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REGISTERED NUMBER: SO306651 (Scotland)









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: Glencairn Properties (Scotland) Limited
RDT Productions Ltd
Killech Ltd





REGISTERED OFFICE: 4 Royal Crescent
Glasgow
G3 7SL





REGISTERED NUMBER: SO306651 (Scotland)





ACCOUNTANTS: russell + russell
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:

Glencairn Properties (Scotland) Limited
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:





Glencairn Properties (Scotland) Limited - Designated member


22nd November 2024

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.






russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL


25th November 2024

GLENPROP 4 LLP (REGISTERED NUMBER: SO306651)

INCOME STATEMENT
FOR THE YEAR ENDED 29TH FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   

TURNOVER 3 8,750 -

Administrative expenses 29,229 4,415
OPERATING LOSS (20,479 ) (4,415 )


Interest payable and similar expenses 863 1,102
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 3,127,421 2,949,709
Debtors 6 89,857 67,391
Cash at bank 19,623 20,626
3,236,901 3,037,726
CREDITORS
Amounts falling due within one year 7 13,886 11,357
NET CURRENT ASSETS 3,223,015 3,026,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,223,015

3,026,369

CREDITORS
Amounts falling due after more than one
year

8

17,852

92,600
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 LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 29th February 2024.

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 have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 22nd November 2024 and were signed by:





Glencairn Properties (Scotland) Limited - Designated member

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

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 89,857 67,391

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 11,361 9,858
Trade creditors 485 1,499
Other creditors 2,040 -
13,886 11,357

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 17,852 29,093
Amounts owed to group undertakings - 63,507
17,852 92,600

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.