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REGISTERED NUMBER: SO303194 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Greywalls LLP

Greywalls LLP (Registered number: SO303194)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Greywalls LLP

General Information
for the Year Ended 31 March 2025







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 2025

31.3.25 31.3.24
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,990 17,320
Tangible assets 5 6,419,668 4,090,117
Investment property 6 1,536,050 1,036,050
7,968,708 5,143,487

CURRENT ASSETS
Stocks 7 22,300 19,611
Debtors 8 910,835 1,229,278
Cash at bank 185,518 229,377
1,118,653 1,478,266
CREDITORS
Amounts falling due within one year 9 949,922 876,496
NET CURRENT ASSETS 168,731 601,770
TOTAL ASSETS LESS CURRENT LIABILITIES 8,137,439 5,745,257

CREDITORS
Amounts falling due after more than one year 10 2,970 20,788
NET ASSETS ATTRIBUTABLE TO MEMBERS 8,134,469 5,724,469

LOANS AND OTHER DEBTS DUE TO MEMBERS - -

MEMBERS' OTHER INTERESTS
Capital accounts 8,134,469 5,724,469
8,134,469 5,724,469

TOTAL MEMBERS' INTERESTS
Members' other interests 8,134,469 5,724,469
Amounts due from members 8 (729,316 ) (1,024,186 )
7,405,153 4,700,283

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 2025.

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 2025


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 18 June 2025 and were signed by:





D Hoar - Designated member

Greywalls LLP (Registered number: SO303194)

Notes to the Financial Statements
for the Year Ended 31 March 2025

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 2025

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 35 (2024 - 34 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2024
and 31 March 2025 21,650
AMORTISATION
At 1 April 2024 4,330
Charge for year 4,330
At 31 March 2025 8,660
NET BOOK VALUE
At 31 March 2025 12,990
At 31 March 2024 17,320

Greywalls LLP (Registered number: SO303194)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2024 4,400,000 145,063 29,151 5,152 4,579,366
Additions 6,095 13,814 - 2,167 22,076
Revaluations 1,970,000 - - - 1,970,000
At 31 March 2025 6,376,095 158,877 29,151 7,319 6,571,442
DEPRECIATION
At 1 April 2024 352,000 116,518 16,983 3,748 489,249
Charge for year 88,000 10,590 3,042 893 102,525
Revaluation adjustments (440,000 ) - - - (440,000 )
At 31 March 2025 - 127,108 20,025 4,641 151,774
NET BOOK VALUE
At 31 March 2025 6,376,095 31,769 9,126 2,678 6,419,668
At 31 March 2024 4,048,000 28,545 12,168 1,404 4,090,117

Cost or valuation at 31 March 2025 is represented by:

Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2017 4,356,133 (231,474 ) - - 4,124,659
Valuation in 2025 1,970,000 - - - 1,970,000
Cost 49,962 390,351 29,151 7,319 476,783
6,376,095 158,877 29,151 7,319 6,571,442

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

31.3.25 31.3.24
£    £   
Cost 43,867 43,867

Freehold property was valued on an open market basis on 17 January 2025 by Knight Frank LLP .

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

31.3.2531.3.24
££
Cost355,455355,455
Aggregate depreciation347,826345,283

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

Greywalls LLP (Registered number: SO303194)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

6. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 April 2024 1,036,050
Revaluations 500,000
At 31 March 2025 1,536,050
NET BOOK VALUE
At 31 March 2025 1,536,050
At 31 March 2024 1,036,050

Cost or valuation at 31 March 2025 is represented by:
£   
Valuation in 2017 932,188
Valuation in 2020 40,000
Valuation in 2025 500,000
Cost 63,862
1,536,050

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

31.3.25 31.3.24
£    £   
Cost 47,812 47,812

Investment property was valued on an open market basis on 17 January 2025 by Knight Frank LLP .

7. STOCKS
31.3.25 31.3.24
£    £   
Stocks 22,300 19,611

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Other debtors 910,835 1,229,278

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade creditors 802,241 678,597
Taxation and social security 55,516 51,058
Other creditors 92,165 146,841
949,922 876,496

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.25 31.3.24
£    £   
Other creditors 2,970 20,788

Greywalls LLP (Registered number: SO303194)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.25 31.3.24
£    £   
Within one year - 320

12. RELATED PARTY DISCLOSURES

There were no related party transactions in the year (2024: none).

13. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party (2024: none).