Limited Liability Partnership registration number OC318459 (England and Wales)
SUPERCITY 3 LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SUPERCITY 3 LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
SUPERCITY 3 LLP
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,822,300
14,813,475
Current assets
Debtors
4
3,230,062
3,025,078
Cash at bank and in hand
226
124,309
3,230,288
3,149,387
Creditors: amounts falling due within one year
5
(7,303,665)
(68,101)
Net current (liabilities)/assets
(4,073,377)
3,081,286
Total assets less current liabilities
9,748,923
17,894,761
Creditors: amounts falling due after more than one year
6
-
(7,220,284)
Net assets attributable to members
9,748,923
10,674,477
Represented by:
Loans and other debts due to members within one year
7
Amounts due in respect of profits
249,901
217,180
Members' other interests
7
Members' capital classified as equity
400
400
Revaluation reserve
9,498,622
10,456,897
9,748,923
10,674,477
Total members' interests
7
Amounts due from members
(2,412,923)
(2,445,643)
Loans and other debts due to members
249,901
217,180
Members' other interests
9,499,022
10,457,297
7,336,000
8,228,834

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.

SUPERCITY 3 LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
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
R Walters
Designated member
Limited Liability Partnership registration number OC318459 (England and Wales)
SUPERCITY 3 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Limited liability partnership information

Supercity 3 LLP is a limited liability partnership incorporated in England and Wales. The registered office is 25 Furnival Street, London, EC4A 1JT. The principal place of business is 17 Templeton Place, London SW5 9NB.

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 of the goods or 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.

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.

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.

SUPERCITY 3 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

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.

Tangible fixed assets other than land and buildings are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Freehold buildings
Buildings depreciated over 100 years
Plant and machinery
20% on straight line basis
Computer equipment
33% on straight line basis
Artwork
Not depreciated

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 and 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 and 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 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.

SUPERCITY 3 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
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.

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 and 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 and 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.

SUPERCITY 3 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11

Allocation of profit and drawings

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 with all sums to be credited and debited against the Member’s Current Account. If the amount to be debited is greater than the value of the Current Account, then the balance of the amount to be debited shall be deducted from such Member’s capital contribution from time to time and his Member’s Share reduced accordingly.

1.12

Taxation

No taxation is reflected in the accounts as tax is borne by the individual members in a personal capacity on their attributable profit share and not the Limited Liability Partnership.

1.13

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.

SUPERCITY 3 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2
Employees

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

2025
2024
Number
Number
Total
9
9
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Artwork
Total
£
£
£
£
Cost or valuation
At 1 April 2024
15,208,000
87,463
19,173
15,314,636
Additions
-
5,607
-
5,607
Revaluation
(1,456,063)
-
-
(1,456,063)
At 31 March 2025
13,751,937
93,070
19,173
13,864,180
Depreciation and impairment
At 1 April 2024
476,000
25,161
-
501,161
Depreciation charged in the year
68,000
16,719
-
84,719
Revaluation
(544,000)
-
-
(544,000)
At 31 March 2025
-
41,880
-
41,880
Carrying amount
At 31 March 2025
13,751,937
51,190
19,173
13,822,300
At 31 March 2024
14,732,000
62,302
19,173
14,813,475

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
4,357,595
4,357,595
Accumulated depreciation
(177,843)
(156,055)
Carrying value
4,179,752
4,201,540
SUPERCITY 3 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:
£
£
Amounts owed by members
2,412,923
2,445,643
Other debtors
817,139
579,435
3,230,062
3,025,078
5
Creditors: amounts falling due within one year
2025
2024
£
£
Other loan
7,271,684
-
Trade creditors
-
1,140
Taxation and social security
15,816
16,702
Other creditors
16,165
50,259
7,303,665
68,101

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
-
7,220,284

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.

SUPERCITY 3 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
217,180
Amounts due from members
(2,445,643)
Members' interests at 1 April 2024
400
10,456,897
-
10,457,297
(2,228,463)
(2,228,463)
8,228,834
Profit for the financial year available for discretionary division among members
-
-
19,229
19,229
-
-
19,229
Members' interests after profit for the year
400
10,456,897
19,229
10,476,526
(2,228,463)
(2,228,463)
8,248,063
Allocation of profit for the financial year
-
-
(19,229)
(19,229)
19,229
19,229
-
Surplus arising on revaluation of fixed assets
-
(912,063)
-
(912,063)
-
-
(912,063)
Other movements
-
(46,212)
-
(46,212)
46,212
46,212
-
Members' interests at 31 March 2025
400
9,498,622
-
9,499,022
(2,163,022)
(2,163,022)
7,336,000
Amounts due to members
249,901
Amounts due from members, included in debtors
(2,412,923)
(2,163,022)
SUPERCITY 3 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
10,456,897
10,503,109
Revaluation surplus arising in the year
(912,063)
-
Other movements
(46,212)
(46,212)
At end of year
9,498,622
10,456,897
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 £8.75m.

11
Related party transactions

Included in other loan is a balance of £7.272m (2024: £7.220m) due to Bothwall Finance Ltd a company in which R Walters is a director. Interest of £538,413 (2024: £532,653) was charged in the year.

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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