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REGISTERED NUMBER: OC397753 (England and Wales)















Financial Statements for the Year Ended 5 April 2024

for

Titanic HW Regeneration LLP

Titanic HW Regeneration LLP (Registered number: OC397753)






Contents of the Financial Statements
for the Year Ended 5 April 2024




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 2024







DESIGNATED MEMBERS: Taurus (DM) Limited
Taurus Capital (DM) Limited





REGISTERED OFFICE: 115 Eastbourne Mews
London
W2 6LQ





REGISTERED NUMBER: OC397753 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW

Titanic HW Regeneration LLP (Registered number: OC397753)

Balance Sheet
5 April 2024

5.4.24 5.4.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 17,650,000 17,650,000

CURRENT ASSETS
Debtors 5 302,202 370,179
Cash at bank 420 850
302,622 371,029
CREDITORS
Amounts falling due within one year 6 9,355,026 9,394,821
NET CURRENT LIABILITIES (9,052,404 ) (9,023,792 )
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

8,597,596

8,626,208

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 6,750,929 6,779,541
Fair value reserve 8 1,846,667 1,846,667
8,597,596 8,626,208

TOTAL MEMBERS' INTERESTS
Members' other interests 8,597,596 8,626,208

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 5 April 2024.

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 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 20 December 2024 and were signed by:





Taurus Capital (DM) Limited - Designated member

Titanic HW Regeneration LLP (Registered number: OC397753)

Notes to the Financial Statements
for the Year Ended 5 April 2024

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Since the balance sheet date the loans referred to in note 8, secured debt have become due for repayment. The Designated Members have taken steps to renew the facility with one extension being granted that has subsequently expired. At the date of signing this report the Designated Members are in the process of agreeing a formal extension with the lenders and are confident that a new facility can be agreed by both parties. Thus, the Designated Members continue to adopt a going concern basis of accounting in preparing the financial statements.

Material uncertainties

Adjustment to rent: 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. Both parties have been unable to reach an agreement, in the absence of such agreement an arbitrator will be appointed, the abstraction will be conducted in accordance with 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.

The Designated Members acknowledge their responsibility in preparing financial statements which give a true and fair view of the state of the affairs of the LLP at the reporting date in accordance with the requirements of the Companies Act 2006 and the Financial Reporting Standard 102, including the the provisions of Section 1A applicable to Small Entities. The Designated Members are of the view that on the basis of the information available to them at the time pf preparing the financial statements, these financial statements satisfy their obligations under all applicable legislation.

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 2024

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 (2023 - NIL).

Titanic HW Regeneration LLP (Registered number: OC397753)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2023
and 5 April 2024 17,650,000
NET BOOK VALUE
At 5 April 2024 17,650,000
At 5 April 2023 17,650,000

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 2024 is represented by:
£   
Valuation in 2021 1,846,667
Cost 15,803,333
17,650,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Other debtors 302,202 305,102
Prepayments and accrued income - 65,077
302,202 370,179

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Bank loans and overdrafts 4,000,000 4,000,000
Loans 4,937,500 5,017,827
Trade creditors 57,581 7,200
VAT 64,930 93,059
Other creditors 75,289 124,569
Accruals and deferred income 38,791 38,791
Accrued expenses 180,935 113,375
9,355,026 9,394,821

Titanic HW Regeneration LLP (Registered number: OC397753)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

5.4.24 5.4.23
£    £   
Bank loans 4,000,000 4,000,000
Loans 4,937,500 5,017,827
8,937,500 9,017,827

BHD Finance Limited and Ulster Bank Limited each hold a charge on the land and buildings included in the financial statements.

8. RESERVES
Fair
value
reserve
£   
At 6 April 2023
and 5 April 2024 1,846,667

Unrealised gains relating to investment property are transferred to the fair value reserve at the end of the reporting period.

9. 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.