Limited Liability Partnership registration number OC329717 (England and Wales)
GRESOLD LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GRESOLD LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Pixielink Limited
H A Pearlman
Limited liability partnership number
OC329717
Registered office
Quadrant House - Floor 6
4 Thomas More Square
London
E1W 1YW
Business address
1st Floor
9 White Lion Street
London
N1 9PD
Bankers
Svenska Handelsbanken AB
Suite 153
52 Upper Street
London
United Kingdom
N1 0QH
Solicitors
Hamlins LLP
1 Kingsway
London
United Kingdom
WC2B 6AN
GRESOLD LLP
CONTENTS
Page
Members' report
1 - 2
Profit and loss account
3
Balance sheet
4 - 5
Reconciliation of members' interests
6 - 7
Notes to the financial statements
8 - 13
GRESOLD LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The members present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the limited liability partnership is that of property investment.

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.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

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:

Pixielink Limited
H A Pearlman
Statement of members' responsibilities

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.

Small LLPs exemption

This report has been prepared in accordance with the special provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

GRESOLD LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Approved by the members on 23 June 2025 and signed on behalf by:
23 June 2025
H A Pearlman
Designated Member
GRESOLD LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
2024
2023
Notes
£
£
Turnover
103,357
97,344
Property expenses
(26,254)
(23,059)
Gross profit
77,103
74,285
Administrative expenses
(3,330)
(2,897)
Operating profit
73,773
71,388
Interest payable and similar expenses
(47,450)
(40,704)
Fair value gains and losses on investment properties
4
-
(50,000)
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members
26,323
(19,316)
GRESOLD LLP
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,950,000
1,950,000
Current assets
Debtors
5
11,586
10,999
Cash at bank and in hand
65,900
203,353
77,486
214,352
Creditors: amounts falling due within one year
6
(36,738)
(36,152)
Net current assets
40,748
178,200
Total assets less current liabilities
1,990,748
2,128,200
Creditors: amounts falling due after more than one year
7
(600,844)
(614,619)
Net assets attributable to members
1,389,904
1,513,581
Represented by:
Members' other interests
8
Members' capital classified as equity
281,305
431,305
Other equity reserve
806,415
806,415
Other reserves classified as equity
302,184
275,861
1,389,904
1,513,581
Total members' interests
Members' other interests
1,389,904
1,513,581
GRESOLD LLP
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 5 -

For the financial year ended 30 September 2024 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 in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 23 June 2025 and are signed on their behalf by:
23 June 2025
Pixielink Limited
H A Pearlman
Designated member
Designated Member
Limited Liability Partnership Registration No. OC329717
GRESOLD LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Revaluation
reserve
Other reserves
Total
2024
£
£
£
£
Members' interests at 1 October 2023
431,305
806,415
275,861
1,513,581
Profit for the financial year available for discretionary division among members
-
-
26,323
26,323
Members' interests after profit for the year
431,305
806,415
302,184
1,539,904
Repayments of capital
(150,000)
-
-
(150,000)
Members' interests at 30 September 2024
281,305
806,415
302,184
1,389,904
GRESOLD LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Revaluation
reserve
Other reserves
Total
2023
£
£
£
£
Members' interests at 1 October 2022
431,305
856,415
245,177
1,532,897
Loss for the financial year available for discretionary division among members
-
-
(19,316)
(19,316)
Members' interests after loss for the year
431,305
856,415
225,861
1,513,581
Other movements
-
(50,000)
50,000
-
Members' interests at 30 September 2023
431,305
806,415
275,861
1,513,581
GRESOLD LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
1
Accounting policies
Limited liability partnership information

Gresold LLP is a limited liability partnership incorporated in England and Wales. The registered office is Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.

 

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 December 2018, 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 amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover represents amounts receivable for rents and insurance recharges. The total turnover of the limited liability partnership for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

1.3
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 section 22 of FRS 102. A member's 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.

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.

GRESOLD LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.4
Investment properties

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. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Cash at bank and in hand

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

GRESOLD LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 10 -
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.

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 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.

GRESOLD LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
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 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.

1.7
Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors 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.

 

Investment properties

Investment properties are valued annually at fair value. Fair value is ascertained through review of a

number of factors and information flows, including market knowledge, recent market movements,

recent sales of similar properties, historical experience, and rent levels and cash flows of cash for the

respective investment property. There is an inevitable degree of judgement involved and value can be

only reliably tested ultimately in the market itself. Given the property market knowledge and expertise

of the directors, no third party valuation has been considered necessary unless required by the lenders.

 

GRESOLD LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
3
Employees
2024
2023
Number
Number
Total
-
0
-
0

 

4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
1,950,000

Investment properties were valued on an open market basis at 30 September 2024 by the designated members.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,947
2,900
Other debtors
7,888
6,302
Prepayments and accrued income
1,751
1,797
11,586
10,999
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
13,775
13,775
Trade creditors
1,290
1,398
Other creditors
12,430
11,332
Accruals and deferred income
9,243
9,647
36,738
36,152
GRESOLD LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
600,844
614,619

The long-term loans are secured by a legal charge over the company's investment property. Interest is being charged quarterly in arrears at 2.4% over SONIA. 10% of the loan is repayable in quarterly instalments, with the remaining 90% to be repaid on the maturity date, five years from the initial drawdown date.


8
Members' other interests

Members capital classified as equity

Represents the nominal value of members capital.

 

Other equity reserve

Represents fair value movements in investment property and investments recognised in the current and previous reporting period.

 

Other reserves classified as equity

Includes all current and prior period retained profits and losses.

9
Related party transactions

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

 

Included in Other Debtors is an amount of £6,171 (2023: £4,250) receivable from Pearl and Coutts Limited and £319 (2023: £nil) from Structadene Limited.

 

H A Pearlman is a director of Pearl and Coutts Limited and Structadene Limited. The balances are non-interest bearing and repayable on demand.

10
Controlling parties

The controlling parties are Pixielink Limited and H A Pearlman, the designated members.

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