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REGISTERED NUMBER: SO303194 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Greywalls LLP

Greywalls LLP (Registered number: SO303194)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Greywalls LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: J K H Hoar
D Hoar





REGISTERED OFFICE: Greywalls Hotel
Duncur Road
Gullane
Lothian
EH31 2EG





REGISTERED NUMBER: SO303194 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Greywalls LLP (Registered number: SO303194)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 17,320 -
Tangible assets 5 4,090,117 4,186,981
Investment property 6 1,036,050 1,036,050
5,143,487 5,223,031

CURRENT ASSETS
Stocks 7 19,611 24,388
Debtors 8 1,229,278 982,965
Cash at bank 229,377 372,269
1,478,266 1,379,622
CREDITORS
Amounts falling due within one year 9 876,496 839,578
NET CURRENT ASSETS 601,770 540,044
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,745,257

5,763,075

CREDITORS
Amounts falling due after more than one year 10 20,788 38,606
NET ASSETS ATTRIBUTABLE TO
MEMBERS

5,724,469

5,724,469

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 5,724,469 5,724,469
5,724,469 5,724,469

TOTAL MEMBERS' INTERESTS
Members' other interests 5,724,469 5,724,469
Amounts due from members 8 (1,024,186 ) (793,142 )
4,700,283 4,931,327

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Greywalls LLP (Registered number: SO303194)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 31 October 2024 and were signed by:





D Hoar - Designated member

Greywalls LLP (Registered number: SO303194)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Greywalls LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis, the acceptability of which is dependent on the continuing support of the creditors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Freehold property - 2% per annum
Improvements to property - 2% per annum
Fixtures and fittings - 25 % per annum
Motor vehicles - 25% per annum
Computer equipment - 25% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property
Investment property for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit or loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Greywalls LLP (Registered number: SO303194)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Members' participation rights
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. 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 examples remuneration paid under an employment contract and interest on capital balances, 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'.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 34 (2023 - 31 ) .

Greywalls LLP (Registered number: SO303194)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 21,650
At 31 March 2024 21,650
AMORTISATION
Charge for year 4,330
At 31 March 2024 4,330
NET BOOK VALUE
At 31 March 2024 17,320

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2023 4,400,000 139,886 29,151 5,152 4,574,189
Additions - 5,177 - - 5,177
At 31 March 2024 4,400,000 145,063 29,151 5,152 4,579,366
DEPRECIATION
At 1 April 2023 264,000 107,002 12,926 3,280 387,208
Charge for year 88,000 9,516 4,057 468 102,041
At 31 March 2024 352,000 116,518 16,983 3,748 489,249
NET BOOK VALUE
At 31 March 2024 4,048,000 28,545 12,168 1,404 4,090,117
At 31 March 2023 4,136,000 32,884 16,225 1,872 4,186,981

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2017 4,356,133 (231,474 ) - - 4,124,659
Cost 43,867 376,537 29,151 5,152 454,707
4,400,000 145,063 29,151 5,152 4,579,366

If freehold property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 43,867 43,867

Freehold property was valued on an open market basis on 22 February 2020 by Savills .

Greywalls LLP (Registered number: SO303194)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

If fixtures and fittings had not been revalued they would have been included at the following historical cost:

31.3.2431.3.23
££
Cost355,455355,455
Aggregate depreciation345,283341,892

Fixtures and fittings were valued on an open market basis on 7 December 2016 by Bonhams.

6. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 1,036,050
NET BOOK VALUE
At 31 March 2024 1,036,050
At 31 March 2023 1,036,050

Cost or valuation at 31 March 2024 is represented by:
£   
Valuation in 2017 932,188
Valuation in 2020 40,000
Cost 63,862
1,036,050

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 47,812 47,812

Investment property was valued on an open market basis on 31 March 2024 by Dominic Hoar, partner .

7. STOCKS
31.3.24 31.3.23
£    £   
Stocks 19,611 24,388

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 1,229,278 982,965

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 678,597 668,679
Taxation and social security 51,058 29,199
Other creditors 146,841 141,700
876,496 839,578

Greywalls LLP (Registered number: SO303194)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Other creditors 20,788 38,606

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 320 1,280
Between one and five years - 320
320 1,600

12. RELATED PARTY DISCLOSURES

There were no related party transactions in the year (2023: none).

13. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party (2023: none).