Shankly Hotel LLP |
Registered number: |
OC398991 |
Balance Sheet |
as at 31 March 2023 |
Notes |
|
2023 |
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
3,150,188 |
|
3,319,179 |
Current assets |
|
|
|
|
|
Debtors |
4 |
|
876 |
|
1,049 |
Cash at bank and in hand |
|
|
896 |
|
1,083 |
|
|
|
1,772 |
|
2,132 |
|
Creditors: amounts falling due within one year |
5 |
|
(421,093) |
|
(361,045) |
|
Net current liabilities |
|
|
(419,321) |
|
(358,913) |
|
|
|
|
|
|
Total assets less current liabilities |
|
|
2,730,867 |
|
2,960,266 |
|
Creditors: amounts falling due after more than one year |
6 |
|
(1,738,643) |
|
(2,275,000) |
|
|
Net assets attributable to members |
992,224 |
|
685,266 |
|
|
|
|
|
|
Represented by: |
Loans and other debts due to members |
7 |
|
1,774,728 |
|
1,774,728 |
|
|
|
|
|
|
Members' other interests |
Other reserves |
|
|
(782,504) |
|
(1,089,462) |
|
|
|
|
|
|
|
|
|
992,224 |
|
685,266 |
|
|
|
|
|
|
Total members' interests |
Loans and other debts due to members |
7 |
|
1,774,728 |
|
1,774,728 |
Members' other interests |
|
|
(782,504) |
|
(1,089,462) |
|
|
|
|
992,224 |
|
685,266 |
|
|
|
|
|
|
For the year ended 31 March 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 10 January 2024 and signed on their behalf by: |
|
|
Philip Michael Ingman |
Designated member |
|
Shankly Hotel LLP |
Notes to the Accounts |
for the year ended 31 March 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 rent received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rent.Turnover from the rent is recognised by reference to the receipt of rent as of the services alraedy provided to the customers. |
|
|
Division of profits |
|
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account. |
|
|
Taxation |
|
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
|
|
|
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: |
|
|
|
Leasehold improvements |
26 years straight line |
|
|
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. |
|
|
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. |
|
|
Provisions |
|
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. |
|
|
Going Concern |
|
We approve the accounts to be prepared on a going concern basis (i.e. 12 months from the day of signing the accounts) even though the operator Signature Living Hotel Limited is in administration and the loan of £ 1,738,643 as of the balance sheet date is due to the Operator. The members have assured their support to assist the partnership by not calling for the amounts due to them by the partnership and are willing to provide funds to meet the additional ongoing financial commitments. Further, the lenders who have provided the loan of £1,738,643 to the partnership have agreed not to call for the loan or repayments until such time that the partnership has sold its leased asset and repaid the loan. Members are constantly communication with the administrator for selling the property to achieve the maximum value of the company assets which will enable the disposal proceeds to exceed the partnership liabilities. |
|
|
|
|
|
|
|
|
|
|
2 |
Employees |
2023 |
|
2022 |
|
Number |
Number |
|
|
Average number of persons employed by the LLP |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Leasehold improvements |
£ |
|
Cost |
|
At 1 April 2022 |
4,377,818 |
|
At 31 March 2023 |
4,377,818 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
1,058,639 |
|
Charge for the year |
168,991 |
|
At 31 March 2023 |
1,227,630 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
3,150,188 |
|
At 31 March 2022 |
3,319,179 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
876 |
|
1,049 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Other taxes and social security costs |
150,090 |
|
- |
|
Other creditors |
271,003 |
|
361,045 |
|
|
|
|
|
|
421,093 |
|
361,045 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Other loans |
1,738,643 |
|
2,275,000 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans and other debts due to members |
2023 |
|
2022 |
£ |
£ |
|
|
Members capital classified as debt |
1,774,728 |
|
1,774,728 |
|
|
|
|
|
|
1,774,728 |
|
1,774,728 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
1,774,728 |
|
1,774,728 |
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
|
|
8 |
Other information |
|
|
Shankly Hotel LLP is a limited liability partnership incorporated in England. Its registered office is: |
|
128 Buckingham Palace Road |
|
London |
|
SW1W 9SA |