Limited Liability Partnership registration number SO307177 (Scotland)
4C PROPERTY LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
4C PROPERTY LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 6
4C PROPERTY LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
950,000
1,270,000
Current assets
Debtors
4
146,250
-
Cash at bank and in hand
21,348
143,371
167,598
143,371
Creditors: amounts falling due within one year
5
(7,055)
(312,630)
Net current assets/(liabilities)
160,543
(169,259)
Total assets less current liabilities and net assets attributable to members
1,110,543
1,100,741
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
83,623
31,086
Members' other interests
Members' capital classified as equity
900,000
900,000
Revaluation reserve
126,920
169,655
1,110,543
1,100,741

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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.

The financial statements were approved by the members and authorised for issue on 7 September 2024 and are signed on their behalf by:
07 September 2024
S Fraser (on behalf of Haddington Estates Ltd)
Director of Haddington Estates Ltd, a designated member
Limited Liability Partnership Registration No. SO307177
4C PROPERTY LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Current financial year
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
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
900,000
169,655
1,069,655
31,086
31,086
1,100,741
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
9,802
9,802
9,802
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
Members' interests after loss and remuneration for the year
900,000
169,655
1,069,655
40,888
40,888
1,110,543
Other movements
-
(42,735)
(42,735)
42,735
42,735
-
Members' interests at 31 March 2024
900,000
126,920
1,026,920
83,623
83,623
1,110,543
4C PROPERTY LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Prior financial year
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
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
900,000
128,986
1,028,986
(12,282)
(12,282)
1,016,704
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
84,037
84,037
84,037
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
Members' interests after loss and remuneration for the period
900,000
128,986
1,028,986
71,755
71,755
1,100,741
Other movements
-
40,669
40,669
(40,669)
(40,669)
-
Members' interests at 31 March 2023
900,000
169,655
1,069,655
31,086
31,086
1,100,741
4C PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

4C Property LLP is a limited liability partnership incorporated in Scotland. The registered office is Exchange Place 3, Semple Street, Edinburgh, United Kingdom, EH3 8BL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The members have considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all information available to them, believe it appropriate to prepare the financial statements on a going concern basis. The members are satisfied that it has adequate resources to continue to operate for the foreseeable future.

1.3
Turnover

Turnover comprises revenue recognised from rental income received during the year.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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.

1.6
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.

4C PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

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 or 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 or loss.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

4C PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 April 2023
1,270,000
Disposals
(325,000)
Net gains or losses through fair value adjustments
5,000
At 31 March 2024
950,000

In arriving at the fair value of the investment properties held by the LLP, the members gave due consideration to general property market information and conditions at the reporting date.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
146,250
-
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
305,595
Other creditors
7,055
7,035
7,055
312,630
6
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.

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