Limited Liability Partnership registration number OC357805 (England and Wales)
ROSEBERY PARTNERS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
ROSEBERY PARTNERS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
ROSEBERY PARTNERS LLP
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,886,699
42,752,209
Current assets
Debtors
4
6,801,265
6,772,333
Cash at bank and in hand
151,304
60,924
6,952,569
6,833,257
Creditors: amounts falling due within one year
5
(21,180,903)
(539,288)
Net current (liabilities)/assets
(14,228,334)
6,293,969
Total assets less current liabilities
23,658,365
49,046,178
Creditors: amounts falling due after more than one year
6
-
(20,579,244)
Net assets attributable to members
23,658,365
28,466,934
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
110,400
79,868
Members' other interests
7
Members' capital classified as equity
2,364,272
2,364,272
Revaluation reserve
21,183,693
26,022,794
23,658,365
28,466,934
Total members' interests
7
Amounts due from members
(4,722,202)
(4,838,246)
Loans and other debts due to members
110,400
79,868
Members' other interests
23,547,965
28,387,066
18,936,163
23,628,688
ROSEBERY PARTNERS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

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 22 December 2025 and are signed on their behalf by:
22 December 2025
Supercity Limited
P Seligman
Designated member
Designated Member
J Abram
Designated Member
Limited Liability Partnership registration number OC357805 (England and Wales)
ROSEBERY PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Limited liability partnership information

Rosebery Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 25 Furnival Street, London, EC4A 1JT.

The principal activity of the limited liability partnership continued to be the operation of a hotel. The principal place of business is 20 Rosebery Avenue, London EC1R 4SX.

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 the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future, notwithstanding the net current liability position at year end. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue is recognised when the significant risks and rewards for services provided have transferred to the buyer, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the LLP.

Rental income is based on lease agreements and is recognised evenly over the period of the lease.

Revenue from serviced apartments and other guest services is recognised when rooms are occupied and as services are provided.

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.

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
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

ROSEBERY PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
Buildings are depreciated over 100 years
Plant and machinery
Straight line over 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible 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 extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash at bank and in hand 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.

1.8
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.

ROSEBERY PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
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.

Interest income is recognised in the profit and loss on an accrual basis.

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 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 trade creditors, bank loans and other creditors, 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.

Derecognition of financial liabilities

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

ROSEBERY PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.9
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

1.10
Allocation of profits and drawings

The share of profit or loss should be credited or debited to the Member’s current account in accordance with the Member’s percentage holding in the LLP.

Members from time to time make drawings. The level and timing of these distributions is determined by management taking into account the LLP's cash requirements. The LLP has no right to demand repayment of drawings except to the extent that they exceed the LLP's cumulative undistributed profit. Drawings are therefore treated as dividend profit and charged as an expense, except for drawings in excess of profit which are shown as a debt due from members.

1.11

Finance costs

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

2
Employees

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

2025
2024
Number
Number
Total
17
16
ROSEBERY PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2024
43,994,569
136,783
44,131,352
Additions
-
93,929
93,929
Revaluation
(6,255,394)
-
(6,255,394)
At 31 March 2025
37,739,175
230,712
37,969,887
Depreciation and impairment
At 1 April 2024
1,330,396
48,747
1,379,143
Depreciation charged in the year
185,846
34,441
220,287
Revaluation
(1,516,242)
-
(1,516,242)
At 31 March 2025
-
83,188
83,188
Carrying amount
At 31 March 2025
37,739,175
147,524
37,886,699
At 31 March 2024
42,664,173
88,036
42,752,209

The fair value of the freehold property has been arrived at on the basis of a valuation by the members. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties at that time.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Freehold buildings
2025
2024
£
£
Cost
17,094,805
17,094,805
Accumulated depreciation
(685,061)
(599,164)
Carrying value
16,409,744
16,495,641
ROSEBERY PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
8,165
Amounts owed by members
4,722,202
4,838,246
Other debtors
2,078,858
1,864,435
Prepayments and accrued income
205
61,487
6,801,265
6,772,333
5
Creditors: amounts falling due within one year
2025
2024
£
£
Other loan
20,740,841
-
Trade creditors
-
49,385
Taxation and social security
99,768
115,098
Other creditors
340,294
374,805
21,180,903
539,288

The other loan is secured by a fixed and floating charge over the Limited Liability Partnership's freehold property and all other assets. The major terms of other loan are interest rates of 2.35% + daily compounded reference rate and maturity of March 2026.

6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other loan
-
20,579,244

The other loan is secured by a fixed and floating charge over the Limited Liability Partnership's freehold property and all other assets. The major terms of other loan are interest rates of 2.35% + daily compounded reference rate and maturity of March 2026.

ROSEBERY PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
7
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Revaluation
reserve
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
£
Amounts due to members
79,868
Amounts due from members
(4,838,246)
Members' interests at 1 April 2024
2,364,272
26,022,794
-
28,387,066
(4,758,378)
(4,758,378)
23,628,688
Profit for the financial year available for discretionary division among members
-
-
46,627
46,627
-
-
46,627
Members' interests after profit for the year
2,364,272
26,022,794
46,627
28,433,693
(4,758,378)
(4,758,378)
23,675,315
Allocation of profit for the financial year
-
-
(46,627)
(46,627)
46,627
46,627
-
Surplus arising on revaluation of fixed assets
-
(4,739,152)
-
(4,739,152)
-
-
(4,739,152)
Other movements
-
(99,949)
-
(99,949)
99,949
99,949
-
Members' interests at 31 March 2025
2,364,272
21,183,693
-
23,547,965
(4,611,802)
(4,611,802)
18,936,163
Amounts due to members
110,400
Amounts due from members, included in debtors
(4,722,202)
(4,611,802)
ROSEBERY PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

9
Revaluation reserve
2025
2024
£
£
At beginning of year
26,022,794
26,122,743
Revaluation surplus arising in the year
(4,739,152)
-
Other movements
(99,949)
(99,949)
At end of year
21,183,693
26,022,794
The revaluation reserve represents revaluation of property owned by the company.
10
Financial commitments, guarantees and contingent liabilities

The Limited Liability Partnership has provided a security over its assets for a loan from a related entity amounting to £25.25m.

11
Related party transactions

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the LLP
242,064
242,064
Other information

Included in other loan is a balance of £20.741m (2024: £20,579m) due to Bothwall Finance Ltd, a company in which R Walters is a director. Loan interest of £1,540,719 (2024: £1,521,862) was charged in the year.

ROSEBERY PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the limited liability partnership's affairs as at 31 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Senior Statutory Auditor:
Rowan Lindsay
Statutory Auditor:
Gerald Edelman LLP
Date of audit report:
22 December 2025
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