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REGISTERED NUMBER: 08895842 (England and Wales)










STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

VALLEN HOLDINGS EUROPE LTD

PREVIOUSLY KNOWN AS
IDG HOLDINGS EUROPE LTD

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


VALLEN HOLDINGS EUROPE LTD
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: S M Timmons
C E Delph
D H Ball





Registered office: Suite 2 First Floor
10 Temple Back
Bristol
United Kingdom
BS1 6FL





Registered number: 08895842 (England and Wales)





Auditors: Mark Arber Limited
Statutory Auditors
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

Review of business
Vallen Holdings Europe Ltd, is parent company of Vallen entities operating in Ireland, United Kingdom, Germany, Czech Republic and France. Vallen Germany acquired a new site of an existing customer, Ademco in Mosbach in Germany.

Key performance indicators
The key financial and other performance indicators during the period, for the company, were as follows:

2023 2022 Change
£'000 £'000 %
Turnover - - -
Operating profit / (loss) (9) 36 (124)
Profit after tax / (loss) (9) 36 (124)
Profit and loss reserves / (loss) (269) (260) 3
Current assets as % of current liabilities (quick ratio) 16% 2% 700

Average number of employees - - -

Operating profit and profit after tax are used to track the underlying performance of the business.

Principal risks and uncertainties
The primary risk around the group of companies is the loss of customers and, as a result, an impact on profitability. To date, the group is profitable especially with the addition of EES and Vallen Integrated Supply which is adding to scale and additional customer and profitability options.

We are exposed to risks and uncertainties in our business, including the risk factors set forth below:

Financial risks
There is a currency exposure given the group operates across Europe and in the USA. This is managed by matching receipts and payments in similar currency and monitored by group treasury.

Operational risks
Principal risk is poor performance on a customer site causing reputational damage to both European and USA customers and this is mitigated by key resources on sites and regional managers to ensure relationships and standards are maintained.

Regulatory and compliance risks
There are no significant regulatory or compliance risks aside from standard legal, audit, tax and reporting compliance which are mitigated by using service providers who are experts in their field.

Competitive risks
Vallen Europe, while in competitive tender space for new customers, has a strong advantage with the presence and scale offered by the global Vallen group. Customers won in the USA generally want support in Europe driving a very active pipeline with continued growth expected through 2024 and 2025.

Subsequent events
Vallen Holdings group and its subsidiaries acquired two established businesses operating in Europe: Wesco Integrated Supply (now renamed Vallen Integrated Supply) on 1 April 2024 and Eastland Engineering Supply (EES) on 9 July 2024.

Future developments
Further customers growth in Europe is anticipated driven by Vallen's larger presence with the acquisition of the two businesses in 2024. The increased pipeline of customers is expected to lead to an increase in sales across Europe in future periods.


VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Corporate strategy
Additional acquisitions to strengthen the group across Europe and reduce any customer concentration in any one vertical enabling the European businesses to support the USA customers with the same service needs in Europe

On behalf of the board:



C E Delph - Director


30 January 2025

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the Company for the year ended 31 December 2023.

Change of name
The Company passed a special resolution on 27 June 2024 changing its name from IDG Holdings Europe Ltd to Vallen Holdings Europe Ltd.

Principal activity
The principal activity of the company in the year under review was that of a holding company.

Dividends
No dividends will be distributed for the year ended 31 December 2023 (2022: nil).

Events since the end of the year
Information relating to events since the end of the year is given in the notes to the financial statements.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S M Timmons
C E Delph
D H Ball

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors
The auditors, Mark Arber Limited, are deemed to be reappointed under section 487 (2) of the Companies Act 2006..

On behalf of the board:





C E Delph - Director


30 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VALLEN HOLDINGS EUROPE LTD

Opinion
We have audited the financial statements of Vallen Holdings Europe Ltd (the 'Company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VALLEN HOLDINGS EUROPE LTD


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework
that the company operates in and how the company is complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the
risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including
assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to employment laws and regulations. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these laws and regulations and inspected correspondence with regulatory authorities.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VALLEN HOLDINGS EUROPE LTD


Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Arber (Senior Statutory Auditor)
for and on behalf of Mark Arber Limited
Statutory Auditors
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

31 January 2025

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

TURNOVER - -

Administrative expenses (8,828 ) 36,456
OPERATING (LOSS)/PROFIT 4 (8,828 ) 36,456

Interest receivable and similar income 5 1 -
(LOSS)/PROFIT BEFORE TAXATION (8,827 ) 36,456

Tax on (loss)/profit 6 - -
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(8,827

)

36,456

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (8,827 ) 36,456


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(8,827

)

36,456

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Investments 7 5,601 5,601

CURRENT ASSETS
Debtors 8 2,231 -
Cash at bank 7,809 768
10,040 768
CREDITORS
Amounts falling due within one year 9 (62,258 ) (44,159 )
NET CURRENT LIABILITIES (52,218 ) (43,391 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(46,617

)

(37,790

)

CAPITAL AND RESERVES
Called up share capital 10 222,028 222,028
Retained earnings 11 (268,645 ) (259,818 )
SHAREHOLDERS' FUNDS (46,617 ) (37,790 )

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





C E Delph - Director


VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 222,028 (296,274 ) (74,246 )

Changes in equity
Total comprehensive income - 36,456 36,456
Balance at 31 December 2022 222,028 (259,818 ) (37,790 )

Changes in equity
Total comprehensive income - (8,827 ) (8,827 )
Balance at 31 December 2023 222,028 (268,645 ) (46,617 )

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Vallen Holdings Europe Ltd 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 Company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
These accounts have been drawn up on the going concern basis. The company is dependent upon the support of its parent company in order to meet its working capital requirements. The parent company has provided assurances that that support will continue for a period that exceeds twelve months from the date of approval of these financial statements. On the basis of these assurances the director's believe the company will continue to have sufficient funds in order to meet its financial liabilities as they fall due and that the going concern basis is appropriate

Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Vallen Holdings Europe Ltd as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Vallen Distribution, Inc, 2100 The Oaks Pkwy, Belmont, NC 28012, USA.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Investments in subsidiaries
The investments in subsidiaries undertakings are stated at cost less any provision for diminution in value. Any profits or losses on disposal of investments are taken to the profit and loss account. Income from investments is recognised when entitlement to dividends or interest is established.

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months.

3. EMPLOYEES AND DIRECTORS

There are no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

2023 2022
£    £   
Directors' remuneration - -

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

31/12/23 31/12/22
£    £   
Auditors' remuneration 4,188 3,900
Foreign exchange differences 37 (45,314 )

5. INTEREST RECEIVABLE AND SIMILAR INCOME
31/12/23 31/12/22
£    £   
Other interest received 1 -

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 January 2023
and 31 December 2023 5,601
Net book value
At 31 December 2023 5,601
At 31 December 2022 5,601

The Company's investments at the Balance Sheet date in the share capital of companies include the following:

Vallen Supply UK Ltd
Registered office: Suite 2, First Floor,10 Temple Back, Bristol, BS1 6FL, UK
Nature of business: To design, build & manage supply chain solutions
%
Class of shares: holding
Ordinary 100.00

Vallen Supply Ireland Limited
Registered office: Block A, George´s Quay Plaza, George´s Quay, Dublin 2, Ireland
Nature of business: To design, build & manage supply chain solutions
%
Class of shares: holding
Ordinary 100.00

Vallen Supply Germany GmbH
Registered office: Claudius-Keller-Strasse 3C, 81669 Munchen, Germany
Nature of business: To design, build & manage supply chain solutions
%
Class of shares: holding
Ordinary 100.00

Vallen Supply Czech Republic s.r.o.
Registered office: Nádražní 344/23, Smíchov, 150 00 Praha 5
Nature of business: To design, build & manage supply chain solutions
%
Class of shares: holding
Ordinary 100.00

Vallen Supply France
Registered office: 16 RUE Auber, 75009 Paris, France
Nature of business: To design, build & manage supply chain solutions
%
Class of shares: holding
Ordinary 100.00

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Tax 2,231 -

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Amounts owed to group undertakings 53,420 36,359
Accruals and deferred income 8,838 7,800
62,258 44,159

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
222,028 Ordinary £1 222,028 222,028

The ordinary shares has full rights to receive notice of, attend and vote at general meetings. One share carries one vote and full rights to dividends and capital distributions.

11. RESERVES
Retained
earnings
£   

At 1 January 2023 (259,818 )
Deficit for the year (8,827 )
At 31 December 2023 (268,645 )

12. CONTINGENT LIABILITIES

In the opinion of the directors, there were no capital or financial liabilities as at 31 December 2023 (2022: Nil).

13. 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.

14. POST BALANCE SHEET EVENTS

Acquisition of Wesco February 2024
In February 2024, Vallen Distribution Inc, the parent of Vallen Holdings Europe Limited signed a definitive agreement to acquire Wesco Integrated Supply businesses in Poland, Germany, Ireland, the Czech Republic and the UK. This was done through the acquisition of three entities in Germany, Poland and the UK and also an asset purchase of the Integrated Supply business in the two other countries, Ireland and the Czech Republic.

As a result of the acquisition Wesco Integrated Supply Polska was acquired directly by Vallen Holdings Europe Limited for $9,594,540. Wesco Integrated Supply (UK) Limited was acquired by Vallen Supply UK Limited, a fully owned subsidiary of Vallen Holdings Europe Limited, for $3,369,548, and Wesco Integrated Supply Germany GmbH was acquired by IDG Supply Germany GmbH, a fully owned subsidiary of Vallen Holdings Europe Limited for £100.

The acquisitions were financed via intercompany loans from Vallen Distribution Inc.

Acquisition of Source Topco Limited and subsidiary companies July 2024
In July 2024 Vallen Holdings Ireland Limited, a subsidiary of Vallen Holdings Europe Limited incorporated in 2024, acquired 100% of the share capital of Source Topco Limited, a company incorporated in the Republic of Ireland, for €40,377,108. Source Topco Limited and its subsidiaries Source Bidco Limited (Ireland), Eastland Engineering Supply Co. Limited (Ireland) and EES Limited Florida LLC (United States of America) becoming subsidiaries of the group headed by Vallen Holdings Europe Limited as a result of the purchase. The acquisition was financed via an intercompany loan from Vallen Distribution Inc.

VALLEN HOLDINGS EUROPE LTD (REGISTERED NUMBER: 08895842)
PREVIOUSLY KNOWN AS IDG HOLDINGS EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. ULTIMATE CONTROLLING PARTY

The immediate parent company is Vallen Distribution, Inc. a company incorporated in the United States of America.

The largest and smallest group in which the results of the Company are consolidated is that headed by Vallen Distribution, Inc. Consolidated financial statements for Vallen Distribution, Inc. are available from the registered office at 2100 The Oaks Pkwy, Belmont, NC 28012, USA.

The ultimate controlling party is Nautic Partners X LP.