Engagements › Cobalt Bay Resorts › Functional Analysis
Functional Analysis
For each transaction, the questions the team asks, who performs each function, owns each asset and bears each risk, and where each answer came from. The narrative and the characterisation are drafted from the answers, as a suggestion. The factors: OECD 1.36.
Who performs, owns and bears what — and the narrative drafted from it.
Group management services
Cobalt Bay Resorts Holdings Ltd → Cobalt Bay Hotels Hellas S.A. · €680,000
| Area | Question | Cobalt Bay Resorts Holdings Ltd | Cobalt Bay Hotels Hellas S.A. | Source |
|---|---|---|---|---|
| Functions | Who performs the management services (strategy, finance, revenue management)? | High | Low | Interview with the group CFO (invented) |
| Functions | Does the hotel company get a benefit it would pay an independent party for? (benefit test) | Low | Medium | Revenue management reports used by the hotels (invented) |
| Functions | Is any of it the parent's own shareholder activity (its board, its group reporting, its financing)? | High | None | Cost allocation workbook: 35% of the pool is board and group reporting cost (invented) — not chargeable |
Suggestion Drafted narrative. It counts for nothing until the item is confirmed.
Cobalt Bay Resorts Holdings Ltd performs the management services (strategy, finance, revenue management); and Is any of it the parent's own shareholder activity (its board, its group reporting, its financing).
Cobalt Bay Hotels Hellas S.A. Does the hotel company get a benefit it would pay an independent party for? (benefit test).
Of the 3 points, Cobalt Bay Resorts Holdings Ltd leads on 2 and Cobalt Bay Hotels Hellas S.A. on 1.
Suggested characterisation: Cobalt Bay Resorts Holdings Ltd as a provider of management services, part of whose cost is its own shareholder activity — that part is not chargeable, and the benefit to Cobalt Bay Hotels Hellas S.A. must be shown for the rest.
Sign-Off
ReviewedVerifiedConfirmedNext: Reviewed, by a team member. Choose a person under View As to sign.
Evidence still outstanding: Bank facility letter and any guarantee fee correspondence, due 30 Oct 2026 — 8 days overdue.
Evidence still outstanding: Accounts for 2025, Cobalt Bay Resorts Holdings Ltd, due 20 Nov 2026 — in 13 days.
Signing is still open: say in what you looked at how the conclusion stands without it.
Hash
Content hash910361be3f9e · a change to it reopens every sign-off