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Company No: SO305578 (Scotland)

THE GLENMHOR PARTNERSHIP LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

THE GLENMHOR PARTNERSHIP LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

THE GLENMHOR PARTNERSHIP LLP

BALANCE SHEET

AS AT 31 MARCH 2023
THE GLENMHOR PARTNERSHIP LLP

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
2023 2022
£ £
Current assets
Cash at bank and in hand 280 891
280 891
Creditors: amounts falling due within one year 3 ( 78,908) ( 92,074)
Net current liabilities (78,628) (91,183)
Total assets less current liabilities (78,628) (91,183)
Net liabilities attributable to members ( 78,628) ( 91,183)
Represented by
Loans and other debts due to members within one year
Other amounts (78,628) (91,183)
(78,628) (91,183)
Members' other interests
0 0
(78,628) (91,183)
Total members' interests
Loans and other debts due to members (78,628) (91,183)
(78,628) (91,183)

For the financial year ending 31 March 2023 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.

Members' responsibilities:

The financial statements of The Glenmhor Partnership LLP (registered number: SO305578) were approved and authorised for issue by the Director on 02 October 2023. They were signed on its behalf by:

Mr K J Bradley
Designated member
Mr G T G McLachlan
Designated member
THE GLENMHOR PARTNERSHIP LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
THE GLENMHOR PARTNERSHIP LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other amounts Total
£ £
Amounts due from members (95,185)
Balance at 01 April 2021 (95,185) (95,185)
Members' remuneration charged as an expense, including employment and retirement benefit costs 212,171 212,171
Members' interest after result for the financial year 116,986 116,986
Drawings (208,169) (208,169)
Amounts due from members (91,183)
Balance at 31 March 2022 (91,183) (91,183)
Members' remuneration charged as an expense, including employment and retirement benefit costs 293,837 293,837
Members' interest after result for the financial year 202,654 202,654
Drawings (281,282) (281,282)
Amounts due from members (78,628)
Balance at 31 March 2023 (78,628) (78,628)

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

THE GLENMHOR PARTNERSHIP LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
THE GLENMHOR PARTNERSHIP LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Glenmhor Partnership LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 2/1, 28 Westbourne Gardens, Glasgow, G12 9PF, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members note that the business has net liabilities of £78,628 (2022 - £91,183). The LLP is supported through loans from the members. The members have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the members will continue to support the LLP. Given the current position, the members believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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. 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. Amounts 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.

Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' 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 payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position 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 Statement of Financial Position within 'Members' other interests'.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 3 3

3. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to related parties 75,937 89,686
Other creditors 2,971 2,388
78,908 92,074

4. Financial commitments

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

5. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts due to other related parties 75,937 89,686