Coal Exchange Hotel LLP |
Registered number: |
OC407336 |
Balance Sheet |
as at 5 April 2023 |
Notes |
|
2023 |
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
7,392,198 |
|
7,392,198 |
|
|
|
|
|
|
Current assets |
Debtors |
4 |
|
5,643,224 |
|
5,646,594 |
Cash at bank and in hand |
|
|
25,407 |
|
2,191 |
|
|
|
5,668,631 |
|
5,648,785 |
|
Creditors: amounts falling due within one year |
5 |
|
(930,156) |
|
(852,249) |
|
Net current assets |
|
|
4,738,475 |
|
4,796,536 |
|
|
|
|
|
|
Total assets less current liabilities |
|
|
12,130,673 |
|
12,188,734 |
|
Creditors: amounts falling due after more than one year |
6 |
|
(8,695,122) |
|
(8,694,622) |
|
Net assets attributable to members |
3,435,551 |
|
3,494,112 |
|
|
|
|
|
|
Represented by: |
Loans and other debts due to members |
7 |
|
7,051,643 |
|
7,051,643 |
|
Members' other interests |
Other reserves |
|
|
(3,616,092) |
|
(3,557,531) |
|
|
|
|
|
|
|
|
|
3,435,551 |
|
3,494,112 |
|
|
|
|
|
|
Total members' interests |
Loans and other debts due to members |
7 |
|
7,051,643 |
|
7,051,643 |
Members' other interests |
|
|
(3,616,092) |
|
(3,557,531) |
|
|
|
|
3,435,551 |
|
3,494,112 |
|
|
|
|
|
|
For the year ended 5 April 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs). |
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
These accounts were approved by the members on 4 April 2024 and signed on their behalf by: |
|
|
Mr. Anil Rai |
Designated member |
|
Coal Exchange Hotel LLP |
Notes to the Accounts |
for the year ended 5 April 2023 |
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rent. Turnover from the rent is recognised by completion of providing the sevice to the customers. The stage of completion of a contract is measured by comparing the costs incurred for the services provided to date to the total estimated costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Long Term Leasehold Property |
26 years straight line |
|
|
|
|
Going Concern |
|
The accounts are prepared on a going concern basis considering the members are of the opinion that the Coal Exchange Hotel LLP can reclaim the lease forfeited from the freeholder and the debts of the LLP will be repaid upon realisation from the leasehold improvements assets. The reclaim of the lease is subject to the decision of the legal process. However if the lease is not repossessed and there is not enough cash then the going concern basis used in preparing the financial stements of the LLP will be invalid and accordingly further adjustments to be made in the financial statements. The members have considered the above fact and concluded their opinion that the LLP is a Going Concern. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Members' capital |
|
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
|
|
|
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. . |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Borrowing Cost |
|
All borrowing cost are recognised in the accounts in the year in which they are incurred |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the LLP |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Leasehold improvements |
|
Fixtures and fittings |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 6 April 2022 |
9,099,628 |
|
95,000 |
|
9,194,628 |
|
At 5 April 2023 |
9,099,628 |
|
95,000 |
|
9,194,628 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 6 April 2022 |
1,802,430 |
|
- |
|
1,802,430 |
|
At 5 April 2023 |
1,802,430 |
|
- |
|
1,802,430 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 5 April 2023 |
7,297,198 |
|
95,000 |
|
7,392,198 |
|
At 5 April 2022 |
7,297,198 |
|
95,000 |
|
7,392,198 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
- |
|
620 |
|
Other debtors |
5,643,224 |
|
5,645,974 |
|
|
|
|
|
|
5,643,224 |
|
5,646,594 |
|
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
- |
|
74 |
|
Trade creditors |
3,500 |
|
- |
|
Accruals and deferred income |
926,656 |
|
852,175 |
|
|
|
|
|
|
930,156 |
|
852,249 |
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
8,695,122 |
|
8,694,622 |
|
|
|
|
|
|
8,695,122 |
|
8,694,622 |
|
|
|
|
|
|
|
|
|
|
Inclued within other loans is an amount of £8,695,122 ( 2022 - £8,694,622 ) which is secured on the fixed assets of the LLP. |
|
|
|
7 |
Loans and other debts due to members |
2023 |
|
2022 |
£ |
£ |
|
|
Members capital classified as debt |
7,051,643 |
|
7,051,643 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
7,051,643 |
|
7,051,643 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
8 |
Other information |
|
|
Coal Exchange Hotel LLP is a limited liability partnership incorporated in England. Its registered office is: |
|
5 Elstree Gate |
|
Elstree Way |
|
Borehamwood |
|
England |
|
WD6 1JD |