REGISTERED NUMBER: |
GLENPROP 4 LLP |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
REGISTERED NUMBER: |
GLENPROP 4 LLP |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
GLENPROP 4 LLP (REGISTERED NUMBER: SO306651) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Chartered Certified Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
GLENPROP 4 LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
DESIGNATED MEMBERS: |
RDT Productions Ltd |
Killech Ltd |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
4 Royal Crescent |
Glasgow |
G3 7SL |
GLENPROP 4 LLP (REGISTERED NUMBER: SO306651) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
The members present their report with the financial statements of the LLP for the year ended 29th February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property development. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RDT Productions Ltd |
Killech Ltd |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £21,342 (2023 - £5,517 loss). |
MEMBERS' INTERESTS |
Each member's subscription to the capital of the LLP and its conditions for repayment are determined by the members' agreement. |
Members capital is classified as a liability and on ceasing to be a member of the LLP, a member is entitled to a return of their capital. |
Certain members have also provided loans to the LLP in accordance with loan agreements and the members' agreement. The loans have been treated as a liability and included as 'members' capital classified as a liability' rather than as loans made to the LLP which would be included as part of creditors. The members' consider this accounting treatment more accurately reflects the substance of the loan transactions. The loans are repayable in accordance with the member's agreement. On ceasing to be a member of the LLP, a member is entitled to a return of any loan amount and interest which have not previously been repaid, |
ON BEHALF OF THE MEMBERS: |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE MEMBERS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GLENPROP 4 LLP |
In accordance with our terms of engagement we have prepared for your approval the financial statements of Glenprop 4 LLP for the year ended 29th February 2024 from the accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to you in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Glenprop 4 LLP and state those matters that we have agreed to state to you in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than you for our work or for this report. |
We have not been instructed to carry out an audit or a review of the financial statements of Glenprop 4 LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements. |
Chartered Certified Accountants |
4 Royal Crescent |
Glasgow |
G3 7SL |
GLENPROP 4 LLP (REGISTERED NUMBER: SO306651) |
INCOME STATEMENT |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
TURNOVER | 3 |
Administrative expenses |
OPERATING LOSS | ( |
) | ( |
) |
Interest payable and similar expenses |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(21,342 |
) |
(5,517 |
) |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(21,342 |
) |
(5,517 |
) |
Members' remuneration charged as an expense |
5 |
21,342 |
5,517 |
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
GLENPROP 4 LLP (REGISTERED NUMBER: SO306651) |
BALANCE SHEET |
29TH FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
3,205,163 |
2,933,769 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
3,205,163 |
2,933,769 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 3,205,163 | 2,933,769 |
Amounts due from members | 6 | (87,104 | ) | (65,762 | ) |
3,118,059 | 2,868,007 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
GLENPROP 4 LLP (REGISTERED NUMBER: SO306651) |
BALANCE SHEET - continued |
29TH FEBRUARY 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
GLENPROP 4 LLP (REGISTERED NUMBER: SO306651) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Glenprop 4 LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention, using the following accounting policies: |
Turnover |
Turnover represents net invoiced sales, excluding value added tax. |
Stocks |
Work in progress comprises the development of property. It is valued at the lower of cost and estimated net realisable value of the completed project. Cost includes all direct costs. |
Borrowing costs which are directly attributable to the work in progress project are capitalised as work in progress and carried forward as an asset on the balance sheet. |
3. | TURNOVER |
The turnover and loss for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
5. | INFORMATION IN RELATION TO MEMBERS |
29.2.24 | 28.2.23 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of loss | (21,342 | ) | (5,517 | ) |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
GLENPROP 4 LLP (REGISTERED NUMBER: SO306651) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29TH FEBRUARY 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
Amounts owed to group undertakings |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members' rank pari passu with unsecured creditors in the event of a winding up. |