0 false false false false false false false false false false false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,329,978 1,277,061 2,607,039 2,607,039 1,329,978 xbrli:pure xbrli:shares iso4217:GBP OC424365 2023-01-01 2023-12-31 OC424365 2023-12-31 OC424365 2022-12-31 OC424365 bus:Director1 2023-01-01 2023-12-31 OC424365 core:WithinOneYear 2023-12-31 OC424365 core:WithinOneYear 2022-12-31 OC424365 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 OC424365 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 OC424365 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 OC424365 core:Non-currentFinancialInstruments 2023-12-31 OC424365 core:Non-currentFinancialInstruments 2022-12-31 OC424365 bus:Director4 2023-01-01 2023-12-31 OC424365 bus:SmallEntities 2023-01-01 2023-12-31 OC424365 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 OC424365 bus:FullAccounts 2023-01-01 2023-12-31 OC424365 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 OC424365 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31
REGISTERED NUMBER: OC424365
VELF 1 CO-INVESTMENT LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
VELF 1 CO-INVESTMENT LLP
FINANCIAL STATEMENTS
Year ended 31 December 2023
Contents
PAGE
Statement of financial position
1
Notes to the financial statements
3
VELF 1 CO-INVESTMENT LLP
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Investments
4
2,607,039
1,329,978
CURRENT ASSETS
Debtors
5
5,854
5,854
Cash at bank and in hand
22,875
38,705
--------
--------
28,729
44,559
CREDITORS: amounts falling due within one year
6
( 18)
( 57,088)
--------
--------
NET CURRENT ASSETS/(LIABILITIES)
28,711
( 12,529)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,635,750
1,317,449
------------
------------
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
Other amounts
MEMBERS' OTHER INTERESTS
Members' capital classified as equity
2,710,994
1,375,264
Other reserves
(75,244)
(57,815)
------------
------------
2,635,750
1,317,449
------------
------------
TOTAL MEMBERS' INTERESTS
Loans and other debts due to members
Members' other interests
2,635,750
1,317,449
------------
------------
2,635,750
1,317,449
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
VELF 1 CO-INVESTMENT LLP
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 21 July 2024 , and are signed on their behalf by:
Mr M J Hughes Director of Verdion 5 Investments Limited
Registered number: OC424365
VELF 1 CO-INVESTMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2023
1.
GENERAL INFORMATION
The LLP is registered in England and Wales. The address of the registered office is 3 Assembly Square, Britannia Quay, Cardiff Bay, Cardiff, CF10 4PL. The principal place of business is 76 Cannon Street, London, EC4N 6AE.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. 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 statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
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 statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example 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 statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
INVESTMENTS
Other investments other than loans
£
Cost
At 1 January 2023
1,329,978
Additions
1,277,061
------------
At 31 December 2023
2,607,039
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
2,607,039
------------
At 31 December 2022
1,329,978
------------
5.
DEBTORS
2023
2022
£
£
Other debtors
5,854
5,854
-------
-------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18
Other creditors
57,088
----
--------
18
57,088
----
--------