REGISTERED NUMBER: OC361001 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

VERORT LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

T R Rogers

Mrs S R Rogers

Tiara (Sussex) Limited

REGISTERED OFFICE:

30-34 North Street

Hailsham

East Sussex

BN27 1DW

REGISTERED NUMBER:

OC361001 (England and Wales)

ACCOUNTANTS:

Watson Associates (Professional Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Tangible assets

4

1,188

1,584

Investment property

5

3,324,059

3,324,059

3,325,247

3,325,643

CURRENT ASSETS

Debtors

6

28,547

25,884

Cash at bank

1,090,473

885,421

1,119,020

911,305

CREDITORS

Amounts falling due within one year

7

(1,248,823

)

(1,238,809

)

NET CURRENT LIABILITIES

(129,803

)

(327,504

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

3,195,444

2,998,139

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

1,642,396

1,445,091

MEMBERS' OTHER INTERESTS

Capital accounts

906,361

906,361

Fair value reserve

9

646,687

646,687

3,195,444

2,998,139

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

1,642,396

1,445,091

Members' other interests

1,553,048

1,553,048

3,195,444

2,998,139

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2024.

The members acknowledge their responsibilities for:

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

(b)

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

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

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

The financial statements were approved by the members of the LLP and authorised for issue on 30 September 2025 and were signed by:

T R Rogers - Designated member

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

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

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles - 25% reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

50,000

DEPRECIATION

At 1 January 2024

48,416

Charge for year

396

At 31 December 2024

48,812

NET BOOK VALUE

At 31 December 2024

1,188

At 31 December 2023

1,584

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

3,324,059

NET BOOK VALUE

At 31 December 2024

3,324,059

At 31 December 2023

3,324,059

Fair value at 31 December 2024 is represented by:

£

Valuation in 2012

238,467

Valuation in 2013

343,129

Valuation in 2016

65,091

Cost

2,677,372

3,324,059

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

23,596

20,668

Other debtors

4,951

5,216

28,547

25,884

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

1,247,653

1,238,809

Other creditors

1,170

-

1,248,823

1,238,809

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Amounts included within 'loans and other debts due to members' rank pari pasu to those included within other creditors.

9.

RESERVES

Fair

value

reserve

£

At 1 January 2024

and 31 December 2024

646,687

10.	RELATED PARTY DISCLOSURES

At the balance sheet date an amount of £1,247,653 (2023 - £1,238,809) was owed to a company that is also a Member of the LLP.

At the balance sheet date an amount of £993 (2023 - £993) was due from a Pension Fund. One of the Members of the LLP is a Trustee of that fund.