Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseNo description of principal activity2220truefalse OC325108 2023-04-01 2024-03-31 OC325108 2022-07-01 2023-03-31 OC325108 2024-03-31 OC325108 2023-03-31 OC325108 c:Buildings 2023-04-01 2024-03-31 OC325108 c:Buildings 2024-03-31 OC325108 c:Buildings 2023-03-31 OC325108 c:Buildings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC325108 c:MotorVehicles 2023-04-01 2024-03-31 OC325108 c:MotorVehicles 2024-03-31 OC325108 c:MotorVehicles 2023-03-31 OC325108 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC325108 c:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 OC325108 c:OtherPropertyPlantEquipment 2024-03-31 OC325108 c:OtherPropertyPlantEquipment 2023-03-31 OC325108 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC325108 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC325108 c:CurrentFinancialInstruments 2024-03-31 OC325108 c:CurrentFinancialInstruments 2023-03-31 OC325108 c:CurrentFinancialInstruments 2 2024-03-31 OC325108 c:CurrentFinancialInstruments 2 2023-03-31 OC325108 c:Non-currentFinancialInstruments 2024-03-31 OC325108 c:Non-currentFinancialInstruments 2023-03-31 OC325108 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC325108 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC325108 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 OC325108 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC325108 e:FRS102 2023-04-01 2024-03-31 OC325108 e:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC325108 e:FullAccounts 2023-04-01 2024-03-31 OC325108 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC325108 c:ImmediateParent 2023-04-01 2024-03-31 OC325108 c:ImmediateParent 2022-07-01 2023-03-31 OC325108 c:ImmediateParent 2024-03-31 OC325108 c:ImmediateParent 2023-03-31 OC325108 4 2023-04-01 2024-03-31 OC325108 e:PartnerLLP1 2023-04-01 2024-03-31 OC325108 e:PartnerLLP2 2023-04-01 2024-03-31 OC325108 e:PartnerLLP3 2023-04-01 2024-03-31 OC325108 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC325108 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC325108 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure


Registered number: OC325108












STARBOARD HOTELS ONE LLP
UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

STARBOARD HOTELS ONE LLP

CONTENTS



Page
Information
 
1
Balance sheet
 
2 - 3
Reconciliation of members' interests
 
4
Notes to the financial statements
 
5 - 12


 

STARBOARD HOTELS ONE LLP

INFORMATION



Designated Members
F G Callingham
P A Callingham
Member
Highvern Trustees Guernsey Limited
Page 1


 
REGISTERED NUMBER:OC325108
STARBOARD HOTELS ONE LLP

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets

 4 

4,048,475
4,200,000

Current assets
  

Stocks
  
6,290
5,693

Debtors
 5 
2,804,223
2,552,091

Cash at bank and in hand
  
31,855
72,379

  
2,842,368
2,630,163

Creditors: amounts falling due within one year
 6 
(992,176)
(905,559)

Net current assets
  
 
 
1,850,192
 
 
1,724,604

Total assets less current liabilities
  
5,898,667
5,924,604

Creditors: amounts falling due after more than one year
 7 
(2,260,000)
(2,115,625)

  

Net assets
  
3,638,667
3,808,979


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
2,300,000
2,300,000

Members' other interests
  

Other reserves classified as equity
  
1,338,667
1,508,979

  
 
1,338,667
 
1,508,979

  
3,638,667
3,808,979


Total members' interests
  

Amounts due from members (included in debtors)
 5 
(2,659,641)
(1,989,641)

Loans and other debts due to members
 8 
2,300,000
2,300,000

Members' other interests
  
1,338,667
1,508,979

  
979,026
1,819,338


Page 2


 
REGISTERED NUMBER:OC325108
STARBOARD HOTELS ONE LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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

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

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




P A Callingham
Designated member

Date: 29 January 2025

The notes on pages 5 to 12 form part of these financial statements.

Starboard Hotels One LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 3

 

STARBOARD HOTELS ONE LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024






EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total equity
Other amounts
Total debt
Total members' interest

£
£
£
£
£

Amounts due to members 
2,300,000
2,300,000


Amounts due from members 

(1,599,641)
(1,599,641)


Balance at 1 July 2022 
163,895
163,895
700,359
700,359
864,254

Profit for the year available for discretionary division among members
 
1,345,084
1,345,084
-
-
1,345,084

Members' interests after profit for the year
1,508,979
1,508,979
700,359
700,359
2,209,338

Drawings
-
-
(390,000)
(390,000)
(390,000)

Amounts due to members
2,300,000
2,300,000

Amounts due from members
 


(1,989,641)
(1,989,641)


Balance at 31 March 2023 and 1 April 2023
1,508,979
1,508,979
310,359
310,359
1,819,338

Loss for the year available for discretionary division among members
 
(170,312)
(170,312)
-
-
(170,312)

Members' interests after profit for the year
1,338,667
1,338,667
310,359
310,359
1,649,026

Drawings
-
-
(670,000)
(670,000)
(670,000)

Amounts due to members
2,300,000
2,300,000

Amounts due from members
 


(2,659,641)
(2,659,641)


Balance at 31 March 2024 
1,338,667
1,338,667
(359,641)
(359,641)
979,026

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 4

 

STARBOARD HOTELS ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Starboard Hotels One LLP is a Limited Liability Partnership incorporated in England. The address of its principal place of business is 55 Pendle Way, Burnley, Lancashire, BB12 0TJ.
These financial statements present the period from 1 April 2023 to 31 March 2024. The comparative information is for the period from 1 July 2022 to 31 March 2023, as the LLP changed its accounting reference date and is therefore not entirely comparable. 
The financial statements are presented in Sterling (£), which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and value added tax. The following criteria must also be met before revenue is recognised:

Rendering of goods and services
Revenue from hotel ownership comprises amounts earned in respect of services, facilities and goods supplied by the hotel. Revenue from rendering of services (such as accommodation and use of facilities) is recognised when the services are performed. Revenue from the sale of goods (such as food and beverage sales) is recognised at the time when the goods are delivered to customers.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 

STARBOARD HOTELS ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the LLP but are presented separately due to their size or incidence.

 
2.7

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 

STARBOARD HOTELS ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Motor vehicles
-
20%
straight line
Other fixed assets
-
14%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value.


2.10

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. 
 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 7

 

STARBOARD HOTELS ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and 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 the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 8

 

STARBOARD HOTELS ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.12

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 or otherwise contributed, remuneration and profits).
Members' participation 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 the provisions of Section 22 Liabilities and Equity of FRS102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. 
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. 
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant period/year. To the extent that they remain unpaid at the period/year end, they are shown as liabilities in the balance sheet. 
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the balance sheet.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members' and are charged to the profit and loss account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'. 


3.


Employees

The average monthly number of employees, including members, during the year/ period was 22 (2023 - 20).

Page 9

 

STARBOARD HOTELS ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Motor vehicles
Other fixed assets
Total

£
£
£
£



Cost 


At 1 April 2023
7,782,519
51,851
502,735
8,337,105


Additions
-
-
72,610
72,610



At 31 March 2024

7,782,519
51,851
575,345
8,409,715



Depreciation


At 1 April 2023
3,619,679
14,691
502,735
4,137,105


Charge for the year on owned assets
215,131
7,259
1,745
224,135



At 31 March 2024

3,834,810
21,950
504,480
4,361,240



Net book value



At 31 March 2024
3,947,709
29,901
70,865
4,048,475



At 31 March 2023
4,162,840
37,160
-
4,200,000




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
3,947,709
4,162,840


The members have obtained a valuation as at 17 February 2023, undertaken by Savills (UK) Limited which shows a valuation on an open market basis of £4,200,000 for the freehold property (including other fixed assets) on the basis of the existing management agreement with Starboard Hotels Limited. The valuation has been adjusted for additions and depreciation in the year.
The cumulative amount of interest capitalised in the total cost of land and buildings above amounts to £175,130 (2023: £175,130)

Page 10

 

STARBOARD HOTELS ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

.


Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:


2024
2023
£
£



Cost
7,782,519
7,782,519

Accumulated depreciation
(2,874,734)
(2,719,084)

4,907,785
5,063,435


5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors

40,000
34,998

Due within one year

Trade debtors
56,062
84,080

Other debtors
33,995
412,672

Prepayments and accrued income
14,525
30,700

Amounts due from members
2,659,641
1,989,641

2,804,223
2,552,091



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
-
202,500

Trade creditors
40,631
61,237

Other taxation and social security
34,126
52,663

Other creditors
783,848
507,144

Accruals and deferred income
133,571
82,015

992,176
905,559


The bank loan is secured over the assets of the LLP.

Page 11

 

STARBOARD HOTELS ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,260,000
2,115,625


The bank loan is secured over the assets of the LLP.


8.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
2,300,000
2,300,000


Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

9.
Related party transactions

Transactions with related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2024
 
2023 
2024 
2023 




£
 
£ 
£ 
£ 



P A Callingham 
(Member)
Loan
670,000
390,000
2,659,641
1,989,641


Amounts owed to related parties are unsecured, interest free and due for repayment within one year.


10.


Controlling party

In the opinion of the members, P A Callingham is the controlling party.

 
Page 12