REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
The Loch Lomond Guest House & Lodges LLP |
REGISTERED NUMBER: |
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: |
D Edward |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
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 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. |
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 |
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. |
Tangible fixed assets |
Equipment, fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Amounts owed by associates |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to associates | 131,325 | 51,662 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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 |