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Registered number: 16115736
W&D UK PVT LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2025
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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W&D UK PVT LTD
REGISTERED NUMBER:16115736
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Creditors: amounts falling due after more than one year
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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 statement of comprehensive income 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 by:
The notes on pages 3 to 12 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Comprehensive loss for the period
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Contributions by and distributions to owners
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Shares issued in incorporation
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The notes on pages 3 to 12 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
W&D UK PVT Ltd is a private company limited by shares, incorporated in England and Wales. Its registered number is 16115736, and its registered office is located at 19th Floor, 51 Lime Street, London, United Kingdom, EC3M 7DQ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 company has adopted the amended FRS 102 (September 2024 edition) for the first time in these financial statements. The amendments were issued by the Financial Reporting Council (FRC) in March 2024 as part of its Periodic Review 2024, with a mandatory effective date for periods beginning on or after 1 January 2026. Early adoption is permitted and has been applied from 3 December 2024.
The company's functional and presentation currency is Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.
The following material accounting policies have been applied:
At 31 December 2025, the company had net liabilities and incurred a loss for the period then ended. The directors have therefore considered the company's ability to continue as a going concern, taking into account its forecast financial performance, liquidity requirements and the continued financial support available from its ultimate parent undertaking, Walker & Dunlop, Inc. ("W&D").
The majority of the company's liabilities at 31 December 2025 comprise amounts due to W&D, as disclosed in note 6. W&D has confirmed that it (1) will not seek repayment of amounts owed to it unless the company has sufficient financial resources to make such repayments and (2) will continue to provide financial support to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors have considered W&D's ability to provide such support and are satisfied that it has sufficient financial resources to do so.
The company continues to develop its operations as part of W&D's strategy to expand its business in Europe. Activity since the year end has shown a significant increase in turnover and a reduction in net loss, and W&D continues to invest in the company's operations, including through the recruitment of additional sales personnel. The directors have considered the company's forecasts and business plan, including its expected funding requirements throughout the going concern assessment period.
Having considered the company's forecasts, its expected funding requirements and the financial support available from W&D, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue from services to customers is recognised by applying the five-step model, which is designed to represent the rendering of promised services to customers. The amount recognised reflects the consideration the company expects to be entitled to in exchange for those services.
The company recognises revenue from the following major sources:
Provision of services
The nature, timing of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Provision of services
The company provides commercial real estate capital markets and advisory services in the United Kingdom. Revenue represents fees earned from the provision of commercial real estate capital markets and advisory services. Revenue is recognised when the relevant services have been provided, generally upon successful completion of the underlying transaction.
Performance obligations
The company’s performance obligations arise from the provision of commercial real estate brokerage and capital markets advisory services to customers, including advising on and arranging capital solutions for clients. Revenue primarily represents fees earned from these services and is recognised in accordance with the nature and timing of the underlying engagement.
For transaction-based services, the performance obligation is satisfied at a point in time, generally upon the successful closing of the underlying transaction, at which point the related revenue is recognised. Consideration is primarily in the form of transaction-based fees and is generally fixed or determinable upon completion of the transaction. Payment is typically due following the successful closing of the transaction. The company acts as principal in these arrangements, as it controls the services before they are transferred to the customer. The entity does not act as an agent in any material arrangements.
The company as a lessee
The company has leases related to buildings. The amendments to FRS 102 have been applied and the company has applied the revised Section 20.
The company assesses whether a contract is or contains a lease, at inception of a contract. The company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the company recognises the lease payments as an expense in profit or loss on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate. This represents the rate that the company would expect to pay to borrow, on a collateralised basis and over a similar term, funds necessary to obtain an asset of a similar value in a similar economic environment. The rate is determined using observable borrowing rates available to the company as a starting point and is adjusted, where appropriate, for differences in lease term, collateral and other relevant factors.
The lease liability is included in 'Creditors' on the Statement of Financial Position.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
After initial recognition, the right-of-use asset is depreciated on a straight-line basis over the shorter of the asset’s useful life or the lease term.
Depreciation on right-of-use assets is provided on the following basis:
Right-of-use assets- Over the course of the lease
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation (continued)
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Impairment of financial assets (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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The average number of employees, including directors, during the period was 7.
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The company has one lease in relation to one building which has a lease term of 2 years and 2 months.
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Lease liabilities are due as follows:
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Between one year and five years
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Discount rates used in lease measurement
Lease liabilities are measured at the present value of future lease payments. Where the interest rate implicit in the lease cannot be readily determined, the company uses its incremental borrowing rate, determined by reference to applicable borrowing rates available to the company for debt with similar terms and characteristics.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
4.Leases (continued)
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Short-term leases or leases of low-value assets
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The company does not have any short-term leases or leases of low-value assets at the reporting date.
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The following amounts in respect of leases, where the company is a lessee, have been recognised in profit or loss:
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Interest expense on lease liabilities
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Total cash outflow for leases
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Due after more than one year
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.
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Creditors: amounts falling due after more than one year
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Credited to profit or loss
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The deferred tax asset is made up as follows:
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Losses and other deductions
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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Allotted, called up and fully paid
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1 Ordinary share of £1.00
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On incorporation on 3 December 2024, the company issued one Ordinary share of £1.00 at par value, for intercompany consideration.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £23,184. Contributions totalling £Nil were payable to the fund at the reporting date and are included in creditors.
There have been no significant events affecting the company since the reporting date.
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Related party transactions
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The company is a 100% subsidiary of Walker & Dunlop, Inc. It therefore utilizes the exemption contained in paragraph 3(c) of FRS 102 Related Party Disclosures not to disclose any transactions with any entities for which 100% of the voting rights are controlled as part of the group. The company's ultimate parent undertaking and controlling party is Walker & Dunlop, Inc., a company incorporated in the United States of America. Copies of the consolidated financial statements may be obtained from its official website detailed in note 13, and are also publicly available through the U.S. Securities and Exchange Commission at www.sec.gov.
The immediate parent company is W&D UK HOLDCO LIMITED, a company incorporated in the United Kingdom.
The largest and smallest group in which the company's results are included is the consolidated accounts of its ultimate parent company, Walker & Dunlop, Inc., whose principal place of business is at 7272 Wisconsin Avenue, Suite 1300, Bethesda, Maryland 20814 a company incorporated in the United States of America. These consolidated accounts are available to the public and may be obtained from www.walkerdunlop.com.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The auditor's report on the financial statements for the period ended 31 December 2025 was unqualified.
The audit report was signed on 22 September 2026 by Taras Kulyk ACCA (Senior Statutory Auditor) on behalf of Grant Thornton UK LLP.
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