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Registered number: SO306737
Hamcap HYIF No4 LLP
Financial Statements
For The Year Ended 31 December 2025
The Kelvin Partnership
Hamcap HYIF No4 LLP
Contents
Contents
Page
Balance Sheet 2—3
Reconciliation of Members' Interests 4—5
Notes to the Financial Statements 5—10
Page 1
Hamcap HYIF No4 LLP
Registered No. SO306737
Members' Report For The Year Ended 31 December 2025
Members' Report
The members present their report and the financial statements for the year ended 31 December 2025.
Independent Auditors
The auditors, The Kelvin Partnership, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
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Hamcap HYIF No4 LLP
Balance Sheet
As At 31 December 2025
Balance Sheet
Registered number: SO306737
2025 2024
Notes £ £ £ £
FIXED ASSETS
Investments 4 3 3
3 3
CURRENT ASSETS
Debtors 5 1,614,927 1,620,933
Cash at bank and in hand 1,600 484
1,616,527 1,621,417
Creditors: Amounts Falling Due Within One Year 6 (171,240 ) (137,689 )
NET CURRENT ASSETS (LIABILITIES) 1,445,287 1,483,728
TOTAL ASSETS LESS CURRENT LIABILITIES 1,445,290 1,483,731
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,445,290 1,483,731
REPRESENTED BY:
Loans and other debts due to members
Other amounts 306,004 344,445
306,004 344,445
Equity
Members' other interests
Other reserves 1,139,286 1,139,286
1,139,286 1,139,286
1,445,290 1,483,731
TOTAL MEMBERS' INTEREST
Amounts due from members (111,487) (117,359)
Loans and other debts due to members 306,004 344,445
Members' other interests 1,139,286 1,139,286
1,333,803 1,366,372
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Hamcap HYIF No4 LLP
Balance Sheet (continued)
As At 31 December 2025
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
HCP High Yield No4
Designated Member
14/08/2026
The notes on pages 5 to 10 form part of these financial statements.
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Hamcap HYIF No4 LLP
Reconciliation of Members' Interests
For The Year Ended 31 December 2025
Reconciliation of Members' Interests
EQUITY DEBT
Members' other interests Loans and other debts due to members less any amounts due from members in debtors
Other Reserves Other amounts Total members' interest
£ £ £
Amounts due to members - 388,016 -
Amounts due from members - (127,763) -
Balance at 1 January 2024 1,139,286 260,253 1,399,539
Members' remuneration charged as an expense, including employment and retirement benefit costs - 11,560 11,560
Profit/(loss) for the financial year available for discretionary division among members - - -
Members' interests after profit/(loss) for the year 1,139,286 271,813 1,411,099
Drawings - (44,727) (44,727)
Amounts due to members - 344,445 -
Amounts due from members - (117,359) -
As at 31 December 2024 and 1 January 2025 1,139,286 227,086 1,366,372
Members' remuneration charged as an expense, including employment and retirement benefit costs - 6,525 6,525
Profit/(loss) for the financial year available for discretionary division among members - - -
Members' interests after profit/(loss) for the year 1,139,286 233,611 1,372,897
Drawings - (39,094) (39,094)
Amounts due to members - 306,004 -
Amounts due from members - (111,487) -
As at 31 December 2025 1,139,286 194,517 1,333,803
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Hamcap HYIF No4 LLP
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Hamcap HYIF No4 LLP is a limited liability partnership, incorporated in Scotland, registered number SO306737 . The Registered Office is Mercantile Buildings, Suite 10, 53 Bothwell Street, Glasgow, G2 6TS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in May 2024 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Going Concern Disclosure
The limited liability partnership's going concern status is predicated on the financial position of its subsidiary investment entities.
The current and future financial position of the limited liability partnership, and its subsidiary investment entities, has been reviewed by the designated members. Such a review includes the examination of future cash flows, the liquidity position, and the impact of financial covenants and rising interest rates.
At the date of signing the financial statements, Hamcap HYIF No4 LLP has three active subsidiaries.
The designated members have a reasonable expectation that the subsidiary entities, and therefore the limited liability partnership, have adequate resources to continue in operational existence for the foreseeable future. Thus, the designated members continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Service Charges
The members consider that the risks in relation to the provision of services are primarily borne by the company's tenants. Consequently, such income is not treated as revenue; rather it is offset against the costs to which it relates.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment impairment
At the end of each financial year and assessment is made on whether there are indicators that the limited liability partnership's investments and loans are impaired. Where necessary the limited liability partnership's assessment is based on an estimation of the recoverable amount of each asset. This is based on underlying fair values of the investment properties held within those investments. The fair values are derived from external third party valuations carried out by professional surveyors.
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Hamcap HYIF No4 LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.4. Turnover
Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.
If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.
2.5. Financial Instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 company 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.
...CONTINUED
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Hamcap HYIF No4 LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.5. Financial Instruments - continued
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.6. Taxation
The taxation payable on the profits of the LLP is the personal liability of the individual Members and, as such, is not reflected in these financial statements.
2.7. Members Participating Interests
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 section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
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Hamcap HYIF No4 LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.8. Members' participating interests
Members' participation rights are the rights of a member against the limited liability partnership 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 limited liability partnership are analysed between those that are, from the limited liability partnership's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the limited liability partnership has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the limited liability partnership has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.
Profits are automatically divided as they arise, so the limited liability partnership does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.
The members’ agreement limits the amount of losses that can be allocated to and recovered from members to the pro-rata amount of their capital investment in the limited liability partnership. Furthermore, the members’ agreement stipulates that the limited liability partnership cannot demand additional contributions from members unless there is unanimous consent. As a result the limited liability partnership does not have an unconditional right to demand payment from members for losses. Losses are therefore allocated in the profit sharing ratios. To the extent that losses exceed the balance on capital accounts, they are not recognised as a recoverable asset and remain within equity until such time as profits are generated to set them against.
2.9. 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.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: NIL (2024: NIL)
- -
4. Investments
Unlisted
£
Cost
As at 1 January 2025 3
As at 31 December 2025 3
Provision
As at 1 January 2025 -
As at 31 December 2025 -
Net Book Value
As at 31 December 2025 3
As at 1 January 2025 3
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Hamcap HYIF No4 LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
5. Debtors
2025 2024
£ £
Due within one year
VAT 215 349
Amounts owed by group undertakings - 1,503,225
Amounts due from members 111,487 117,359
111,702 1,620,933
Due after more than one year
Amounts owed by group undertakings 1,503,225 -
1,614,927 1,620,933
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 1 1,050
Accruals and deferred income 106,000 86,000
Amounts owed to group undertakings 65,239 50,639
171,240 137,689
7. Related Party Transactions
Transactions with related parties
During the year the limited liability partnership entered into the following transactions with related parties:
Sales
Purchases
2025
2024
2025
2024
Entities over which the LLP has control,
joint control or significant influence
55,262
48,497
51,713
-
Balances with related parties
Amounts owed by 
related parties
Amounts owed to 
related parties
2025
2024
2025
2024
Entities over which the LLP has control,
joint control or significant influence
1,503,227
1,503,227
65,238
50,638
8. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
9. Controlling Party
Hamcap HYIF No4 LLP is a joint venture entity between HCP High Yield No3 Limited and KH IV Estates 806 Limited. Each member entity has two representatives which form the board of the limited liability partnership . Each representative is entitled to one vote. There is no casting vote and in the event of a deadlock, an auction procedure is commenced.
10. Subsidiaries
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Hamcap HYIF No4 LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Name of undertaking
Registered office
Class of shares held
% held
Hamcap (Dundee) Limited
Mercantile Buildings, Suite 10, 53 Bothwell Street,
Glasgow,Scotland, G2 6TS
Ordinary
100.00
Hamcap (Hillington) Limited
Mercantile Buildings, Suite 10, 53 Bothwell Street,
Glasgow,Scotland, G2 6TS
Ordinary
100.00
HKIP (Cigna House) Limited
Mercantile Buildings, Suite 10, 53 Bothwell Street,
Glasgow,Scotland, G2 6TS
Ordinary
100.00
11. Audit Information
The auditor's report on the accounts of Hamcap HYIF No4 LLP for the year ended 31 December 2025 was unqualified.
The auditor's report was signed by Raymond Henry (Senior Statutory Auditor) for and on behalf of The Kelvin Partnership , Statutory Auditor.
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