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REGISTERED NUMBER: 11029519 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

VALIDPATH NETWORK LIMITED

VALIDPATH NETWORK LIMITED (REGISTERED NUMBER: 11029519)

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 NETWORK LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | A I R MacNee

| A T Kirk

| REGISTERED OFFICE: | Unit 8

| 8 Shepherd Market

| London

| W1J 7JY

| REGISTERED NUMBER: | 11029519 (England and Wales)

| AUDITORS: | MHA

| Statutory Auditor

| Elfed House, Oak Tree Court

| Cardiff Gate Business Park

| CARDIFF

| CF23 8RS

VALIDPATH NETWORK LIMITED (REGISTERED NUMBER: 11029519)

ABRIDGED BALANCE SHEET

30 JUNE 2025

| 30.6.25 | 30.6.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 1,895,142 |  | 1,895,142 |  |

CURRENT ASSETS

Debtors | 125,663 |  | 7,469 |  |

Cash at bank | 2,144 |  | 967 |  |

127,807 |  | 8,436 |  |

CREDITORS

Amounts falling due within one year | 1,987,223 |  | 2,432,349 |  |

NET CURRENT LIABILITIES | (1,859,416 | ) | (2,423,913 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 35,726 |  | (528,771 | ) |

CAPITAL AND RESERVES

Called up share capital | 112 |  | 180,100 |  |

Retained earnings | 35,614 |  | (708,871 | ) |

35,726 |  | (528,771 | ) |

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 NETWORK LIMITED (REGISTERED NUMBER: 11029519)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | STATUTORY INFORMATION

| Validpath Network 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

| The Company has the ongoing support of its parent company and its subsidiary, Validpath Limited, continues to be profitable. Consequently the director considers that it remains appropriate to prepare financial statements on a going concern basis.

| Preparation of consolidated financial statements

| The financial statements contain information about Validpath Network Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| 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.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| 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 NETWORK LIMITED (REGISTERED NUMBER: 11029519)

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.

| Other financial liabilities

| 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 finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

| Derecognition of financial liabilities

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

| 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.

VALIDPATH NETWORK LIMITED (REGISTERED NUMBER: 11029519)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Pension costs and other post-retirement benefits

| During the period there was no Company pension scheme. The Company made contributions to the directors' and employees' own personal pension schemes.

| 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 - 1 ).

4. | FIXED ASSET INVESTMENTS

| Information on investments other than loans is as follows:

| Totals

£ |

| COST

| At 1 July 2024

| and 30 June 2025 | 1,895,142 |  |

| NET BOOK VALUE

| At 30 June 2025 | 1,895,142 |  |

| At 30 June 2024 | 1,895,142 |  |

5. | 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)

6. | 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.

VALIDPATH NETWORK LIMITED (REGISTERED NUMBER: 11029519)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

7. | 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.