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REGISTERED NUMBER: 07140753 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Validus Risk Management Limited

Validus Risk Management Limited (Registered number: 07140753)

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 7 |

Consolidated Income Statement | 11 |

Consolidated Other Comprehensive Income | 12 |

Consolidated Balance Sheet | 13 |

Company Balance Sheet | 15 |

Consolidated Statement of Changes in Equity | 17 |

Company Statement of Changes in Equity | 18 |

Consolidated Cash Flow Statement | 19 |

Notes to the Consolidated Cash Flow Statement | 20 |

Notes to the Consolidated Financial Statements | 22 |

Validus Risk Management Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | K D Lester

| F Vasvari

| S Brosseau

| H Blakstad

| J Lalonde

| REGISTERED OFFICE: | Parkside

| 33-39 Sheet Street

| Windsor

| Berkshire

| SL4 1BY

| REGISTERED NUMBER: | 07140753 (England and Wales)

| AUDITORS: | WP Audit Limited

| Statutory Auditors

| TOR

| Saint-Cloud Way

| Maidenhead

| Berkshire

| SL6 8BN

Validus Risk Management Limited (Registered number: 07140753)

Group Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

Validus Risk Management Limited (Registered number: 07140753)

Group Strategic Report

for the Year Ended 31 December 2024

REVIEW OF BUSINESS

Principle Activities

Validus Risk Management and its subsidiaries ("the Group"/ "Validus") was founded in 2010. Validus specialises in market risk management, fund finance, and technology solutions, globally serving the alternative asset space, leveraging extensive market knowledge, strategic proficiency, and industry-leading analytics, providing practical solutions to its clientele.

The operations of the Validus are governed by regulations and licensing requirements due to the nature of its services. Validus is registered with and regulated by several authorities, including the Financial Conduct Authority ("FCA"); Commodity Futures Trading Commission ("CFTC"); National Futures Association ("NFA") ; Ontario Securities Commission ("OSC") ; Commission de Surveillance du Secteur Financier ("CSSF") ; Quebec Autorité des arches financiers ("AMF") ; Financial Supervisory Authority of Norway (Finanstilsynet) ("NFSA"); and ISO27001:2022 compliance standards.

Validus operates physical offices and maintains a presence in the United Kingdom, Norway, Italy, United States, and Canada, although its clientele extends globally.

Future developments

Validus will continue its operations within a market with substantial annual growth. The Group's strategic plan focuses on expanding its business services and geographical presence. Intending to further capitalise on market growth through targeting our client base with a comprehensive suite of products while broadening our client base, product offering, and geographic reach.

Despite a strong overall performance, Validus faced challenges, including rising costs and increased compliance requirements. However, the Group's strategic emphasis on innovation, client satisfaction, and talent development has strengthened its ability to navigate these challenges and sustain its growth momentum. Furthermore, external investment received from FTV Capital and Walter Global Asset Management will support future growth and strategic initiatives, enhancing the Group's ability to capitalize on new opportunities and drive long-term success.

Results and Dividends

Validus achieved operating profit for the year, as set out in the consolidated Income Statement, of £819,043 (2023: £1,201,479) and revenue of £16,360,487 (2023: £13,352,248).

Validus's increased revenue results from new client acquisitions and expanding existing ones, achieved through consistently delivering innovative solutions to assist clients in managing financial market risks and developing award-winning technology. Validus has also focused on geographical expansion and growth and maintaining high client satisfaction levels.

Cost management remains centralised, with rigorous review processes for new supplier contracts and hiring decisions, ensuring adequate expenditure controls.

The Board of Directors ("The Board") recommend a payment of a dividend of £301,583.15 paid May 2024.

Key Performance Indicators

The Board and its governing bodies, including the Audit and Risk Committee ("ARC") and the Compensation Committee ("CC"), utilise both financial and non-financial key performance indicators ("KPIs") as part of good governance to monitor and measure the Validus' performance.

Validus Risk Management Limited (Registered number: 07140753)

Group Strategic Report

for the Year Ended 31 December 2024

The financial KPIs used by Validus include monitoring ARR, Revenue, EBITDA, sales, client growth, revenue by jurisdiction, and product development costs. In addition to financial metrics, Validus tracks non-financial key performance indicators (KPIs) such as client growth and longevity, staff retention, technology usage and Net Promoter Score.

PRINCIPAL RISKS AND UNCERTAINTIES

Validus has adopted a low-risk tolerance as determined by the Board. In the event residual risk diverge from Validus's risk appetite, additional measures will be necessary to reduce the risk.

Validus maintains a robust risk management framework and policy, underpinned by a Group wide risk register ensuring the continuous identification, assessment, and monitoring of potential risks in acknowledgement of the business's rapid evolution and fast-changing nature.

The Board and the Audit and Risk Committee receive frequent updates on material risks and actively engage in the oversight of risk-related issues.

Risk assessments are the foundation of the Group's compliance with the applicable regulatory regimes including those related to anti-money laundering, financial crime and sanction regulations, as they drive the risk-based classification of clients and suppliers, and the ongoing monitoring of such relationships. Furthermore, they serve as the basis for internal controls, policies and employee training.

In addition to the above, the Group also actively monitors an damages conflict of interest, due diligence, obligations and risk relating to gifts and entertainment as well as anti-bribery and corruption. These are subject to routine assessments to ensure regulatory standards are upheld.

ON BEHALF OF THE BOARD:

K D Lester - Director

25 April 2025

Validus Risk Management Limited (Registered number: 07140753)

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of risk management consultancy.

DIVIDENDS

A total distribution of dividends of £301,583 were paid in May 2024.

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 2024 to the date of this report.

K D Lester

F Vasvari

S Brosseau

H Blakstad

J Lalonde

Other changes in directors holding office are as follows:

P Robson ceased to be a director after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Validus Risk Management Limited (Registered number: 07140753)

Report of the Directors

for the Year Ended 31 December 2024

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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

K D Lester - Director

25 April 2025

Report of the Independent Auditors to the Members of

Validus Risk Management Limited

Opinion

We have audited the financial statements of Validus Risk Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's profit 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 group 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 group's and the parent 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 Group 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.

Report of the Independent Auditors to the Members of

Validus Risk Management Limited

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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Validus Risk Management Limited

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 engagement partner ensures that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which were considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, FCA, employment and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations and;

-understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls we;

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rational behind significant or unusual transactions.

Audit response to risks identified

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to;

-agreeing financial disclosures to underlying supporting documentation;

-enquiring of management as to actual and potential litigation claims; and

-reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Report of the Independent Auditors to the Members of

Validus Risk Management Limited

Group Audits

We have have requested and reviewed material and key information from the component auditors. This has included their assessment of instances of non-compliance with laws and regulations that could give rise to material misstatement.

We have ensured the component auditors have considered the key areas of risk in respect of fraud.

We have assessed the firm and the engagement team of the component auditors to ensure that they have the necessary skills and capabilities to identify and assess any areas of non-compliance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misststatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

25 April 2025

Validus Risk Management Limited (Registered number: 07140753)

Consolidated Income Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 3 | 16,360,487 |  | 13,352,248 |  |

Cost of sales | (5,049,592 | ) | (5,267,010 | ) |

GROSS PROFIT | 11,310,895 |  | 8,085,238 |  |

Administrative expenses | (10,491,852 | ) | (6,883,756 | ) |

OPERATING PROFIT | 5 | 819,043 |  | 1,201,482 |  |

Interest receivable and similar income | 159,967 |  | 88,673 |  |

979,010 |  | 1,290,155 |  |

Interest payable and similar expenses | 6 | (205,528 | ) | (202,422 | ) |

PROFIT BEFORE TAXATION | 773,482 |  | 1,087,733 |  |

Tax on profit | 7 | (165,136 | ) | 105,805 |  |

PROFIT FOR THE FINANCIAL YEAR | 608,346 |  | 1,193,538 |  |

Profit attributable to:

Owners of the parent | 613,298 |  | 1,227,054 |  |

Non-controlling interests | (4,952 | ) | (33,516 | ) |

608,346 |  | 1,193,538 |  |

Validus Risk Management Limited (Registered number: 07140753)

Consolidated Other Comprehensive Income

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

PROFIT FOR THE YEAR | 608,346 |  | 1,193,538 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 608,346 |  | 1,193,538 |  |

Total comprehensive income attributable to:

Owners of the parent | 613,298 |  | 1,227,054 |  |

Non-controlling interests | (4,952 | ) | (33,516 | ) |

608,346 |  | 1,193,538 |  |

Validus Risk Management Limited (Registered number: 07140753)

Consolidated Balance Sheet

31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 3,852,175 |  | 3,072,798 |  |

Tangible assets | 11 | 269,214 |  | 234,089 |  |

Investments | 12 | - |  | - |  |

4,121,389 |  | 3,306,887 |  |

CURRENT ASSETS

Debtors | 13 | 4,920,407 |  | 4,684,755 |  |

Cash at bank and in hand | 5,831,167 |  | 4,830,081 |  |

10,751,574 |  | 9,514,836 |  |

CREDITORS

Amounts falling due within one year | 14 | (6,812,621 | ) | (4,511,495 | ) |

NET CURRENT ASSETS | 3,938,953 |  | 5,003,341 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 8,060,342 |  | 8,310,228 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (1,684,396 | ) | (2,370,354 | ) |

NET ASSETS | 6,375,946 |  | 5,939,874 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 631 |  | 631 |  |

Share premium | 19 | 5,886,533 |  | 5,886,533 |  |

Capital redemption reserve | 19 | 155,662 |  | 155,662 |  |

Other reserves | 19 | (2,520,888 | ) | (3,234,716 | ) |

Retained earnings | 19 | 2,892,476 |  | 3,165,280 |  |

SHAREHOLDERS' FUNDS | 6,414,414 |  | 5,973,390 |  |

NON-CONTROLLING INTERESTS | 20 | (38,468 | ) | (33,516 | ) |

TOTAL EQUITY | 6,375,946 |  | 5,939,874 |  |

Validus Risk Management Limited (Registered number: 07140753)

Consolidated Balance Sheet - continued

31 December 2024

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:

K D Lester - Director

Validus Risk Management Limited (Registered number: 07140753)

Company Balance Sheet

31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 3,830,674 |  | 3,047,902 |  |

Tangible assets | 11 | 210,418 |  | 202,431 |  |

Investments | 12 | 540,100 |  | 91,692 |  |

4,581,192 |  | 3,342,025 |  |

CURRENT ASSETS

Debtors | 13 | 4,253,523 |  | 4,469,787 |  |

Cash at bank and in hand | 5,357,777 |  | 4,546,433 |  |

9,611,300 |  | 9,016,220 |  |

CREDITORS

Amounts falling due within one year | 14 | (6,507,119 | ) | (3,983,168 | ) |

NET CURRENT ASSETS | 3,104,181 |  | 5,033,052 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,685,373 |  | 8,375,077 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (1,684,396 | ) | (2,370,354 | ) |

NET ASSETS | 6,000,977 |  | 6,004,723 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 631 |  | 631 |  |

Share premium | 19 | 5,886,533 |  | 5,886,533 |  |

Capital redemption reserve | 19 | 155,662 |  | 155,662 |  |

Other reserves | 19 | (2,520,888 | ) | (3,234,716 | ) |

Retained earnings | 19 | 2,479,039 |  | 3,196,613 |  |

SHAREHOLDERS' FUNDS | 6,000,977 |  | 6,004,723 |  |

Company's profit for the financial year | 277,809 |  | 723,143 |  |

Validus Risk Management Limited (Registered number: 07140753)

Company Balance Sheet - continued

31 December 2024

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:

K D Lester - Director

Validus Risk Management Limited (Registered number: 07140753)

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Capital

| share |  | Retained |  | Share |  | redemption

| capital |  | earnings |  | premium |  | reserve

£ | £ | £ | £ |

Balance at 1 January 2023 | 631 |  | 867,676 |  | 3,601,571 |  | 155,662 |  |

Changes in equity

Issue of share capital | - |  | - |  | 2,284,962 |  | - |  |

Total comprehensive income | - |  | 2,297,604 |  | - |  | - |  |

Balance at 31 December 2023 | 631 |  | 3,165,280 |  | 5,886,533 |  | 155,662 |  |

Changes in equity

Dividends | - |  | (301,583 | ) | - |  | - |  |

Total comprehensive income | - |  | 28,779 |  | - |  | - |  |

Balance at 31 December 2024 | 631 |  | 2,892,476 |  | 5,886,533 |  | 155,662 |  |

| Other |  | Non-controlling |  | Total

| reserves |  | Total |  | interests |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | - |  | 4,625,540 |  | - |  | 4,625,540 |  |

Changes in equity

Issue of share capital | - |  | 2,284,962 |  | - |  | 2,284,962 |  |

Total comprehensive income | (3,234,716 | ) | (937,112 | ) | (33,516 | ) | (970,628 | ) |

Balance at 31 December 2023 | (3,234,716 | ) | 5,973,390 |  | (33,516 | ) | 5,939,874 |  |

Changes in equity

Dividends | - |  | (301,583 | ) | - |  | (301,583 | ) |

Total comprehensive income | 713,828 |  | 742,607 |  | (4,952 | ) | 737,655 |  |

Balance at 31 December 2024 | (2,520,888 | ) | 6,414,414 |  | (38,468 | ) | 6,375,946 |  |

Validus Risk Management Limited (Registered number: 07140753)

Company Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 January 2023 | 631 |  | 1,402,920 |  | 3,601,571 |  |

Changes in equity

Issue of share capital | - |  | - |  | 2,284,962 |  |

Total comprehensive income | - |  | 1,793,693 |  | - |  |

Balance at 31 December 2023 | 631 |  | 3,196,613 |  | 5,886,533 |  |

Changes in equity

Dividends | - |  | (301,583 | ) | - |  |

Total comprehensive income | - |  | (415,991 | ) | - |  |

Balance at 31 December 2024 | 631 |  | 2,479,039 |  | 5,886,533 |  |

| Capital |

| redemption |  | Other |  | Total

| reserve |  | reserves |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 155,662 |  | - |  | 5,160,784 |  |

Changes in equity

Issue of share capital | - |  | - |  | 2,284,962 |  |

Total comprehensive income | - |  | (3,234,716 | ) | (1,441,023 | ) |

Balance at 31 December 2023 | 155,662 |  | (3,234,716 | ) | 6,004,723 |  |

Changes in equity

Dividends | - |  | - |  | (301,583 | ) |

Total comprehensive income | - |  | 713,828 |  | 297,837 |  |

Balance at 31 December 2024 | 155,662 |  | (2,520,888 | ) | 6,000,977 |  |

Validus Risk Management Limited (Registered number: 07140753)

Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,943,363 |  | 2,604,479 |  |

Interest paid | - |  | (12,704 | ) |

Tax paid | 90,704 |  | (1,766 | ) |

Net cash from operating activities | 3,034,067 |  | 2,590,009 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (1,858,607 | ) | (1,563,690 | ) |

Purchase of tangible fixed assets | (85,841 | ) | (68,713 | ) |

Sale of tangible fixed assets | 2,438 |  | 709 |  |

Interest received | 129,103 |  | 45,463 |  |

Net cash from investing activities | (1,812,907 | ) | (1,586,231 | ) |

Cash flows from financing activities

Capital repayments in year | (9,161 | ) | - |  |

Share issue | 1,010,028 |  | 2,252,915 |  |

Share buyback | (919,358 | ) | (1,013,044 | ) |

Equity dividends paid | (301,583 | ) | - |  |

Net cash from financing activities | (220,074 | ) | 1,239,871 |  |

Increase in cash and cash equivalents | 1,001,086 |  | 2,243,649 |  |

Cash and cash equivalents at beginning of year | 2 | 4,830,081 |  | 2,586,432 |  |

Cash and cash equivalents at end of year | 2 | 5,831,167 |  | 4,830,081 |  |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before taxation | 773,482 |  | 1,087,733 |  |

| Depreciation charges | 1,153,624 |  | 836,607 |  |

| Loss on disposal of fixed assets | 20,375 |  | 622 |  |

| Finance costs | 205,528 |  | 202,422 |  |

| Finance income | (159,967 | ) | (88,673 | ) |

1,993,042 |  | 2,038,711 |  |

| Increase in trade and other debtors | (1,366,893 | ) | (529,545 | ) |

| Increase in trade and other creditors | 2,317,214 |  | 1,095,313 |  |

| Cash generated from operations | 2,943,363 |  | 2,604,479 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 5,831,167 |  | 4,830,081 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 4,830,081 |  | 2,586,432 |  |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

3. | ANALYSIS OF CHANGES IN NET FUNDS

| Other |

| non-cash |

| At 1.1.24 | Cash flow | changes | At 31.12.24

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 4,830,081 |  | 1,001,086 |  | 5,831,167 |  |

4,830,081 |  | 1,001,086 |  | 5,831,167 |  |

| Debt

| Finance leases | (63,368 | ) | 9,161 |  | - |  | (100,697 | ) |

(63,368 | ) | 9,161 |  | - |  | (100,697 | ) |

| Total | 4,766,713 |  | 1,010,247 |  | - |  | 5,730,470 |  |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Validus Risk Management 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 General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| Basis of consolidation

| The group financial statements consolidate the financial statements of Validus Risk Management Limited and all its subsidiary undertakings drawn up to the balance sheet date. Subsidiary undertakings are included in the group financial statements using the acquisition method of accounting.

| In the parent company financial statements, investments in subsidiaries, joint ventures and associates are accounted for at the lower of cost and net realisable value.

| 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.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Significant judgements and estimates

| In the application of the group's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The group's key source of estimation uncertainty relates to the expected useful life of its development costs.

| Turnover

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

| Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Development costs are being amortised evenly over their estimated useful life of five years.

| Computer software is being amortised evenly over its estimated useful life of five years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery | - | 20% on cost

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 20% on reducing balance

| Computer equipment | - | 20% on cost

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. 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.

| (i) Financial assets and liabilities

| All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

| Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

| (a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

| (b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

| (c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

| (d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

| (e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

| (f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

| Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

| Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred except to the extent that development costs are incurred with respect to a clearly defined project where the related expenditure is clearly identifiable and the outcome of the project has been assessed with reasonable certainty. If these conditions are met, development costs are capitalised and written off over their useful life through the profit and loss account.

| 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

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

| Short term benefits

| Short term benefits, including holiday pay and other related non-monetary benefits, are recognised as an expense in the period in which the related service is received.

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash and cash equivalents comprise bank balances and cash on hand.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by geographical market is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| United Kingdom | 4,004,273 |  | 3,070,720 |  |

| Europe | 5,638,427 |  | 4,602,126 |  |

| Rest of World | 6,717,787 |  | 5,679,402 |  |

16,360,487 |  | 13,352,248 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 9,878,418 |  | 8,161,373 |  |

| Social security costs | 1,095,776 |  | 763,058 |  |

| Other pension costs | 200,495 |  | 124,408 |  |

11,174,689 |  | 9,048,839 |  |

| The average number of employees during the year was as follows:

| 31.12.24 |  | 31.12.23

| Management | 4 |  | 4 |  |

| Sales | 7 |  | 5 |  |

| Support | 77 |  | 67 |  |

88 |  | 76 |  |

| 31.12.24 |  | 31.12.23

£ | £ |

| Directors' remuneration | 1,553,437 |  | 1,082,210 |  |

| Directors' pension contributions to money purchase schemes | 17,836 |  | 8,400 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 2 |  |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

4. | EMPLOYEES AND DIRECTORS - continued

| Information regarding the highest paid director is as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Emoluments etc | 820,724 |  | 629,357 |  |

| Pension contributions to money purchase schemes | 10,592 |  | 7,500 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.12.24 |  | 31.12.23

£ | £ |

| Other operating leases | 606,904 |  | 651,590 |  |

| Depreciation - owned assets | 58,170 |  | 49,768 |  |

| Depreciation - assets on hire purchase contracts | 16,223 |  | - |  |

| Loss on disposal of fixed assets | 20,375 |  | 622 |  |

| Goodwill amortisation | 3,395 |  | 3,395 |  |

| Development costs amortisation | 1,071,635 |  | 775,112 |  |

| Computer software amortisation | 4,200 |  | 4,200 |  |

| Auditors' remuneration | 33,250 |  | 22,050 |  |

| Foreign exchange differences | (67,280 | ) | 97,880 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Other loan interest | - |  | 9,915 |  |

| Interest and penalties | - |  | 2,789 |  |

| Unwinding of discount | 205,528 |  | 189,718 |  |

205,528 |  | 202,422 |  |

| Interest payable includes an amount of £205,528 in respect of the unwinding of a discount to present value for deferred consideration in relation to the purchase of own shares.

7. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Current tax:

| UK corporation tax | 185,433 |  | (204,677 | ) |

| Deferred tax | (20,297 | ) | 98,872 |  |

| Tax on profit | 165,136 |  | (105,805 | ) |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

7. | TAXATION - continued

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before tax | 773,482 |  | 1,087,733 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.500 %) | 193,371 |  | 255,617 |  |

| Effects of:

| Expenses not deductible for tax purposes | 182,894 |  | 65,937 |  |

| Adjustments to tax charge in respect of previous periods | 77,036 |  | (62,726 | ) |

| Research & development enhanced relief | (377,279 | ) | (426,337 | ) |

| Different tax rates applicable to overseas subsidiaries | 72,097 |  | 71,395 |  |

| Capitalised salaries deductible for tax | (438,696 | ) | (367,467 | ) |

| Rate difference of surrendered R&D credit | 186,754 |  | 175,625 |  |

| Development amortisation disallowable for tax | 268,959 |  | 182,151 |  |

| Total tax charge/(credit) | 165,136 |  | (105,805 | ) |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

| 31.12.24 |  | 31.12.23

£ | £ |

| A Ordinary £0.001 shares of 0.1p each |

| Interim | 301,583 |  | - |  |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

10. | INTANGIBLE FIXED ASSETS

| Group

| Development |  | Computer |

| Goodwill |  | costs |  | software |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 33,949 |  | 6,355,546 |  | 21,000 |  | 6,410,495 |  |

| Additions | - |  | 1,858,607 |  | - |  | 1,858,607 |  |

| At 31 December 2024 | 33,949 |  | 8,214,153 |  | 21,000 |  | 8,269,102 |  |

| AMORTISATION

| At 1 January 2024 | 9,053 |  | 3,318,494 |  | 10,150 |  | 3,337,697 |  |

| Amortisation for year | 3,395 |  | 1,071,635 |  | 4,200 |  | 1,079,230 |  |

| At 31 December 2024 | 12,448 |  | 4,390,129 |  | 14,350 |  | 4,416,927 |  |

| NET BOOK VALUE

| At 31 December 2024 | 21,501 |  | 3,824,024 |  | 6,650 |  | 3,852,175 |  |

| At 31 December 2023 | 24,896 |  | 3,037,052 |  | 10,850 |  | 3,072,798 |  |

| Company

| Development |  | Computer |

| costs |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 6,355,546 |  | 21,000 |  | 6,376,546 |  |

| Additions | 1,858,607 |  | - |  | 1,858,607 |  |

| At 31 December 2024 | 8,214,153 |  | 21,000 |  | 8,235,153 |  |

| AMORTISATION

| At 1 January 2024 | 3,318,494 |  | 10,150 |  | 3,328,644 |  |

| Amortisation for year | 1,071,635 |  | 4,200 |  | 1,075,835 |  |

| At 31 December 2024 | 4,390,129 |  | 14,350 |  | 4,404,479 |  |

| NET BOOK VALUE

| At 31 December 2024 | 3,824,024 |  | 6,650 |  | 3,830,674 |  |

| At 31 December 2023 | 3,037,052 |  | 10,850 |  | 3,047,902 |  |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

11. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 18,158 |  | 31,411 |  | 73,368 |  | 299,579 |  | 422,516 |  |

| Additions | - |  | 26,176 |  | 46,490 |  | 59,665 |  | 132,331 |  |

| Disposals | (2,651 | ) | (18,953 | ) | - |  | (117,222 | ) | (138,826 | ) |

| At 31 December 2024 | 15,507 |  | 38,634 |  | 119,858 |  | 242,022 |  | 416,021 |  |

| DEPRECIATION

| At 1 January 2024 | 17,279 |  | 19,243 |  | - |  | 151,905 |  | 188,427 |  |

| Charge for year | 177 |  | 6,227 |  | 16,223 |  | 51,766 |  | 74,393 |  |

| Eliminated on disposal | (2,651 | ) | (16,885 | ) | - |  | (96,477 | ) | (116,013 | ) |

| At 31 December 2024 | 14,805 |  | 8,585 |  | 16,223 |  | 107,194 |  | 146,807 |  |

| NET BOOK VALUE

| At 31 December 2024 | 702 |  | 30,049 |  | 103,635 |  | 134,828 |  | 269,214 |  |

| At 31 December 2023 | 879 |  | 12,168 |  | 73,368 |  | 147,674 |  | 234,089 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 January 2024 | 73,368 |  |

| Additions | 46,490 |  |

| At 31 December 2024 | 119,858 |  |

| DEPRECIATION

| Charge for year | 16,223 |  |

| At 31 December 2024 | 16,223 |  |

| NET BOOK VALUE

| At 31 December 2024 | 103,635 |  |

| At 31 December 2023 | 73,368 |  |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 30,524 |  | 73,368 |  | 247,649 |  | 351,541 |  |

| Additions | 3,950 |  | 46,490 |  | 37,818 |  | 88,258 |  |

| Disposals | (18,953 | ) | - |  | (102,688 | ) | (121,641 | ) |

| At 31 December 2024 | 15,521 |  | 119,858 |  | 182,779 |  | 318,158 |  |

| DEPRECIATION

| At 1 January 2024 | 19,118 |  | - |  | 129,992 |  | 149,110 |  |

| Charge for year | 3,241 |  | 16,223 |  | 41,843 |  | 61,307 |  |

| Eliminated on disposal | (16,885 | ) | - |  | (85,792 | ) | (102,677 | ) |

| At 31 December 2024 | 5,474 |  | 16,223 |  | 86,043 |  | 107,740 |  |

| NET BOOK VALUE

| At 31 December 2024 | 10,047 |  | 103,635 |  | 96,736 |  | 210,418 |  |

| At 31 December 2023 | 11,406 |  | 73,368 |  | 117,657 |  | 202,431 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 January 2024 | 73,368 |  |

| Additions | 46,490 |  |

| At 31 December 2024 | 119,858 |  |

| DEPRECIATION

| Charge for year | 16,223 |  |

| At 31 December 2024 | 16,223 |  |

| NET BOOK VALUE

| At 31 December 2024 | 103,635 |  |

| At 31 December 2023 | 73,368 |  |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertaking

£ |

| COST

| At 1 January 2024 | 91,692 |  |

| Additions | 448,408 |  |

| At 31 December 2024 | 540,100 |  |

| NET BOOK VALUE

| At 31 December 2024 | 540,100 |  |

| At 31 December 2023 | 91,692 |  |

13. | DEBTORS

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 1,821,809 |  | 911,094 |  | 1,522,582 |  | 636,936 |  |

| Amounts owed by group undertakings | - |  | - |  | 33,285 |  | 247,668 |  |

| Other debtors | 1,121,051 |  | 2,146,959 |  | 1,072,514 |  | 2,107,389 |  |

| Tax | 315,558 |  | 507,541 |  | 315,558 |  | 519,454 |  |

| Deferred tax asset | 152,854 |  | 132,977 |  | 131,878 |  | 133,947 |  |

| Prepayments and accrued income | 1,252,894 |  | 869,434 |  | 970,550 |  | 707,643 |  |

4,664,166 |  | 4,568,005 |  | 4,046,367 |  | 4,353,037 |  |

| Amounts falling due after more than one | year: |

| Other debtors | 181,991 |  | 15,500 |  | 132,906 |  | 15,500 |  |

| Prepayments and accrued income | 74,250 |  | 101,250 |  | 74,250 |  | 101,250 |  |

256,241 |  | 116,750 |  | 207,156 |  | 116,750 |  |

| Aggregate amounts | 4,920,407 |  | 4,684,755 |  | 4,253,523 |  | 4,469,787 |  |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

13. | DEBTORS - continued

| Deferred tax asset

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Accelerated capital allowances | (52,272 | ) | (50,203 | ) | (52,272 | ) | (50,203 | ) |

| Tax losses carried forward | 184,150 |  | 184,150 |  | 184,150 |  | 184,150 |  |

| Deferred tax | 20,976 |  | (970 | ) | - |  | - |  |

152,854 |  | 132,977 |  | 131,878 |  | 133,947 |  |

| Included in other debtors is an amount of £999,996 due in connection with a contract entered into in May 2023 for the issue of shares to an existing investor with deferred completion payments. Amounts due more than 1 year from the contract date are discounted to present value at 8% and the unwinding of the discount is included in interest receivable and similar income.

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Hire purchase contracts (see note 16) | 17,829 |  | 8,373 |  | 17,829 |  | 8,373 |  |

| Trade creditors | 331,129 |  | 138,164 |  | 290,804 |  | 111,489 |  |

| Amounts owed to group undertakings | - |  | - |  | 1,272,093 |  | - |  |

| Tax | 167,251 |  | 83,097 |  | - |  | - |  |

| Social security and other taxes | 274,783 |  | 175,345 |  | 225,145 |  | 175,345 |  |

| VAT | 123,955 |  | 59,015 |  | 118,204 |  | 54,778 |  |

| Other creditors | 960,215 |  | 1,046,995 |  | 958,025 |  | 919,358 |  |

| Accruals and deferred income | 4,937,459 |  | 3,000,506 |  | 3,625,019 |  | 2,713,825 |  |

6,812,621 |  | 4,511,495 |  | 6,507,119 |  | 3,983,168 |  |

| Other creditors include an amount of £2,520,886 (of which £919,357 is included within creditors due less than 1 year and £1,601,529 is included within creditors due more than one year) in relation to a contract entered into in March 2023 for the purchase of own shares. At the balance sheet date, 3 tranches of purchase of own shares remain to be completed under the contract with a total consideration of £1,758,073. The total consideration is discounted to present value at a rate of 8% in arriving at the carrying amount of the liability in the balance sheet. The unwinding of the discount is recognised in the income statement within interest costs. Each tranche of shares to be purchased by the company is conditional on the company having distributable reserves available to complete each purchase.

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

| 31.12.24 |  | 31.12.23 |  | 31.12.24 |  | 31.12.23 |

£ | £ | £ | £ |

| Hire purchase contracts (see note 16) | 82,868 |  | 54,995 |  | 82,868 |  | 54,995 |  |

| Other creditors | 1,601,528 |  | 2,315,359 |  | 1,601,528 |  | 2,315,359 |  |

1,684,396 |  | 2,370,354 |  | 1,684,396 |  | 2,370,354 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Net obligations repayable:

| Within one year | 17,829 |  | 8,373 |  |

| Between one and five years | 82,868 |  | 54,995 |  |

100,697 |  | 63,368 |  |

| Company

| Hire purchase |

| contracts |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Net obligations repayable:

| Within one year | 17,829 |  | 8,373 |  |

| Between one and five years | 82,868 |  | 54,995 |  |

100,697 |  | 63,368 |  |

| Group

| Non-cancellable |

| operating leases |

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | 559,070 |  | 607,766 |  |

| Between one and five years | 1,453,689 |  | 1,796,214 |  |

2,012,759 |  | 2,403,980 |  |

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

16. | LEASING AGREEMENTS - continued

| Company

| Non-cancellable |

| operating leases |

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | 469,020 |  | 468,970 |  |

| Between one and five years | 1,120,720 |  | 1,335,985 |  |

1,589,740 |  | 1,804,955 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Hire purchase contracts | 100,697 |  | 63,368 |  |

| The hire purchase liability is secured over the related asset being financed.

18. | CALLED UP SHARE CAPITAL

| Allotted and issued:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 630,672 | A Ordinary shares | 0.1p | 631 |  | 631 |  |

| Ordinary A shares carry a right to vote, a right to dividends and a right to a capital distribution in the event of a winding up or return of capital.

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

19. | RESERVES

| Group

| Capital |

| Retained |  | Share |  | redemption |  | Other |

| earnings |  | premium |  | reserve |  | reserves |  | Totals

£ | £ | £ | £ | £ |

| At 1 January 2024 | 3,165,280 |  | 5,886,533 |  | 155,662 |  | (3,234,716 | ) | 5,972,759 |  |

| Profit for the year | 613,298 |  | 613,298 |  |

| Dividends | (301,583 | ) | (301,583 | ) |

| Purchase of own shares | (713,828 | ) | - |  | - |  | 713,828 |  | - |  |

| Cash share issue | 20,028 |  | - |  | - |  | - |  | 20,028 |  |

| Share option issue | 109,281 |  | - |  | - |  | - |  | 109,281 |  |

| At 31 December 2024 | 2,892,476 |  | 5,886,533 |  | 155,662 |  | (2,520,888 | ) | 6,413,783 |  |

| Company

| Capital |

| Retained |  | Share |  | redemption |  | Other |

| earnings |  | premium |  | reserve |  | reserves |  | Totals

£ | £ | £ | £ | £ |

| At 1 January 2024 | 3,196,613 |  | 5,886,533 |  | 155,662 |  | (3,234,716 | ) | 6,004,092 |  |

| Profit for the year | 277,809 |  | 277,809 |  |

| Dividends | (301,583 | ) | (301,583 | ) |

| Purchase of own shares | (713,828 | ) | - |  | - |  | 713,828 |  | - |  |

| Cash share issue | 20,028 |  | - |  | - |  | - |  | 20,028 |  |

| At 31 December 2024 | 2,479,039 |  | 5,886,533 |  | 155,662 |  | (2,520,888 | ) | 6,000,346 |  |

| Other reserves relate to a reduction in equity arising from a share buyback agreement entered into in March 2023 with a series of deferred completions for the purchase of own shares. Each deferred completion is conditional on the company having sufficient distributable reserves. On completion of each tranche of the purchase of own shares under the contract there will be a transfer from other reserves to the profit and loss reserve. Further information in relation to the related liabilities recongised are given in the note relating to creditors falling due within one year.

20. | NON-CONTROLLING INTERESTS

| Non-controlling interests relate to the 30% equity non-controlling interest in Validus Macro Strategies, Inc.

21. | PENSION COMMITMENTS

| The group operates a defined contribution pension scheme. During the period, amounts charged to the income statement totalled £200,459 (2023: £116,007). At 31 December 2024, the balance sheet includes an amount payable in respect of pension contributions totalling £nil (2023: £nil)

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

22. | RELATED PARTY DISCLOSURES

| During the year, a total of key management personnel compensation of £ 3,995,503 (2023 - £ 1,786,828 ) was paid.

23. | POST BALANCE SHEET EVENTS

| Following the year end the group completed the third tranche of the buyback of own shares relating to a contract entered into in March 2023. The number of Ordinary A shares purchased into treasury was 21,247 and the consideration paid was £919,357.

| In addition, following the year end the group received investment from a third party. The transaction resulted in the issue of 219,349 Ordinary and 35,482 Preferred Shares at a subscription price of £140.92 resulting in approximately £5m of proceeds from the share issue.

24. | ULTIMATE CONTROLLING PARTY

| There is no single ultimate controlling party.

25. | SHARE-BASED PAYMENT TRANSACTIONS

| The group operates a share option scheme for eligible employees.

| The options vest in accordance with terms determined by the directors but include continued employment. If the options remain unexercised after a period of between two and ten years from the date of grant, the options expire. Options are forfeited if an employee leaves the company. Obligations under this scheme will be met by the issue of A Ordinary shares of the company.

| No charge has been recognised to the profit and loss in the year in respect of the options as the fair value of the award at the date of grant is the same as the exercise price.

|  | Weighted average exercise price (£ | ) | Number |  |  | Weighted average exercise price (£ | ) | Number |

|  | Dec 2024 |  | Dec 2024 |  |  | Dec 2023 |  | Dec 2023 |

| Outstanding at the beginning of the period |  | 35.78 |  | 23,873 |  |  | 36.84 |  | 17,884 |

| Granted during the period |  | 52.78 |  | 24,244 |  |  | 41.21 |  | 6,90 |

| Exercised during the period |  | 36.48 |  | (549 | ) |  | - |  | - |

| Forfeited during the period |  | 36.91 |  | (1,922 | ) |  | 37.50 |  | (919 | )

| Outstanding at the end of the period |  | 42.18 |  | 45,646 |  |  | 35.78 |  | 23,873 |

| The number of shares over which options were exercisable at 31 December 2024 was 17,602 (31 December 2023: 23,873).

Validus Risk Management Limited (Registered number: 07140753)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

26. | SUBSIDIARIES

| Name of undertaking |  | Registered office |  | Nature of business |  | Class of shares held |  | % Held Direct |  | % Held Indirect |

| Validus NA Inc. |  | 1 |  | Risk management consultancy |  | Ordinary |  | 100 |  |

| Validus Europe AS |  | 2 |  | Risk management consultancy |  | Ordinary |  | 100 |  |

| Validus USA Inc. |  | 3 |  | Risk management consultancy |  | Ordinary |  | 100 |  |

| Validus Group Limited |  | 4 |  | Risk management consultancy |  | Ordinary |  | 100 |  |

| Validus Macro Strategies Inc |  | 1 |  | Risk management consultancy |  | Ordinary |  |  | 70 |

| Registered office

| 1. Suite 302, 55 University Avenue, Toronto, Ontario, M5J 2H7, Canada

| 2. Slemdalsveien 70A 0370, OSLO, Norway

| 3. 110 West 40th Street, Suite 1901, New York, NY 10018, USA

| 4. 10 King Street East, Suite 800, Toronto, Ontario, M5C 1C3, Canada