Annual Report 2012 - Cadogan

NOTES ON THE FINANCIAL STATEMENTS 31 DECEMBER 2012
13 Fixed asset investments
Investment in subsidiary companies at cost
at 31 December 2012 and 31 December 2011
Company
£000
117,317
The principal subsidiary companies at 31 December 2012 were:
Company
Held directly
Cadogan Estates Limited
Chelsea Land Limited
nature of business
Proportion
of shares
held
%
Property investment 100
Intermediate holding company 100
Held indirectly
Cadogan Estates Property Investments Limited
Cadogan Developments Limited
Cadogan Hall Limited
Cadogan Holdings Limited
Chelsea Land Developments Limited
Cadogan Hotel Partners Limited
Leda Hotels Limited
Property investment 100
Property investment 100
Venue management 100
Property investment 100
Property investment 100
Hotel operator 100
Hotel operator 100
On 25 January 2012 the group acquired Couture Holdings Limited,
a holding company which owned indirectly the business, assets and
a liabilities of No.11 Cadogan Gardens, a luxury boutique hotel in Chelsea.
Consideration for the acquisition was £4,855,000 satisfied by cash. In
a subsequent internal reorganisation the business, the assets and liabilities
of the hotel were transferred to Leda Hotels Limited, an existing
wholly-owned subsidiary of the group. Subsequent to this transfer
Couture Holdings Limited and its subsidiaries were disposed of for £1.
Analysis of the acquisition of Couture Holdings Limited:
Revaluation Fair value
Book value adjustments to group
£000 £000 £000
Tangible fixed assets
Stock
Debtors
Cash
Creditors due within one year
Bank loan and long term borrowings
Net assets
Goodwill
The business of No.11 Cadogan Gardens contributed £254,000 to
the group’s net operating cash flows and utilised £381,000 for capital
expenditure and financial investment.
30,297 2,648 32,945
20 - 20
45 - 45
18 - 18
(8,797) - (8,797)
(19,376) - (19,376)
2,207 2,648 4,855
–
4,855
35