Swiss Cottage Hotel LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC414374

Swiss Cottage Hotel LLP

Filleted Unaudited Financial Statements

31 March 2025

Swiss Cottage Hotel LLP

Balance Sheet

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Intangible assets	5	652,070	706,409
Tangible assets	6	6,587,179	6,558,651
		------------	------------
		7,239,249	7,265,060

Current assets

Stocks		5,075	3,429
Debtors	7	882,826	848,166
Cash at bank and in hand		590,957	370,807
		------------	------------
		1,478,858	1,222,402

Creditors: amounts falling due within one year	8	( 565,703)		( 335,058)
		------------		------------
Net current assets			913,155	887,344
			------------	------------
Total assets less current liabilities			8,152,404	8,152,404
			------------	------------
Net assets			8,152,404	8,152,404
			------------	------------

Represented by:

Loans and other debts due to members

Other amounts	9		8,142,404	8,142,404

Members' other interests

Members' capital classified as equity	10,000	10,000
Other reserves	–	–
	------------	------------
	8,152,404	8,152,404
	------------	------------

Total members' interests

Amounts due from members		(365,868)	(388,430)
Loans and other debts due to members	9	8,142,404	8,142,404
Members' other interests		10,000	10,000
		------------	------------
		7,786,536	7,763,974
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the profit and loss account has not been delivered.

Swiss Cottage Hotel LLP

Balance Sheet (continued)

31 March 2025

For the year ending 31 March 2025 the LLP 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 LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the members and authorised for issue on 20 January 2026 , and are signed on their behalf by:

Uftonridge Limited	Wolverburgh Limited
Designated Member	Designated Member

Registered number: OC414374

Swiss Cottage Hotel LLP

Notes to the Financial Statements

Year ended 31 March 2025

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 4 Adamson Road, London, NW3 3HP.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The members confirm that the LLP has adequate resources to continue to operate for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis continues to be appropriate for the preparation of the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover comprises revenue receivable from hotel accommodation, food and beverage sales. Revenue is recognised on the provision of accommodation and related services in the ordinary course of the company's activities when recovery of the consideration is probable and the amount of revenue can be measured reliably.

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 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 profit and loss account 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 profit and loss account 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 profit and loss account 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'.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is considered to have a finite useful life and is amortised evenly over 20 years as in the opinion of the members this represents the period over which the goodwill is expected to give rise to economic benefits.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Improvements to property	-	`2% straight line`

Depreciation has not been charged on the freehold property as the residual value of the property exceeds the carrying value. As a result, on an annual basis the LLP estimates the recoverable amount of its hotel property based on the net realisable value. Where the recoverable amount is less than the carrying amount of the hotel property the LLP recognises an impairment loss in the profit and loss account.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation

Taxation on LLP profits is the personal liability of the members, consequently neither taxation nor related deferred taxation are accounted for in these financial statements.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Defined contribution plans

The LLP contributes to a defined contribution plan for the benefit of its employees. Contributions are recognised in profit or loss as they become payable.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 31 (2024: 30 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	1,086,788
	------------
Amortisation
At 1 April 2024	380,379
Charge for the year	54,339
	------------
At 31 March 2025	434,718
	------------
Carrying amount
At 31 March 2025	652,070
	------------
At 31 March 2024	706,409
	------------

6.	Tangible assets

	Freehold property	Fixtures and fittings	Improvements to property	Total
	£	£	£	£
Cost
At 1 April 2024	6,200,000	472,690	97,818	6,770,508
Additions	–	82,556	–	82,556
	------------	---------	--------	------------
At 31 March 2025	6,200,000	555,246	97,818	6,853,064
	------------	---------	--------	------------
Depreciation
At 1 April 2024	–	208,093	3,764	211,857
Charge for the year	–	52,071	1,957	54,028
	------------	---------	--------	------------
At 31 March 2025	–	260,164	5,721	265,885
	------------	---------	--------	------------
Carrying amount
At 31 March 2025	6,200,000	295,082	92,097	6,587,179
	------------	---------	--------	------------
At 31 March 2024	6,200,000	264,597	94,054	6,558,651
	------------	---------	--------	------------

7.	Debtors

	2025	2024
	£	£
Trade debtors	408,673	362,091
Prepayments and accrued income	45,361	24,502
Amounts due from members	365,868	388,430
Other debtors	62,924	73,143
	---------	---------
	882,826	848,166
	---------	---------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	136,180	93,979
Accruals and deferred income	244,782	88,943
Social security and other taxes	54,818	44,978
Other creditors	129,923	107,158
	---------	---------
	565,703	335,058
	---------	---------

9.	Loans and other debts due to members

	2025	2024
	£	£
Loans from members	8,142,404	8,142,404
	------------	------------

In the event of a winding up, loans and other debts due to members rank equally with unsecured creditors.