{"engagement":"Cobalt Bay Resorts","financialYear":2025,"complete":false,"documents":[{"id":"cb-lic","name":"Brand licence agreement","source":"Signed copy, uploaded by the client","sha256":"d61977a5b2d26972c4d51ba1f584131c5bd0b2c399454b3c3e80c847180adaff","intact":true}],"items":[{"id":"obl:cb-hold","title":"Obligations: Cobalt Bay Resorts Holdings Ltd","state":"draft","contentHash":"bd51919f71fa5e615b68a239ae100f6429c55b9b819fdd8cd632c7be16015bc8","content":{"fy":2025,"entity":"cb-hold","thresholds":[["cy.lf.threshold","verified",750000],["cy.lf.threshold.circ2024","verified",1000000],["cy.lf.threshold.circ2024.fin","verified",5000000]],"lines":[["services",680000,false,false],["loan",20000000,true,true]],"excluded":[],"localFile":true,"summaryTable":true,"rules":[["cy.law","verified",null,null],["cy.who","verified",null,null],["cy.related","verified",0.25,null],["cy.lf.threshold","verified",750000,null],["cy.faq.loan","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.lf.threshold.circ2024.fin","verified",5000000,null],["cy.lf.threshold.2026","verified",2500000,null],["cy.lf.threshold.2026.goods","verified",5000000,null],["cy.lf.threshold.2026.fin","verified",10000000,null],["cy.lf.prepare","verified",null,null],["cy.return.due","verified",null,null],["cy.return.due.2025","tbc",null,null],["cy.sit","verified",null,null],["cy.mf","verified",null,null],["cy.mf.threshold","verified",750000000,null],["cy.faq.cashpool","verified",null,null],["cy.faq.guarantee","verified",null,null],["cy.faq.directors","verified",null,null],["cy.faq.trade","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"obl:cb-brand","title":"Obligations: Cobalt Bay Brands Ltd","state":"draft","contentHash":"2ee84a9907cbf8515784fc1b9f87514ea907c6c5aa22026f9a915b67f3a5dd42","content":{"fy":2025,"entity":"cb-brand","thresholds":[["cy.lf.threshold","verified",750000],["cy.lf.threshold.circ2024","verified",1000000],["cy.lf.threshold.circ2024.fin","verified",5000000]],"lines":[["royalty",1620000,true,true]],"excluded":[],"localFile":true,"summaryTable":true,"rules":[["cy.law","verified",null,null],["cy.who","verified",null,null],["cy.related","verified",0.25,null],["cy.lf.threshold","verified",750000,null],["cy.faq.loan","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.lf.threshold.circ2024.fin","verified",5000000,null],["cy.lf.threshold.2026","verified",2500000,null],["cy.lf.threshold.2026.goods","verified",5000000,null],["cy.lf.threshold.2026.fin","verified",10000000,null],["cy.lf.prepare","verified",null,null],["cy.return.due","verified",null,null],["cy.return.due.2025","tbc",null,null],["cy.sit","verified",null,null],["cy.mf","verified",null,null],["cy.mf.threshold","verified",750000000,null],["cy.faq.cashpool","verified",null,null],["cy.faq.guarantee","verified",null,null],["cy.faq.directors","verified",null,null],["cy.faq.trade","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"fin:cb1","title":"Financing: Guarantee of a €20,000,000 bank loan","state":"draft","contentHash":"33cac28c6095d5cb92edfc5cb18654963acff6a3e2111aa83934038c59955c49","content":{"tx":"cb1","funding":"guarantee","amount":0,"principal":20000000,"rate":null,"yields":null,"where":null,"sources":{"funding":"Bank facility letter: parent guarantee, no fee charged","principal":"Bank facility letter, guaranteed amount (invented)"},"rules":[["cy.fin","verified",null,null],["cy.fin.2026","verified",null,null],["cy.faq.safeharbour","verified",null,null],["cy.faq.loan","verified",null,null],["cy.faq.guarantee","verified",null,null],["oecd.guarantee","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"agr:a-cb2","title":"Agreement: Brand licence to the hotels","state":"draft","contentHash":"8cd944f0f1ecf578b69cc87af10efbb6db47747e65e4331f5c09c83afabcf60e","content":{"doc":["cb-lic","d61977a5b2d26972c4d51ba1f584131c5bd0b2c399454b3c3e80c847180adaff"],"checks":[["provider","Cobalt Bay Brands Ltd","Cobalt Bay Brands Ltd","match","between Cobalt Bay Brands Ltd (Licensor)",false],["recipient","Cobalt Bay Hotels Hellas S.A.","Cobalt Bay Hotels Hellas S.A.","match","and Cobalt Bay Hotels Hellas S.A. (Licensee)",false],["rate","4.00%","4.00%","match","pays 4% of its room revenue",false],["payment_days","90 days","60 days","mismatch","Payable within 90 days of each month end",false],["risk","Licensor bears brand development risk","Licensor bears brand development risk","match","The Licensor bears brand development risk",false]],"readBy":"","rules":[["oecd.factors","verified",null,null],["oecd.conduct","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"far:cb3","title":"Functional analysis: Group management services","state":"draft","contentHash":"910361be3f9e96d1949a83f7dbe41535aa7c10a68e8a5063cb64dd124fc4a208","content":{"tx":"cb3","rows":[["cb3-f1","High","Low","Interview with the group CFO (invented)"],["cb3-f2","Low","Medium","Revenue management reports used by the hotels (invented)"],["cb3-f3","High","None","Cost allocation workbook: 35% of the pool is board and group reporting cost (invented) — not chargeable"]],"narrative":["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."],"rules":[["oecd.factors","verified",null,null],["oecd.benefit","verified",null,null],["oecd.shareholder","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:cb1","title":"Draft agreement: Guarantee of a €20,000,000 bank loan","state":"draft","contentHash":"c359ffb7a80888d8a1c5b5b27e8f29d2a191474ce0f0a01728085177cff68fa9","content":{"tx":"cb1","clauses":[["0","Between Cobalt Bay Resorts Holdings Ltd (the Guarantor) and Cobalt Bay Hotels Hellas S.A. (the Borrower).","Transaction record"],["1","The Guarantor guarantees the Borrower's obligations to its bank up to €20,000,000.","Bank facility letter, guaranteed amount (invented)"],["2","The Borrower pays the Guarantor a fee of [rate to be agreed] a year on the guaranteed amount — none is charged today. A guarantee is a financial transaction for the Tax Department (FAQ question 5).","Not in the file"],["3","Payment terms [to be agreed].","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:cb3","title":"Draft agreement: Group management services","state":"draft","contentHash":"cc4e94ebf706927bb3b590ff055e600f125a57f749624b9a2e1ea212ca031466","content":{"tx":"cb3","clauses":[["0","Between Cobalt Bay Resorts Holdings Ltd (the Provider) and Cobalt Bay Hotels Hellas S.A. (the Recipient).","Transaction record"],["1","The Provider supplies the services described in Schedule 1. The Recipient decides which services it orders; the Provider decides how they are delivered.","Functional analysis: who decides what and how"],["2","The Recipient pays the Provider's costs of the services plus a mark-up of 5.00% on those costs.","Group transfer pricing policy §2"],["3","Invoices are payable within 30 days.","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":["far:cb3"],"signoffs":[],"changes":[]},{"id":"lf:cb-hold:1","title":"Cobalt Bay Resorts Holdings Ltd: 1. The local entity","state":"draft","contentHash":"dfb19d4f9d36303fe76e87e4f61346a8bae6c864244ac4115d741f15c61a216b","content":{"text":["Cobalt Bay Resorts Holdings Ltd is a company resident in Cyprus. Holding company and group management.","Group: Cobalt Bay Resorts. Entities in the group: Cobalt Bay Resorts Holdings Ltd (CY); Cobalt Bay Brands Ltd (CY); Cobalt Bay Hotels Hellas S.A. (GR).","Documentation duty: financing, by its maximum principal, of €20,000,000 exceeds the €5,000,000 threshold the Tax Department publishes."],"cites":["cy.who","cy.lf.threshold.circ2024","cy.faq.loan","oecd.docs"],"hashes":[["obl:cb-hold","bd51919f71fa5e615b68a239ae100f6429c55b9b819fdd8cd632c7be16015bc8"]],"rules":[["cy.who","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.faq.loan","verified",null,null],["oecd.docs","verified",null,null]]},"rests_on":["obl:cb-hold"],"signoffs":[],"changes":[]},{"id":"lf:cb-hold:2:cb1","title":"Cobalt Bay Resorts Holdings Ltd: 2.1 Guarantee of a €20,000,000 bank loan","state":"draft","contentHash":"b56b71878f46996bb5ea3f71a69ca2ac3e9c56da28a9a986a949e02edc847316","content":{"text":["Guarantee of a €20,000,000 bank loan: Cobalt Bay Resorts Holdings Ltd to Cobalt Bay Hotels Hellas S.A., no fee charged, on a maximum guaranteed amount of €20,000,000.","Method: No guarantee fee charged; no written agreement. Tested party: Cobalt Bay Resorts Holdings Ltd.","A guarantee: no safe harbour rate applies.","No written agreement on file.","Risk allocation: Guarantor bears the risk of the hotel company defaulting."],"cites":["oecd.factors","oecd.guarantee","cy.faq.guarantee"],"hashes":[["fin:cb1","33cac28c6095d5cb92edfc5cb18654963acff6a3e2111aa83934038c59955c49"]],"rules":[["oecd.factors","verified",null,null],["oecd.guarantee","verified",null,null],["cy.faq.guarantee","verified",null,null]]},"rests_on":["fin:cb1"],"signoffs":[],"changes":[]},{"id":"lf:cb-hold:3","title":"Cobalt Bay Resorts Holdings Ltd: 3. Financial information","state":"draft","contentHash":"a11c35853d82a2f4bdb3d3253a8d53a860d4b4f0eaa0b0432330730e96db9e3b","content":{"text":["No accounts for Cobalt Bay Resorts Holdings Ltd are on file yet: requested from the client.","Guarantee of a €20,000,000 bank loan: maximum guaranteed amount €20,000,000; no fee charged; tenor not on file."],"cites":["oecd.docs","cy.faq.loan"],"hashes":[],"rules":[["oecd.docs","verified",null,null],["cy.faq.loan","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"lf:cb-brand:1","title":"Cobalt Bay Brands Ltd: 1. The local entity","state":"draft","contentHash":"d7aae925aeecc7efdc6f01ba8dff94d253ec4e2bcecb8c01ffe1cf5206f72d6e","content":{"text":["Cobalt Bay Brands Ltd is a company resident in Cyprus. Owns and licenses the Cobalt Bay hotel brand.","Group: Cobalt Bay Resorts. Entities in the group: Cobalt Bay Resorts Holdings Ltd (CY); Cobalt Bay Brands Ltd (CY); Cobalt Bay Hotels Hellas S.A. (GR).","Documentation duty: royalties and licences of €1,620,000 exceeds the €1,000,000 threshold the Tax Department publishes."],"cites":["cy.who","cy.lf.threshold.circ2024","oecd.docs"],"hashes":[["obl:cb-brand","2ee84a9907cbf8515784fc1b9f87514ea907c6c5aa22026f9a915b67f3a5dd42"]],"rules":[["cy.who","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["oecd.docs","verified",null,null]]},"rests_on":["obl:cb-brand"],"signoffs":[],"changes":[]},{"id":"lf:cb-brand:2:cb2","title":"Cobalt Bay Brands Ltd: 2.1 Brand licence to the hotels","state":"draft","contentHash":"2bc7adfc5fadbffdbe3998485806e5aa1dd2d942bd9c5e2f83b2a4fe31746708","content":{"text":["Brand licence to the hotels: Cobalt Bay Brands Ltd to Cobalt Bay Hotels Hellas S.A., €1,620,000 in the year.","Method: Comparable uncontrolled price, royalty on room revenue. Tested party: Cobalt Bay Brands Ltd.","Royalty rate: licence-agreement search not yet run (requested from the database team). Until it is, the royalty rate is the policy's, not yet evidenced as arm's length.","Written agreement: Brand licence agreement; checked against the file (1 point differs).","Risk allocation: Licensor bears brand development risk."],"cites":["oecd.factors"],"hashes":[["agr:a-cb2","8cd944f0f1ecf578b69cc87af10efbb6db47747e65e4331f5c09c83afabcf60e"]],"rules":[["oecd.factors","verified",null,null]]},"rests_on":["agr:a-cb2"],"signoffs":[],"changes":[]},{"id":"lf:cb-brand:3","title":"Cobalt Bay Brands Ltd: 3. Financial information","state":"draft","contentHash":"4f1314827071ceb73e364611199da387e48b1a1d59bcab488fd41ea572d8fb55","content":{"text":["No accounts for Cobalt Bay Brands Ltd are on file yet: requested from the client."],"cites":["oecd.docs"],"hashes":[],"rules":[["oecd.docs","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]}],"packHash":"a3a057d22b0b0059943e44cfc247237f3b57a76e5c3ddfa5e4dc4a244fd37949"}