Company Registration No. 09541970 (England and Wales)
VALIANT INTEGRATED SERVICES LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
VALIANT INTEGRATED SERVICES LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VALIANT INTEGRATED SERVICES LTD.
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
$
$
$
$
Current assets
Debtors
3
18,245
2,739
Creditors: amounts falling due within one year
4
(232,023)
(150,313)
Net current liabilities
(213,778)
(147,574)
Capital and reserves
Called up share capital
5
130
130
Profit and loss reserves
(213,908)
(147,704)
Total equity
(213,778)
(147,574)
The directors of the company have elected not to include a copy of the profit and loss account 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 7 July 2025 and are signed on its behalf by:
J Bell
Director
Company Registration No. 09541970
VALIANT INTEGRATED SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Valiant Integrated Services Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
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 US dollars, 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.
1.2
Going concern
The financial statements have been prepared on a going concern basis, which assumes the company will be able to meet its liabilities as and when the fall due for the foreseeable future. true
The company recognised a loss for the year of $66,204 (loss in 2023: $65,409). The company has net liabilities of $213,778 (2023: $147,574). However at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is based on the expectation that fellow group undertakings have confirmed their intention, if required, to provide financial support to enable the company to settle its liabilities as they fall due for at least 12 months from the date of signing the financial statements.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements based on continued support.
1.3
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 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.
Basic financial assets
Basic financial assets, which include debtors, 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.
VALIANT INTEGRATED SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets
Financial assets 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 and amounts owed to 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. 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.4
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.5
Foreign exchange
Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
There was one employee during the current year (2023: one).
VALIANT INTEGRATED SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
$
$
Other debtors
18,245
2,739
4
Creditors: amounts falling due within one year
2024
2023
$
$
Amounts owed to group undertakings
211,278
110,252
Taxation and social security
5,146
Other creditors
5,110
Accruals and deferred income
20,745
29,805
232,023
150,313
Amounts owed to group undertakings are interest free and repayable on demand.
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of £1 each
100
100
130
130
6
Parent company
The immediate parent company as at 30 September 2024 was Valiant Integrated Services LLC, a company registered in Delaware with registered office at 205 Van Buren St. Suite 310. Herndon, VA 20170. Following the year end, due to a restructuring, the immediate parent company became Valiant Integrated Defence Services LLC, which has the same registered office. The ultimate controlling party is GC Valiant LLC, a company registered in Delaware.
The parent of the smallest and largest group into which this entity is consolidated is GC Valiant LLC, with the registered address of 3940 Ruffin Road, Suite C, San Diego, 92123, United States. The financial statements of these entities are not publicly available.
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.
The senior statutory auditor was Rebecca Donnelly.
The auditor was HW Fisher Audit.