Engagements › Cobalt Bay Resorts › Overview
Cobalt Bay Resorts
Hotel group: a €20m bank loan guaranteed for no fee, a brand licence, and senior management services under the €1,000,000 threshold that still cannot use the 5% safe harbour. Financial year 2025.
Team: Dimitri Wells, team member · Sofia Hart, team member · Andreas Lane, manager · Jane Doe, partner
At A Glance
0 of 13 items confirmedThe Group
Parent: Cobalt Bay Resorts Holdings Ltd (CY). Entities in CY, GR.
- Cobalt Bay Resorts Holdings Ltd — income tax · Local File (the guarantee's measure to be confirmed) · Summary Table
- Cobalt Bay Brands Ltd — income tax · Local File · Summary Table
The Year, 2025
- Financing: €20,000,000 (1 transaction, by maximum principal, before exclusions)
- Royalties and licences: €1,620,000 (1 transaction, before exclusions)
- Services: €680,000 (1 transaction, before exclusions)
From The Partner
- A hotel group with three hotels in Crete, run from Nicosia.
- The holding company guarantees a €20m bank loan for no fee and with no agreement.
- The management fee includes the board's own costs: part of it is shareholder activity.
Points To Know
To Act On
- Overdue from the client: bank facility letter and any guarantee fee correspondence.
- Guarantee of a €20,000,000 bank loan: no fee charged and no agreement on file.
- Brand licence to the hotels: the agreement differs from the file on payment terms.
To Watch
- Group management services: no written agreement on file.
- Group management services: €238,000 of the 2025 fee is shareholder activity, not chargeable — a credit note if the group wants symmetry (drafted on True-Ups); from 2026, charge only the chargeable cost.
- 1 rule this engagement relies on is still to be confirmed by the practice.
The group, its transactions, and where the sign-offs stand.
Where The Sign-Offs Stand
| What | Items | Reviewed | Verified | Confirmed |
|---|---|---|---|---|
| Obligations | 2 | 0 | 0 | 0 |
| Functional Analysis | 1 | 0 | 0 | 0 |
| Financing | 1 | 0 | 0 | 0 |
| Agreements | 1 | 0 | 0 | 0 |
| Draft Agreements | 2 | 0 | 0 | 0 |
| Local File Sections | 6 | 0 | 0 | 0 |
| All Items | 13 | 0 | 0 | 0 |
The Group
| Entity | Country | Activity | Look It Up |
|---|---|---|---|
| Cobalt Bay Resorts Holdings Ltd | CY | Holding company and group management | Registries and LEI |
| Cobalt Bay Brands Ltd | CY | Owns and licenses the Cobalt Bay hotel brand | Registries and LEI |
| Cobalt Bay Hotels Hellas S.A. | GR | Operates three hotels in Crete | Registries and LEI |
Controlled Transactions, Financial Year 2025
| Transaction | From | To | Category | Amount | Method |
|---|---|---|---|---|---|
| Guarantee of a €20,000,000 bank loan | Cobalt Bay Resorts Holdings Ltd | Cobalt Bay Hotels Hellas S.A. | Financing | €0 fee · guaranteed amount €20,000,000 | No guarantee fee charged; no written agreement |
| Brand licence to the hotels | Cobalt Bay Brands Ltd | Cobalt Bay Hotels Hellas S.A. | Royalties and licences | €1,620,000 | Comparable uncontrolled price, royalty on room revenue |
| Group management services | Cobalt Bay Resorts Holdings Ltd | Cobalt Bay Hotels Hellas S.A. | Services | €680,000 | Cost plus 5%, the policy's mark-up, not yet benchmarked — senior management: excluded from the low value-adding safe harbour |