The members present their annual report and financial statements for the year ended 31 December 2025.
The principal activities of the LLP are that of property development and building and civil engineering contractors.
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.
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, RSM UK Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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.
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.
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).
Basis for 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 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.
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.
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.
The notes on pages 11 to 19 form part of these financial statements.
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.
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 amounts 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.
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.
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, if the final outcome can be estimated reliably, losses and contingencies on land development sales are recognised in full when such losses can be foreseen.
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 are recognised when all conditions for receipt have been complied with. No amounts were recognised in the prior year.
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.
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.
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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
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, 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.
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.
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.
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, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
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.
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.
The following estimates and judgements have had the most significant effect on amounts recognised in the financial statements.
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.
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.
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 the 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.
The whole of turnover is attributable to development contracts net of VAT.
All turnover arose within the United Kingdom.
The whole of other income is attributable to grant income.
There were no employees during the year or the prior year.
Details of the limited liability partnership's subsidiaries incorporated in England and Wales at 31 December 2025 are as follows:
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).
Amounts owed by group undertakings are interest free, have no fixed repayment date and are expected to be received in more than one year.
Other loans are secured and incur interest at 4% plus EC base rate and have been repaid in full post year end.
The Operating loan due to members bears interest at 2% above the Bank of England base rate and is repayable at 31 December 2027. Other debts due to members are interest free and rank equally with debts due to ordinary creditors in the event of a winding up.
During the year the limited liability partnership entered into the following transactions with related parties:
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)