Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-31No description of principal activity2023-01-01false3436falsefalse OC412460 2023-01-01 2023-12-31 OC412460 2022-01-01 2022-12-31 OC412460 2023-12-31 OC412460 2022-12-31 OC412460 2022-01-01 OC412460 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 OC412460 c:Buildings c:LongLeaseholdAssets 2023-12-31 OC412460 c:Buildings c:LongLeaseholdAssets 2022-12-31 OC412460 c:FurnitureFittings 2023-01-01 2023-12-31 OC412460 c:FurnitureFittings 2023-12-31 OC412460 c:FurnitureFittings 2022-12-31 OC412460 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC412460 c:OfficeEquipment 2023-01-01 2023-12-31 OC412460 c:OfficeEquipment 2023-12-31 OC412460 c:OfficeEquipment 2022-12-31 OC412460 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC412460 c:ComputerEquipment 2023-01-01 2023-12-31 OC412460 c:ComputerEquipment 2023-12-31 OC412460 c:ComputerEquipment 2022-12-31 OC412460 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC412460 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 OC412460 c:CurrentFinancialInstruments 2023-12-31 OC412460 c:CurrentFinancialInstruments 2022-12-31 OC412460 c:Non-currentFinancialInstruments 2023-12-31 OC412460 c:Non-currentFinancialInstruments 2022-12-31 OC412460 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 OC412460 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 OC412460 c:OtherMiscellaneousReserve 2023-01-01 2023-12-31 OC412460 c:OtherMiscellaneousReserve 2023-12-31 OC412460 c:OtherMiscellaneousReserve 2022-12-31 OC412460 c:OtherMiscellaneousReserve 2022-01-01 OC412460 d:FRS102 2023-01-01 2023-12-31 OC412460 d:Audited 2023-01-01 2023-12-31 OC412460 d:FullAccounts 2023-01-01 2023-12-31 OC412460 d:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC412460 c:Subsidiary1 2023-01-01 2023-12-31 OC412460 c:Subsidiary1 1 2023-01-01 2023-12-31 OC412460 c:Subsidiary2 2023-01-01 2023-12-31 OC412460 c:Subsidiary2 1 2023-01-01 2023-12-31 OC412460 c:Subsidiary3 2023-01-01 2023-12-31 OC412460 c:Subsidiary3 1 2023-01-01 2023-12-31 OC412460 c:Subsidiary4 2023-01-01 2023-12-31 OC412460 c:Subsidiary4 1 2023-01-01 2023-12-31 OC412460 d:Consolidated 2023-12-31 OC412460 d:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 OC412460 4 2023-01-01 2023-12-31 OC412460 6 2023-01-01 2023-12-31 OC412460 d:PartnerLLP1 2023-01-01 2023-12-31 OC412460 d:PartnerLLP2 2023-01-01 2023-12-31 OC412460 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-12-31 OC412460 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-12-31 OC412460 c:FurtherSpecificReserve2ComponentTotalEquity 2023-12-31 OC412460 c:FurtherSpecificReserve2ComponentTotalEquity 2022-12-31 OC412460 c:FurtherSpecificReserve3ComponentTotalEquity 2023-01-01 2023-12-31 OC412460 c:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 OC412460 c:FurtherSpecificReserve3ComponentTotalEquity 2022-12-31 OC412460 c:FurtherSpecificReserve3ComponentTotalEquity 2022-01-01 OC412460 c:Non-controllingInterests 2023-12-31 OC412460 c:Non-controllingInterests 2022-12-31 OC412460 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: OC412460









VALOR REAL ESTATE PARTNERS LLP









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VALOR REAL ESTATE PARTNERS LLP
 

INFORMATION




Designated Members

Christian James Jamison
VREP Manco Investors Limited

LLP registered number

OC412460

Registered office

10 Stratton StreetW1J 8LG

Independent auditors

Harris & Trotter LLP101 New Cavendish Street1st Floor SouthLondonW1W 6XH


 
VALOR REAL ESTATE PARTNERS LLP
 

CONTENTS



Page
Members' Report
1 - 2
Members' Responsibilities Statement
3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9 - 10
LLP Balance Sheet
11 - 12
Consolidated Statement of Changes in Equity
13
LLP Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15
Notes to the Financial Statements
16 - 34


 
VALOR REAL ESTATE PARTNERS LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The members present their annual report together with the audited financial statements of Valor Real Estate Partners LLP (the "LLP and the Group") for the year ended 31 December 2023
 

Principal activities
 
 
The LLP and the Group was incorporated on 22 June 2016 and commenced trading on that date.
 
 
The principal object of the LLP and the Group is to provide investment advisory services and asset, property and construction management expenses.
 
 
Designated Members
 
 
Christian James Jamison and VREP Manco Investors Limited were designated members of the LLP and the Group throughout the period.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the year ended 31 December 2023 are set out in the financial statements.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Page 1

 
VALOR REAL ESTATE PARTNERS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
 
 
Disclosure of information to auditors
 
 
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 Group's auditors are 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 Group's auditors are aware of that information.
 

Auditors
 
 
The auditorsHarris & Trotter LLPhave indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.
 

This report was approved by the members and signed on their behalf by: 




Christian James Jamison



Date: 3 December 2024

Date: 3 December 2024
Page 2

 
VALOR REAL ESTATE PARTNERS LLP
 
 
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The members are responsible for preparing the annual report and theconsolidated financial statements in accordance with applicable law and regulations.

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, 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 LLP and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the members are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and the Group and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALOR REAL ESTATE PARTNERS LLP
 

Opinion
 

We have audited the financial statements of Valor Real Estate Partners LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the LLP Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the LLP Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent LLP's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 Group's or the parent LLP'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.


Page 4

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALOR REAL ESTATE PARTNERS LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent LLP, or returns adequate for our audit have not been received from branches not visited by us; or
the parent LLP financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement on page 3, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the Group's and the parent LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the Group or the parent LLP or to cease operations, or have no realistic alternative but to do so.


Page 5

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALOR REAL ESTATE PARTNERS LLP (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial
statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of
material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent
limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may
not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
noncompliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry
in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and
the Companies Act 2006.
• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by
making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALOR REAL ESTATE PARTNERS LLP (CONTINUED)


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Neville Newman (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
101 New Cavendish Street
1st Floor South
London
W1W 6XH

3 December 2024
Page 7

 
VALOR REAL ESTATE PARTNERS LLP
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
14,980,659
16,201,986

Cost of sales
  
(78,539)
(3,850)

Gross profit
  
 
14,902,120
 
16,198,136

Administrative expenses
  
(12,691,894)
(15,929,625)

Prior period adjustments
 12 
(1,696,601)
-

Other operating income
 5 
2,759
226

Other operating charges
  
(2,628)
6,673

Operating profit
 6 
 
513,756
 
275,410

Interest payable and similar expenses
 10 
(297)
(12,660)

Profit before tax
  
 
513,459
 
262,750

Tax on profit
 11 
(62,682)
(44,683)

Profit before members' remuneration and profit shares available for discretionary division among members
  
 
450,777
 
218,067

Other comprehensive income for the year
  

Currency translation differences
  
15,401
17,914

Other comprehensive income for the year
  
15,401
17,914

  

Total comprehensive income for the year
  
466,178
235,981

Profit for the year attributable to:
  

Owners of the parent LLP
  
450,777
218,067

  
 
450,777
 
218,067

  

Owners of the parent LLP
  
466,178
235,981

  
 
466,178
 
235,981

Page 8

 
VALOR REAL ESTATE PARTNERS LLP
REGISTERED NUMBER: OC412460

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
168,737
121,076

  
168,737
121,076

Current assets
  

Debtors
 15 
3,022,848
3,430,322

Cash at bank and in hand
 16 
2,409,841
3,027,823

  
5,432,689
6,458,145

Creditors: amounts falling due within one year
 17 
(5,766,931)
(6,854,227)

Net current liabilities
  
 
 
(334,242)
 
 
(396,082)

Total assets less current liabilities
  
(165,505)
(275,006)

  

Net liabilities
  
(165,505)
(275,006)


Capital and reserves
  

  

Members' other interests
  

Members' capital classified as equity
  
12,739,568
12,302,786

Other reserves classified as equity
  
(12,905,073)
(12,577,792)

  
 
(165,505)
 
(275,006)

  
(165,505)
(275,006)


Total members' interests
  

Members' other interests
  
(165,505)
(275,006)

  
(165,505)
(275,006)


Page 9

 
VALOR REAL ESTATE PARTNERS LLP
REGISTERED NUMBER: OC412460
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 3 December 2024.




Christian James Jamison
Designated member

The notes on pages 16 to 34 form part of these financial statements.

Page 10

 
VALOR REAL ESTATE PARTNERS LLP
REGISTERED NUMBER: OC412460

LLP BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
87,440
121,076

Investments
 14 
24,451
24,451

  
111,891
145,527

Current assets
  

Debtors
 15 
3,145,965
3,804,522

Cash at bank and in hand
 16 
2,128,158
1,976,097

  
5,274,123
5,780,619

Creditors: amounts falling due within one year
 17 
(5,591,528)
(5,917,034)

Net current liabilities
  
 
 
(317,405)
 
 
(136,415)

Total assets less current liabilities
  
(205,514)
9,112

Net (liabilities)/assets
  
(205,514)
9,112

Page 11

 
VALOR REAL ESTATE PARTNERS LLP
REGISTERED NUMBER: OC412460
    
LLP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£


Represented by:
  


Members' other interests
  

Members' capital classified as equity
  
12,739,568
12,302,786

Other reserves classified as equity brought forward
  
(12,293,674)
(12,182,472)

Profit for the year available for discretionary division among members
  
142,051
702,911

Other movements in other reserves
  
(793,459)
(814,113)

Other reserves classified as equity carried forward
  
(12,945,082)
(12,293,674)

  
(205,514)
9,112

  
(205,514)
9,112


Total members' interests
  

Members' other interests
  
(205,514)
9,112

  
(205,514)
9,112


The financial statements were approved and authorised for issue by the members and were signed on their behalf on 3 December 2024.




Christian James Jamison
Designated member

The notes on pages 16 to 34 form part of these financial statements.

Page 12
 

 
VALOR REAL ESTATE PARTNERS LLP


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Members capital (classified as equity)
Foreign exchange reserve
Other reserves
Total equity


£
£
£
£



At 1 January 2022
8,845,350
(9,385)
(11,990,275)
(3,154,310)





Profit for year for discretionary division among members
-
-
218,067
218,067


Currency translation differences
-
17,914
-
17,914


Allocated profit
814,113
-
(814,113)
-


Capital introduced by members
3,000,000
-
-
3,000,000


Capital amounts repaid to members
(356,677)
-
-
(356,677)





At 1 January 2023
12,302,786
8,529
(12,586,321)
(275,006)



Comprehensive income for the year


Profit for year for discretionary division among members
-
-
450,777
450,777


Currency translation differences
-
15,401
-
15,401


Allocated profit
793,459
-
(793,459)
-



Contributions by and distributions to members


Capital amounts repaid to members
(356,677)
-
-
(356,677)



At 31 December 2023
12,739,568
23,930
(12,929,003)
(165,505)

The notes on pages 16 to 34 form part of these financial statements.

Page 13

 

 
VALOR REAL ESTATE PARTNERS LLP


 

LLP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Members' capital (classified as equity)
Other reserves
Total equity


£
£
£



At 1 January 2022
8,845,350
(12,182,472)
(3,337,122)



Comprehensive income for the year


Profit for year for discretionary division among members
-
702,911
702,911


Allocated profit
814,113
(814,113)
-


Capital introduced by members
3,000,000
-
3,000,000


Capital amounts repaid to members
(356,677)
-
(356,677)





At 1 January 2023
12,302,786
(12,293,674)
9,112



Comprehensive income for the year


Profit for year for discretionary division among members
-
142,051
142,051


Allocated profit
793,459
(793,459)
-


Capital amounts repaid to members
(356,677)
-
(356,677)



At 31 December 2023
12,739,568
(12,945,082)
(205,514)

The notes on pages 16 to 34 form part of these financial statements.

Page 14
 
VALOR REAL ESTATE PARTNERS LLP
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
450,777
218,067

Adjustments for:

Depreciation of tangible assets
78,465
144,240

Interest paid
297
6,330

Taxation charge
62,682
46,609

(Increase) in debtors
(112,430)
(327,428)

Decrease in amounts owed by groups
519,904
-

(Decrease) in creditors
(879,653)
(3,882,950)

(Decrease)/increase in amounts owed to groups
(196,767)
-

Corporation tax (paid)
(62,682)
(46,609)

Net cash generated from operating activities before transactions with members

(139,407)
(3,841,741)


Cash flows from investing activities

Purchase of tangible fixed assets
(126,124)
(92,036)

Net cash from investing activities

(126,124)
(92,036)

Cash flows from financing activities

Interest paid
(297)
(6,330)

Members' capital contributed
-
3,000,000

Members' capital repaid
(356,677)
(356,677)

Net cash used in financing activities
(356,974)
2,636,993

Net (decrease) in cash and cash equivalents
(622,505)
(1,296,784)

Cash and cash equivalents at beginning of year
2,980,919
4,259,789

Foreign exchange gains and losses
15,401
17,915

Cash and cash equivalents at the end of year
2,373,815
2,980,920


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,409,841
3,027,823

Bank overdrafts
(36,026)
(46,903)

2,373,815
2,980,920


The notes on pages 16 to 34 form part of these financial statements.

Page 15

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Valor Real Estate LLP is a limited liability partnership incorporated on 16 June 2016 in England and Wales under the Companies Act 2006. The agreement was amended on 16 January 2020. The principal activities of the Company are investment advisory and asset, property and construction management.
It is organised on the limited partnership agreement ("LPA") as a "Limited partnership". The Partnership and its subsidaries together are referred to as the "Group".
The address of the registered office is given on the information page and the nature of the LLP's operations and its principal activities are set out in the members' report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Going concern

The group generated a profit of £466,178 (2022: £235,981) during the year and had net liabilities of £(165,505) (2022:  (275,006)). The members have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, the Group continues to adopt the going concern basis of accounting in preparing the financial statements.  

Page 16

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 17

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 18

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Taxation

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 balance sheet date in the countries where the LLP and the Group operate and generate income.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.12

Division and distribution of profits

A division of profits is the mechanism by which the profits of a Group become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the Group does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the Group, which it has the unconditional right to avoid making.

The Group divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in  the Consolidated Statement of Comprehensive Income.

The Group classifies distributions of profits as operating cash flows in the Statement of Cash Flows

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Long-term leasehold property
-
3
years
Fixtures and fittings
-
3
years
Office equipment
-
3
years
Computer equipment
-
3
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 20

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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.

Financial liabilities

Page 21

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

Page 22

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

 In preparing these financial statements, the members have made the following judgements:
Determine whether there are indicators of impairment of tangible assets. Factors taken into consideration in reaching such a decision include economic viability and expected future financial performance of the asset. 

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Turnover
14,980,659
16,201,986

14,980,659
16,201,986


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
9,919,736
12,155,646

Rest of Europe
5,060,923
4,046,340

14,980,659
16,201,986



5.


Other operating income

2023
2022
£
£

Other operating income
2,759
226

2,759
226


Page 23

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Staff salaries
7,207,956
8,821,068

Staff national insurance
940,523
1,040,219

Staff pension costs - defined contribution schemes
504,725
531,975

Other operating lease rentals
886,954
736,991

Hotels, travel and subsistence
378,598
611,103

Legal and professional
524,104
637,816

Depreciation - office equipment
21,424
10,354

Recharge expenses
-
1,449,893

Depreciation - computer equipment
51,923
50,246

Depreciation - fixtures and fittings
-
54,487

Depreciation - leasehold property
5,117
29,152

Exchange differences
17,218
552


7.


Auditors' remuneration

During the year, the Group obtained the following services from the LLP's auditors:


2023
2022
£
£

Fees payable to the LLP's auditors for the audit of the consolidated and parent LLP's financial statements
30,000
27,300

Page 24

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs were as follows:


Group
Group
LLP
LLP
2023
2022
2023
2022
£
£
£
£


Wages and salaries
7,207,956
8,821,068
4,359,185
6,557,355

Social security costs
940,523
1,040,219
698,448
823,653

Cost of defined contribution scheme
504,725
531,975
42,765
41,508

8,653,204
10,393,262
5,100,398
7,422,516


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:



Group
Group
LLP
LLP
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
49
44
34
36


9.


Information in relation to members

2023
2022
Number
Number


The average number of members during the year was
2
2










10.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
297
12,660

297
12,660

Page 25

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
62,682
44,683

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
513,459
262,750


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
128,365
49,923

Effects of:


Higher rate taxes on overseas earnings
2,215
15,286

Non-taxable income
(88,078)
(133,587)

Unrelieved tax losses carried forward
3,057
120,490

Other differences leading to an increase (decrease) in the tax charge
17,123
(7,429)

Total tax charge for the year
62,682
44,683


Factors that may affect future tax charges

The corporation tax main rate in the United Kingdom has increased from 19% to 25% from April 2023. 

Page 26

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Prior period adjustments

2023
2022
£
£


Recharge expense
1,696,601
-

1,696,601
-

The above prior period adjustment arose due to the reconciliations between Valor Real Estate Partner LLP with its subsidiaries Valor Real Estate Partners FR1 and Valor Real Estate Partners GmbH for the year 2022 and 2021 which was performed in 2023 being the first year of producing the consolidated accounts resulting in timing differences on recording of income and expenses. The position as at December 2023 for the intercompany receivables and payables is reconciled and have been fully eliminated.


13.


Tangible fixed assets

Group






Long-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
185,230
290,779
48,301
262,070
786,380


Additions
74,801
-
38,999
12,325
126,125



At 31 December 2023

260,031
290,779
87,300
274,395
912,505



Depreciation


At 1 January 2023
185,230
290,779
26,517
162,778
665,304


Charge for the year on owned assets
5,117
-
21,424
51,923
78,464



At 31 December 2023

190,347
290,779
47,941
214,701
743,768



Net book value



At 31 December 2023
69,684
-
39,359
59,694
168,737



At 31 December 2022
-
-
21,784
99,292
121,076

Page 27

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
69,683
-

69,683
-


Page 28

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


LLP






Long-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£

Cost or valuation


At 1 January 2023
185,230
290,779
48,301
262,070
786,380


Additions
-
-
33,031
3,303
36,334



At 31 December 2023

185,230
290,779
81,332
265,373
822,714



Depreciation


At 1 January 2023
185,230
290,779
26,517
162,778
665,304


Charge for the year on owned assets
-
-
20,740
49,230
69,970



At 31 December 2023

185,230
290,779
47,257
212,008
735,274



Net book value



At 31 December 2023
-
-
34,075
53,365
87,440



At 31 December 2022
-
-
21,784
99,292
121,076






Page 29

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

LLP





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
24,451



At 31 December 2023
24,451





Subsidiary undertakings


The following were subsidiary undertakings of the LLP:

Name

Registered office

Class of shares

Holding

Valor Real Estate Partners FR1 SAS
37 Av Des Champs Elysees, 75008, Paris, France
Ordinary
100%
VREP Limited
10 Stratton Street, London, United Kingdom, W1J 8LG
Ordinary
100%
VREP GmbH
Westendstraße 28, 60325, Frankfurt am Main, Germany
Ordinary
100%
Valor Partners Carry GP Limited
4th Floor, St Paul's Gate, 22-24 New Street, St Helier, Jersey, JE1 4TR
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Valor Real Estate Partners FR1 SAS
467,011
142,297

VREP Limited
(450,435)
210,550

VREP GmbH
61,515
17,572

Valor Partners Carry GP Limited
(12,049)
(12,228)

Page 30

 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

Group
Group
LLP
LLP
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
45,747
20,403
-
-

45,747
20,403
-
-

Due within one year

Trade debtors
1,991,714
1,723,411
1,924,630
1,600,344

Amounts owed by group undertakings
81,225
601,129
596,058
1,249,032

Other debtors
633,528
729,441
375,745
614,147

Prepayments and accrued income
270,634
355,938
249,532
340,999

3,022,848
3,430,322
3,145,965
3,804,522



16.


Cash and cash equivalents

Group
Group
LLP
LLP
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,409,841
3,027,823
2,128,158
1,976,097

Less: bank overdrafts
(36,026)
(46,903)
(36,026)
(46,903)

2,373,815
2,980,920
2,092,132
1,929,194



17.


Creditors: Amounts falling due within one year

Group
Group
LLP
LLP
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
36,026
46,903
36,026
46,903

Trade creditors
220,041
181,113
101,382
113,817

Amounts owed to group undertakings
155,267
352,034
1,454,361
504,468

Other creditors
2,159,392
1,707,313
822,753
701,413

Accruals and deferred income
3,196,205
4,566,864
3,177,006
4,550,433

5,766,931
6,854,227
5,591,528
5,917,034


Page 31
 


 
VALOR REAL ESTATE PARTNERS LLP


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Reconciliation of members' interests (Group)





EQUITY
Members' other interests
Members' capital (classified as equity)
Other reserves
Total

£
£
£

Balance at 31 December 2022
12,302,786
(12,577,792)
(275,006)

Profit for the year available for discretionary division among members
 
-
450,777
450,777

Members' interests after profit for the year
12,302,786
(12,127,015)
175,771

Other division of profits
793,459
(793,459)
-

Movement in reserves
-
15,401
15,401

Repayment of capital
(356,677)
-
(356,677)

Balance at 31 December 2023 
12,739,568
(12,905,073)
(165,505)

Page 32

 


 
VALOR REAL ESTATE PARTNERS LLP


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Reconciliation of members' interests (LLP)






EQUITY
Members' other interests

Members' capital (classified as equity)
Other reserves
Total

£
£
£

Balance at 31 December 2022
12,302,786
(12,293,674)
9,112

Profit for the year available for discretionary division among members 

-
142,051
142,051

Members' interests after profit for the year 
12,302,786
(12,151,623)
151,163

Other division of profits 
793,459
(793,459)
-

Repayment of capital 
(356,677)
-
(356,677)

Balance at 31 December 2023

12,739,568
(12,945,082)
(205,514)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
Page 33
 
VALOR REAL ESTATE PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Analysis of net debt (Group)





At 1 January 2023
Arising from cash flows
Changes in market value and exchange rate movements
At 31 December 2023
£

£

£

£

Cash at bank and in hand

3,027,823

(602,581)

(15,401)

2,409,841

Bank overdrafts

(46,903)

10,877

-

(36,026)

Net debt (before members' debt)
2,980,920
(591,704)
(15,401)
2,373,815

Loans and other debts due to members





Members' capital

12,302,786

436,782

-

12,739,568

Net debt


15,283,706
(154,922)
(15,401)
15,113,383


20.


Pension commitments

The Group operates a defined contributions pension scheme. The pension costs charge represents the contributions payable by the Group to the scheme and amounted to £42,765 (2022: 41,508). Amounts payable to the fund as at the reporting date was £11,452 (2022: £3,116). 


21.


Controlling party

The LLP is controlled by the designated members. 

 
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