Company registration number 14331011 (England and Wales)
VALSTONE UK HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VALSTONE UK HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
VALSTONE UK HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Non-current assets
Investments
4
29,142,833
Current assets
-
Current liabilities
5
(10,790,720)
Net current liabilities
(10,790,720)
Total assets less current liabilities
18,352,113
Non-current liabilities
6
(5,956,872)
Net assets
12,395,241
Equity
Called up share capital
3,548,655
Retained earnings
8,846,586
Total equity
12,395,241

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
Mr S Manos
Director
Company registration number 14331011 (England and Wales)
VALSTONE UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Valstone UK Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered number is 14331011. The registered office is Adbolton Hall, Adbolton Lane, West Bridgford, Nottingham, NG2 5AS.

1.1
Reporting period

The company has prepared its first financial statements over a 16 month period ending 31 December 2023 to bring it in line with its subsidiary.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Valstone UK Holdings Limited is a wholly owned subsidiary of Valstone Corporation Inc and the results of Valstone UK Holdings Limited are included in the consolidated financial statements of Valstone Corporation Inc which are available from 7405 Rte Transcanadienne #100, Saint-Laurent, QC H4T 1Z2, Canada.

1.3
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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.

VALSTONE UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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. The principal areas where judgement was exercised are as follow:

 

Carrying value of investments in subsidiaries

 

Investments are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in Statement of Comprehensive Income. The carrying value of each investment is considered to be impaired if there is objective evidence that the net present value of discounted cashflows and terminal value of the underlying company fall short of the carrying value of the investment.

 

Carrying value of amounts owed by group undertakings

 

The directors annually assess the carrying value of intercompany debtors for any indicators of impairment. If there is objective evidence of impairment, a provision is made against the underlying debtor.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
2
4
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
29,142,833
VALSTONE UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 4 -
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2022
-
Additions
25,594,178
Acquired in exchange for shares
3,548,655
At 31 December 2023
29,142,833
Carrying amount
At 31 December 2023
29,142,833

On the 21st December 2022, the company acquired two wholly owned subsidiaries, DSL Systems Limited and Datastor Systems Limited, from its parent company Valstone Corporation Inc in exchange for share in Valstone UK Holdings Limited.

 

On 6th November 2023, the company purchased the entire issued share capital of Prophet Limited, a company incorporated in the UK.

 

 

5
Current liabilities
2023
£
Amounts owed to group undertakings
8,140,000
Other payables
2,650,720
10,790,720
6
Non-current liabilities
2023
£
Other payables
5,956,872
VALSTONE UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Chloe Harrison ACA
Statutory Auditor:
Josolyne LLP
Date of audit report:
4 September 2024
8
Financial commitments, guarantees and contingent liabilities

There is a fixed and floating charge over the assets of the company in respect of borrowings owed by Valstone Corporation Inc to the Toronto-Dominion Bank.

9
Related party transactions

The company has taken advantage of the exemption under FRS102 not to disclose details of transactions with other entities that are part of the same group, where the entities are wholly owned.

10
Parent company

The immediate parent undertaking is Valstone Corporation Inc, a company incorporated and registered in Canada.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Valsef Capital Inc
Smallest group
Valstone Corporation Inc
2023-12-312022-09-01false04 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr D  FelicissimoMr S  Manosfalsefalse143310112022-09-012023-12-31143310112023-12-3114331011core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3114331011core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3114331011core:CurrentFinancialInstruments2023-12-3114331011core:ShareCapital2023-12-3114331011core:RetainedEarningsAccumulatedLosses2023-12-3114331011bus:Director22022-09-012023-12-3114331011core:Non-currentFinancialInstruments2023-12-3114331011bus:PrivateLimitedCompanyLtd2022-09-012023-12-3114331011bus:SmallCompaniesRegimeForAccounts2022-09-012023-12-3114331011bus:FRS1022022-09-012023-12-3114331011bus:Audited2022-09-012023-12-3114331011bus:Director12022-09-012023-12-3114331011bus:FullAccounts2022-09-012023-12-31xbrli:purexbrli:sharesiso4217:GBP