REGISTERED NUMBER: |
Financial Statements for the Year Ended 5 April 2023 |
for |
Titanic HW Regeneration LLP |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 5 April 2023 |
for |
Titanic HW Regeneration LLP |
Titanic HW Regeneration LLP (Registered number: OC397753) |
Contents of the Financial Statements |
for the Year Ended 5 April 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Titanic HW Regeneration LLP |
General Information |
for the Year Ended 5 April 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
Titanic HW Regeneration LLP (Registered number: OC397753) |
Balance Sheet |
5 April 2023 |
5.4.23 | 5.4.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
8,626,208 |
8,562,223 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 6,779,541 | 6,715,556 |
Fair value reserve | 9 |
8,626,208 | 8,562,223 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 8,626,208 | 8,562,223 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
Titanic HW Regeneration LLP (Registered number: OC397753) |
Balance Sheet - continued |
5 April 2023 |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Titanic HW Regeneration LLP (Registered number: OC397753) |
Notes to the Financial Statements |
for the Year Ended 5 April 2023 |
1. | STATUTORY INFORMATION |
Titanic HW Regeneration LLP is registered in England and Wales. The company's registered number is OC397753 and the registered office is 115 Eastbourne Mews, London W2 6LQ. |
The functional and presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
After the balance sheet date the loans in note 9 have become due for repayment. The Designated Members are confident that an extension of a minimum of twelve months from the date of signing the report will be agreed and have therefore prepared the financial statements on a going concern basis. |
The LLP entered into an agreement with the tenant in 2017. In that agreement is a clause that allows for a rent review in 2022. The LLP has served a notice to increase the rent and is waiting to see if an agreement can be reached before appointing an Arbitrator who will decide on the new rent pursuant to the Arbitration Act 1996 and any shortfall in the rent due from the rent review date to the date that the revised rent is ascertained by the arbitrator will be payable by the tenant to the LLP. |
Significant judgements and estimates |
In the application of the LLP's accounting policies, members are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and assumptions are based on experience, market data and other factors considered to be relevant. Actual results may differ from these estimates. |
Valuation of investment property |
The members value the investment property based on experience, modelling and industry data analysis and comparables. |
Turnover |
Turnover, derived from ordinary activities, represents rental income on an accrued basis, net of value added tax. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Titanic HW Regeneration LLP (Registered number: OC397753) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
Members'' loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Secured loans represent a loan from BHD Finance Limited. The loan is due for repayment in 2023. The loan is initially recognised at the fair value of the proceeds, net of transaction costs. The loan is subsequently measured at amortised cost through the profit and loss account using the effective rate of interest. Part of the loan was repaid early as part of a re-financing with Ulster Bank Limited, this loan is also repayable in 2023 and initially recognised at the fair value of the proceeds, net of transaction costs. Both BHD Finance Limited and Ulster Bank Limited hold a charge over the property included in assets. |
Tax |
The LLP is not liable for tax as this is a liability of the partners. |
Members' participation rights |
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed and profits). |
Members' participation rights are the rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with FRS 102 section 22. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. In the case of this LLP the members' agreement states that members do not have the right to demand repayment and therefore the contribution is classified as equity. |
Amounts subscribed or otherwise contributed by members, for example member's capital, are classed as equity if the LLP has an unconditional right to refuse payment members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. |
Accumulated losses of the LLP are deducted from members' capital contribution classed as equity. Any current year profits are added back to to any previous reduction to members' capital to a maximum of the initial capital contribution. |
In the event of a winding up the LLP's creditors are paid from any surplus assets prior to their distribution to the members. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
Titanic HW Regeneration LLP (Registered number: OC397753) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 6 April 2022 |
and 5 April 2023 |
NET BOOK VALUE |
At 5 April 2023 |
At 5 April 2022 |
The designated members have valued the investment property using their knowledge and industry comparables. The property is let on a 25 year lease to Titanic Hotel Belfast Limited which commenced in 2017. |
Fair value at 5 April 2023 is represented by: |
£ |
Valuation in 2021 | 1,846,667 |
Cost | 15,803,333 |
17,650,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.23 | 5.4.22 |
£ | £ |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.23 | 5.4.22 |
£ | £ |
Bank loans and overdrafts |
Loans |
Trade creditors |
VAT | 93,059 | 110,519 |
Other creditors |
Accruals and deferred income |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
5.4.23 | 5.4.22 |
£ | £ |
Bank loans - 1-2 years |
Loans |
Titanic HW Regeneration LLP (Registered number: OC397753) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
5.4.23 | 5.4.22 |
£ | £ |
Bank loans |
Loans |
BHD Finance Limited and Ulster Bank Limited each hold a charge on the land and buildings included in the financial statements. |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 6 April 2022 |
and 5 April 2023 |
Unrealised gains relating to investment property are transferred to the fair value reserve at the end of the reporting period. |
10. | ULTIMATE CONTROLLING PARTY |
The designated member, Taurus Capital (DM) Limited is considered to be the controlling party by virtue of their ability to have the casting vote in all matters decided by the designated members. |