Limited Liability Partnership registration number OC396237 (England and Wales)
WAYSTONE HARGREAVES LAND LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
WAYSTONE HARGREAVES LAND LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Waystone Limited
Hargreaves Land (North) Limited
LLP registration number
OC396237
Registered office
CP House
Otterspool Way
Watford
Hertfordshire
WD25 8JJ
Auditor
RSM UK Audit LLP
25 Farringdon Street
London
EC4A 4AB
WAYSTONE HARGREAVES LAND LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Reconciliation of members' interests
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 19
WAYSTONE HARGREAVES LAND LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The members present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activities of the LLP are that of property development and building and civil engineering contractors.

Members' drawings, contributions and repayments

No drawings are allowed without the prior approval of all members.

Capital is only repaid on the winding up of the LLP. Additional finance shall be provided from time to time in such amounts as the members shall agree.

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:

Waystone Limited
Hargreaves Land (North) Limited
Auditor

The auditor, RSM UK Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Disclosure of information to auditor

Each of the persons who are members at the time when this members' report is approved has confirmed that:

- so far as that member is aware, there is no relevant audit information of which the LLP's auditors is unaware, and

- that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP auditor is aware of that information.

Approved by the members on 23 July 2026 and signed on behalf by:
23 July 2026
Waystone Limited
Hargreaves Land (North) Limited
Designated Member
Designated Member
WAYSTONE HARGREAVES LAND LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (the 2008 Regulations) 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 (United Kingdom Accounting Standards and applicable law).

Under the 2008 Regulations, 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 partnership and of the profit or loss of the partnership for that period.

In preparing those financial statements, the members are required to:

- Select suitable accounting policies and then apply them consistently;

- Make judgements and estimates that are reasonable and prudent; and

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

Under the 2008 Regulations the members are responsible for keeping adequate accounting records that are sufficient to show and explain the partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the partnership and to enable them to ensure that the financial statements comply with the requirements of those Regulations. They are also responsible for safeguarding the assets of the partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the designated members on behalf of the members.

WAYSTONE HARGREAVES LAND LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WAYSTONE HARGREAVES LAND LLP
- 3 -
Opinion

We have audited the financial statements of Waystone Hargreaves Land LLP (the 'limited liability partnership' or the "LLP") for the year ended 31 December 2025 which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests, the statement of cash flows 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 limited liability partnership's affairs as at 31 December 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 as applied to limited liability partnerships by the Limited Liability Partnerships.

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 limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the U nited K ingdom, 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 members' 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 limited liability partnership’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 members 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 member s 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 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.

WAYSTONE HARGREAVES LAND LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WAYSTONE HARGREAVES LAND LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to limited liability partnerships 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

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

Responsibilities of members

As explained more fully in the members' r esponsibilities s tatement set out on page 2, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership 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.

The extent to which our procedures are capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

WAYSTONE HARGREAVES LAND LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WAYSTONE HARGREAVES LAND LLP
- 5 -

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the limited liability partnership operates in and how the limited liability partnership is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006 and the LLP SORP. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety in the workplace. We performed audit procedures to inquire of management whether the company is in compliance with these laws and regulations and reviewing legal expenditure to identify any indications of non-compliance or litigation.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing a sample of journal entries and other adjustments utilising data analytics techniques, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates applied in the recognition of revenue.

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.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Rebecca Minnich (Senior Statutory Auditor)
For and on behalf of RSM UK Audit LLP, Statutory Auditor
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
23 July 2026
WAYSTONE HARGREAVES LAND LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
Notes
£
£
Turnover
3
1,275,302
(30,819)
Cost of sales
(2,305,688)
(44,328)
Gross loss
(1,030,386)
(75,147)
Administrative expenses
(101,271)
(98,164)
Other operating income
4
1,180,035
-
Profit/(loss) for the financial year before members' remuneration and profit shares
48,378
(173,311)
Members' remuneration charged as an expense
(48,378)
173,311
Result for the financial year available for discretionary division among members
-
-

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year and loss for the prior year. Accordingly no statement of other comprehensive income has been presented.

WAYSTONE HARGREAVES LAND LLP
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
7
111,246
116,421
Investments
8
357,175
357,175
468,421
473,596
Current assets
Stocks
10
20,865,431
19,922,426
Debtors
11
615,165
481,901
Cash at bank and in hand
422,026
195,725
21,902,622
20,600,052
Creditors: amounts falling due within one year
13
(4,113,860)
(3,979,817)
Net current assets
17,788,762
16,620,235
Total assets less current liabilities and net assets attributable to members
18,257,183
17,093,831
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
18,257,181
17,093,829
Members' other interests
Members' capital classified as equity
2
2
18,257,183
17,093,831

The notes on pages 11 to 19 form part of these financial statements.

The financial statements were approved by the members and authorised for issue on 23 July 2026 and are signed on their behalf by:
23 July 2026
Waystone Limited
Hargreaves Land (North) Limited
Designated member
Designated Member
Limited Liability Partnership registration number OC396237 (England and Wales)
WAYSTONE HARGREAVES LAND LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Members' capital
Total
Total
2025
£
£
£
Members' interests at 1 January 2025
2
17,093,828
17,093,828
17,093,830
Members' remuneration charged as an expense
-
48,378
48,378
48,378
Amounts introduced by members
-
1,114,975
1,114,975
1,114,975
Members' interests at 31 December 2025
2
18,257,181
18,257,181
18,257,183
WAYSTONE HARGREAVES LAND LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Members' capital
Total
Total
2024
£
£
£
Members' interests at 1 January 2024
2
16,165,425
16,165,425
16,165,427
Members' remuneration charged as an expense
-
(173,311)
(173,311)
(173,311)
Amounts introduced by members
-
1,101,715
1,101,715
1,101,715
Members' interests at 31 December 2024
2
17,093,829
17,093,829
17,093,831
WAYSTONE HARGREAVES LAND LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
16
(888,674)
(1,644,785)
Financing activities
Capital introduced by members (classified as debt or equity)
1,114,975
1,101,715
Net cash generated from financing activities
1,114,975
1,101,715
Net increase/(decrease) in cash and cash equivalents
226,301
(543,070)
Cash and cash equivalents at beginning of year
195,725
738,795
Cash and cash equivalents at end of year
422,026
195,725
WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Limited liability partnership information

Waystone Hargreaves Land LLP is a limited liability partnership incorporated in England and Wales. The registered office is CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Basis of preparation

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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 2).

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

The limited liability partnership has taken advantage of the exemption under section 405(2) of the Companies Act 2006 not to prepare consolidated accounts on the basis that its subsidiary undertakings are not material for the purpose of giving a true and fair view. The limited liability partnership is therefore not required to produce, and has not published consolidated financial statements.

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

1.2
Going concern

The LLP is involved in the development of a brownfield site in Doncaster, Yorkshire. The financial statements have been prepared on a going concern basis.

The LLP have considered future financial forecasts and the ability of the members to provide ongoing support. In making their going concern assessment, the LLP have obtained written confirmation from its members, Waystone Limited and Hargreaves Land (North) Limited. The LLP will be reliant on the written confirmation from its members that it will provide financial support to the LLP for a period of at least 12 months from the date of approval of the financial statements to assist in meeting the LLP’s liabilities as and when they fall due to the extent that it is not available from its existing resources. The members are not aware of any reasons why this support would be withdrawn in the foreseeable future.

For these reasons, the LLP continue to believe that it is appropriate to adopt the going concern basis for the preparation of the financial statements.

1.3
Turnover

Land Development Sales

Revenue from sale of developed land or plots is recognised when control transfers to the customer. Associated land development costs are recognized in cost of sales at the same time as related revenue, thereby profit is also recognised when control transfers to the customer, i f the final outcome can be estimated reliably, l osses and contingencies on land development sales are recognised in full when such losses can be foreseen.

WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
Government Grants

The company received government grant income in the year relating to creation of a road to a developable area of the site for future employment use.

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

All grants in the profit and loss a re recognised when all conditions for receipt have been complied with. No amounts were recognised in the prior year.

1.4
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 the provisions of section 22 of Financial Reporting Standard 102. 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 example remuneration paid under an employment contract 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’.

Distributions of profits to members are classified as financing activities in the statement of cash flows, reflecting their nature as returns to equity participants.

1.5
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, land is not depreciated.

WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

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:

Freehold buildings
4% 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 recognised in the profit and loss account.

1.6
Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

1.7
Work in progress

Work in progress is stated at the lower of cost and net realisable value, being the estimated selling value.

At each balance sheet date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

1.8
Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

1.9
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.

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.

WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
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, other loans and loans from fellow group companies, 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

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 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 limited liability partnership’s obligations expire or are discharged or cancelled.

1.10

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members 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.

Critical judgements

The following estimates and judgements have had the most significant effect on amounts recognised in the financial statements.

Impairment of work in progress

The members have exercised judgement in determining whether there are any indicators of impairment of the LLP's work in progress balance. Factors taken into consideration include estimates made regarding the economic viability and expected future financial performance of the related redevelopment project. The carrying value of work in progress is included in note 10.

Recognition of Cost of sales

The cost of sales in relation to land sales are subject to a degree of estimation and transfers out of work in progress are based on the estimated margin. Assessments of which, are based against historical margins, client and market knowledge and budgets for sales of land.

Estimation of future planning agreement obligations and indexation

Management have determined the future liabilities to meet planning obligations and the related indexation are sufficiently allowed for in the costs to complete on long term projects. The planning obligations require a formal review mechanism at certain project milestones with the concerned planning authority which based on the nature of t he scheme, variations, and delays to the start date of the project as well as inflation may result in a different figure to that agreed in April 2017. Outcome of negotiations with the authority could significantly affect the estimates and the amounts recognised on contracts.

3
Turnover

The whole of turnover is attributable to development contracts net of VAT.

All turnover arose within the United Kingdom.

4
Other Income

The whole of other income is attributable to grant income.

5
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the LLP's auditor for the audit of the LLP's financial statements
37,312
29,134
Depreciation of owned tangible fixed assets
5,175
5,174
Cost of WIP recognised as an expense
2,305,688
44,328
WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
6
Employees

There were no employees during the year or the prior year.

7
Tangible fixed assets
Freehold buildings
£
Cost
At 1 January 2025 and 31 December 2025
129,356
Depreciation and impairment
At 1 January 2025
12,935
Depreciation charged in the year
5,175
At 31 December 2025
18,110
Carrying amount
At 31 December 2025
111,246
At 31 December 2024
116,421
8
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
9
357,175
357,175
9
Subsidiaries

Details of the limited liability partnership's subsidiaries incorporated in England and Wales at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Hargreaves Hatfield Limited
CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ
Land holding
Ordinary
100.00
Unity Estate Management Company Limited
CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ
Dormant
Ordinary
100.00
10
Stocks
2025
2024
£
£
Work in progress
20,865,431
19,922,426
WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Stocks
(Continued)
- 17 -

Work in progress comprises the cost of land, finance and planning and development costs in connection with the development of a brownfield site in Doncaster, Yorkshire. Finance costs capitalised in 2025: £451,691 (2024: £200,898).

11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
395,165
-
Amounts owed by group undertakings
220,000
240,000
Other debtors
-
21,943
Prepayments and accrued income
-
219,958
615,165
481,901

Amounts owed by group undertakings are interest free, have no fixed repayment date and are expected to be received in more than one year.

12
Loans and overdrafts
2025
2024
£
£
Other loans
1,341,579
1,224,782
Payable within one year
1,341,579
1,224,782

Other loans are secured and incur interest at 4% plus EC base rate and have been repaid in full post year end.

13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other borrowings
12
1,341,579
1,224,782
Trade creditors
391,400
116,484
Amounts owed to other related parties
13,326
14,395
Amounts due to members
1,083,812
972,453
Other creditors
175,419
305,041
Accruals and deferred income
1,108,324
1,346,662
4,113,860
3,979,817
WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
14
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Amounts falling due within one year
18,257,181
17,093,829

The Operating l oa n due to members bears interest at 2% above the Bank of England base rate and is repayable at 31 December 2027. O ther debts due to members are interest free and rank equally with debts due to ordinary creditors in the event of a winding up.

15
Related party transactions
Transactions with related parties

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

Share of Profit / (Loss)
2025
2024
£
£
Owners holding participating interest
48,378
(173,311)
2025
2024
Amounts due to related parties
£
£
Owners holding participating interest
(18,257,181)
(17,093,829)
Hargreaves Land (North) Limited
(540,000)
(492,453)
Waystone Limited
(543,812)
(480,000)
Other related parties
(13,326)
(14,395)

Amounts due in Other related parties of £13,326 (2024: £14,395) relate to Management fees due to Lenta Properties Limited, a fellow group undertaking of a member under common control.

Amounts owed to related parties are unsecured, interest free and are repayable on demand.

Transactions with related parties include Management fees received from Lenta Properties Limited in year of £40,625. (2024: £40,625)

WAYSTONE HARGREAVES LAND LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
16
Cash absorbed by operations
2025
2024
£
£
Profit/(loss) after taxation
48,378
(173,311)
Adjustments for:
Depreciation and impairment of tangible fixed assets
5,175
5,174
Accrued finance costs
116,797
113,635
Movements in working capital:
Increase in stocks
(943,005)
(398,663)
(Increase)/decrease in debtors
(133,264)
444,436
Increase/(decrease) in creditors
17,245
(1,636,056)
Cash absorbed by operations
(888,674)
(1,644,785)
17
Analysis of changes in net debt
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
195,725
226,301
422,026
Borrowings excluding overdrafts
(1,224,782)
(116,797)
(1,341,579)
Balances before members' debt
(1,029,057)
109,504
(919,553)
Loans and other debts due to members:
- Members' capital
(17,093,829)
(1,163,352)
(18,257,181)
Balances including members' debt
(18,122,886)
(1,053,848)
(19,176,734)
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