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Registered number: 15898275 GREY ELEPHANT PROPERTIES LTD UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025
GREY ELEPHANT PROPERTIES LTD CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GREY ELEPHANT PROPERTIES LTD FOR THE PERIOD ENDED 31 AUGUST 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grey Elephant Properties Ltd for the period ended 31 August 2025 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the Board of Directors of Grey Elephant Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 17 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Grey Elephant Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Grey Elephant Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grey Elephant Properties Ltd and its Board of Directors, as a body, for our work or for this report. It is your duty to ensure that Grey Elephant Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Grey Elephant Properties Ltd. You consider that Grey Elephant Properties Ltd is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or review of the financial statements of Grey Elephant Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. MA Partners LLP 7 The Close Norwich Norfolk NR1 4DJ 14 August 2026 Page 1
GREY ELEPHANT PROPERTIES LTD REGISTERED NUMBER: 15898275 BALANCE SHEET AS AT 31 AUGUST 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Intangible assets | 4 |  | 5
Investment property | 5 |  | 2,227,995
|  |  | 2,228,000
Current assets |  |  |
Cash at bank and in hand |  | 10,191 |
|  | 10,191 |
Creditors: amounts falling due within one year | 6 | (182,339) |
Net current liabilities |  |  | (172,148)
Total assets less current liabilities |  |  | 2,055,852
Creditors: amounts falling due after more than one year | 7 |  | (1,578,244)
Net assets |  |  | 477,608
Capital and reserves |  |  |
Called up share capital |  |  | 100
Share premium account |  |  | 530,103
Profit and loss account |  |  | (52,595)
|  |  | 477,608
Page 2
GREY ELEPHANT PROPERTIES LTD REGISTERED NUMBER: 15898275 BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 August 2026.
J D Rayner
Director
The notes on pages 4 to 7 form part of these financial statements. Page 3
GREY ELEPHANT PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025
1. | General information
The companu is a private company limited by shares. It is both incoporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norfolk, NR1 4DJ. The company commenced trading on 13 February 2025 and its principal activity is the rental of its investment property. The principal place of busines is Whitley Bay. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Revenue
Rental income is recognised on an accruals basis in accordance with the period which it covers.
| 2.3 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.4 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
| 2.5 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 4
GREY ELEPHANT PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.6 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the period was 2.
4. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| Additions | 5
| At 31 August 2025 | 5
| Net book value |
| At 31 August 2025 | 5
Page 5
GREY ELEPHANT PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| Additions at cost | 2,227,995
| At 31 August 2025 | 2,227,995
The 2025 valuations were made by the directors, on an open market value basis.
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £
| Other creditors | 178,104
| Accruals and deferred income | 4,235
|  | 182,339
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025
|  |  |  |  | £
| Bank loans | 1,578,244
|  | 1,578,244
Page 6
GREY ELEPHANT PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2025
8. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025
|  |  |  |  | £
| Amounts falling due after more than 5 years |
| Bank loans | 1,578,244
|  | 1,578,244
|  | 1,578,244
9. | Related party transactions
| As at 31 August 2025 the company owed the directors £178,104. The loan is interest free and repayable on demand.
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