Registered number: OC308550
GLENNY LLP
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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GLENNY LLP
REGISTERED NUMBER: OC308550
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Loans and other debts due to members
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GLENNY LLP
REGISTERED NUMBER: OC308550
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
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:
The notes on pages 3 to 12 form part of these financial statements.
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GLENNY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Glenny LLP ("the LLP") is a limited liability partnership, incorporated in England and Wales. The business address is Fifth floor, Unex Tower, Station Street, Stratford, London, E15 1DA. The principal activity of the LLP is to provide services in respect of the UK property market.
2.Accounting policies
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Basis of preparation of financial statements
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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 judgment in applying the LLP's accounting policies (see note 3).
The following principal accounting policies have been applied:
The LLP meets its day-to-day working capital requirements through careful management of working capital positions. The LLP’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the LLP should be able to operate without other third party support. After making enquiries, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.
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GLENNY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Revenue is recognised on contingent engagements where the work by the entity is complete and it is considered probable that the contingent event will crystallise within one month of the year end.
Otherwise no revenue is recognised on contingent engagements until the contingent event crystallises. See note 2.12 for further information on work in progress.
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Operating leases: the LLP as lessee
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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.
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Leased assets: the LLP as lessee
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Assets obtained under hire purchase contract and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Interest income is recognised in profit or loss using the effective interest method.
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GLENNY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Finance costs are charged to the statement of comprehensive income 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 in the statement of comprehensive income in the year in which they are incurred.
All borrowing costs are recognised in the statement of comprehensive income in the period in which they are incurred. A policy of capitalising borrowing costs is not adopted.
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Division and distribution of profits
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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 the statement of comprehensive income.
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 or on a reducing balance basis, as appropriate.
Depreciation is provided on the following annual bases:
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Short term leasehold property
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over the period of the lease
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Fixtures, fittings and equipment
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10%, 20% and 33% straight line
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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GLENNY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Where work performed under a contingent fee arrangement is incomplete at the balance sheet date, the entity recognises the costs of work performed as work in progress at the period end in cases where it is considered probable that the contingent fee will be receivable. The entity shall recognise as an expense immediately any costs whose recovery is not probable.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received
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Members - Allocation of profits and capital
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Allocation of profits
The profits are allocated to the members in accordance with the LLP agreement, and fall to be treated as members' remuneration charged as an expense.
Members' capital
Capital requirements are determined by the members. New members are required to subscribe to capital. This is treated as members' capital charged as debt. Interest is paid on capital as a first allocation of profits. Capital is repayable to each member upon retirement from the LLP.
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GLENNY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Significant judgments in applying the entity's accounting policies
Application of the entity's accounting policy on revenue recognition, as described above, sometimes involves the use of judgment. In all cases the key revenue recognition criteria outlined in paragraph 2.3 above are used as a benchmark to determine the approriate treatment for revenue in the financial statements.
b) Critical accounting estimates and assumptions
The principal estimates and assumptions that could have significant effect upon the financial results relate to the following:
The LLP estimates the work in progress and the amounts recoverable on long-term contracts.
Work in progress
Management make certain estimates and assumptions of the cost of work performed, the stage of completion as well as the probability of a fee being receivable by the LLP. These estimates and assumptions are based upon the experience and expertise of management.
Revenue recognition - Amounts recoverable on long term contracts
Certain estimates as to the stage of completion are made in determining revenue on some contracts where fees are not fixed. Management estimate the final fee based upon the client's willingness and ability to pay for services provided.
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The average monthly number of employees, including directors, during the period was 13 (2023 - 18).
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GLENNY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Short-term leasehold property
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Fixtures, fittings and equipment
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Charge for the period on owned assets
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Charge for the period on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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GLENNY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Other fixed asset investments
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The investments represent a 10% capital contribution to EA Strategic Land LLP.
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Prepayments and accrued income
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Amounts recoverable on long term contracts
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GLENNY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Secured loans
Hire purchase contracts totalling £8,121 (2023 - £26,488) are secured on the assets to which the loans relate.
Bank loans are secured by a way of a fixed and floating charge over the assets of the company.
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GLENNY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Loans and other debts due to members
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Members' capital treated as debt
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Other amounts due to members
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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Commitments under operating leases
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At 31 March 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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In addition, the LLP's commitments in respect of motor vehicle leases of which the lessee is a company under common control ended during the period. Therefore, the future minimum lease payments under these operating leases are £Nil (2023 - £3,042) due not later than 1 year, and £Nil (2023 - £Nil) due later than 1 year and not later than 5 years.
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GLENNY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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Related party transactions
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During the year, the LLP charged direct wages of £226,659 (2023 - £648,573) and management fees of £437,000 (2023 - £780,000) to a company in which some of the members are directors. At the year end, the company owed Glenny LLP £949,199 (2023 - £1,260,025).
During the year, the LLP paid rent amounting to £10,966 (2023 - £44,588) to pension schemes in which some members of Glenny LLP are beneficiaries.
During the year, a partnership in which some of the members of Glenny LLP have a common interest charged the LLP rent and rates costs of £33,937 (2023 - £62,374). No amounts were owed or owing at either year end.
During the year, the LLP charged £1,750 (2023 - £10,000) in relation to services provided to a partnership in which the members of Glenny LLP are also members. At the year end, £29,021 (2023 - £92,271) was due to Glenny LLP.
During the year, the LLP charged £3,250 (2023 - £12,000) in relation to services provided to a company in which some of the members are directors. At the year end, the company owed Glenny LLP £15,250 (2023 - £14,225).
During the year members of the LLP charged the LLP outsourced personnel costs of £2,274,819 (2023 - £3,586,243), outsourced motor costs of £18,773 (2023 - £46,374) and other costs of £120,538 (2023 - £178,755). At the year end, £645,490 (2023 - £829,789) was owed by the LLP.
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The auditors' report on the financial statements for the period ended 31 March 2024 was unqualified.
The audit report was signed on 25 March 2025 by Graham Wallace (senior statutory auditor) on behalf of Barnes Roffe LLP.
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