Limited Liability Partnership registration number SO307675 (Scotland)
HIBERNIAN PROPERTY LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
HIBERNIAN PROPERTY LLP
CONTENTS
Page
Members' report
1 - 2
Balance sheet
3 - 4
Reconciliation of members' interests
5 - 6
Notes to the financial statements
7 - 10
HIBERNIAN PROPERTY LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2026.

Principal activities

The principal activity of the limited liability partnership was th e management of investment property.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

The members' share profits and losses in the same ratio as their ownership.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M McPherson
(Resigned 1 November 2025)
Mr L Gold
(Resigned 1 June 2025)
Mr I J Fraser
(Resigned
1 November 2025
2025-11-01
)
Ms K Hamilton
Mr W Lowe
(Resigned
1 November 2025
2025-11-01
)
Mr R Nicol
(Resigned 1 November 2025)
Mr W Robb
Bydand-Hibernian Flats LLC
Haddington Estates Ltd.
HIBERNIAN PROPERTY LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLP s within Part 15 of the Companies Act 2006.

Approved by the members on
6 August 2026
06 August 2026
and signed on behalf by:
S Fraser (on behalf of Haddington Estates Ltd)
Director of Haddington Estates Ltd, a designated member
Limited Liability Partnership registration number SO307675 (Scotland)
HIBERNIAN PROPERTY LLP
BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 3 -
2026
2025
Notes
£
£
£
£
Fixed assets
Investment property
3
1,333,962
2,130,444
Current assets
Cash at bank and in hand
76,155
54,316
Creditors: amounts falling due within one year
4
(3,300)
(3,000)
Net current assets
72,855
51,316
Total assets less current liabilities
1,406,817
2,181,760
Creditors: amounts falling due after more than one year
5
(409,450)
(875,000)
Net assets attributable to members
997,367
1,306,760
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(66,542)
(34,240)
Members' other interests
Members' capital classified as equity
775,214
1,000,000
Revaluation reserve
288,695
341,000
997,367
1,306,760

For the financial year ended 31 March 2026 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.

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

The financial statements were approved by the members and authorised for issue on
6 August 2026
06 August 2026
and are signed on their behalf by:
S Fraser (on behalf of Haddington Estates Ltd)
Director of Haddington Estates Ltd, a designated member
HIBERNIAN PROPERTY LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2026
31 March 2026
- 4 -
Limited Liability Partnership registration number SO307675 (Scotland)
HIBERNIAN PROPERTY LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -
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
Other reserves
Total
Members' capital
Other amounts
Total
Total
2026
£
£
£
£
£
£
£
£
Amounts due to members
(34,240)
Amounts due from members
-
Balance at 1 April 2025
1,000,000
341,000
-
1,341,000
-
(34,240)
(34,240)
1,306,760
Loss for the financial year available for discretionary division among members
-
-
(45,034)
(45,034)
-
-
-
(45,034)
Members' interests after loss for the year
1,000,000
341,000
(45,034)
1,295,966
-
(34,240)
(34,240)
1,261,726
Allocation of loss for the financial year
-
-
45,034
45,034
-
(45,034)
(45,034)
-
Introduced by members
25,214
-
-
25,214
-
-
-
25,214
Repayments of capital
(250,000)
-
-
(250,000)
-
-
-
(250,000)
Drawings on account and distributions of profit
-
-
(52,305)
(52,305)
-
(39,573)
(39,573)
(39,573)
Other movements
-
(52,305)
52,305
-
-
52,305
52,305
52,305
Amounts due to members
(66,542)
-
Balance at 31 March 2026
775,214
288,695
-
1,063,909
-
(66,542)
(66,542)
997,367
HIBERNIAN PROPERTY LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -
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
Other reserves
Total
Members' capital
Other amounts
Total
Total
2025
£
£
£
£
£
£
£
£
Amounts due to members
(50,768)
Amounts due from members
-
Balance at 1 April 2024
1,000,000
-
-
1,000,000
-
(50,768)
(50,768)
949,232
Profit for the financial year available for discretionary division among members
-
-
16,528
16,528
-
-
-
16,528
Members' interests after profit for the year
1,000,000
-
16,528
1,016,528
-
(50,768)
(50,768)
965,760
Allocation of profit for the financial year
-
-
(16,528)
(16,528)
-
16,528
16,528
-
Other movements
-
341,000
-
341,000
-
-
-
341,000
Amounts due to members
(34,240)
Amounts due from members
-
Balance at 31 March 2025
1,000,000
341,000
-
1,341,000
-
(34,240)
(34,240)
1,306,760
HIBERNIAN PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
1
Accounting policies
Limited liability partnership information

Hibernian Property LLP is a limited liability partnership incorporated in Scotland. The registered office is 5th Floor, Quartermile Two, 2 Lister Square, Edinburgh, EH3 9GL.

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 May 2024, 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 a mounts 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
Turnover

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

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement.

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 members' 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.

Profits are automatically divided as they arise, so the LLP 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.

Whilst the members’ agreement does not differentiate between profits and losses for profit sharing purposes, it does stipulate that the LLP cannot demand additional contributions from members, and as a result the LLP does not have an unconditional right to demand payment from members for losses. Therefore, to the extent that losses exceed the balance on capital and current accounts, they are not recognised as a recoverable asset and so remain within equity until such time as [ profits are generated to set them against ] [ or detail other conditions as appropriate ].

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.

HIBERNIAN PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 8 -

The members’ participation rights that are classified as liabilities are repayable upon demand or at short notice (eg upon termination of membership), and as such whilst they are financing transactions, the effect of discounting is considered immaterial and so they are not discounted to present value.

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.

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.

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.

HIBERNIAN PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 9 -
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 paymen ts 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.

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 th r ough 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.

2
Employees

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

2026
2025
Number
Number
Total
0
0
3
Investment property
2026
£
Fair value
At 1 April 2025
2,130,444
Additions through external acquisition
35,300
Disposals
(831,782)
At 31 March 2026
1,333,962
HIBERNIAN PROPERTY LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
3
Investment property
(Continued)
- 10 -

The fair value of the investment property has been arrived at on the basis of a valuation carried out by Graham + Sibbald Chartered Surveyors and Property Consultants in the year to 31 March 2025.

4
Creditors: amounts falling due within one year
2026
2025
£
£
Other creditors
3,300
3,000
5
Creditors: amounts falling due after more than one year
2026
2025
£
£
Bank loans and overdrafts
409,450
875,000

Hampden & Co holds a secured fixed charge over assets of the LLP.

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.

7
Revaluation reserve
2026
2025
£
£
At beginning of year
341,000
-
Other movements
(52,305)
341,000
At end of year
288,695
341,000
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