Limited Liability Partnership registration number OC396237 (England and Wales)
WAYSTONE HARGREAVES LAND LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WAYSTONE HARGREAVES LAND LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Waystone Limited
Hargreaves Land (North) Limited
Limited liability partnership number
OC396237
Registered office
CP House
Otterspool Way
Watford
Hertfordshire
WD25 8JJ
Auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH
WAYSTONE HARGREAVES LAND LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 19
WAYSTONE HARGREAVES LAND LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The members present their annual report and financial statements for the year ended 31 December 2023.

Principal activity

The principal activities of the LLP are that of property development and building and civil engineering contractors.

Members' drawings, contributions and repayments

No drawings are allowed without the prior approval of all members.

 

Capital is only repaid on the winding up of the LLP. Additional finance shall be provided from time to time in such amounts as the members shall agree.

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:

Waystone Limited
Hargreaves Land (North) Limited
Disclosure of information to auditor

Each of the persons who are members at the time when this members' report is approved has confirmed that:

Approved by the members on 23 September 2024 and signed on behalf by:
A McLoughlin
D Anderson
Waystone Limited
Hargreaves Land (North) Limited
Designated Member
Designated Member
WAYSTONE HARGREAVES LAND LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WAYSTONE HARGREAVES LAND LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WAYSTONE HARGREAVES LAND LLP
- 3 -
Opinion

We have audited the financial statements of Waystone Hargreaves Land LLP (the 'limited liability partnership' or the "LLP") for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact

.

We have nothing to report in this regard.

WAYSTONE HARGREAVES LAND LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WAYSTONE HARGREAVES LAND LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

WAYSTONE HARGREAVES LAND LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WAYSTONE HARGREAVES LAND LLP
- 5 -

We assessed the susceptibility of the LLP’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Shepherd (Senior Statutory Auditor)
For and on behalf of Blick Rothenberg Audit LLP
24 September 2024
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH
WAYSTONE HARGREAVES LAND LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
Notes
£
£
Turnover
3
13,800,369
19,569,125
Cost of sales
(13,296,932)
(17,337,902)
Gross profit
503,437
2,231,223
Administrative expenses
(42,411)
(31,388)
Operating profit
4
461,026
2,199,835
Interest payable and similar expenses
6
-
(57,019)
Profit for the financial year before members' remuneration and profit shares
461,026
2,142,816
Members' remuneration charged as an expense
(461,026)
(2,142,816)
Result for the financial year available for discretionary division among members
-
-

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly no statement of other comprehensive income has been presented.

WAYSTONE HARGREAVES LAND LLP
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
7
121,595
-
Investments
8
357,175
357,175
478,770
357,175
Current assets
Stocks
10
19,523,763
16,831,505
Debtors
11
926,337
2,002,678
Cash at bank and in hand
738,795
1,730,479
21,188,895
20,564,662
Creditors: amounts falling due within one year
12
(4,391,091)
(8,016,600)
Net current assets
16,797,804
12,548,062
Total assets less current liabilities
17,276,574
12,905,237
Creditors: amounts falling due after more than one year
13
(1,111,147)
(1,000,000)
Net assets attributable to members
16,165,427
11,905,237
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
15
16,165,425
11,905,235
Members' other interests
Members' capital classified as equity
2
2
16,165,427
11,905,237

 

 

The notes on pages 11 to 19 form part of these financial statements.

The financial statements were approved by the members and authorised for issue on 23 September 2024 and are signed on their behalf by:
A McLoughlin
D Anderson
Waystone Limited
Hargreaves Land (North) Limited
Designated member
Designated Member
Limited Liability Partnership Registration No. OC396237
WAYSTONE HARGREAVES LAND LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
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
Other reserves
Total
Members' capital
Total
Total
2023
£
£
£
£
£
Members' interests at 1 January 2023
2
-
2
11,905,235
11,905,235
11,905,237
Members' remuneration charged as an expense
-
-
-
461,026
461,026
461,026
Amounts introduced by members
-
-
-
3,799,164
3,799,164
3,799,164
Members' interests at 31 December 2023
2
-
2
16,165,425
16,165,425
16,165,427
WAYSTONE HARGREAVES LAND LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
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
Other reserves
Total
Members' capital
Total
Total
2022
£
£
£
£
£
Members' interests at 1 January 2022
2
-
2
8,422,419
8,422,419
8,422,421
Members' remuneration charged as an expense
-
-
-
2,142,816
2,142,816
2,142,816
Amounts introduced by members
-
-
-
1,340,000
1,340,000
1,340,000
Members' interests at 31 December 2022
2
-
2
11,905,235
11,905,235
11,905,237
WAYSTONE HARGREAVES LAND LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
17
(4,790,848)
(2,643,080)
Interest paid
-
(57,019)
Net cash outflow from operating activities
(4,790,848)
(2,700,099)
Financing activities
Capital introduced by members (classified as debt or equity)
3,799,164
1,340,000
Increase in long-term borrowings
-
1,000,000
Net cash generated from financing activities
3,799,164
2,340,000
Net decrease in cash and cash equivalents
(991,684)
(360,099)
Cash and cash equivalents at beginning of year
1,730,479
2,090,578
Cash and cash equivalents at end of year
738,795
1,730,479
WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Limited liability partnership information

Waystone Hargreaves Land LLP is a limited liability partnership incorporated in England and Wales. The registered office is CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

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 Liability Partnerships".

 

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 2).

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

 

The limited liability partnership has taken advantage of the exemption under section 405(2) of the Companies Act 2006 not to prepare consolidated accounts on the basis that its subsidiary undertakings are not material for the purpose of giving a true and fair view. The limited liability partnership is therefore not required to produce, and has not published consolidated financial statements.

 

These financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.

 

1.2
Going concern

The LLP is involved in the development of a brownfield site in Doncaster, Yorkshire. The financial statements have been prepared on a going concern basis.

 

The LLP have considered future financial forecasts and the ability of the members to provide ongoing support. In making their going concern assessment, the LLP have obtained written confirmation from its members, Waystone Limited and Hargreaves Land (North) Limited. The LLP will be reliant on the written confirmation from its members that it will provide financial support to the LLP for a period of at least 12 months from the date of approval of the financial statements to assist in meeting the LLP’s liabilities as and when they fall due to the extent that it is not available from its existing resources. The members are not aware of any reasons why this support would be withdrawn in the foreseeable future.

 

For these reasons, the LLP continue to believe that it is appropriate to adopt the going concern basis for the preparation of the financial statements.

 

 

WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.3
Long-term contracts

Income from long-term contracts is recognised as contract activity progresses, calculated with reference to the stage of completion.

 

Profit is recognised on long-term contracts on the percentage of completion basis, if the final outcome can be estimated reliably, by including in the profit and loss account turnover and related costs as contract activity progresses. Losses and contingencies on long-term contracts are recognised in full when such losses can be foreseen.

 

Contract work in progress is included in debtors as amounts recoverable on contracts. Progress payments receivable are deducted from amounts recoverable on contracts and any excess included in creditors as payments on account.

 

Where costs have been incurred in excess of the stage of completion, these are included within stocks and work in progress.

1.4
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 the provisions of section 22 of Financial Reporting Standard 102. A member’s participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members’ capital are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the profit and loss account and are equity appropriations in the balance sheet.

Other amounts applied to members, for example remuneration paid under an employment contract are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the balance sheet within ‘Loans and other debts due to members’ and are charged to the profit and loss account within ‘Members’ remuneration charged as an expense’. Amounts due to members that are classified as equity are shown in the balance sheet within ‘Members’ other interests’.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% straight line
WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

1.7
Work in progress

Work in progress is stated at the lower of cost and net realisable value, being the estimated selling value.

At each balance sheet date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

1.8
Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

1.9
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.

WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, other loans and loans from fellow group companies, 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.

 

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

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.

WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members 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.

Impairment of work in progress

The members have exercised judgement in determining whether there are any indicators of impairment of the LLP's work in progress balance. Factors taken into consideration include economic viability and expected future financial performance of the related redevelopment project. The carrying value of work in progress is included in note 9.

Long-term contracts

FRS 102 accounting requires management judgement to determine the appropriateness of calculating the revenue and profit to be recognised on long-term contracts. This includes estimating the total expected costs to complete each contract, the future profitability of the contract and also the percentage of completion at the balance sheet date, These judgements directly influence revenue and profit that can be recognised in relation to such contracts. Material changes in these estimates could affect the overall amounts recognised on individual contracts.

3
Turnover

The whole of turnover is attributable to development contracts net of VAT.

 

All turnover arose within the United Kingdom.

4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
21,430
16,084
Depreciation of owned tangible fixed assets
7,761
-
Cost of WIP utilisation recognised as an expense
13,296,932
17,337,902
5
Employees

There were no employees during the year or the prior year.

WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
6
Interest payable and similar expenses
2023
2022
£
£
Interest on loans
-
57,019
7
Tangible fixed assets
Freehold land and buildings
£
Cost
At 1 January 2023
-
Additions
129,356
At 31 December 2023
129,356
Depreciation
At 1 January 2023
-
Depreciation charged in the year
7,761
At 31 December 2023
7,761
Carrying amount
At 31 December 2023
121,595
At 31 December 2022
-
8
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
9
357,175
357,175
9
Subsidiaries

Details of the limited liability partnership's subsidiaries incorporated in England and Wales at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Hargreaves Hatfield Limited
CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ
Property and related assets holding company
Ordinary
100.00
Unity Estate Management Company Limited
CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ
Dormant
Ordinary
100.00
WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
10
Stocks
2023
2022
£
£
Work in progress
19,523,763
16,831,505

Work in progress comprises the cost of land, finance and planning and development costs in connection with the development of a brownfield site in Doncaster, Yorkshire. Finance costs capitalised in 2023: £75,447 (2022: nil)

11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
364,697
Amounts owed by group undertakings
240,000
240,000
Other debtors
655,447
632,624
Prepayments and accrued income
30,890
765,357
926,337
2,002,678

Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.

12
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
65,886
769,020
Amounts owed to other related parties
5,391
-
Amounts due to members
377,502
136,170
Other creditors
808,904
561,532
Accruals and deferred income
3,133,408
6,549,878
4,391,091
8,016,600
13
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
14
1,111,147
1,000,000
WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
14
Loans and overdrafts
2023
2022
£
£
Other loans
1,111,147
1,000,000
Payable after one year
1,111,147
1,000,000

Other loans incur interest at 4% plus EC base rate and is due for repayment by 30th December 2025.

15
Loans and other debts due to members
2023
2022
£
£
Analysis of loans
Amounts falling due within one year
16,165,425
11,905,235

Loans and other debts due to members are interest free and rank equally with debts due to ordinary creditors in the event of a winding up.

16
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Share of profit
2023
2022
£
£
Owners holding participating interest
461,026
2,142,816
2023
2022
Amounts due to related parties
£
£
Owners holding participating interest
(16,165,546)
(11,905,235)
Hargreaves Land (North) Limited
(191,857)
(70,852)
Waystone Limited
(185,645)
(65,319)
Other related parties
(5,391)
-

Amounts owed to related parties are unsecured, interest free and are repayable on demand.

WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
17
Cash absorbed by operations
2023
2022
£
£
Profit for the year
461,026
2,142,816
Adjustments for:
Finance costs recognised in profit or loss
-
57,019
Depreciation and impairment of tangible fixed assets
7,761
-
Movements in working capital:
Increase in stocks
(2,692,258)
(6,154,335)
Decrease/(increase) in debtors
1,076,341
(452,418)
(Decrease)/increase in creditors
(3,643,718)
1,763,838
Cash absorbed by operations
(4,790,848)
(2,643,080)
18
Analysis of changes in net funds/(debt)
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,730,479
(991,684)
738,795
Borrowings excluding overdrafts
(1,000,000)
(111,147)
(1,111,147)
Balances before members' debt
730,479
(1,102,831)
(372,352)
Loans and other debts due to members:
- Members' capital
(11,905,235)
(4,260,190)
(16,165,425)
Balances including members' debt
(11,174,756)
(5,363,021)
(16,537,777)
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