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Registered number: OC412460 VALOR REAL ESTATE PARTNERS LLP CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
VALOR REAL ESTATE PARTNERS LLP INFORMATION
Designated Members Christian James Jamison
VREP Manco Investors Limited
LLP registered number OC412460
Registered office 10 Stratton Street, W1J 8LG
Independent auditor Harris & Trotter LLP, 101 New Cavendish Street, 1st Floor South, London, W1W 6XH
VALOR REAL ESTATE PARTNERS LLP CONTENTS
| Page
Members' Report | 1
Members' Responsibilities Statement | 2
Independent Auditor's Report | 3 - 6
Consolidated Statement of Comprehensive Income | 7
Consolidated Balance Sheet | 8 - 9
LLP Balance Sheet | 10 - 11
Consolidated Statement of Changes in Equity | 12 - 13
LLP Statement of Changes in Equity | 14 - 15
Consolidated Statement of Cash Flows | 16
Notes to the Financial Statements | 17 - 35
VALOR REAL ESTATE PARTNERS LLP MEMBERS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 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 ended 31 December 2024. 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 ended 31 December 2024 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. Disclosure of information to auditor 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 auditor is 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 auditor is aware of that information. Auditor The auditor, Harris & Trotter LLP, has indicated its willingness to continue in office. The Designated members will propose a motion re-appointing the auditor at a meeting of the members. This report was approved by the members and signed on their behalf by:
Christian James Jamison |
Date: 12 November 2025 | Date: 12 November 2025
Page 1
VALOR REAL ESTATE PARTNERS LLP MEMBERS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The members are responsible for preparing the annual report and the consolidated 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 2008. They 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 2
VALOR REAL ESTATE PARTNERS LLP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VALOR REAL ESTATE PARTNERS LLP
Opinion
We have audited the financial statements of Valor Real Estate Partners LLP (the ' LLP') and its subsidiaries (the 'Group') for the year ended 31 December 2024, 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 policies. The 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 LLP's affairs as at 31 December 2024 and of the Group's loss 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 Auditor's 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 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 3
VALOR REAL ESTATE PARTNERS LLP INDEPENDENT AUDITOR'S 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 Auditor's Report thereon. The members are responsible for the other information contained within the Annual Report. Our 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 LLP, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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 2, 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 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 LLP or to cease operations, or have no realistic alternative but to do so. Page 4
VALOR REAL ESTATE PARTNERS LLP INDEPENDENT AUDITOR'S 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 Auditor's 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 Auditor's Report. Page 5
VALOR REAL ESTATE PARTNERS LLP INDEPENDENT AUDITOR'S 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 2008. Our 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 Auditor's 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 Chartered Accountants 101 New Cavendish Street 1st Floor South London W1W 6XH 12 November 2025 Page 6
VALOR REAL ESTATE PARTNERS LLP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 13,954,564 | 14,980,659
Cost of sales |  | (13,634) | (78,539)
Gross profit |  | 13,940,930 | 14,902,120
Administrative expenses |  | (13,921,093) | (12,691,894)
Exceptional administrative expenses |  | - | (1,696,601)
Other operating income | 5 | 16,309 | 2,759
Other operating charges |  | (242) | (2,628)
Operating profit | 6 | 35,904 | 513,756
Interest payable and similar expenses | 10 | - | (297)
(Loss)/profit before tax |  | 35,904 | 513,459
Tax on (loss)/profit | 11 | (61,381) | (62,682)
(Loss)/profit before members' remuneration and profit shares available for discretionary division among members |  | (25,477) | 450,777
Other comprehensive income for the year |  |  |
Currency translation differences |  | 48,615 | 15,401
Other comprehensive income for the year |  | 48,615 | 15,401
Total comprehensive income for the year |  | 23,138 | 466,178
Profit for the year attributable to: |  |  |
Owners of the parent LLP |  | (25,477) | 450,777
|  | (25,477) | 450,777
Owners of the parent LLP |  | 23,138 | 466,178
|  | 23,138 | 466,178
Page 7
VALOR REAL ESTATE PARTNERS LLP REGISTERED NUMBER: OC412460 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 104,034 |  | 168,737
|  |  | 104,034 |  | 168,737
Current assets |  |  |  |  |
Debtors | 15 | 3,783,802 |  | 3,022,847 |
Cash at bank and in hand | 16 | 2,108,541 |  | 2,409,841 |
|  | 5,892,343 |  | 5,432,688 |
Creditors: amounts falling due within one year | 17 | (6,574,831) |  | (5,766,930) |
Net current liabilities |  |  | (682,488) |  | (334,242)
Total assets less current liabilities |  |  | (578,454) |  | (165,505)
Net liabilities |  |  | (578,454) |  | (165,505)
Capital and reserves |  |  |  |  |
Members' other interests |  |  |  |  |
Members' capital classified as equity |  | 13,099,569 |  | 12,739,568 |
Other reserves classified as equity |  | (13,678,023) |  | (12,905,073) |
|  |  | (578,454) |  | (165,505)
|  |  | (578,454) |  | (165,505)
Total members' interests |  |  |  |  |
Members' other interests |  |  | (578,454) |  | (165,505)
|  |  | (578,454) |  | (165,505)
Page 8
VALOR REAL ESTATE PARTNERS LLP REGISTERED NUMBER: OC412460 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements were approved and authorised for issue by the members and were signed on their behalf on 12 November 2025.
Christian James Jamison
Designated member
The notes on pages 17 to 35 form part of these financial statements. Page 9
VALOR REAL ESTATE PARTNERS LLP REGISTERED NUMBER: OC412460 LLP BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 30,973 |  | 87,440
Investments | 14 |  | 24,451 |  | 24,451
|  |  | 55,424 |  | 111,891
Current assets |  |  |  |  |
Debtors | 15 | 3,741,834 |  | 3,145,965 |
Cash at bank and in hand | 16 | 1,689,158 |  | 2,128,158 |
|  | 5,430,992 |  | 5,274,123 |
Creditors: amounts falling due within one year | 17 | (6,632,078) |  | (5,591,528) |
Net current liabilities |  |  | (1,201,086) |  | (317,405)
Total assets less current liabilities |  |  | (1,145,662) |  | (205,514)
Net liabilities |  |  | (1,145,662) |  | (205,514)
Page 10
VALOR REAL ESTATE PARTNERS LLP REGISTERED NUMBER: OC412460 LLP BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Represented by: |  |  |  |  |
Members' other interests |  |  |  |  |
Members' capital classified as equity |  |  | 13,099,569 |  | 12,739,568
Other reserves classified as equity brought forward |  | (12,945,082) |  | (12,293,674) |
Loss/(profit) for the year available for discretionary division among members |  | (504,289) |  | 142,051 |
Other movements in other reserves |  | (795,860) |  | (793,459) |
Other reserves classified as equity carried forward |  |  | (14,245,231) |  | (12,945,082)
|  |  | (1,145,662) |  | (205,514)
|  |  | (1,145,662) |  | (205,514)
Total members' interests |  |  |  |  |
Members' other interests |  |  | (1,145,662) |  | (205,514)
|  |  | (1,145,662) |  | (205,514)
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 12 November 2025.
Christian James Jamison
Designated member
The notes on pages 17 to 35 form part of these financial statements. Page 11
VALOR REAL ESTATE PARTNERS LLP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Members capital (classified as equity) | Foreign exchange reserve | Other reserves | Equity attributable to members | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 12,739,568 | 23,930 | (12,929,003) | (165,505) | (165,505)
Comprehensive income for the year |  |  |  |  |
Loss for year for discretionary division among members | - | - | (25,477) | (25,477) | (25,477)
Currency translation differences | - | 48,615 | - | 48,615 | 48,615
Allocated profit | 716,678 | - | (796,088) | (79,410) | (79,410)
Other comprehensive income for the year | 716,678 | 48,615 | (796,088) | (30,795) | (30,795)
Total comprehensive income for the year | 716,678 | 48,615 | (821,565) | (56,272) | (56,272)
Contributions by and distributions to members |  |  |  |  |
Capital amounts repaid to members | (356,677) | - | - | (356,677) | (356,677)
Total transactions with members | (356,677) | - | - | (356,677) | (356,677)
At 31 December 2024 | 13,099,569 | 72,545 | (13,750,568) | (578,454) | (578,454)
The notes on pages 17 to 35 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 | Equity attributable to members | Total equity
| £ | £ | £ | £ | £
At 1 January 2023 | 12,302,786 | 8,529 | (12,586,321) | (275,006) | (275,006)
Profit for year for discretionary division among members | - | - | 450,777 | 450,777 | 450,777
Currency translation differences | - | 15,401 | - | 15,401 | 15,401
Allocated profit | 793,459 | - | (793,459) | - | -
Capital amounts repaid to members | (356,677) | - | - | (356,677) | (356,677)
At 31 December 2023 | 12,739,568 | 23,930 | (12,929,003) | (165,505) | (165,505)
The notes on pages 17 to 35 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 2024
| members' capital (classified as equity) | Foreign exchange reserve | Other reserves | Total equity
| £ | £ | £ | £
At 1 January 2024 | 12,739,568 | - | (12,945,082) | (205,514)
Comprehensive income for the year |  |  |  |
Loss for year for discretionary division among members | - | - | (504,289) | (504,289)
Currency translation differences | - | (21,324) | - | (21,324)
Allocated profit | 716,678 | - | (774,536) | (57,858)
Other comprehensive income for the year | 716,678 | (21,324) | (774,536) | (79,182)
Total comprehensive income for the year | 716,678 | (21,324) | (1,278,825) | (583,471)
Contributions by and distributions to members |  |  |  |
Capital amounts repaid to members | (356,677) | - | - | (356,677)
Total transactions with members | (356,677) | - | - | (356,677)
At 31 December 2024 | 13,099,569 | (21,324) | (14,223,907) | (1,145,662)
| The notes on pages 17 to 35 form part of these financial statements.
Page 14
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 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) | -
Other comprehensive income for the year | 793,459 | (793,459) | -
Total comprehensive income for the year | 793,459 | (651,408) | 142,051
Contributions by and distributions to members |  |  |
Capital amounts repaid to members | (356,677) | - | (356,677)
Total transactions with members | (356,677) | - | (356,677)
At 31 December 2023 | 12,739,568 | (12,945,082) | (205,514)
| The notes on pages 17 to 35 form part of these financial statements.
Page 15
VALOR REAL ESTATE PARTNERS LLP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (25,477) | 450,777
Adjustments for: |  |
Depreciation of tangible assets | 75,856 | 78,465
Interest paid | - | 297
Taxation charge | 61,381 | 62,682
Decrease/(increase) in debtors | 294,144 | (112,430)
(Increase)/decrease in amounts owed by groups | (1,500,844) | 519,905
Increase/(decrease) in creditors | 740,907 | (879,653)
Increase/(decrease)) in amounts owed to groups | 517,284 | (196,767)
Corporation tax (paid) | (61,381) | (62,682)
Net cash generated from operating activities before transactions with members | 101,870 | (139,406)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (11,153) | (126,124)
Net cash from investing activities | (11,153) | (126,124)
Cash flows from financing activities |  |
Interest paid | - | (297)
Members' capital repaid | (356,677) | (356,677)
Decrease in other reserves | (79,410) | -
Net cash used in financing activities | (436,087) | (356,974)
Net (decrease) in cash and cash equivalents | (345,370) | (622,504)
Cash and cash equivalents at beginning of year | 2,373,815 | 2,980,918
Foreign exchange gains and losses | 48,615 | 15,401
Cash and cash equivalents at the end of year | 2,077,060 | 2,373,815
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,108,541 | 2,409,841
Bank overdrafts | (31,481) | (36,026)
| 2,077,060 | 2,373,815
The notes on pages 17 to 35 form part of these financial statements.
Page 16
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 £23,138 (2023: £466,178) during the year and had net liabilities of £(578,454) (2023: (165,505)). 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 17
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 18
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 19
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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. In the event of the Group making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically. The Group classifies distributions of profits as operating cash flows in the Statement of Cash Flows. Page 20
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 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. 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. Page 21
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 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.
| 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors 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 At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 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 Page 22
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
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. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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. Page 23
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Turnover | 13,954,564 | 14,980,659
|  | 13,954,564 | 14,980,659
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 8,725,888 | 9,919,736
| Rest of Europe | 5,228,676 | 5,060,923
|  | 13,954,564 | 14,980,659
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating income | 16,309 | 2,759
|  | 16,309 | 2,759
Page 24
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Staff salaries | 8,411,643 | 7,207,956
| Staff national insurance | 765,395 | 940,523
| Staff pension costs - defined contribution schemes | 579,611 | 504,725
| Other operating lease rentals | 595,841 | 886,954
| Hotels, travel and subsistence | 332,795 | 378,598
| Legal and professional | 631,726 | 524,104
| Depreciation - office equipment | 21,500 | 21,424
| Depreciation - computer equipment | 47,373 | 51,923
| Depreciation - leasehold property | 6,983 | 5,117
| Exchange differences | 114,975 | 17,218
7. | Auditor's remuneration
| During the year, the Group obtained the following services from the LLP's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the LLP's auditor for the audit of the consolidated and parent LLP's financial statements | 30,000 | 30,000
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VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Employees
| Staff costs were as follows:
|  | Group | Group | LLP | LLP
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Wages and salaries | 8,411,643 | 7,207,956 | 5,457,456 | 4,359,185
| Social security costs | 765,395 | 940,523 | 465,117 | 698,448
| Cost of defined contribution scheme | 579,611 | 504,725 | 40,808 | 42,765
|  | 9,756,649 | 8,653,204 | 5,963,381 | 5,100,398
| The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:
|  |  | Group | Group | LLP | LLP
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Employees | 49 | 49 | 32 | 34
9. | Information in relation to members
|  |  |  |  | 2024 | 2023
|  |  |  |  | Number | Number
| The average number of members during the year was | 2 | 2
10. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest payable | - | 297
|  | - | 297
Page 26
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 61,381 | 62,682
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 35,905 | 513,459
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%) | 8,976 | 128,365
| Effects of: |  |
| Higher rate taxes on overseas earnings | 2,219 | 2,215
| Non-taxable income | 22,109 | (88,078)
| Unrelieved tax losses carried forward | 2,003 | 3,057
| Other differences leading to an increase (decrease) in the tax charge | 26,074 | 17,123
| Total tax charge for the year | 61,381 | 62,682
| 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 27
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Prior period adjustments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| 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 2024 | 260,031 | 290,779 | 87,300 | 274,395 | 912,505
| Additions | 1,069 | - | (274) | 10,358 | 11,153
| At 31 December 2024 | 261,100 | 290,779 | 87,026 | 284,753 | 923,658
| Depreciation |  |  |  |  |
| At 1 January 2024 | 190,347 | 290,779 | 47,941 | 214,701 | 743,768
| Charge for the year on owned assets | 6,983 | - | 21,492 | 47,381 | 75,856
| At 31 December 2024 | 197,330 | 290,779 | 69,433 | 262,082 | 819,624
| Net book value |  |  |  |  |
| At 31 December 2024 | 63,770 | - | 17,593 | 22,671 | 104,034
| At 31 December 2023 | 69,684 | - | 39,359 | 59,694 | 168,737
Page 28
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Long leasehold | 63,770 | 69,685
|  | 63,770 | 69,685
Page 29
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13.Tangible fixed assets (continued)
| LLP
|  | Long-term leasehold property | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 185,230 | 290,779 | 81,332 | 265,373 | 822,714
| Additions | - | - | (274) | 10,358 | 10,084
| At 31 December 2024 | 185,230 | 290,779 | 81,058 | 275,731 | 832,798
| Depreciation |  |  |  |  |
| At 1 January 2024 | 185,230 | 290,779 | 47,257 | 212,008 | 735,274
| Charge for the year on owned assets | - | - | 20,056 | 46,495 | 66,551
| At 31 December 2024 | 185,230 | 290,779 | 67,313 | 258,503 | 801,825
| Net book value |  |  |  |  |
| At 31 December 2024 | - | - | 13,745 | 17,228 | 30,973
| At 31 December 2023 | - | - | 34,075 | 53,365 | 87,440
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VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Fixed asset investments
| LLP
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 24,451
| At 31 December 2024 | 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 2024 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 | 600,866 | 160,436
| VREP Limited | (34,807) | 415,853
| VREP GmbH | 80,469 | 22,487
| Valor Partners Carry GP Limited | (20,061) | (8,012)
Page 31
VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Debtors
|  | Group | Group | LLP | LLP
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 46,450 | 45,747 | (1) | -
|  | 46,450 | 45,747 | (1) | -
| Due within one year |  |  |  |
| Trade debtors | 2,383,962 | 1,991,714 | 2,241,795 | 1,924,630
| Amounts owed by group undertakings | 138,944 | 81,225 | 596,232 | 596,058
| Other debtors | 1,019,849 | 633,527 | 716,556 | 375,745
| Prepayments and accrued income | 194,597 | 270,634 | 187,252 | 249,532
|  | 3,783,802 | 3,022,847 | 3,741,834 | 3,145,965
16. | Cash and cash equivalents
|  | Group | Group | LLP | LLP
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 2,108,541 | 2,409,841 | 1,689,158 | 2,128,158
| Less: bank overdrafts | (31,481) | (36,026) | (31,481) | (36,026)
|  | 2,077,060 | 2,373,815 | 1,657,677 | 2,092,132
17. | Creditors: Amounts falling due within one year
|  | Group | Group | LLP | LLP
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank overdrafts | 31,481 | 36,026 | 31,481 | 36,026
| Trade creditors | 550,387 | 220,041 | 482,106 | 101,382
| Amounts owed to group undertakings | 226,566 | 155,267 | 2,543,734 | 1,454,361
| Other creditors | 2,532,221 | 2,159,391 | 365,092 | 822,753
| Accruals and deferred income | 3,234,176 | 3,196,205 | 3,209,665 | 3,177,006
|  | 6,574,831 | 5,766,930 | 6,632,078 | 5,591,528
Page 32

|  | VALOR REAL ESTATE PARTNERS LLP |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Reconciliation of members' interests (Group)
| EQUITY Members' other interests
| Members' capital (classified as equity) | Other reserves | Total
| £ | £ | £
Balance at 31 December 2023 | 12,739,568 | (12,905,073) | (165,505)
Loss for the year available for discretionary division among members | - | (25,477) | (25,477)
Members' interests after profit for the year | 12,739,568 | (12,930,550) | (190,982)
Other division of losses | 716,678 | (796,088) | (79,410)
Movement in reserves | - | 48,615 | 48,615
Repayment of capital | (356,677) | - | (356,677)
Balance at 31 December 2024 | 13,099,569 | (13,678,023) | (578,454)
Page 33

|  | VALOR REAL ESTATE PARTNERS LLP |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Reconciliation of members' interests (LLP)
| EQUITY Members' other interests
| Members' capital (classified as equity) | Other reserves | Total
| £ | £ | £
Balance at 31 December 2023 | 12,739,568 | (12,945,082) | (205,514)
Loss for the year available for discretionary division among members | - | (504,289) | (504,289)
Members' interests after profit for the year | 12,739,568 | (13,449,371) | (709,803)
Other division of losses | 716,678 | (774,536) | (57,858)
Movement in reserves | - | (21,324) | (21,324)
Repayment of capital | (356,677) | - | (356,677)
Balance at 31 December 2024 | 13,099,569 | (14,245,231) | (1,145,662)
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.
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 34

VALOR REAL ESTATE PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 19. | Analysis of net debt (Group)
|  |  | At 1 January 2024 | Arising from cash flows | Changes in market value and exchange rate movements | At 31 December 2024
|  |  | £ | £ | £ | £
| Cash at bank and in hand | 2,409,841 | (231,274) | (70,026) | 2,108,541
| Bank overdrafts | (36,026) | 4,545 | - | (31,481)
| Net debt (before members' debt) | 2,373,815 | (226,729) | (70,026) | 2,077,060
| Loans and other debts due to members |  |  |  |
| Net debt | 2,373,815 | (226,729) | (70,026) | 2,077,060
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 £40,808 (2023: 42,765). Amounts payable to the fund as at the reporting date was £12,238 (2023: £11,452).
21. | Controlling party
The LLP is controlled by the designated members.
Page 35