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REGISTERED NUMBER: OC379917

Velep LLP

Unaudited Financial Statements

31 March 2025

Velep LLP

Financial Statements

Year ended 31 March 2025

Contents | Page

Designated members and professional advisers | 1

Members' report | 2

Statement of comprehensive income | 4

Statement of financial position | 5

Reconciliation of members' interests | 7

Notes to the financial statements | 9

Velep LLP

Designated Members and Professional Advisers

Designated members | Suraj R. Shah
| Manish M. Gudka
| Shilpa Shah

Registered office | 1st Floor
| 88 Baker Street
| London
| U.K.
| W1U 6TQ

LLP registration number OC379917

Velep LLP

Members' Report

Year ended 31 March 2025
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2025 .
Principal activities
The principal activity of the LLP during the year was property investment and rental.
Designated members
The designated members who served the LLP during the year were as follows:

Suraj R. Shah |
Manish M. Gudka |
Shilpa Shah |

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
Results for the period and allocation to members
The profit for the year to be shared by members before remuneration is £68,566 (2024:Profit £372,592).
This report was approved by the members on 1 September 2025 and signed on behalf of the members by:
Manish Gudka
Designated Member

Registered office:
1st Floor
88 Baker Street
London
U.K.
W1U 6TQ

Velep LLP

Statement of Comprehensive Income

Year ended 31 March 2025

| 2025 | 2024
Note | £ | £
Turnover | 206,096 | 167,516

Cost of sales | 3,514 | –
| --------- | ---------
Gross profit | 202,582 | 167,516

Administrative expenses | 27,202 | 34,632
Fair value adjustment - investment property | – | ( 360,000)
| --------- | ---------
Operating profit | 175,380 | 492,884

Interest payable and similar expenses | 106,814 | 120,292
| --------- | ---------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members | 68,566 | 372,592
| --------- | ---------

All the activities of the LLP are from continuing operations.

Velep LLP

Statement of Financial Position

31 March 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Tangible assets | 4 | 3,850,000 | 3,850,000

Current assets

Debtors | 5 | 491,933 | 529,701
Cash at bank and in hand | 2,149 | 95,226
| --------- | ---------
| 494,082 | 624,927

Creditors: amounts falling due within one year | 6 | 108,167 | 107,578
| --------- | ---------
Net current assets | 385,915 | 517,349
| ------------ | ------------
Total assets less current liabilities | 4,235,915 | 4,367,349

Creditors: amounts falling due after more than one year | 7 | 1,417,500 | 1,447,500
| ------------ | ------------
Net assets | 2,818,415 | 2,919,849
| ------------ | ------------

Represented by:
Loans and other debts due to members

Other amounts | 8 | 1,266,450 | 1,367,884

Members' other interests

Other reserves | 1,551,965 | 1,551,965
| ------------ | ------------
| 2,818,415 | 2,919,849
| ------------ | ------------

Total members' interests

Amounts due from members | (396,208) | (486,208)
Loans and other debts due to members | 8 | 1,266,450 | 1,367,884
Members' other interests | 1,551,965 | 1,551,965
| ------------ | ------------
| 2,422,207 | 2,433,641
| ------------ | ------------

These financial statements have been prepared 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'.
For the year ending 31 March 2025 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 .

Velep LLP

Statement of Financial Position (continued)

31 March 2025
These financial statements were approved by the members and authorised for issue on 1 September 2025 , and are signed on their behalf by:
Manish Gudka
Designated Member
Registered number: OC379917

Velep LLP

Reconciliation of Members' Interests

Year ended 31 March 2025

| Members' other interests | Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Other reserves | Total | Other amounts | Total | Total 2025
| £ | £ | £ | £ | £
Amounts due to members |  |  | 1,367,884 | 1,367,884 |
Amounts due from members |  |  | (486,208) | (486,208) |
|  |  | ------------ | ------------ |
Balance at 1 April 2024 | 1,551,965 | 1,551,965 | 881,676 | 881,676 | 2,433,641
Profit for the financial year available for discretionary division among members | 68,566 | 68,566 |  |  | 68,566
| ------------ | ------------ | ------------ | ------------ | ------------
Members' interests after profit for the year | 1,620,531 | 1,620,531 | 881,676 | 881,676 | 2,502,207
Other division of profits | 101,434 | 101,434 | (101,434) | (101,434) | –
Introduced by members |  | – | – | – | –
Repayments of debt |  |  | 90,000 | 90,000 | 90,000
|  |  | ------------ | ------------ |
Amounts due to members |  |  | 1,266,450 | 1,266,450 |
Amounts due from members |  |  | (396,208) | (396,208) |
| ------------ | ------------ | ------------ | ------------ | ------------
Balance at 31 March 2025 | 1,721,965 | 1,721,965 | 870,242 | 870,242 | 2,592,207
| ------------ | ------------ | ------------ | ------------ | ------------

Velep LLP

Reconciliation of Members' Interests (continued)

Year ended 31 March 2025

| Members' other interests | Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Other reserves | Total | Other amounts | Total | Total 2024
| £ | £ | £ | £ | £
Amounts due to members |  |  | 995,292 | 995,292 |
Amounts due from members |  |  | (946,208) | (946,208) |
|  |  | --------- | --------- |
Balance at 1 April 2023 | 1,551,965 | 1,551,965 | 49,084 | 49,084 | 1,601,049
Profit for the financial year available for discretionary division among members | 372,592 | 372,592 |  |  | 372,592
| ------------ | ------------ | --------- | --------- | ------------
Members' interests after profit for the year | 1,924,557 | 1,924,557 | 49,084 | 49,084 | 1,973,641
Other division of profits | (372,592) | (372,592) | 372,592 | 372,592 | –
Introduced by members |  | – | 460,000 | 460,000 | 460,000
Repayments of debt |  |  | – | – | –
|  |  | ------------ | ------------ |
Amounts due to members |  |  | 1,367,884 | 1,367,884 |
Amounts due from members |  |  | (486,208) | (486,208) |
| ------------ | ------------ | ------------ | ------------ | ------------
Balance at 31 March 2024 | 1,551,965 | 1,551,965 | 881,676 | 881,676 | 2,433,641
| ------------ | ------------ | ------------ | ------------ | ------------

Velep LLP

Notes to the Financial Statements

Year ended 31 March 2025

1. | General information

The LLP is registered in England and Wales. The address of the registered office is 1st Floor, 88 Baker Street, London, W1U 6TQ, U.K..

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 2021 (SORP 2021).

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.
Taxation
Taxation on LLP profits is the personal liability of the members and consequently neither taxation nor deferred taxation is accounted for in these financial statements.
Going concern
These financial statements have been prepared on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. | Tangible assets

| Freehold property
| £
Cost |
At 1 April 2024 and 31 March 2025 | 3,850,000
| ------------
Depreciation |
At 1 April 2024 and 31 March 2025 | –
| ------------
Carrying amount |
At 31 March 2025 | 3,850,000
| ------------
At 31 March 2024 | 3,850,000
| ------------

The property comprises of Bridges Road, Ellesmere Port. The fair value of the investment property has been determined as at 31 March 2025, the property was revalued internally by a chartered surveyor who is a member of the Royal Institution of Charetered Surveyors. The valuation was prepared in accordance with the valuation principles of the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors.

5. | Debtors

| 2025 | 2024
| £ | £
Trade debtors | 63,907 | –
Amounts due from members | 396,208 | 486,208
Other debtors | 31,818 | 43,493
| --------- | ---------
| 491,933 | 529,701
| --------- | ---------

6. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 30,001 | 30,001
Accruals and deferred income | 63,311 | 61,614
Social security and other taxes | 9,592 | 11,172
Other creditors | 5,263 | 4,791
| --------- | ---------
| 108,167 | 107,578
| --------- | ---------

7. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 1,417,500 | 1,447,500
| ------------ | ------------

The bank loan was re-financed with Santander UK plc on 2 August 2022 and is secured on the LLP's investment property. The loan interest is at a margin of 2.40% plus Sonia rate.

8. | Loans and other debts due to members

| 2025 | 2024
| £ | £
Amounts owed to members in respect of profits | 1,266,450 | 1,367,884
| ------------ | ------------

9. | Fair value reserve

The following movements on the Fair value reserve are included within Other reserves in Members' other interests.

| 2025 | 2024
| £ | £
| ------------ | ------------
At start and end of year | 1,551,965 | 1,551,965
| ------------ | ------------