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Registered number: SO300150
THE GLASGOW PROPERTY PARTNERSHIP LLP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 5 APRIL 2026
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THE GLASGOW PROPERTY PARTNERSHIP LLP
REGISTERED NUMBER: SO300150
BALANCE SHEET
AS AT 5 APRIL 2026
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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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Loans and other debts due to members within one year
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Members' capital classified as equity
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Loans and other debts due to members
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Page 1
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THE GLASGOW PROPERTY PARTNERSHIP LLP
REGISTERED NUMBER: SO300150
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2026
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
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 on 2 September 2026.
Page 2
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THE GLASGOW PROPERTY PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2026
The Glasgow Property Partnership LLP is a limited liability partnership, registered in Scotland. The address of the registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.
The financial statements are presented in Sterling (£).
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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 following principal accounting policies have been applied:
Turnover represents rental income and other recharges excluding value added tax. The LLP's policy is to recognise income in accordance with the terms of the lease agreements.
The LLP's investment properties are held for long term investment. Investment properties are accounted for as follows:
Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.
Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.
The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost, in which case a transfer is made of the surplus to a non-distributable reserve in the balance sheet.
Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts payable and receivable.
Debt instruments like other accounts receivable and payable are initially measured at present value of the future lease payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and, if found, an impairment loss is recognised in profit or loss.
Page 3
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THE GLASGOW PROPERTY PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2026
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial liabilities are derecognised when the liability is extinguished, that is, when the contractual obligation is discharged, cancelled or expires.
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowing in current liabilities.
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The entity has no employees.
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The average monthly number of employees during the year was 0 (2025 - 0).
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Freehold investment property
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The fair value of the investment property at 5 April 2026, has been arrived at on the basis of a valuation carried out at that date by the members, who are not professionally qualified valuers. The valuation, which does not differ from the valuation at the end of the previous reporting period, was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated.
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Prepayments and accrued income
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Page 4
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THE GLASGOW PROPERTY PARTNERSHIP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2026
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Loans and other debts due to members
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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.
Page 5
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