REGISTERED NUMBER: 08884202 (England and Wales)

VALD OPERATIONS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

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

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.

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

-

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

)

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.