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REGISTERED NUMBER: 08884202 (England and Wales)

VALD OPERATIONS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

VALD OPERATIONS LIMITED (REGISTERED NUMBER: 08884202)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

VALD OPERATIONS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | Mr S T James

| Mr L Malone

| Mr D Rajani

| REGISTERED OFFICE: | 10 John Street

| London

| WC1N 2EB

| REGISTERED NUMBER: | 08884202 (England and Wales)

| AUDITORS: | Folkes Worton LLP

| Chartered Accountants and Statutory Auditor

| 15-17 Church Street

| Stourbridge

| West Midlands

| DY8 1LU

VALD OPERATIONS LIMITED (REGISTERED NUMBER: 08884202)

BALANCE SHEET

30 JUNE 2025

| 2025 |  | 2024

| Notes | £ | £ |

CURRENT ASSETS

Debtors | 5 | 5,858,526 |  | 3,883,431 |  |

Cash at bank | 127,786 |  | 223,762 |  |

5,986,312 |  | 4,107,193 |  |

CREDITORS

Amounts falling due within one year | 6 | 7,517,433 |  | 5,074,441 |  |

NET CURRENT LIABILITIES | (1,531,121 | ) | (967,248 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (1,531,121 | ) | (967,248 | ) |

CREDITORS

Amounts falling due after more than one year | 7 | 427,731 |  | 442,593 |  |

NET LIABILITIES | (1,958,852 | ) | (1,409,841 | ) |

CAPITAL AND RESERVES

Called up share capital | 9 | 100 |  | 100 |  |

Retained earnings | 10 | (1,958,952 | ) | (1,409,941 | ) |

SHAREHOLDERS' FUNDS | (1,958,852 | ) | (1,409,841 | ) |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

Mr L Malone - Director

VALD OPERATIONS LIMITED (REGISTERED NUMBER: 08884202)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

| Vald Operations Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.Turnover includes revenue earned from the sale of goods and from the rendering of subscription services.

| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

| Turnover from the rendering of subscription services is recognised over time as they are delivered and consumed concurrently over the contractual term, beginning on the date the service is made available to the customer and the hardware is provided. Income from the hire of equipment is spread over the period of hire.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery etc | - | 25% on cost

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

VALD OPERATIONS LIMITED (REGISTERED NUMBER: 08884202)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| 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

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

| Going concern

| Notwithstanding net liabilities of £1,531,121 the financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment alongside the financial support provided by the company's ultimate parent company, Wombat Holdings LLC.

| The parent company has indicated its intention to continue to make available such funds as are needed by the company for a period or at least 12 months from the date of signed accounts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do.

| Consequently, the directors are confident that the company will have sufficient funds to continue to meet its

| liabilities as they fall due for at least 12 months from the date of approval of the financial statements and

| therefore the financial statements have been prepared on a going concern basis.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 14 (2024 - 11 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 July 2024 | 5,356 |  |

| Reclassification/transfer | 252 |  |

| At 30 June 2025 | 5,608 |  |

| DEPRECIATION

| At 1 July 2024 | 5,356 |  |

| Charge for year | 252 |  |

| At 30 June 2025 | 5,608 |  |

| NET BOOK VALUE

| At 30 June 2025 | - |  |

VALD OPERATIONS LIMITED (REGISTERED NUMBER: 08884202)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 800,244 |  | 465,030 |  |

| Amounts owed by group undertakings | 5,035,408 |  | 3,399,581 |  |

| Other debtors | 22,874 |  | 18,820 |  |

5,858,526 |  | 3,883,431 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 85,135 |  | 18,975 |  |

| Amounts owed to group undertakings | 5,483,807 |  | 3,378,649 |  |

| Taxation and social security | 463,740 |  | 430,402 |  |

| Other creditors | 1,484,751 |  | 1,246,415 |  |

7,517,433 |  | 5,074,441 |  |

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

2025 | 2024 |

£ | £ |

| Other creditors | 427,731 |  | 442,593 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 8,251 |  | 7,903 |  |

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 100 | Ordinary | o1 | 100 |  | 100 |  |

10. | RESERVES

| Retained

| earnings

£ |

| At 1 July 2024 | (1,409,941 | ) |

| Deficit for the year | (549,011 | ) |

| At 30 June 2025 | (1,958,952 | ) |

VALD OPERATIONS LIMITED (REGISTERED NUMBER: 08884202)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

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

| The Report of the Auditors was unqualified.

| Mr Neil Smith (Senior Statutory Auditor)

| for and on behalf of Folkes Worton LLP

12. | ULTIMATE CONTROLLING PARTY

| The company's immediate parent company is VALD Technologies Limited. The registered office is 10 John Street, London, WC1N 2EB.

| The company's ultimate parent company is Wombat Holdings LLC, a company registered in San Francisco.The registered address of this entity is Floor 19, 601 California Street, San Francisco, CA 94108.

| The largest and smallest group within which the entity is part of consolidated accounts is VALD Pty Limited.

| Consolidated accounts are not publicly available.

13. | FIXED AND FLOATING CHARGES

| At the year end, Stifel Bank has a fixed and floating charge with negative pledge over all the assets of the company.