VALOR HOLDCO 1 LIMITED

Company Registration Number:
12240062 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

VALOR HOLDCO 1 LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

VALOR HOLDCO 1 LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

Valor Holdco 1 Limited is the parent of Valor Acton Limited. Valor Acton Limited holds an asset in Acton, London and the parent intends to continue to hold (via its subsidiary, Valor Acton Limited) the asset for trading purposes.In the long term, there are plans for developments to be carried out on this asset subject to obtaining planning permission. Planningpermission is not expected to be submitted until 2023 given the remaining lease term, market conditions will also be assessed as part of the asset's development plans.



Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

Christian James Jamison
Jeffrey Evan Kelter
Robert Francis Savage JR


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
26 September 2023

And signed on behalf of the board by:
Name: Christian James Jamison
Status: Director

VALOR HOLDCO 1 LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

2022 2021


£

£
Turnover: 1,149,371 700,000
Gross profit(or loss): 1,149,371 700,000
Administrative expenses: ( 276,407 ) ( 254,436 )
Other operating income: 32,972 3
Operating profit(or loss): 905,936 445,567
Interest payable and similar charges: ( 347,964 ) ( 350,379 )
Profit(or loss) before tax: 557,972 95,188
Tax: ( 124,621 ) ( 27,888 )
Profit(or loss) for the financial year: 433,351 67,300

VALOR HOLDCO 1 LIMITED

Balance sheet

As at 31 December 2022

Notes 2022 2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 20,217,433 20,217,433
Total fixed assets: 20,217,433 20,217,433
Current assets
Debtors: 4 368,411 239,049
Cash at bank and in hand: 614,746 247,571
Total current assets: 983,157 486,620
Creditors: amounts falling due within one year: 5 ( 919,270 ) ( 598,504 )
Net current assets (liabilities): 63,887 (111,884)
Total assets less current liabilities: 20,281,320 20,105,549
Creditors: amounts falling due after more than one year: 6 ( 10,482,420 ) ( 10,640,000 )
Total net assets (liabilities): 9,798,900 9,465,549
Capital and reserves
Called up share capital: 20,000 20,000
Other reserves: 9,060,000 9,160,000
Profit and loss account: 718,900 285,549
Total Shareholders' funds: 9,798,900 9,465,549

The notes form part of these financial statements

VALOR HOLDCO 1 LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 26 September 2023
and signed on behalf of the board by:

Name: Christian James Jamison
Status: Director

The notes form part of these financial statements

VALOR HOLDCO 1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable and represents the amount receivable inconnection to the Group's rental and other income related to the stock.The Group recognises revenue when:(a) the significant risks and rewards of ownership have been transferred from the Group;(b) the amount of revenue can be measured reliably; and(c) it is probable that future economic benefits will flow to the Group.RentThe Group's revenue principally comprises rental income, from the property leased out under an operating lease is recognisedas revenue on a straight-line basis over the lease term.Deferred income represents income collected but not earned as at the end of each accounting period.

    Valuation information and policy

    Stocks are stated at the lower of cost and estimated selling price less costs to sell.Cost includes the purchase price, including taxes and other completion costs in connection with the purchase of this property. Where there are other capital expenditures, this will also be included where it is directly attributable to bringing the stock to its present location and condition.

    Other accounting policies

    Summary of significant accounting policiesThe principal accounting policies applied in the preparation of these consolidated and separate financial statements are set out below. These policies have been consistently applied to this financial year and prior year.Basis of preparation The consolidated Group and separate financial statements (Valor Holdco 1 Limited) have been prepared in accordance with the provisions of FRS 102 (1A) small entities. The Group qualifies as a small entity as the Group satisfies at least two of the following conditions set out per the Companies Act 2006:Aggregate turnover - Not more than £10.2 million net (or £12.2 million gross);- Aggregate balance sheet total - Not more than £5.1 million net (or £6.1 million gross); or- Aggregate number of employees - Not more than 50.These financial statements have been prepared on the historical cost basis, under the historical cost convention. The accounting policies have been consistently applied throughout the year and prior period. Both the Company and the Subsidiary's reporting date of the financial statements are 31 December year end.Significant judgements and estimatesThe preparation of financial statements require the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed as required.Significant judgements and estimatesThe preparation of financial statements require the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed as required.The most significant estimate and judgement made within these consolidated financial statements is in relation to the directors’ impairment assessment of the investment property classified as stock. Professional judgement is required to ascertain whether the carrying cost of the stock, reflected in the Group’s accounts is recoverable. In making this assessment the directors consider current contracted rental income along with the longer term asset management plans around developing the asset which could include residential upzoning and/ or a major refurbishment of the warehouse space.The directors have reviewed the carrying cost for the stock to determine whether an impairment loss should be recognised in the financial statements as of 31 December 2022 (2021: £Nil).Going concernThe Group's financial statements have been prepared on a going concern basis as the directors believe that the Group is able to meet its financial commitments as they fall due and forecast a sufficient excess of income over expenditure for a period of at least a year and a day from the date of authorisation of these financial statements. There is also significant headroom on the capital and income covenants with respect to the loan financing facility with Aviva (refer to Note 12).On this basis, the directors have prepared the financial statements on a going concern basis.Exemptions for qualifying entities under FRS 102 (1A)FRS 102 (1A) allows a qualifying entity certain disclosure exemptions, subject to conditions.The Company has taken advantage of the following exemptions in its separate financial statements.- from preparing a statement of cash flows, and the Group has elected to take the exemption under paragraph 1.12(b) of FRS 102 not to present the consolidated statement of cash flows;- from the financial instrument disclosures, required under FRS 102 paragraphs, 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A, as the information is provided in the consolidated financial statement disclosures;- concerning its own equity instruments, as the Company financial statements are presented with the consolidated financial statements and the relevant disclosures are included therein;- from disclosing the Company key management personnel compensation, as required by FRS 102 paragraph 33.7; and - the Company and Group do not have any employees.

VALOR HOLDCO 1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 0 0

VALOR HOLDCO 1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2022 20,217,433 20,217,433
Additions
Disposals
Revaluations
Transfers
At 31 December 2022 20,217,433 20,217,433
Depreciation
At 1 January 2022
Charge for year
On disposals
Other adjustments
At 31 December 2022
Net book value
At 31 December 2022 20,217,433 20,217,433
At 31 December 2021 20,217,433 20,217,433

VALOR HOLDCO 1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Debtors

2022 2021
£ £
Trade debtors 9,645 0
Prepayments and accrued income 5,445 4,020
Other debtors 353,321 235,029
Total 368,411 239,049
Debtors due after more than one year: 0 0

VALOR HOLDCO 1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Creditors: amounts falling due within one year note

2022 2021
£ £
Bank loans and overdrafts 242,655 170,107
Trade creditors 299,369 250,488
Taxation and social security 111,443 16,518
Accruals and deferred income 265,803 161,391
Total 919,270 598,504

VALOR HOLDCO 1 LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Creditors: amounts falling due after more than one year note

2022 2021
£ £
Bank loans and overdrafts 10,482,420 10,640,000
Total 10,482,420 10,640,000