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REGISTERED NUMBER: 11676925 (England and Wales)
















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

VALIDPATH FINANCIAL NETWORK LIMITED

VALIDPATH FINANCIAL NETWORK LIMITED (REGISTERED NUMBER: 11676925)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VALIDPATH FINANCIAL NETWORK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A I R MacNee
A T Kirk





REGISTERED OFFICE: Unit 8
8 Shepherd Market
London
W1J 7JY





REGISTERED NUMBER: 11676925 (England and Wales)





AUDITORS: MHA
Elfed House
Oak Tree Court
Cardiff Gate Business Park
Cardiff
CF23 8RS

VALIDPATH FINANCIAL NETWORK LIMITED (REGISTERED NUMBER: 11676925)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 50,950 50,950

CURRENT ASSETS
Debtors 5 10 13,750

CREDITORS
Amounts falling due within one year 6 50,860 64,600
NET CURRENT LIABILITIES (50,850 ) (50,850 )
TOTAL ASSETS LESS CURRENT LIABILITIES 100 100

CAPITAL AND RESERVES
Called up share capital 100 100
100 100

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 11 December 2024 and were signed on its behalf by:





A I R MacNee - Director


VALIDPATH FINANCIAL NETWORK LIMITED (REGISTERED NUMBER: 11676925)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Validpath Financial Network 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 (£).


Amounts are 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There have been no material departures from Financial Reporting Standard 102.

During the financial year the company has not traded and has received no income and incurred no expenditure. Consequently, the company has made neither a surplus or a deficit.

Going concern
The financial statements have been prepared on the going concern basis. The director has considered a variety of factors, including in the wider economy, as part of their assessment of going concern.

On the basis of information available to them as at the date of approval the director believes on balance that they have sufficient resources to enable operations to continue for a period of at least one year from the date of approval of the financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Validpath Financial Network Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 liabilities are offset, with 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 includes debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.


VALIDPATH FINANCIAL NETWORK LIMITED (REGISTERED NUMBER: 11676925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors 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. Financial liabilities classified as payable within one year are not amortised.

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

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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

VALIDPATH FINANCIAL NETWORK LIMITED (REGISTERED NUMBER: 11676925)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 50,950
NET BOOK VALUE
At 30 June 2024 50,950
At 30 June 2023 50,950

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Amounts owed by group undertakings - 13,750
Other debtors 10 -
10 13,750

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 10 -
Amounts owed to group undertakings 50,850 64,600
50,860 64,600

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Laura Farrow MSc BSc FCA (Senior Statutory Auditor)
for and on behalf of MHA


MHA is the trading name of MacIntyre Hudson LLP,
a limited liability partnership in England and Wales (OC312313).

8. RELATED PARTY DISCLOSURES

The Company has given security by way of a debenture over the assets and undertaking of the Company in respect of a £5.175m loan facility provided to its ultimate parent company, Rimbal Holdings Limited, by Silverstripe Rimbal LLC (assigned from Silverstripe Rimbal LLC to Silverstripe General Partners Limited). Other subsidiaries have also provided a similar security. At 30 June 2024 an amount of £1.35m (2023: £1.35m) of the facility had been drawn, with accumulated interest.