PARK TOWER INVESTMENTS LIMITED

• ⚠

  Material uncertainty over going concern

  As noted in the prior year, the Group has borrowing facilities totalling £387.6m, from the lender, Cale Street. As at the reporting date, a total of £220m was drawn down. The facility includes a number of non-financial covenants, a number of which were in breach prior to the reporting period, and continued to be during and subsequent to the year end. Whilst Cale Street have been supportive since the non-compliance of these covenants, they have requested that the Directors seek alternative funders and a repayment request has been issued. The Directors are in advance negotiations with alternative lenders to refinance the current facility, as well as additional facilities to support the redevelop and upgrade of the hotel and indicative heads of terms have been signed by the Directors, with continued negotiations with current and alternative lenders to ensure completion. Whilst the Directors anticipate the completion of the refinance, the Directors acknowledge a material uncertainty exists, which may cast doubt on the Group's ability to continue as a going concern, since the ability of the group to continue as a going concern is dependent on the successful refinancing and future compliance with any new terms.

• ◆

  3 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -8.3%

  £26,646,933 → £24,436,039

• Cash

  -19.5%

  £8,127,004 → £6,543,194

• Net assets

  -25.2%

  £150,873,717 → £112,854,013

• Employees

  -11.1%

  180 → 160

• Operating profit

  -18.6%

  £5,423,113 → £4,416,512

• Profit before tax

  -422.9%

  -£1,898,933 → -£9,929,523

• Wages

  +1.4%

  £5,407,818 → £5,483,820

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. PARK TOWER INVESTMENTS LIMITED 1993-02-11 → present
2. CLONAMILL LIMITED 1992-12-16 → 1993-02-11

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“As noted in the prior year, the Group has borrowing facilities totalling £387.6m, from the lender, Cale Street. As at the reporting date, a total of £220m was drawn down. The facility includes a number of non-financial covenants, a number of which were in breach prior to the reporting period, and continued to be during and subsequent to the year end. Whilst Cale Street have been supportive since the non-compliance of these covenants, they have requested that the Directors seek alternative funders and a repayment request has been issued. The Directors are in advance negotiations with alternative lenders to refinance the current facility, as well as additional facilities to support the redevelop and upgrade of the hotel and indicative heads of terms have been signed by the Directors, with continued negotiations with current and alternative lenders to ensure completion. Whilst the Directors anticipate the completion of the refinance, the Directors acknowledge a material uncertainty exists, which may cast doubt on the Group's ability to continue as a going concern, since the ability of the group to continue as a going concern is dependent on the successful refinancing and future compliance with any new terms.”

Group structure

1. PARK TOWER INVESTMENTS LIMITED · parent
   1. Drift Properties Limited 100% · England and Wales · Property investments
   2. The Park Tower Hotel Limited 100% · England and Wales · Hotel operator

Significant events

• “During the year the Group was in breaches to some of its conditions and non-financial covenants. This has resulted in a default of the loan facility. Subsequent to the yearend, the lender has requested repayment of the loan.”
• “The hotel has achieved planning to increase its size, predominantly on the ground floor with some expansion to the height for further hotel suites. A further application has been submitted to include a double-storey surrounding podium with a large outside green space and additional floors, to create some of the most spectacular residential apartments at the top of the building, offering uninterrupted breathtaking views of the capital.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

10

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.