REGISTERED NUMBER: 15408516 (England and Wales)

VALLEE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S V Short

D J Hewett

REGISTERED OFFICE:

Churchgate House

3 Church Road

Whitchurch

Cardiff

Glamorgan

CF14 2DX

REGISTERED NUMBER:

15408516 (England and Wales)

FIXED ASSETS

Investment property

4

810,000

850,000

CURRENT ASSETS

Debtors

5

44,168

53,134

Cash at bank and in hand

14,794

30,055

58,962

83,189

CREDITORS

Amounts falling due within one year

6

916,795

934,180

NET CURRENT LIABILITIES

(857,833

)

(850,991

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(47,833

)

(991

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(47,933

)

(1,091

)

(47,833

)

(991

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2026 and were signed on its behalf by:

D J Hewett - Director

1.	STATUTORY INFORMATION

Vallee Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support.

The directors have confirmed their intention to continue supporting the company for the foreseeable future. This support includes making available financial assistance from other business interests under their control to ensure that the company can meet its liabilities as they fall due. Based on this continued support and after reviewing the company's forecasts and available resources, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements.

Accordingly, the going concern basis of accounting remains appropriate.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Investment properties - The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement.

Turnover

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

Rental Income:

Turnover is recognised at the fair value of rent received or receivable in the normal course of business, net of value added tax. Rental income is recognised in the period which it relates.

Investment property

Investment properties are held to generate rental income and capital appreciation. Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Investment properties are subsequently remeasured at fair value. An assessment of investment property fair value is performed annually. Any changes in fair value are recognised in the income statement.

Deferred tax is recognised on any fair value changes at the rate that would apply to the sale of the

investment property, unless the property has a limited useful life and is held as part of a business model to consume all of the economic benefits associated with it.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

Financial instruments are recognised when the company 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, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small.

Provisions are not made for future operating losses.

Provisions are measures at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2025

850,000

Impairments

(40,000

)

At 31 December 2025

810,000

NET BOOK VALUE

At 31 December 2025

810,000

At 31 December 2024

850,000

Fair value at 31 December 2025 is represented by:

£

Valuation in 2024

(75,000

)

Valuation in 2025

(40,000

)

Cost

925,000

810,000

The company's investment properties were valued at £810,000 as of 31 December 2025 by Knight Frank, independent chartered surveyors. The valuation was conducted in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

15,230

-

Other debtors

28,938

53,134

44,168

53,134

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

425

600

Taxation and social security

7,608

10,798

Other creditors

908,762

922,782

916,795

934,180

7.	DEFERRED TAX

£

Balance at 1 January 2025

(52,890

)

Fair value adjustment

24,140

Balance at 31 December 2025

(28,750

)

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

As at 31 December 2025 an amount of £904,962 (2024: £904,754) was owed to Short Bros (Developments) Limited. Short Bros (Developments) Limited is a company with common directors and ownership. The amount is included within creditors falling due within one year. Interest charged on loan £45,150 (2024: £34,234).

The above amount is interest bearing at 5% per annum and repayable on demand.

9.	CONTINGENT ASSET

During the year, the company engaged in pursuing a dilapidations claim against previous tenants of it's investment property, the claim is to ensure that the building is put back to it's original state before occupancy was taken.

Negotiations are ongoing, and the company is currently unable to quantify the level of the final claim.

10.	COMPARATIVE FIGURES

The previous accounting period covered from 12 January 2024 to 31 December 2024.

11.	ULTIMATE CONTROLLING PARTY

The controlling party for Vallee Properties Limited is Aosta Holdings Limited.

The ultimate controlling party for Aosta Holdings Limited is S V Short.