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Registered number: OC341551 VALERE CAPITAL PARTNERS LLP AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
VALERE CAPITAL PARTNERS LLP REGISTERED NUMBER: OC341551 BALANCE SHEET AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 33,583 |  | 9,726
|  |  | 33,583 |  | 9,726
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 3,367,951 |  | 2,690,178 |
Cash at bank and in hand | 7 | 1,068,505 |  | 545,330 |
|  | 4,436,456 |  | 3,235,508 |
Creditors: Amounts Falling Due Within One Year | 8 | (2,464,069) |  | (1,528,113) |
Net current assets |  |  | 1,972,387 |  | 1,707,395
Total assets less current liabilities |  |  | 2,005,970 |  | 1,717,121
Net assets |  |  | 2,005,970 |  | 1,717,121
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Other amounts due to members | 9 |  | 1,915,970 |  | 1,627,121
Members' other interests |  |  |  |  |
Members' capital classified as equity |  | 90,000 |  | 90,000 |
|  |  | 90,000 |  | 90,000
|  |  | 2,005,970 |  | 1,717,121
Total members' interests |  |  |  |  |
Loans and other debts due to members | 9 |  | 1,915,970 |  | 1,627,121
Members' other interests |  |  | 90,000 |  | 90,000
|  |  | 2,005,970 |  | 1,717,121
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VALERE CAPITAL PARTNERS LLP REGISTERED NUMBER: OC341551 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2026 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements were approved and authorised for issue by the Members and were signed on their behalf on 18 August 2026.
Mr G A Preidl
Designated Member
The notes on pages 3 to 8 form part of these financial statements. Valere Capital Partners LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity. Page 2
VALERE CAPITAL PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026
1. | General information
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000, registration number OC341551. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership's operations and its principal activities are given 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3). These financial statements are presented in sterling and rounded to the nearest £. The following principal accounting policies have been applied:
| 2.2 | Compliance with accounting standard
The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.
| 2.3 | 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 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'. Page 3
VALERE CAPITAL PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP 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: 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 LLP 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.
| 2.5 | Operating leases: the LLP 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.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP 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 LLP in independently administered funds. Page 4
VALERE CAPITAL PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.8 | 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. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 33% |
|  |  |  | Office equipment | - | 50% |
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.
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in conformity with FRS102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances. No critical judgements or key accounting estimates and assumptions have been made in applying the entity's accounting policies. Page 5
VALERE CAPITAL PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026
4. | Employees
| The average monthly number of employees, including members, during the period was 9 (2025 - 5).
5. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2025 | 5,049 | 38,409 | 43,458
| Additions | 25,582 | 19,295 | 44,877
| At 31 March 2026 | 30,631 | 57,704 | 88,335
| Depreciation |  |  |
| At 1 April 2025 | 3,240 | 30,491 | 33,731
| Charge for the period on owned assets | 7,791 | 13,230 | 21,021
| At 31 March 2026 | 11,031 | 43,721 | 54,752
| Net book value |  |  |
| At 31 March 2026 | 19,600 | 13,983 | 33,583
| At 31 March 2025 | 1,809 | 7,918 | 9,727
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VALERE CAPITAL PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026
6. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 3,367,271 | 2,680,670
| Other debtors | 680 | 9,508
|  | 3,367,951 | 2,690,178
7. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,068,505 | 545,330
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 1,832,367 | 1,295,507
| Other taxation and social security | 176,786 | 16,092
| Other creditors | 311,244 | 72,969
| Accruals and deferred income | 143,672 | 143,545
|  | 2,464,069 | 1,528,113
9. | Loans and other debts due to members
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other amounts due to members | 1,915,970 | 1,627,121
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up. Page 7
VALERE CAPITAL PARTNERS LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026
10. | Commitments under operating leases
| At 31 March 2026 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 95,004 | -
| Later than 1 year and not later than 5 years | 110,838 | -
|  | 205,842 | -
11. | Related party transactions
| At the year end the Company owed a member £1,843 (2025: £1,483), this amount is interest free and presented within trade creditors. At the year end the Company owed a member £9,408 (2025: £3,596), this amount is interest free and presented within trade creditors. At the year end a Member owed the Company £439 (2025: the Company owed a member £2,820), this amount is interest free and presented within trade debtors.
12. | Controlling party
The designated members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.
13. | Auditors' information
The auditors' report on the financial statements for the period ended 31 March 2026 was unqualified. The audit report was signed on 19 August 2026 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.
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