Registered number
OC407336
Coal Exchange Hotel LLP
Filleted Accounts
For the year ended 05 April 2023
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
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