REGISTERED NUMBER: OC445839 (England and Wales)

MEMBERS' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

Velarde LLP

Page

General Information

1

Members' Report

2

Report of the Accountants

3

Income Statement

4

Balance Sheet

5

Reconciliation of Members' Interests

7

Notes to the Financial Statements

9

Designated members:

M J Velarde

Mrs F J W Velarde

Registered office:

86 Fore Street

Kingsbridge

Devon

TQ7 1PP

Registered number:

OC445839 (England and Wales)

Accountants:

Websters

129 North Hill

Plymouth

Devon

PL4 8JY

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

Principal activity

The principal activity of the LLP in the year under review was that of an art gallery.

Designated members

The designated members during the year under review were:

M J Velarde

Mrs F J W Velarde

Results for the year and allocation to members

The loss for the year before members' remuneration and profit shares was £208,679 (2024 - £234,134 loss).

Members' interests

The members are entitled to draw monthly, on account of profit, such sums as may from time to time be mutually agreed.

Members' responsibilities statement

The members are responsible for preparing the Members' Report and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships 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 of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 LLP 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 enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the members:

Mrs F J W Velarde - Designated member

7 January 2026

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Velarde LLP for the period ended 31 March 2025 which comprise the , income statement, balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standard-and-guidance as part of the ICAEW's regulations and guidance.

This report is made solely to the members of Velarde LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Velardes LLP and state those matters that we have agreed to state to the members of Velarde LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Velarde LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Velarde LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and results of Velarde LLP. You consider that velarde LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Velarde LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Websters

129 North Hill

Plymouth

Devon

PL4 8JY

7 January 2026

Turnover

56,248

38,997

Cost of sales

4,763

4,040

Gross profit

51,485

34,957

Administrative expenses

267,308

269,093

(215,823

)

(234,136

)

Other operating income

7,144

-

Operating loss

(208,679

)

(234,136

)

Interest receivable and similar income

-

2

Loss for the financial year before members' remuneration and profit shares available for discretionary division among members

(208,679

)

(234,134

)

Fixed assets

Intangible assets

4

3,880

4,850

Tangible assets

5

2,122,510

2,013,511

2,126,390

2,018,361

Current assets

Debtors

6

20,559

68,305

Cash at bank and in hand

10,544

24,019

31,103

92,324

Creditors

Amounts falling due within one year

7

24,044

21,892

Net current assets

7,059

70,432

Total assets less current liabilities

and

Net assets attributable to members

2,133,449

2,088,793

Loans and other debts due to members

8

2,133,449

2,088,793

Total members' interests

Loans and other debts due to members

8

2,133,449

2,088,793

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 March 2025.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 7 January 2026 and were signed by:

M J Velarde - Designated member

Mrs F J W Velarde - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

2,088,793

Amount due from members

-

Balance at 1 April 2024

-

2,088,793

2,088,793

Loss for the financial year available for discretionary division among members

(208,679

)

-

(208,679

)

Members' interests after loss for the year

(208,679

)

2,088,793

1,880,114

Other divisions of loss

208,679

(208,679

)

-

Drawings on account and distributions of profit

-

253,335

253,335

Amount due to members

2,133,449

Amount due from members

-

Balance at 31 March 2025

-

2,133,449

2,133,449

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

-

Amount due from members

-

Balance at 15 February 2023

-

-

-

Loss for the financial year available for discretionary division among members

(234,134

)

-

(234,134

)

Members' interests after loss for the year

(234,134

)

-

(234,134

)

Other divisions of loss

234,134

(234,134

)

-

Introduced by members

-

2,329,812

2,329,812

Drawings on account and distributions of profit

-

(6,885

)

(6,885

)

Amount due to members

2,088,793

Amount due from members

-

Balance at 31 March 2024

-

2,088,793

2,088,793

1.	STATUTORY INFORMATION

Velarde 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Not depreciated

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on cost

Pension costs and other post-retirement benefits

The LLP pays pension contributions to employee schemes Contributions payable to the employees pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2024 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Website

£

Cost

At 1 April 2024

and 31 March 2025

4,850

Amortisation

Amortisation for year

970

At 31 March 2025

970

Net book value

At 31 March 2025

3,880

At 31 March 2024

4,850

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

Cost

At 1 April 2024

1,966,110

38,238

12,711

2,017,059

Additions

95,677

18,334

308

114,319

At 31 March 2025

2,061,787

56,572

13,019

2,131,378

Depreciation

At 1 April 2024

-

1,853

1,695

3,548

Charge for year

-

2,737

2,583

5,320

At 31 March 2025

-

4,590

4,278

8,868

Net book value

At 31 March 2025

2,061,787

51,982

8,741

2,122,510

At 31 March 2024

1,966,110

36,385

11,016

2,013,511

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

993

4,650

Other debtors

19,566

63,655

20,559

68,305

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

14,830

14,056

Taxation and social security

5,191

-

Other creditors

4,023

7,836

24,044

21,892

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank behind the company's other creditors.