Limited Liability Partnership registration number OC397753 (England and Wales)
TITANIC HW REGENERATION LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2025
05 April 2025
PAGES FOR FILING WITH REGISTRAR
TITANIC HW REGENERATION LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TITANIC HW REGENERATION LLP
BALANCE SHEET
AS AT 5 APRIL 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
17,650,000
17,650,000
Current assets
Debtors
5
415,000
302,202
Cash at bank and in hand
45
420
415,045
302,622
Creditors: amounts falling due within one year
6
(5,724,367)
(9,355,026)
Net current liabilities
(5,309,322)
(9,052,404)
Total assets less current liabilities
12,340,678
8,597,596
Creditors: amounts falling due after more than one year
7
(4,000,000)
-
Net assets attributable to members
8,340,678
8,597,596
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
256,918
28,612
Other amounts
(256,918)
(28,612)
-
-
Members' other interests
Members' capital classified as equity
6,494,011
6,750,929
Revaluation reserve
1,846,667
1,846,667
8,340,678
8,597,596
TITANIC HW REGENERATION LLP
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2025
- 2 -

For the financial year ended 5 April 2025 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

T he members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 5 January 2026 and are signed on their behalf by:
05 January 2026
Taurus (DM) Limited
Designated member
Limited Liability Partnership registration number OC397753 (England and Wales)
TITANIC HW REGENERATION LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
- 3 -
1
Accounting policies
Limited liability partnership information

Titanic HW Regeneration LLP is a limited liability partnership incorporated in England and Wales. The registered office is 115 Eastbourne Mews, London, W2 6LQ.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Basis of preparation

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The members have prepared the accounts on a going concern basis. As mentioned below a loan became due for repayment in 2023, the lender has not requested repayment and formal extension terms have not been agreed. The lender is associated to the current tenant who are subject to a rent review which has been referred to arbitration. On conclusion the property will be sold and the loan repaid.

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.

The LLP has an outstanding loan balance of £4,937,500 that was contractually due for repayment in 2023. The LLP has not made repayment to date, and no formal renegotiated terms have been agreed. However, the lender has provided a verbal agreement confirming that repayment has been deferred until the LLP completes the sale of its investment property. On this basis, the Members have concluded that the lender does not intend to demand repayment of the loan in the foreseeable future and will continue to provide financial support until the property sale is completed.

1.3
Turnover

Turnover, derived from ordinary activities, represents rental income on an accrued basis, net of value added tax.

TITANIC HW REGENERATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' 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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

TITANIC HW REGENERATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TITANIC HW REGENERATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
1
Accounting policies
(Continued)
- 6 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment property

The members value the investment property based on experience, modelling and industry data analysis and comparable properties.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
Total
0
0
4
Investment property
2025
£
Fair value
At 6 April 2024 and 5 April 2025
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 the year ended 5 April 2025 is represented by historical cost of £15,803,333 plus a revaluation in 2021 of £1,846,667.

TITANIC HW REGENERATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 7 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
54,150
-
Other debtors
360,850
302,202
415,000
302,202
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
-
4,000,000
Trade creditors
148,627
57,581
Taxation and social security
106,839
64,930
Other creditors
5,468,901
5,232,515
5,724,367
9,355,026

Included within creditors is £5,125,615 (2024: £8,971,539) which is secured against the assets to which it relates.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
4,000,000
-

Included within creditors are long term loans amounting to £4,000,000 (2024: £-) which is secured against the assets to which it relates.

This amount is due between 2-5 years from the balance sheet date.

TITANIC HW REGENERATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
- 8 -
8
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.

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