REGISTERED NUMBER: 08904706 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

VALLEN SUPPLY UK LTD

PREVIOUSLY KNOWN AS

IDG SUPPLY UK LTD

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

Directors:

S M Timmons

D H Ball

C E Delph

Registered office:

Suite 2 First Floor

10 Temple Back

Bristol

BS1 6FL

Registered number:

08904706 (England and Wales)

Auditors:

Mark Arber Limited

Statutory Auditors

71-75 Shelton Street

Covent Garden

London

WC2H 9JQ

CURRENT ASSETS

Debtors

4

1,563,093

1,136,845

Cash at bank

153,849

206,418

1,716,942

1,343,263

CREDITORS

Amounts falling due within one year

5

(2,033,025

)

(1,473,879

)

NET CURRENT LIABILITIES

(316,083

)

(130,616

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(316,083

)

(130,616

)

CAPITAL AND RESERVES

Called up share capital

251,500

251,500

Retained earnings

(567,583

)

(382,116

)

SHAREHOLDERS' FUNDS

(316,083

)

(130,616

)

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 2 April 2025 and were signed on its behalf by:

C E Delph - Director

1.	STATUTORY INFORMATION

Vallen Supply UK 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 (£).

Change of name

The company passed a special resolution on 27 June 2024 changing its name from IDG Supply UK Ltd to Vallen Supply UK Ltd.

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.

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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,291,522

891,700

Amounts owed by group undertakings

35,782

39,514

Other debtors

235,789

205,631

1,563,093

1,136,845

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

303,709

166,554

Amounts owed to group undertakings

1,693,016

1,241,939

Taxation and social security

-

51,346

Other creditors

36,300

14,040

2,033,025

1,473,879

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

The Report of the auditors was unqualified.

Mark Arber (Senior Statutory Auditor)

for and on behalf of Mark Arber Limited

7.	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.

Change of name

The company passed a special resolution on 27 June 2024 changing its name from IDG Supply UK Ltd to Vallen Supply UK Ltd.

8.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Vallen Holdings Europe Ltd (previously known as IDG Holdings Europe Ltd), a company incorporated in England and Wales.

The largest 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 principal office at 2100 Oaks Parkway, Belmont, North Carolina, 28012, United States of America.

The ultimate controlling party is an affiliate of Nautic Partners, LLC in the United States of America.