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REGISTERED NUMBER: SO304928 (Scotland)
















Financial Statements

for the Year Ended 30 June 2024

for

The Loch Lomond Guest House & Lodges LLP

The Loch Lomond Guest House & Lodges LLP (Registered number: SO304928)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Loch Lomond Guest House & Lodges LLP

General Information
for the Year Ended 30 June 2024







DESIGNATED MEMBERS: J Carr
D Edward





REGISTERED OFFICE: Westburn Business Centre
McNee Road
Prestwick
Ayrshire
KA9 2PB





REGISTERED NUMBER: SO304928 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

The Loch Lomond Guest House & Lodges LLP (Registered number: SO304928)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,174,373 1,501,951
1,174,373 1,501,951

CURRENT ASSETS
Stocks 1,094 1,340
Debtors 6 404,876 84,874
Cash at bank 52,406 17,479
458,376 103,693
CREDITORS
Amounts falling due within one year 7 248,003 188,981
NET CURRENT ASSETS/(LIABILITIES) 210,373 (85,288 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,384,746

1,416,663

CREDITORS
Amounts falling due after more than one
year

8

402,635

394,534
NET ASSETS ATTRIBUTABLE TO
MEMBERS

982,111

1,022,129

The Loch Lomond Guest House & Lodges LLP (Registered number: SO304928)

Balance Sheet - continued
30 June 2024

2024 2023
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

782,111

822,129

MEMBERS' OTHER INTERESTS
Capital accounts 200,000 200,000
982,111 1,022,129

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 782,111 822,129
Members' other interests 200,000 200,000
982,111 1,022,129

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 30 June 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 5 February 2025 and were signed by:





J Carr - Designated member

The Loch Lomond Guest House & Lodges LLP (Registered number: SO304928)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

The Loch Lomond Guest House & Lodges LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Going Concern
The members monitor the LLP's working capital requirements on a regular basis to ensure the LLP has sufficient resources to meet commitments as they fall due. From time to time members will provide financial assistance by introducing capital. On this basis, the accounts have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Equipment, fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Land and buildings are depreciated over 50 years, excluding land.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Taxation
No provision is made in the accounts in respect of tax due by the individual partners on their profit share. Tax paid by the Limited Liability Partnership to satisfy partners tax liabilities is charged to their respective current account balances.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the partnership and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

The Loch Lomond Guest House & Lodges LLP (Registered number: SO304928)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting date, the partnership reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 4,230
AMORTISATION
At 1 July 2023
and 30 June 2024 4,230
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Equipment,
fixtures
Land and and Motor Computer
Buildings fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 1,609,270 177,064 82,285 6,194 1,874,813
Additions - 1,920 - - 1,920
Disposals (336,375 ) - - - (336,375 )
At 30 June 2024 1,272,895 178,984 82,285 6,194 1,540,358
DEPRECIATION
At 1 July 2023 184,557 164,056 18,055 6,194 372,862
Charge for year 29,210 5,035 12,792 - 47,037
Eliminated on disposal (53,914 ) - - - (53,914 )
At 30 June 2024 159,853 169,091 30,847 6,194 365,985
NET BOOK VALUE
At 30 June 2024 1,113,042 9,893 51,438 - 1,174,373
At 30 June 2023 1,424,713 13,008 64,230 - 1,501,951

Included in cost of land and buildings is freehold land of £ 263,075 (2023 - £ 263,075 ) which is not depreciated.

The Loch Lomond Guest House & Lodges LLP (Registered number: SO304928)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 168
Amounts owed by associates 404,876 84,471
Other debtors - 235
404,876 84,874

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 23,772 23,976
Hire purchase contracts 12,804 12,804
Trade creditors 13,300 21,137
Amounts owed to associates 131,325 51,662
Taxation and social security 10,062 11,663
Other creditors 56,740 67,739
248,003 188,981

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 373,409 355,772
Hire purchase contracts 29,226 38,762
402,635 394,534

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 397,181 379,748

Bank loans and overdrafts are secured by a first standard security over the freehold land and buildings of the partnership.

Bank borrowings are also secured by way of a cross company guarantee from Loch Lomond Castle Lodges Limited, Loch Lomond Castle Lodges (Holdings) Limited and The Cruin Limited. The bank also hold a bond and floating charge over all of the partnership assets and by limited personal guarantee from one of the designated members.

The Loch Lomond Guest House & Lodges LLP (Registered number: SO304928)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 782,111 822,129

Falling due within one year 782,111 822,129

Members’ interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members’ other interests, represented by members’ capital (classified as equity), rank after unsecured creditors.

11. CONTINGENT LIABILITIES

The partnership provides a degree of security by way of cross company guarantee to the bank in respect of the borrowings of associated businesses, namely Loch Lomond Castle Lodges (Holdings) Ltd, Loch Lomond Castle Lodges (Holdings) Ltd and The Cruin Ltd.

As at 30th June 2024 bank borrowings of these entities were £1,938,240 (2023 £2,338,032) .

12. RELATED PARTY DISCLOSURES

During the year the Limited Liability Partnership undertook transactions a company in which one of the designated members has an interest and is a member of the key management personnel. The net value of these transactions was £308,158 (2023: £137,581). In addition, there have been a number of inflows and outflows of cash during the year to aid working capital between both entities. As at 30 June 2024 the amount due from that company was £309,944 (2023: £1,786).

Historically the company provided financial support to a further two companies in which one of the designated members is the sole director. At 30th June 2024 amounts due to one company amounted to £131,325 (2023 £51,662) and £94,932 (2023 £82,684) due from the other.

13. DEBTS DUE TO MEMBERS

Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital (classified as equity), rank after unsecured creditors