ACCOUNTS - Final Accounts

Loans and other debts due to members

VALERE CAPITAL PARTNERS LLP - Company Information

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Registered number: OC341551

VALERE CAPITAL PARTNERS LLP

AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 NOVEMBER 2022

VALERE CAPITAL PARTNERS LLP

REGISTERED NUMBER: OC341551

BALANCE SHEET

AS AT 30 NOVEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	5		2,186		4,817
Current assets
Debtors: amounts falling due within one year	6	645,787		856,348
Cash at bank and in hand	7	254,212		276,238
		899,999		1,132,586
Creditors: Amounts Falling Due Within One Year	8	(508,254)		(627,534)
Net current assets			391,745		505,052
Total assets less current liabilities			393,931		509,869

Net assets			393,931		509,869

Represented by:
Loans and other debts due to members within one year
Other amounts		303,931		419,869
Members' other interests
Members' capital classified as equity	90,000		90,000
		90,000		90,000
		393,931		509,869

Total members' interests
Loans and other debts due to members	303,931	419,869
Members' other interests	90,000	90,000
	393,931	509,869

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VALERE CAPITAL PARTNERS LLP

REGISTERED NUMBER: OC341551

BALANCE SHEET (CONTINUED)

AS AT 30 NOVEMBER 2022

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 4 May 2023.

Mr G A Preidl

Designated Member

The notes on pages 3 to 7 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.

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VALERE CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

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 Section 1A of 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 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'.

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VALERE CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

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

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.

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VALERE CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

2.8

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.

2.9

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.

2.10

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.

Employees

The entity has no employees for 2022 (2021 - Nil).

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VALERE CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

5.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 December 2021	862	17,623	18,485
Additions	-	1,250	1,250
At 30 November 2022	862	18,873	19,735
Depreciation
At 1 December 2021	862	12,806	13,668
Charge for the year on owned assets	-	3,881	3,881
At 30 November 2022	862	16,687	17,549
Net book value
At 30 November 2022	-	2,186	2,186
At 30 November 2021	-	4,816	4,816

Debtors

					2022	2021
					£	£


Trade debtors	635,375	845,936
Other debtors	10,412	10,412
	645,787	856,348

7.	Cash and cash equivalents
		2022	2021
		£	£

	Cash at bank and in hand	254,212	276,238

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VALERE CAPITAL PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

8.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	485,214	599,204
Other taxation and social security	10,857	23,580
Accruals and deferred income	12,183	4,750
	508,254	627,534


Other amounts due to members	303,931	419,869
	303,931	419,869

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Not later than 1 year	38,436	32,945
Later than 1 year and not later than 5 years	54,908	65,890
	93,344	98,835

11.	Controlling party

The 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.

12.	Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2022 was unqualified.

The audit report was signed on 4 May 2023 by Mark Nelligan (FCA) (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.

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