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Annual report and financial statements
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For the year ended 31 December 2024
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Registered number: 08211416
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Company Information
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T D Mürle (resigned 16 July 2024)
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IT systems and software consultancy
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Contents
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Independent auditor's report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Strategic report
for the year ended 31 December 2024
In 2024, Valiantys Limited continued to reinforce its position as a global leader in enhancing team collaboration and operational efficiency through Atlassian software solutions. In a more uncertain market environment, the company focused on operational agility, cost optimisation, and strengthening its existing customer relationships.
The year 2024 saw a slight decline in turnover to £21,980,231 (2023- £22,421,299), mainly due to a reduction in services revenue (£4,659,990; compared to £6,247,259 in 2023), while license sales continued to grow (£17,320,241 vs £16,174,040).
This performance reflects the company’s strategic pivot toward license reselling, following the completion of its transition away from server-based activities in the first half of the year. The "Valiantys as a Service (VaaS)" offering, launched in 2023, continued to gain traction, supporting client retention and recurring revenue.
Despite these efforts, profitability was impacted by continued cost pressures and lower productivity in certain areas, resulting in a pre-tax loss of £464,720 (2023- profit of £1,228,819) and a net loss of £465,417.
Principal risks and uncertainties
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Valiantys Limited operates in a dynamic environment characterised by rapid technological change, competitive pressure within the Atlassian ecosystem, and an evolving regulatory landscape. The company continues to actively manage these risks through strategic planning, market monitoring, and strengthened financial oversight.
The weaker financial performance in 2024 was primarily driven by:
• A decline in professional services contribution
• A drop in gross margin (7.3% in 2024 vs 14% in 2023)
• Persistently high administrative expenses of £3,917,084, slightly down from 2023 (2023- £4,037,723)
• A £1,000,000 dividend payment, which reduced retained earnings to £403,367 (2023- £1,770,422)
Operationally, the company undertook several important initiatives, including:
• Ongoing leadership team restructuring
• Internal process optimisation
• Strong cash management, with year-end cash and cash equivalents of £1,209,198, up 80% from the prior year
While 2024 was a challenging year, the company enters 2025 with caution and resolve. Its priorities include:
• Streamlining the services portfolio
• Investing in process automation
• Focusing on high-value strategic accounts
Targeted investments in staff training and product innovation are expected to help return the company to a path of sustainable growth in the medium term.
Page 1
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Strategic report (continued)
for the year ended 31 December 2024
The year 2024 was a strategic turning point for Valiantys Limited. Although financial performance declined, the company demonstrated resilience and the ability to adapt. It remains focused on long-term value creation and is confident in its capacity to resume profitable growth in 2025 and beyond.
This report was approved by the board and signed on its behalf.
F T Razafimanantsoa
Director
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Page 2
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Directors' report
for the year ended 31 December 2024
The directors present their annual report and the financial statements of the company for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the provision of IT consultancy services specialising in Atlassian software solutions. There were no significant changes in the nature of the company’s principal activities during the year.
The directors who served during the year were:
T D Mürle (resigned 16 July 2024)
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The loss for the year, after taxation, amounted to £465,417 (2023 - profit £1,187,426).
During the year dividends totaling £1,000,000 were declared and paid (2023- £nil).
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' report, the Strategic report and the financial statements of the company in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements of the company for each financial year. Under that law the directors have elected to prepare the financial statements of the company in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements of the company unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements of the company, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements of the company on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements of the company comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
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Directors' report (continued)
for the year ended 31 December 2024
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Matters covered in the Strategic report
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The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's Strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has done so in respect of future developments and financial
risk management.
Post balance sheet events
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There have been no significant events affecting the company since the year end.
This report was approved by the board and signed on its behalf by:
F T Razafimanantsoa
Director
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Page 4
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Independent auditor's report to the members of Valiantys Limited
for the year ended 31 December 2024
In our opinion the financial statements of Valiantys Limited (the ‘company’):
∙give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
• the statement of comprehensive income;
• the statement of financial position;
• the statement of changes in equity;
• the statement of cash flow;
• the statement of accounting policies and
• the related notes 1 to 26 including the statement in 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).
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 auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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
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In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 5
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Independent auditor's report to the members of Valiantys Limited (continued)
for the year ended 31 December 2024
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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 course of 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.
Responsibilities of directors
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As explained more fully in the directors’ responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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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 an auditor's report 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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 6
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Independent auditor's report to the members of Valiantys Limited (continued)
for the year ended 31 December 2024
Extent to which the audit was considered capable of detecting irregularities, including fraud
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
∙had a direct effect on the determination of material amounts and disclosures in the Financial Statements. These included the UK Companies Act and tax legislation; and
∙do not have a direct effect on the Financial Statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. In addition to the above, our procedures to respond to the risks identified included the following:
∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙enquiring of management legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
∙reading minutes of meetings of those charged with governance
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors’ report.
Page 7
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Independent auditor's report to the members of Valiantys Limited (continued)
for the year ended 31 December 2024
Matters on which we are required to report by exception
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Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.
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 an auditor’s report 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.
Thierry de Gennes, ACA (Senior Statutory Auditor)
for and on behalf of Constantin
Chartered Accountants and Statutory Auditor
25 Hosier Lane
London
EC1A 9LQ
3 October 2025
Page 8
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Statement of comprehensive income
for the year ended 31 December 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Retained earnings at the beginning of the year
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(Loss)/profit for the year
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Dividends declared and paid
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Retained earnings at the end of the year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
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All amounts relate to continuing operations. There was no other comprehensive income for 2024 or 2023.
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The notes on pages 14 to 25 form part of these financial statements.
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Page 9
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Valiantys Limited - Registered number: 08211416
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Statement of financial position
as at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 25 form part of these financial statements.
Page 10
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Statement of changes in equity
for the year ended 31 December 2024
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Dividends: Equity capital
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The notes on pages 14 to 25 form part of these financial statements.
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Page 11
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Statement of cash flows
for the year ended 31 December 2024
Cash flows from operating activities
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(Loss)/profit for the financial year
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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Decrease/(increase) in amounts owed by groups
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Increase/(decrease) in creditors
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Decrease in amounts owed to groups
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Net cash from investing activities
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Page 12
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Statement of cash flows (continued)
for the year ended 31 December 2024
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 14 to 25 form part of these financial statements.
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Page 13
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Notes to the financial statements
for the year ended 31 December 2024
Valiantys Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is 20 St. Thomas Street, London, SE1 9RS and its registered number is 08211416. The company's principal activity during the year continued to be that of IT consultants.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of licenses
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 14
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Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Furniture, fixtures and fittings
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Cost spread evenly over remaining lease term
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
The majority of transactions the company enters into are basic financial instruments transactions that result
in the recognition of financial assets and liabilities like trade and other debtors and creditors, other third
parties and loans to related parties.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial
instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit or loss in finance costs or income as appropriate. The company does not currently apply hedge
accounting for interest rate and foreign exchange derivatives.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 15
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Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Page 16
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Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Page 17
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Notes to the financial statements
for the year ended 31 December 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts
reported for revenues and expenses during the year. However, the nature of estimation means that actual
outcomes could differ from those estimates.
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An analysis of turnover by class of business is as follows:
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Page 18
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Notes to the financial statements
for the year ended 31 December 2024
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The operating (loss)/profit is stated after charging:
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Other operating lease rentals
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During the year, the company obtained the following services from the company's auditor:
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Fees payable to the company's auditor and its associates for the audit of the
company's annual financial statements
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Fees payable to the company's auditor and its associates in respect of:
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Audit-related assurance services
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Taxation compliance services
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Staff costs, including directors' remuneration, were as follows:
Page 19
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Notes to the financial statements
for the year ended 31 December 2024
The average monthly number of employees, including the directors, during the year was as follows:
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During the year retirement benefits were accruing to 1 director (2023 - 1 director) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £317,317 (2023 - £296,329).
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest
paid director amounted to £176,806 (2023 - £143,726).
During the year no directors exercised share options offered at the parent company level (2023- no directors).
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Other interest receivable
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Interest payable and similar expenses
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Page 20
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Notes to the financial statements
for the year ended 31 December 2024
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Origination and reversal of timing differences
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Factors affecting tax charge for the year
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The tax assessed for the year is at the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
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Expenses not deductible for tax purposes
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Remeasuremnt of deferred tax for changes in tax rates
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Adjustments to tax charge in respect of prior periods
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Movement in deferred tax not recognised
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Total tax charge for the year
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Factors that may affect future tax charges
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Deferred taxes recognised at the reporting date have been measured at the rate expected to be applied, under UK tapered rates of corporation tax, when each respective deferred tax crystallises.
As of 31 December 2024 there are tax losses carried forward of £11,817,000 (2023: £11,350,000) available to carry forward and offset against future taxable profits. No deferred tax asset has been recognized in respect of these tax losses due to lack of evidence that it is probable they will be recovered against future taxable profits.
Page 21
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Notes to the financial statements
for the year ended 31 December 2024
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Furniture, fixtures and fittings
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Page 22
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Notes to the financial statements
for the year ended 31 December 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise of cash.
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Page 23
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Notes to the financial statements
for the year ended 31 December 2024
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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Charged to profit or loss
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Allotted, called up and fully paid
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1,000 (2023 - 1,000) Ordinary Shares shares of £1.00 each
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Profit and loss account
Profit and loss account - includes all current and prior period retained losses.
Page 24
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Notes to the financial statements
for the year ended 31 December 2024
There were no contingent liabilities at 31 December 2024 or 31 December 2023.
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There were no capital commitments at 31 December 2024 or 31 December 2023.
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately
from those of the company in an independently administered fund. The pension cost charge represents
contributions payable by the company to the fund and amounted to £199,579 (2023: £152,128), of this £27,695
(2023: £21,110) remained payable at the balance sheet date.
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Commitments under operating leases
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The company had no commitments under non-cancellable operating leases at the reporting date.
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Analysis of changes in net debt
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An analysis of changes in net debt has not been presented as all of the entity’s cash flows relate to movements in
cash, and the entity has no items to include in such an analysis other than the cash flows in the Statement of cash
flows.
The company is a wholly owned subsidiary of Valiantys Group SAS, a company incorporated in Toulouse, France. Its registered offices are situated at 2 Esplanade Compans Caffarelli Batiment E, Tour Toulouse 2000, 31100, Toulouse, France.
Valiantys Group SAS is both the largest and smallest company that prepares group financial statements containing the results of the company.
Group financial statements are available at the headquarters at the above address.
Page 25
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