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REGISTERED NUMBER: 11679473 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

VALIDPATH FINANCIAL LIMITED

VALIDPATH FINANCIAL LIMITED (REGISTERED NUMBER: 11679473)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

Company Information | 1 |

Abridged Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

VALIDPATH FINANCIAL LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | A I R MacNee

| A T Kirk

| H W Richards

| T Riseborough

| REGISTERED OFFICE: | Unit 8

| 8 Shepherd Market

| London

| W1J 7JY

| REGISTERED NUMBER: | 11679473 (England and Wales)

| AUDITORS: | MHA

| Statutory Auditor

| Elfed House, Oak Tree Court

| Cardiff Gate Business Park

| CARDIFF

| CF23 8RS

VALIDPATH FINANCIAL LIMITED (REGISTERED NUMBER: 11679473)

ABRIDGED BALANCE SHEET

30 JUNE 2025

| 30.6.25 |  | 30.6.24

£ | £ |

CURRENT ASSETS

Debtors | 464,324 |  | 44,462 |  |

Cash at bank and in hand | 640,665 |  | 144,873 |  |

1,104,989 |  | 189,335 |  |

CREDITORS

Amounts falling due within one year | 620,867 |  | 48,754 |  |

NET CURRENT ASSETS | 484,122 |  | 140,581 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 484,122 |  | 140,581 |  |

CAPITAL AND RESERVES

Called up share capital | 1,000 |  | 1,000 |  |

Share premium | 49,950 |  | 49,950 |  |

Retained earnings | 433,172 |  | 89,631 |  |

484,122 |  | 140,581 |  |

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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 21 November 2025 and were signed on its behalf by:

A I R MacNee - Director

VALIDPATH FINANCIAL LIMITED (REGISTERED NUMBER: 11679473)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

| Validpath Financial 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.

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

| Amounts are rounded to the nearest pound.

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.

| There have been no material departures from Financial Reporting Standard 102.

| Going concern

| In making their assessment of going concern, the directors have considered forecasts for the company and broad economic factors generally. At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least one year from the date of approval. Accordingly, these financial statements have been prepared on the going concern basis.

| 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, excluding discounts, rebates, value added tax and other sales taxes.

| Financial instruments

| Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

| Financial liabilities are offset, with net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

VALIDPATH FINANCIAL LIMITED (REGISTERED NUMBER: 11679473)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

| Equity instruments

| Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

| Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

3. | EMPLOYEES AND DIRECTORS

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

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

| The Report of the Auditors was unqualified.

| Laura Farrow MSc BSc FCA (Senior Statutory Auditor)

| for and on behalf of MHA

| MHA is the trading name of MHA Audit Services LLP, a limited liability

| partnership in England and Wales (registered number OC455542)

VALIDPATH FINANCIAL LIMITED (REGISTERED NUMBER: 11679473)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

5. | RELATED PARTY DISCLOSURES

| The Company has given security by way of a debenture over the assets and undertaking of the Company in respect of a £5.175m loan facility provided to its ultimate parent company, Rimbal Holdings Limited, by Silverstripe Rimbal LLC (assigned from Silverstripe Rimbal LLC to Silverstripe General Partners Limited). Other subsidiaries have also provided a similar security. At 30 June 2025 an amount of £2.7m (2024: £1.35m) of the facility had been drawn, with accumulated interest.

6. | ULTIMATE PARENT UNDERTAKING

| The ultimate parent undertaking is Rimbal Holdings Limited, which prepares group financial statements. The registered office of Rimbal Holdings Limited is Unit 8, 8 Shepherd Market, London, W1J 7JY.