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Registered number: OC350418 CUMBERLAND HOUSE BPRA PROPERTY FUND LLP FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 5 APRIL 2025
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP REGISTERED NUMBER: OC350418 BALANCE SHEET AS AT 5 APRIL 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 1,131,783 |  | 1,320,500
Investments | 5 |  | 5 |  | 5
Investment property |  |  | 23,968,217 |  | 23,108,909
|  |  | 25,100,005 |  | 24,429,414
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 4,065,722 |  | 4,079,661 |
Cash at bank and in hand | 8 | 489,215 |  | 455,896 |
|  | 4,554,937 |  | 4,535,557 |
Creditors: Amounts Falling Due Within One Year | 9 | (19,558,620) |  | (19,711,987) |
Net current liabilities |  |  | (15,003,683) |  | (15,176,430)
Total assets less current liabilities |  |  | 10,096,322 |  | 9,252,984
Net assets |  |  | 10,096,322 |  | 9,252,984
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Members' capital classified as a liability |  |  | 10,096,322 |  | 9,252,984
|  |  | 10,096,322 |  | 9,252,984
|  |  | 10,096,322 |  | 9,252,984
Total members' interests |  |  |  |  |
Loans and other debts due to members |  |  | 10,096,322 |  | 9,252,984
|  |  | 10,096,322 |  | 9,252,984
Page 1
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP REGISTERED NUMBER: OC350418 BALANCE SHEET (CONTINUED) AS AT 5 APRIL 2025 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements were approved and authorised for issue by the members and were signed on their behalf on 2 April 2026.
................................................ Downing Members Limited
Designated member
The notes on pages 4 to 13 form part of these financial statements. Cumberland House BPRA Property Fund LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity. Page 2
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 5 APRIL 2025
| DEBT Loans and other debts due to members less any amounts due from members in debtors
| Members' capital (classified as debt) | Other amounts | Total
| £ | £ | £
Members' remuneration charged as an expense | - | 185,229 | 185,229
Members' interests after profit for the year | 9,067,755 | 185,229 | 9,252,984
Conversion of members' capital to debt | 185,229 | (185,229) | -
Amounts due to members | 9,252,984 | - | 9,252,984
Balance at 5 April 2024 | 9,252,984 | - | 9,252,984
Members' remuneration charged as an expense | - | 843,338 | 843,338
Members' interests after profit for the year | 9,252,984 | 843,338 | 10,096,322
Conversion of members' capital to debt | 843,338 | (843,338) | -
Amounts due to members | 10,096,322 | - | 10,096,322
Balance at 5 April 2025 | 10,096,322 | - | 10,096,322
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
Page 3
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. | General information
Cumberland House BPRA Property Fund LLP is a Limited Liability Partnership incorporated in England and Wales. Its registered office and principle place of business is 10 Lower Thames Street, London, England, EC3R 6AF. The financial statements are presented in Sterling which is the functional currency of the LLP and rounded to the nearest £ 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The LLP, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Going concern
Management monitors the LLP’s working capital requirements and the members consider it is appropriate to prepare the financial statements on a going concern basis. This assumes that the LLP will continue in operational existence for the foreseeable future and for at least 12 months after the signing of the financial statements. The LLP’s subsidiary, Cumberland House Hotel Birmingham Limited, performed well during the year. Increased levels of occupancy and room rate on the prior year led to strong gross profit and surplus cashflow, resulting in increased rental payments to the LLP. The LLP’s ability to continue in operational existence for the foreseeable future is also reliant on the continued support of its lender. The LLP’s other loan of £7.62m was due for repayment in April 2025. This loan is secured by way of a second legal charge over the LLP’s property. The first legal charge on the property is attributed to a bank loan of £11.34m held by the LLP’s subsidiary. An intercreditor deed exists between the LLP and the lender of the other loan, which prohibits the loan being called in for repayment before the subsidiary’s bank loan is repaid. The bank loan was due for repayment in June 2025, whilst a long-term extension has not yet been obtained, members are confident that they will be able to extend the loan term or seek alternative financing options. A material uncertainty exists that casts a doubt over the LLP’s ability to continue as a going concern, due to the uncertainty of the term of the bank loan being extended or the loan refinanced. However, for the reasons stated above the members expect the loans to be extended. For this reason the members believe that the LLP continues to be a going concern and that it is appropriate to prepare the accounts on a going concern basis. If the LLP is unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts, provide for further liabilities that may arise and reclassify fixed assets as current assets. Page 4
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover recognised in the LLP represents rentals receivable during the year. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
| 2.5 | Operating leases: the LLP as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Division and distribution of profits
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period. An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making. The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in . In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically. Page 5
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 10% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Change in accounting policy – investment property
During the year, the LLP has changed its accounting policy in respect of the classification and measurement of the property. Previously, the property was included within tangible fixed assets and measured at cost less accumulated depreciation. The LLP considers that the property previously met the definition of investment property and has adopted a policy of recognising investment property at fair value, with changes in fair value recognised in profit or loss, in accordance with Section 16 of FRS 102. The members believe that this revised policy provides more reliable and relevant information to users of the financial statements, as it reflects the current market value of the LLP’s property and aligns the LLP’s accounting treatment with the nature of its property activities. This change in accounting policy has been applied retrospectively. Accordingly, the comparative figures have been restated. Depreciation previously charged on the property has been reversed and replaced with fair value movement recognised in profit or loss.
| 2.11 | Investment property
Investment property is carried at fair value. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 6
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 2.Accounting policies (continued)
| 2.13 | Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Financial instruments
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Page 7
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 LLP after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained. Page 8
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.
| 2.18 | Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' 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 11 of FRS 102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Statement of Comprehensive Income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet. Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Statement of Comprehensive Income and are equity appropriations in the Balance Sheet. Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Statement of Comprehensive Income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.
3. | Employees
| The entity has no employees in the current and the prior year.
Page 9
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
4. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 6 April 2024 | 3,114,283
| At 5 April 2025 | 3,114,283
| Depreciation |
| At 6 April 2024 | 1,793,783
| Charge for the year on owned assets | 188,717
| At 5 April 2025 | 1,982,500
| Net book value |
| At 5 April 2025 | 1,131,783
| At 5 April 2024 | 1,320,500
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 6 April 2024 | 5
| At 5 April 2025 | 5
| Net book value |
| At 5 April 2025 | 5
| At 5 April 2024 | 5
Page 10
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the LLP:
| Name | Registered office | Class of shares | Holding
| Cumberland House Hotel Ltd | 10 Lower Thames Street, London, EC3R 6AF | Ordinary | 100%
| Cumberland House Properties Ltd | 10 Lower Thames Street, London, EC3R 6AF | Ordinary | 100%
| Broad St Commercial Ltd | 10 Lower Thames Street, London, EC3R 6AF | Ordinary | 100%
| Broad St Unit A Ltd | 10 Lower Thames Street, London, EC3R 6AF | Ordinary | 100%
| Broad St Unit B Ltd | 10 Lower Thames Street, London, EC3R 6AF | Ordinary | 100%
6. | Investment property
|  | Long term leasehold investment property
|  | As restated £
| Valuation |
| At 6 April 2024 as restated | 23,108,909
| Surplus on revaluation | 859,308
| At 5 April 2025 | 23,968,217
The property was valued by Knight Frank LLP on 7 August 2025. The directors are of the opinion that there has been no material change in the valuation since the period end.
Page 11
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 4,056,157 | 4,077,163
| Other debtors | 9,565 | 2,498
|  | 4,065,722 | 4,079,661
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 489,215 | 455,896
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 7,623,851 | 7,687,753
| Trade creditors | 46,458 | 35,969
| Amounts owed to group undertakings | 11,689,053 | 11,787,356
| Accruals and deferred income | 199,258 | 200,909
|  | 19,558,620 | 19,711,987
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand. Other loans are secured by way of a second legal charge over the LLP's property. During the year the other loan facility's repayment terms were amended to state that the loans are repayable on the earlier date of the sale of the LLP's property or 5 April 2026.
Page 12
CUMBERLAND HOUSE BPRA PROPERTY FUND LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Other loans | 7,623,851 | 7,687,753
|  | 7,623,851 | 7,687,753
|  | 7,623,851 | 7,687,753
11. | Contingent liabilities
The LLP has guaranteed its subsidiary's bank borrowings by a fixed and floating charge over its property. At the year end the maximum liability outstanding was £11,336,212 (2024 - £11,469,678)
12. | Prior Year Adjustment
A property previously classified within tangible fixed assets has been reclassified as investment property in the comparative period. This represents a presentational change only, with no impact on net assets or reserves. Comparative figures have been restated accordingly.
13. | Auditors' information
The auditors' report on the financial statements for the year ended 5 April 2025 was unqualified. The audit report was signed on 2 April 2026 by Engin Zekia BSc FCA (senior statutory auditor) on behalf of Adler Shine LLP.
Page 13