790 (2023: £66,790) is due within one year.

PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
17
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Timing differences
-
-
1,900,908
-
Accelerated capital allowances
-
-
-
715,570
Deferred tax liability on property revaluation
-
1,706,738
-
-
Capital gains
(1,706,738)
-
-
-
(1,706,738)
1,706,738
1,900,908
715,570
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
51,983
112,404

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from hose of the Company in an independently administered fund. Contributions totaling £13,151 (2023: £1,936) were payable to the fund at the balance sheet date and are included in creditors.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
1
1
1
1
B ordinary shares of £1 each
1
1
1
1
2
2
2
2

The Company has two classes of shares; each share gives rise to one voting right but no right to fixed income.

20
Reserves

Profit and loss account

The profit and loss account comprises all retained profits, and losses to date, less dividends paid, fair value movements on properties historically classed as investment properties and associated deferred tax.

PANDOX BELFAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
21
Related party transactions

The companies corporate administrations are managed by CSC CLS (UK) Limited, which provides corporate administration services and directorship services to the reporting entity, incurring fees of £45,089 (2024: £nil). There were no balances owed as at the year ended 31 December 2024 (2023: £nil).

The company is a wholly-owned subsidiary of Pandox AB, which is incorporated in Sweden. In accordance with section 33.1A of FRS 102, the company has taken advantage of the exemption from disclosing transactions with related parties that are wholly-owned subsidiaries within the group.

22
Ultimate controlling party

The immediate parent company is Pandox UK Holdco Limited, a company incorporated in the United Kingdom at 1 Bartholomew Lane, London, EC2N 2AX.

The ultimate controlling party is Pandox AB, a company registered in Sweden, Financial statements for Pandox AB are available from the following website: https://www.pandox.se/investor-relations/financial-reports-and-presentations

23
Prior year restatement

Employee costs

The wages and salaries costs had been incorrectly presented in the prior year financial statements. This was as a result of costs mapping being incorrectly classified. The impact on the comparatives within the financial statements as a result of the cost mapping corrections have been as follows:-

- Decrease in wages and salaries of £940,051

- Decrease in pension costs of £60,988

The reclassifications necessary resulted in a presentation correction in respect of the mapping within wages and salaries which had no impact on the primary statements.

Amounts owed to group undertakings

The Amounts owed to group undertaking were incorrectly classified as short term and repayable within 12 months in the prior year financial statements. To correct this the prior year element which relates to the long term loan have been corrected. The impact on the comparatives within the financial statements are as follows:-

- Decrease in amounts owed to group undertakings within 12 months of £12,774,896

- Increase in amounts owed group undertakings after more then 12 months of £12,774,896

- Decrease in net current liabilities of £12,774,896

- Decrease in total assets less current liabilities of £12,774,896

2024-12-31 2024-01-01 false CCH Software CCH Accounts Production 2024.100 W M Adriaanse A E Lindblom S J Torner B L Williams CSC CLS (UK) Limited false false NI027951 2024-01-01 2024-12-31 NI027951 bus:Director1 2024-01-01 2024-12-31 NI027951 bus:Director2 2024-01-01 2024-12-31 NI027951 bus:Director3 2024-01-01 2024-12-31 NI027951 bus:Director4 2024-01-01 2024-12-31 NI027951 bus:CompanySecretary1 2024-01-01 2024-12-31 NI027951 bus:RegisteredOffice 2024-01-01 2024-12-31 NI027951 2024-12-31 NI027951 2023-01-01 2023-12-31 NI027951 1 2024-01-01 2024-12-31 NI027951 1 2023-01-01 2023-12-31 NI027951 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI027951 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 NI027951 2023-12-31 NI027951 core:FurnitureFittings 2023-12-31 NI027951 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 NI027951 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI027951 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 NI027951 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI027951 core:ShareCapital 2024-12-31 NI027951 core:ShareCapital 2023-12-31 NI027951 core:RetainedEarningsAccumulatedLosses 2024-12-31 NI027951 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI027951 core:ShareCapital 2022-12-31 NI027951 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI027951 core:ShareCapitalOrdinaryShares 2024-12-31 NI027951 core:ShareCapitalOrdinaryShares 2023-12-31 NI027951 core:ShareCapital 2023-01-01 2023-12-31 NI027951 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 NI027951 core:UKTax 2024-01-01 2024-12-31 NI027951 core:UKTax 2023-01-01 2023-12-31 NI027951 2 2023-01-01 2023-12-31 NI027951 3 2024-01-01 2024-12-31 NI027951 3 2023-01-01 2023-12-31 NI027951 4 2023-01-01 2023-12-31 NI027951 5 2024-01-01 2024-12-31 NI027951 5 2023-01-01 2023-12-31 NI027951 core:CurrentFinancialInstruments 2024-12-31 NI027951 core:CurrentFinancialInstruments 2023-12-31 NI027951 core:Non-currentFinancialInstruments 2024-12-31 NI027951 core:Non-currentFinancialInstruments 2023-12-31 NI027951 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI027951 bus:FRS102 2024-01-01 2024-12-31 NI027951 bus:Audited 2024-01-01 2024-12-31 NI027951 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP