Disclaimer

1. A valuation is an opinion, not a price

A valuation is our reasoned opinion of value as at a stated valuation date, prepared on a stated basis of value and for a stated purpose. It is not an offer, a guarantee, or a prediction of what any buyer will pay.

Valuation is inherently uncertain. Two competent valuers applying the same standards to the same company can reach different conclusions and both be defensible. A concluded value may move materially, and quickly, as market conditions, trading performance or company facts change. A report should be read as current at its valuation date and not afterwards.

2. It is not tax, legal or investment advice

Our work covers calculation methodology and the assumptions behind it. It is not tax advice, legal advice, audit, assurance, or a personal recommendation to buy, sell or retain any security or business.

Where a report is prepared for a tax purpose, it is aligned with the relevant HMRC practice, including Shares and Assets Valuation practice for EMI under section 431 and the market-value basis for capital gains and inheritance tax. That alignment does not make it a tax filing or a substitute for one. Engage a qualified tax adviser for the filing itself, and a solicitor for any legal question arising from a transaction.

HMRC is not bound by our report. A valuation agreed with HMRC requires submission to Shares and Assets Valuation, which is a separate process we can support but do not replace.

3. It depends on the information you give us

A valuation is built from the financial and commercial information supplied by the client, together with market data from our own maintained repository. We review what we are given for internal consistency and reasonableness, but we do not audit it, and we do not independently verify it.

Where information is incomplete, inaccurate or misleading, the conclusion will be affected accordingly. Responsibility for the completeness and accuracy of the information supplied rests with the client.

4. Reports are addressed to a client, for a purpose

Each report is prepared for a named client and for the specific purpose recorded within it. It is not prepared for, and should not be relied on by, anyone else.

We accept no duty of care and no liability to any third party who obtains a report and relies on it without our prior written consent. Using a report for a purpose other than the one stated in it — for example, relying on a report prepared for an EMI grant when negotiating a sale — is outside its scope and outside our responsibility.

5. The free valuation tool

The indicative range produced by the free tool on this site is an automated estimate generated from a small number of inputs and sector benchmark multiples. It is provided for general information and to help you decide whether a formal valuation is worth commissioning.

It is not a valuation. It is not reviewed by a practitioner, it is not signed, it is not compliant with IVSC IVS 105, and it must not be used for any tax, statutory, contractual or transactional purpose. No liability is accepted for any decision taken on the basis of it.

6. Articles and published material

Articles, guides, templates and benchmark material on this site are general commentary. They are not advice, and they are not written with knowledge of any particular company’s circumstances. Do not act on them without taking advice appropriate to your own situation.

Published material reflects our understanding at the date of publication. Standards, HMRC practice and market multiples all change, and we do not undertake to keep older articles current.

7. Market data

Comparable company multiples, precedent transaction multiples and cost-of-capital inputs are drawn from our maintained repository as at the valuation date, and a record of the data used is retained so the calculation can be reconstructed later.

Market data is obtained from sources we consider reliable, but we do not warrant its accuracy or completeness, and we do not licence it onward. Nothing in a deliverable grants any right to redistribute third-party market data contained in it.

8. Standards and signature

Valuations are prepared in alignment with IVSC IVS 105, ICAEW TECH 03/19, and, where relevant to the engagement purpose, HMRC Shares and Assets Valuation practice. Every valuation report is signed by a qualified, named consultant, who is the point of contact for any HMRC correspondence arising from it.

ValuCap is not a regulated firm for the purposes of investment business and does not carry on any regulated activity.

9. Liability

Nothing on this page limits or excludes liability for fraud, fraudulent misrepresentation, death or personal injury caused by negligence, or any other liability that cannot lawfully be limited or excluded.

Subject to that, liability arising from an engagement is limited as set out in our terms of service.

10. Governing law

This disclaimer is governed by the law of England and Wales. The courts of England and Wales have exclusive jurisdiction.

11. Questions

If anything here is unclear, or you are unsure whether a report covers what you need it to, ask us before relying on it.