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Registration number: SO305736

Central Guesthouse LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Central Guesthouse LLP

Contents

Limited liability partnership information

1

Accountants' Report

2

Financial Statements

3 to 6

Balance Sheet

3

Notes to the Financial Statements

4

 

Central Guesthouse LLP

Limited liability partnership information

Designated members

A James

J Grant
 

Registered office

51 The Square
Kelso
TD5 7HF

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
Central Guesthouse LLP
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of Central Guesthouse LLP for the year ended 30 June 2023 set out on pages 3 to 6 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the members of Central Guesthouse LLP, as a body, in accordance with the terms of our engagement letter dated 12 December 2017. Our work has been undertaken solely to prepare for your approval the accounts of Central Guesthouse LLP and state those matters that we have agreed to state to the members of Central Guesthouse LLP, as a body, in this report in accordance with the requirements of ICAS, as detailed at http://icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Central Guesthouse LLP and its members as a body for our work or for this report.

It is your duty to ensure that Central Guesthouse LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Central Guesthouse LLP. You consider that Central Guesthouse LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Central Guesthouse LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

1 August 2024

 

Central Guesthouse LLP

(Registration number: SO305736)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

204,563

206,487

Current assets

 

Cash and short-term deposits

 

1,687

4,261

Creditors: Amounts falling due within one year

4

(17,245)

(16,974)

Net current liabilities

 

(15,558)

(12,713)

Total assets less current liabilities

 

189,005

193,774

Creditors: Amounts falling due after more than one year

5

(148,682)

(152,733)

Net assets attributable to members

 

40,323

41,041

Represented by:

 

Members’ other interests

 

Other reserves

 

40,323

41,041

   

40,323

41,041

Total members' interests

 

Equity

 

40,323

41,041

   

40,323

41,041

For the year ending 30 June 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Central Guesthouse LLP (registered number SO305736) were approved by the Board and authorised for issue on 1 August 2024. They were signed on behalf of the limited liability partnership by:

.........................................
J Grant
Designated member

 

Central Guesthouse LLP

Notes to the Financial Statements for the Year Ended 30 June 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in Scotland under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Central Guesthouse LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets costing or more are initially recorded at cost.

 

Central Guesthouse LLP

Notes to the Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Property

not depreciated

Vehicles

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2022 - 1).

 

Central Guesthouse LLP

Notes to the Financial Statements for the Year Ended 30 June 2023

3

Tangible fixed assets

Motor vehicles
£

Property
£

Total
£

Cost

At 1 July 2022

7,695

199,433

207,128

At 30 June 2023

7,695

199,433

207,128

Depreciation

At 1 July 2022

641

-

641

Charge for the year

1,924

-

1,924

At 30 June 2023

2,565

-

2,565

Net book value

At 30 June 2023

5,130

199,433

204,563

At 30 June 2022

7,054

199,433

206,487

4

Creditors: Amounts falling due within one year

2023
£

2022
£

Trade creditors

703

613

Other creditors

15,786

15,786

Accruals and deferred income

756

575

17,245

16,974

5

Creditors: Amounts falling due after more than one year

2023
£

2022
£

Other creditors

148,682

152,733

6

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.