Company registration number 13214974 (England and Wales)
GWA ASSET MANAGEMENT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
GWA ASSET MANAGEMENT LTD
COMPANY INFORMATION
Directors
Mr SW Allister
Mr JH Coats
Mr AD Alexander
Mr SAF Faed
Mr CM Frame
Mr NS Robertson
Mr RG Kirkham
Company number
13214974
Registered office
17 Walkergate
Berwick Upon Tweed
Northumberland
TD15 1DJ
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
Business address
17 Walkergate
Berwick Upon Tweed
Northumberland
TD15 1DJ
GWA ASSET MANAGEMENT LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 22
GWA ASSET MANAGEMENT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Principal activities

The company is FCA regulated. The principal activity of the company is that of investment management services.

The company's parent company was previously Three Counties Financial Management Holdings Limited, with Greaves West & Ayre Limited being its ultimate parent company. Following a reorganisation on 30 April 2025, the company's parent company and ultimate parent company is now Greaves West & Ayre Limited. Greaves West & Ayre Limited continues to be owned and controlled by Greaves West & Ayre, a partnership in which some of the company's directors are partners. The ultimate controlling party of GWA Asset Management Ltd is certain parties in the Greaves West & Ayre partnership.

Review of the business

GWA Asset Management Ltd (GWAAM) was set up to provide discretionary management services, enhancing the investment proposition to the wider GWA wealth management clients.

Qualis Funds are at the centre of the GWAAM’s offering and employs the same rigorous quantitative and qualitative research methodology that has been used within the management of the GWA model investment portfolios over the past ten years and beyond.

GWAAM’s research led, multi-asset portfolios, offer investors something that has been broadly ignored in the market place over the past 10 years, true diversification. GWAAM’s focus is to consistently deliver broad asset class exposure.

At the centre of the Qualis service is the MGTS Qualis Growth Fund and the MGTS Qualis Defensive fund. GWAAM has been appointed as the Investment Manager of the funds, which are operated by Margetts Fund Management Ltd (MGTS) to provide the solution to the gap in the market that was first identified by the directors.

Over the period since launch, some £279 million of assets were under management by 30 April 2025. Assets under management continue to grow and performance of the funds has been considered satisfactory given the heightened volatility in the markets in the later part of the financial year. The board will continue to strive to manage the company and look to deliver strong growth in both funds by careful strategic direction for the assets under management.

The company's strong relationship with Margetts has aided the operations of the funds over the period since launch.

Principal risks and uncertainties

The company is exposed to many operational and commercial risks. It is the responsibility of the company's directors to assess these risks and ensure appropriate controls are in place to mitigate their impact on the business. The directors consider that the principal risks and mitigating controls are as follows:

- Market shock - fall in stock markets - diversification in asset allocations can help reduce impact. Strong internal controls and investment limits are in place and are continually monitored. Income is at risk if the value of assets under management reduce.

- Loss of key personnel - a policy of deputising key investment staff and their responsibilities is in place. The funds are managed with strong involvement from the deputy fund managers which mitigate any key personnel absences.

- Errors, breaches and incidents - this includes; internal breaches and cost of restitution; and external errors with cost of restitution and potential reputational damage. Internal controls, formal processes, strong peer scrutiny and board reporting all help mitigate these risks. The opportunity for fraud is considered very low with third party trading and custody arrangements at the centre of the processes, which mitigate the opportunity for error or incidents.

- Capital adequacy – to comply with ICARA rules. The board produce and review monthly ICARA capital adequacy models to ensure that the company sufficiently meet capital adequacy requirements each month. This data forms part of the reporting process to the board on a monthly basis.

GWA ASSET MANAGEMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
Key performance indicators

The directors consider that the most relevant KPI's currently are as follows:

- Turnover - £998,739 (2024 £657,921)

- Profit before tax - £227,227 (2024 £122,992)

- Assets under management £279.1 million (£269.5 million at 30 April 2024)

It should be noted that the 2024 comparatives cover the period from Qualis funds launch on 19 June 2023 to 30 April 2024.

The directors are satisfied with the company's performance during the year.

Future Development

The company is committed to growing the funds and increasing the assets under management. The key drivers to ongoing success will be our continued strategy of investing in employees, by enhancing our investment knowledge through training, research led development of investment content and prudent financial controls and policies.

Section 172 Statement

The board of directors of GWA Asset Management Ltd consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 30 April 2025. In particular, by reference to the discussions for our strategic plans and regular board meeting discussions which guide the future of the company.

Our discussions and plans aim to secure the success of the company in the long term for the benefit of stakeholders, employees and customers.

To achieve this, we have built a board with a great deal of industry experience to allow them to assess the risks facing the company.

The directors of GWA Asset Management Ltd would like to confirm their commitment to the implementation and ongoing oversight of the new Consumer Duty rules as laid out by the FCA Consumer Duty rules, that came into force in July 2023. As part of these new Consumer Principles, the company will continue to deliver outcomes for its clients and evidence that the principles are met.

As the board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating with the highest standards of business conduct and good governance. This contributes to the delivery of our plans for the company's future. The intention is to continue to grow the company's reputation and brand and ensure that the actions of management and employees reflect the board's responsible behaviour.

In turn, this allows stakeholders to also benefit from the company's success.

On behalf of the board

Mr JH Coats
Director
10 July 2025
GWA ASSET MANAGEMENT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr SW Allister
Mr JH Coats
Mr AD Alexander
Mr SAF Faed
Mr CM Frame
Mr NS Robertson
Mr RG Kirkham
Future developments

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Energy and carbon report

An Energy and carbon report is not included as the company would qualify as being small, were it not part of an ineligible group.

Strategic report

A Strategic report is not included as the company would qualify as being small, were it not part of an ineligible group.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr JH Coats
Director
10 July 2025
GWA ASSET MANAGEMENT LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GWA ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GWA ASSET MANAGEMENT LTD
- 5 -
Opinion

We have audited the financial statements of GWA Asset Management L td (‘the company’) for the year ended 30 April 2025, which comprise the Profit and loss account, Statement of comprehensive income, Balance sheet, Statement of changes in equity, 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:

- give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, 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 Directors’ 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 company’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 Directors 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 Directors 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• The information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

GWA ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GWA ASSET MANAGEMENT LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• The financial statements are not in agreement with the accounting records and returns; or

• Certain disclosures of Directors’ remuneration specified by law are not made; or

• We have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement set out on page 4, the Directors 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 Directors 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 Directors are responsible for assessing the company’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 Directors either intend to liquidate the company 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

GWA ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GWA ASSET MANAGEMENT LTD (CONTINUED)
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

• Companies Act 2006;

• UK tax legislation;

• UK Generally Accepted Accounting Practice; and

• Financial services legislation.

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

• Management override of controls

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

• Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;

• Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;

• Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and assessing judgements made by management in their calculation of accounting estimates for potential management bias;

• Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and

• Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

GWA ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GWA ASSET MANAGEMENT LTD (CONTINUED)
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Bryan Shepka
Senior Statutory Auditor
For and on behalf of Johnston Carmichael LLP
10 July 2025
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
GWA ASSET MANAGEMENT LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
998,739
657,921
Administrative expenses
(779,473)
(536,089)
Operating profit
4
219,266
121,832
Interest receivable and similar income
8
7,961
1,160
Profit before taxation
227,227
122,992
Tax on profit
9
(56,807)
(30,710)
Profit for the financial year
170,420
92,282

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 22 form part of these financial statements.

GWA ASSET MANAGEMENT LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 10 -
2025
2024
£
£
Profit for the year
170,420
92,282
Other comprehensive income
-
-
Total comprehensive income for the year
170,420
92,282

The notes on pages 13 to 22 form part of these financial statements.

GWA ASSET MANAGEMENT LTD
BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
373
559
Current assets
Debtors
11
79,839
75,378
Cash at bank and in hand
498,890
404,219
578,729
479,597
Creditors: amounts falling due within one year
12
(116,307)
(187,734)
Net current assets
462,422
291,863
Total assets less current liabilities
462,795
292,422
Provisions for liabilities
Deferred tax liability
13
93
140
(93)
(140)
Net assets
462,702
292,282
Capital and reserves
Called up share capital
15
200,000
200,000
Profit and loss reserves
262,702
92,282
Total equity
462,702
292,282

The notes on pages 13 to 22 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
Mr SW Allister
Mr CM Frame
Director
Director
Company registration number 13214974 (England and Wales)
GWA ASSET MANAGEMENT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2023
200,000
-
0
200,000
Year ended 30 April 2024:
Profit and total comprehensive income
-
92,282
92,282
Balance at 30 April 2024
200,000
92,282
292,282
Year ended 30 April 2025:
Profit and total comprehensive income
-
170,420
170,420
Balance at 30 April 2025
200,000
262,702
462,702

The notes on pages 13 to 22 form part of these financial statements.

GWA ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
1
Accounting policies
Company information

GWA Asset Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 17 Walkergate, Berwick Upon Tweed, Northumberland, TD15 1DJ.

The company's parent company was previously Three Counties Financial Management Holdings Limited, with Greaves West & Ayre Limited being its ultimate parent company. Following a reorganisation on 30 April 2025, the company's parent company and ultimate parent company is now Greaves West & Ayre Limited. Greaves West & Ayre Limited continues to be owned and controlled by Greaves West & Ayre, a partnership in which some of the company's directors are partners. The ultimate controlling party of GWA Asset Management Ltd is certain parties in the Greaves West & Ayre partnership.

1.1
Accounting convention

These financial statements have been prepared in accordance 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Greaves West & Ayre Limited. These consolidated financial statements are available from its registered office,

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Having considered the results of the company, including possible downside scenarios impacting revenues, expenses and financial resilience, and the current liquidity and net assets of the company, the directors are satisfied that it is a reasonable assumption that the company should have sufficient resources to meet its working capital requirements for at least the next 12 months from the date of approval of these financial statements.

Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

GWA ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 14 -

Revenue from contracts represents annual management charges received from the investment products operated.

1.4
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:

Computers
25% Straight line

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

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.

GWA ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 15 -
1.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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 company 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 company after deducting all of its liabilities.

GWA ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -
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 paymen ts 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. A m ounts 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

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 s ubsequently 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 being measured at fair value th r ough 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 company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GWA ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

The directors consider that there are no significant judgements, estimates or assumptions made which would have a material impact on these financial statements.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Management fees
998,739
657,921
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
998,739
657,921
2025
2024
£
£
Other revenue
Interest income
7,961
1,160
GWA ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 18 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
186
186
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,450
19,000
For other services
Audit-related assurance services
4,200
4,000

Fees payable to the company's auditor and associates includes £7,325 (2024 £6,500) for the Audit of the company's ultimate controlling party, Greaves West & Ayre Limited.

6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
4
0

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
220,421
-
0
Social security costs
23,311
-
Pension costs
15,650
-
0
259,382
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
197,500
-
0
Company pension contributions to defined contribution schemes
14,118
-
211,618
-
0
GWA ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
7
Directors' remuneration
(Continued)
- 19 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 0).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
7,961
1,160
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
56,853
30,570
Deferred tax
Origination and reversal of timing differences
(46)
140
Total tax charge
56,807
30,710

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
227,227
122,992
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
56,807
30,748
Tax at marginal rate
-
0
(39)
Depreciation
47
47
Capital Allowances
-
0
(186)
Deferred Tax movement
(47)
140
Taxation charge for the year
56,807
30,710
GWA ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
10
Tangible fixed assets
Computers
£
Cost
At 1 May 2024 and 30 April 2025
745
Depreciation and impairment
At 1 May 2024
186
Depreciation charged in the year
186
At 30 April 2025
372
Carrying amount
At 30 April 2025
373
At 30 April 2024
559
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
78,869
74,666
Prepayments and accrued income
970
712
79,839
75,378
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
594
-
0
Corporation tax
56,854
30,570
Other taxation and social security
15,992
-
0
Other creditors
6,187
-
0
Accruals and deferred income
36,680
157,164
116,307
187,734
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
93
140
GWA ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
13
Deferred taxation
(Continued)
- 21 -
2025
Movements in the year:
£
Liability at 1 May 2024
140
Credit to profit or loss
(47)
Liability at 30 April 2025
93

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,650
-

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200,000
200,000
200,000
200,000
16
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Name of related party
Nature of relationship
Entities with control, joint control or significant influence over the company
Partnership in which some Directors' are Partners'
Description of
Income
Expenses
transaction
2025
2024
2025
2024
£
£
£
£
Entities with control, joint control or significant influence over the company
Recharges between connected entities
-
0
-
0
482,455
502,534
GWA ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
16
Related party transactions
(Continued)
- 22 -
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2025
2024
2025
2024
£
£
£
£
Entities with control, joint control or significant influence over the company
-
0
-
0
7,200
130,264
17
Ultimate controlling party

GWA Asset Management Ltd is the wholly owned subsidiary of Greaves West & Ayre Limited, a company incorporated in the United Kingdom and its registered office address is 17 Walkergate, Berwick upon Tweed, Northumberland, TD15 1DJ. GWA Asset Management Ltd was previously owned by Three Counties Financial Management Holdings limited, a company that was wholly owned by Greaves West & Ayre Limited until 30 April 2025.

Greaves West & Ayre Limited is owned and controlled by Greaves West & Ayre, a partnership in which some of the company's directors are partners. The ultimate controlling party of GWA Asset Management Ltd is certain parties in the Greaves West & Ayre partnership.

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