Greywalls LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: SO303194 (Scotland)

Unaudited Financial Statements

for the Period

1 April 2025 to 31 December 2025

for

Greywalls LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

GWUK Holdco Ltd

GWUK Owner Ltd

REGISTERED OFFICE:

1 George Square

Glasgow

G2 1AL

REGISTERED NUMBER:

SO303194 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Intangible assets

4

9,742

12,990

Tangible assets

5

6,531,995

6,419,668

Investment property

6

1,316,050

1,536,050

7,857,787

7,968,708

CURRENT ASSETS

Stocks

7

31,592

22,300

Debtors

8

267,064

910,835

Cash at bank

122,532

185,518

421,188

1,118,653

CREDITORS

Amounts falling due within one year

9

1,159,813

949,922

NET CURRENT (LIABILITIES)/ASSETS

(738,625

)

168,731

TOTAL ASSETS LESS CURRENT LIABILITIES

7,119,162

8,137,439

CREDITORS

Amounts falling due after more than one year

10

-

2,970

NET ASSETS ATTRIBUTABLE TO MEMBERS

7,119,162

8,134,469

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

MEMBERS' OTHER INTERESTS

Capital accounts

7,119,162

8,134,469

7,119,162

8,134,469

TOTAL MEMBERS' INTERESTS

Members' other interests

7,119,162

8,134,469

Amounts due from members

8

(161,960

)

(729,316

)

6,957,202

7,405,153

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 December 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 14 August 2026 and were signed by:

GWUK Owner Ltd - Designated member

1.	STATUTORY INFORMATION

Greywalls LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis, the acceptability of which is dependent on the continuing support of the creditors.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Freehold property - 2% per annum

Fixtures and fittings - 25 % per annum

Motor vehicles - 25% per annum

Computer equipment - 25% per annum

The exception to the above policy is when purchases are part of a recognised refurbishment period; these are held at cost until they reach a stage of operation.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit or loss account.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Members' participation rights

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. 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 examples remuneration paid under an employment contract and interest on capital balances, 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'.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Judgements in applying accounting policies and key sources of estimation uncertainty.

In preparing these financial statements, the designated members have applied their judgement in the use of certain critical accounting policies.

Assets are typically held at cost and depreciated over their useful economic lives. The exception to this is when purchases are part of a recognised refurbishment period; these are held at cost until they reach a stage of operation.

3.	EMPLOYEE INFORMATION

The average number of employees during the period was 37 (2025 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2025

and 31 December 2025

21,650

AMORTISATION

At 1 April 2025

8,660

Charge for period

3,248

At 31 December 2025

11,908

NET BOOK VALUE

At 31 December 2025

9,742

At 31 March 2025

12,990

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

property

fittings

£

COST OR VALUATION

At 1 April 2025

6,376,095

-

158,877

Additions

-

221,663

-

Disposals

-

At 31 December 2025

6,376,095

221,663

158,877

DEPRECIATION

At 1 April 2025

-

127,108

Charge for period

95,550

-

5,957

Eliminated on disposal

-

At 31 December 2025

95,550

-

133,065

NET BOOK VALUE

At 31 December 2025

6,280,545

221,663

25,812

At 31 March 2025

6,376,095

-

31,769

Motor

Computer

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 April 2025

29,151

7,319

6,571,442

Additions

-

1,941

223,604

Disposals

(29,151

)

(1,750

)

(30,901

)

At 31 December 2025

-

7,510

6,764,145

DEPRECIATION

At 1 April 2025

20,025

4,641

151,774

Charge for period

-

469

101,976

Eliminated on disposal

(20,025

)

(1,575

)

(21,600

)

At 31 December 2025

-

3,535

232,150

NET BOOK VALUE

At 31 December 2025

-

3,975

6,531,995

At 31 March 2025

9,126

2,678

6,419,668

Cost or valuation at 31 December 2025 is represented by:

Improvements

Fixtures

Freehold

to

and

Computer

property

fittings

equipment

Totals

£

Valuation in 2017

4,356,133

-

(231,474

)

-

4,124,659

Valuation in 2025

1,970,000

-

1,970,000

Cost

49,962

221,663

390,351

7,510

669,486

6,376,095

221,663

158,877

7,510

6,764,145

If freehold property had not been revalued it would have been included at the following historical cost:

31.12.25

31.3.25

£

Cost

43,867

Freehold property was valued on an open market basis on 17 January 2025 by Knight Frank LLP .

If fixtures and fittings had not been revalued they would have been included at the following historical cost:

31.3.25

£

Cost

355,455

Aggregate depreciation

349,733

347,826

Fixtures and fittings were valued on an open market basis on 7 December 2016 by Bonhams.

6.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2025

1,536,050

Disposals

(220,000

)

At 31 December 2025

1,316,050

NET BOOK VALUE

At 31 December 2025

1,316,050

At 31 March 2025

1,536,050

Cost or valuation at 31 December 2025 is represented by:

£

Valuation in 2017

762,302

Valuation in 2025

500,000

Cost

53,748

1,316,050

If investment property had not been revalued it would have been included at the following historical cost:

31.12.25

31.3.25

£

Cost

37,698

47,812

Investment property was valued on an open market basis on 17 January 2025 by Knight Frank LLP .

7.

STOCKS

31.12.25

31.3.25

£

Stocks

31,592

22,300

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.3.25

£

Trade debtors

19,771

-

Other debtors

247,293

910,835

267,064

910,835

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.3.25

£

Bank loans and overdrafts

1,406

-

Trade creditors

180,276

802,241

Taxation and social security

14,859

55,516

Other creditors

963,272

92,165

1,159,813

949,922

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.3.25

£

Other creditors

-

2,970

11.	RELATED PARTY DISCLOSURES

The LLP has taken advantage of the exemption provided by Section 33 of Financial Reporting Standard 102 for the requirement to disclose transactions between wholly owned members of the same group.

All related party transactions during the period were within wholly owned companies within the Group and therefore exempt from disclosure.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is GWUK Owner Ltd.

The ultimate controlling party is AJ Greywalls Fund LLC (Delaware) headquartered in the United States.