|
Registered number: OC330306
THE RESIDENT LIVERPOOL LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
THE RESIDENT LIVERPOOL LLP
REGISTERED NUMBER: OC330306
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts Falling Due Within One Year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and other debts due to members within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Members' capital classified as equity
|
|
|
|
|
|
Other reserves classified as equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due from members (included in debtors)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE RESIDENT LIVERPOOL LLP
REGISTERED NUMBER: OC330306
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 by:
................................................
John Adams, for and on behalf of Mactaggart Hotel Holdings Limited
|
|
|
|
|
|
|
The notes on pages 4 to 12 form part of these financial statements.
|
|
THE RESIDENT LIVERPOOL LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Members capital (classified as equity)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value movements on interest rate swap
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value movements on interest rate swap
|
|
|
|
|
|
|
|
|
The notes on pages 4 to 12 form part of these financial statements.
|
|
|
THE RESIDENT LIVERPOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Resident Liverpool LLP is a limited liability partnership, incorporated and registered in England and Wales. The LLP's registered number is OC330306 and registered office address is Unit 4, The Whitehouse, 9 Belvedere Road, London, England, SE1 8YS. The principal place of business is 29 Seel Street, Liverpool, L1 4AU.
The principal activity of the LLP is that of a hotelier.
2.Accounting policies
|
|
|
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which the members consider to be appropriate for the following reasons.
The members have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that the LLP will have sufficient funds, through continued funding from its bankers, to meet its liabilities as they fall due for that period.
Consequently, the members are confident that the LLP will have sufficient funds to continue to meets its liabilities as they fall due for a period of 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from accommodation, food and beverages and other ancillary services are recognised on the date of delivery of the service, as this is the date on which the risk and rewards transfer from the Company to the customer. Any amounts received before the end of the reporting period in respect of the provision of accommodation and services after the reporting period are treated accordingly as deferred revenues.
|
|
THE RESIDENT LIVERPOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
Foreign currency translation
|
Functional and presentation currency
The LLP's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
|
|
|
Operating leases: the LLP as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted for under the accruals model as permitted by FRS 102.
Government grants received as a subsidy towards the development of the freehold property have been included in Other creditors and will be released to the Statement of Comprehensive Income over the useful economic life of the property. There are no unfulfilled conditions in relation to these grants.
Interest income is recognised in profit or loss using the effective interest method.
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.
|
|
THE RESIDENT LIVERPOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
|
|
|
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 .
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.
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 bases:
|
|
|
|
|
|
|
|
|
|
|
|
|
Integral plant element of buildings
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
Revaluation of tangible fixed assets
|
Freehold property is carried at fair value at the date of the revaluation, which is normally determined by professionally qualified valuers based on market based evidence, plus any subsequent additions less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of Financial Position date.
Revaluation gains and losses are recognised in the Statement of Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
|
|
THE RESIDENT LIVERPOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
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.
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS
102 to all of its financial instruments.
The LLP uses variable to fixed interest rate swaps to manage its exposure to cash flow risk on its bank loan. These derivatives are measured at fair value at each Statement of Financial Position date. The fair value is determined by the lender based on the mid-market price for the instrument as at the close of business at the Statement of Financial Position date.
To the extent the cash flow hedge is effective, movements in fair value are recognised in Other Comprehensive Income and presented in a separate Other Reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.
|
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
In the process of applying its accounting policies, the LLP is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented.
On an ongoing basis, the LLP evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.
Going concern
The directors have used judgement in determining that the LLP is a going concern. See note 2.2 for further details.
|
|
THE RESIDENT LIVERPOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
3.Judgements in applying accounting policies (continued)
Revaluation of freehold property
The LLP holds freehold property, including fixtures and fittings, of £6,600,000 (2024: £6,600,000) which are accounted for under the revaluation model. Valuation of freehold property is a significant area of estimation. Members' valuations are based upon the most recent external valuations available by external professional valuers' and members' expertise and knowledge of current market conditions. The valuation of freehold property is inherently subjective, as it is based upon valuer assumptions and members' assessment of market conditions which may prove to be inaccurate. Slight changes in these assumptions could have a material impact on the £105,075 revaluation gain (2024: £335,090 revaluation gain) recognised during the year in profit or loss.
|
|
The entity has no employees.
|
|
|
THE RESIDENT LIVERPOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation deficit based on third party valuation provided by Avison Young on a value
in use basis at 31 December 2025
|
|
|
|
|
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|
|
|
|
|
|
|
Amounts owed by associates
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE RESIDENT LIVERPOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other creditors includes an amount of £7,667 (2024: £7,667) in respect of government grants received.
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other creditors represent government grants received.
|
|
|
THE RESIDENT LIVERPOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank loans includes a commercial loan facility. In November 2022 the £55.4m joint term loan with The Resident Covent Garden Limited, The Resident Kensington Limited and The Resident Soho Limited was restated and reduced to a £54.8m loan facility. As part of the revised arrangements the loan, which was previously repayable in full in November 2022 is now repayable in November 2027 and the interest rate charged on the loan has been amended to SONIA plus 2.1%.
In the year, the balance of the loan facility due from The Resident Kensington was repaid in full resulting in a remaining £45.9m joint term loan with The Resident Covent Garden Limited and The Resident Soho Limited.
The commercial loan facility is secured against freehold property owned by the LLP and a debenture over the LLP's assets. The LLP also gave a joint and several guarantee for all sums due to National Westminster Bank plc under this facility. The Resident Covent Garden Limited, The Resident Covent Garden Holdings Limited, The Resident Kensington Limited, The Resident Kensington Holdings Limited, The Resident Soho Limited and The Resident Soho Holdings Limited also provided joint and several guarantees. Following the repayment of the loan by The Resident Kensington Limited, The Resident Kensington Limited and The Resident Kensington Holdings Limited no longer provide joint and several guarantees.
The balance on the commercial bank loan as at 31 December 2025 is £4,599,125 (2024: £4,590,779). £37,866 (2024: £46,212) finance fees incurred in relation to the commercial bank loan have been netted off against the loan liability and are being amortised over the term of the loan.
In November 2022, The Resident Soho Limited entered into a swap agreement on £41.1m of which £3.4m is allocated to the LLP based on its proportion of the year end loan facility, whereby each entity pays interest at 4.24% and receives interest at SONIA. The swap is held at fair value of £58,340 (2024: £11,980) at the date of the Statement of Financial Position.
|
|
|
THE RESIDENT LIVERPOOL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
Commitments under operating leases
|
|
|
At 31 December 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 17 August 2026 by David Lyons (Senior Statutory Auditor) on behalf of HaysMac LLP.
|