30 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,086,788 326,039 54,340 380,379 706,409 760,749 xbrli:pure xbrli:shares iso4217:GBP OC414374 2023-04-01 2024-03-31 OC414374 2024-03-31 OC414374 2023-03-31 OC414374 2022-04-01 2023-03-31 OC414374 2023-03-31 OC414374 2022-03-31 OC414374 core:NetGoodwill 2023-04-01 2024-03-31 OC414374 bus:Director1 2023-04-01 2024-03-31 OC414374 bus:Director2 2023-04-01 2024-03-31 OC414374 core:WithinOneYear 2024-03-31 OC414374 core:WithinOneYear 2023-03-31 OC414374 core:NetGoodwill 2023-03-31 OC414374 core:NetGoodwill 2024-03-31 OC414374 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC414374 core:FurnitureFittings 2023-03-31 OC414374 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 OC414374 core:FurnitureFittings 2024-03-31 OC414374 core:FurnitureFittings 2023-04-01 2024-03-31 OC414374 core:NetGoodwill 2023-03-31 OC414374 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 OC414374 core:FurnitureFittings 2023-03-31 OC414374 bus:SmallEntities 2023-04-01 2024-03-31 OC414374 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC414374 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC414374 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC414374 bus:FullAccounts 2023-04-01 2024-03-31
REGISTERED NUMBER: OC414374
Swiss Cottage Hotel LLP
Filleted Unaudited Financial Statements
31 March 2024
Swiss Cottage Hotel LLP
Balance Sheet
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
706,409
760,749
Tangible assets
6
6,558,651
6,534,779
------------
------------
7,265,060
7,295,528
Current assets
Stocks
3,429
3,105
Debtors
7
848,166
890,009
Cash at bank and in hand
370,807
516,048
------------
------------
1,222,402
1,409,162
Creditors: amounts falling due within one year
8
( 335,058)
( 552,286)
------------
------------
Net current assets
887,344
856,876
------------
------------
Total assets less current liabilities
8,152,404
8,152,404
------------
------------
Net assets
8,152,404
8,152,404
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
9
8,142,404
8,142,404
Members' other interests
Members' capital classified as equity
10,000
10,000
Other reserves
------------
------------
8,152,404
8,152,404
------------
------------
Total members' interests
Amounts due from members
(388,430)
(494,961)
Loans and other debts due to members
9
8,142,404
8,142,404
Members' other interests
10,000
10,000
------------
------------
7,763,974
7,657,443
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the profit and loss account has not been delivered.
Swiss Cottage Hotel LLP
Balance Sheet (continued)
31 March 2024
For the year ending 31 March 2024 the LLP 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) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 23 January 2025 , and are signed on their behalf by:
Uftonridge Limited
Wolverburgh Limited
Designated Member
Designated Member
Registered number: OC414374
Swiss Cottage Hotel LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 4 Adamson Road, London, NW3 3HP.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The members confirm that the LLP has adequate resources to continue to operate for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis continues to be appropriate for the preparation of the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover comprises revenue receivable from hotel accommodation, food and beverage sales. Revenue is recognised on the provision of accommodation and related services in the ordinary course of the company's activities when recovery of the consideration is probable and the amount of revenue can be measured reliably.
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 Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 year. To the extent that they remain unpaid at the 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'.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is considered to have a finite useful life and is amortised evenly over 20 years as in the opinion of the members this represents the period over which the goodwill is expected to give rise to economic benefits.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Improvements to property
-
2% straight line
Depreciation has not been charged on the freehold property as the residual value of the property exceeds the carrying value. As a result, on an annual basis the LLP estimates the recoverable amount of its hotel property based on the net realisable value. Where the recoverable amount is less than the carrying amount of the hotel property the LLP recognises an impairment loss in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Taxation
Taxation on LLP profits is the personal liability of the members, consequently neither taxation nor related deferred taxation are accounted for in these financial statements.
Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are 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 profit or loss. 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.
Debtors
Basic financial assets, including trade and other debtors, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Defined contribution plans
The LLP contributes to a defined contribution plan for the benefit of its employees. Contributions are recognised in profit or loss as they become payable.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 30 (2023: 26 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,086,788
------------
Amortisation
At 1 April 2023
326,039
Charge for the year
54,340
------------
At 31 March 2024
380,379
------------
Carrying amount
At 31 March 2024
706,409
------------
At 31 March 2023
760,749
------------
6.
Tangible assets
Freehold property
Fixtures and fittings
Improvements to property
Total
£
£
£
£
Cost
At 1 April 2023
6,200,000
407,668
90,318
6,697,986
Additions
65,022
7,500
72,522
------------
---------
--------
------------
At 31 March 2024
6,200,000
472,690
97,818
6,770,508
------------
---------
--------
------------
Depreciation
At 1 April 2023
161,400
1,807
163,207
Charge for the year
46,693
1,957
48,650
------------
---------
--------
------------
At 31 March 2024
208,093
3,764
211,857
------------
---------
--------
------------
Carrying amount
At 31 March 2024
6,200,000
264,597
94,054
6,558,651
------------
---------
--------
------------
At 31 March 2023
6,200,000
246,268
88,511
6,534,779
------------
---------
--------
------------
7.
Debtors
2024
2023
£
£
Trade debtors
362,091
316,061
Prepayments and accrued income
24,502
20,873
Amounts due from members
388,430
494,961
Other debtors
73,143
58,114
---------
---------
848,166
890,009
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
93,979
147,781
Accruals and deferred income
88,943
255,284
Social security and other taxes
44,978
72,878
Other creditors
107,158
76,343
---------
---------
335,058
552,286
---------
---------
9.
Loans and other debts due to members
2024
2023
£
£
Loans from members
8,142,404
8,142,404
------------
------------
In the event of a winding up, loans and other debts due to members rank equally with unsecured creditors.