Company registration number SC206916 (Scotland)
VALLMO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
PAGES FOR FILING WITH REGISTRAR
VALLMO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 12
VALLMO LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF VALLMO LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vallmo Limited for the year ended 31 January 2026 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the b oard of d irectors of Vallmo Limited, as a body, in accordance with the terms of our engagement letter dated 27 March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Vallmo Limited and state those matters that we have agreed to state to the b oard of d irectors of Vallmo Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vallmo Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Vallmo Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vallmo Limited. You consider that Vallmo Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Vallmo Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

A.J.B. Scholes Ltd
Chartered Accountants
8 Albert Street
Kirkwall
Orkney
KW15 1HP
9 April 2026
VALLMO LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2026
31 January 2026
- 2 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,174
6,348
Tangible assets
5
384,460
569,287
Investment property
6
760,000
395,000
Investments
7
747
747
1,148,381
971,382
Current assets
Stocks
139,310
319,833
Debtors
8
161,820
10,693
Cash at bank and in hand
359,766
355,997
660,896
686,523
Creditors: amounts falling due within one year
9
(108,891)
(149,549)
Net current assets
552,005
536,974
Total assets less current liabilities
1,700,386
1,508,356
Provisions for liabilities
10
(59,155)
(14,606)
Government grants
11
(20,213)
(20,213)
Net assets
1,621,018
1,473,537
Capital and reserves
Called up share capital
12
12
22
Revaluation reserve
137,388
-
0
Capital redemption reserve
10
-
0
Profit and loss reserves
1,483,608
1,473,515
Total equity
1,621,018
1,473,537
VALLMO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2026
31 January 2026
- 3 -

For the financial year ended 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 April 2026 and are signed on its behalf by:
T C MacPhail
Director
Company registration number SC206916 (Scotland)
VALLMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
- 4 -
1
Accounting policies
Company information

Vallmo Limited is a private company limited by shares incorporated in Scotland. The registered office is Starlings, 57 Albert Street, Kirkwall, Orkney, KW15 1HQ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line basis
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
2% straight line basis
Fixtures, fittings & equipment
10% - 25% reducing balance basis
Motor vehicles
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

VALLMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 5 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

In vestmen ts in unlisted entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

VALLMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 6 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its 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 assets and liabilities are offset, with the 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 include 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.

Impairment of financial assets

Financial assets 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.

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 and bank loans, 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 receipts 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. A m ounts 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.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

VALLMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 7 -
1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

VALLMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 8 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
10
17
4
Intangible fixed assets
Software
£
Cost
At 1 February 2025 and 31 January 2026
15,870
Amortisation and impairment
At 1 February 2025
9,522
Amortisation charged for the year
3,174
At 31 January 2026
12,696
Carrying amount
At 31 January 2026
3,174
At 31 January 2025
6,348
VALLMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 9 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2025
635,965
179,076
815,041
Disposals
-
0
(5,490)
(5,490)
Revaluation
158,632
-
0
158,632
Transfers
(350,000)
-
0
(350,000)
At 31 January 2026
444,597
173,586
618,183
Depreciation and impairment
At 1 February 2025
101,963
143,791
245,754
Depreciation charged in the year
8,894
5,423
14,317
Eliminated in respect of disposals
-
0
(4,206)
(4,206)
Revaluation
(22,142)
-
0
(22,142)
At 31 January 2026
88,715
145,008
233,723
Carrying amount
At 31 January 2026
355,882
28,578
384,460
At 31 January 2025
534,002
35,285
569,287
6
Investment property
2026
£
Fair value
At 1 February 2025
395,000
Transfers
350,000
Revaluations
15,000
At 31 January 2026
760,000

Investment properties comprise retail premises leased to third parties. The fair values of the investment properties have been arrived at on the basis of valuations carried out by the directors. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

VALLMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
6
Investment property
(Continued)
- 10 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2026
2025
£
£
Cost
580,525
389,157
Accumulated depreciation
(86,940)
(75,329)
Carrying amount
493,585
313,828
7
Fixed asset investments
2026
2025
£
£
Investments
747
747
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 February 2025 & 31 January 2026
747
Carrying amount
At 31 January 2026
747
At 31 January 2025
747
8
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
3,885
1,952
Other debtors
51,823
8,741
55,708
10,693
VALLMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
8
Debtors
(Continued)
- 11 -
2026
2025
Amounts falling due after more than one year:
£
£
Other debtors
106,112
-
0
Total debtors
161,820
10,693
9
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
23,609
41,722
Taxation and social security
60,336
76,197
Other creditors
24,946
31,630
108,891
149,549

The company has granted to Clydesdale Bank PLC a bond and floating charge over assets and property, as security for borrowings under a term loan facility.

10
Provisions for liabilities
2026
2025
£
£
Deferred tax liabilities
59,155
14,606
11
Government grants
2026
2025
£
£
Arising from government grants
20,213
20,213
20,213
20,213

Deferred income consists of government grants for capital expenditure which are deferred and then released to the profit & loss account over the estimated useful economic life of the related assets.

VALLMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 12 -
12
Called up share capital
2026
2025
£
£
Ordinary share capital
Allotted, called up and fully paid
1 Ordinary A share of £1 each
1
1
1 Ordinary B share of £1 each
1
1
100 Ordinary C shares of £1 each
-
-
100 Ordinary D shares of £1 each
-
-
100 Ordinary E shares of £1 each
-
-
10 Ordinary F shares of £1 each
-
10
10 Ordinary G shares of £1 each
10
10
22
22

During the year the company repurchased 10 ordinary F shares for an aggregate consideration of £10, funded from distributable reserves. The shares were cancelled on repurchase.

13
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Loans
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
T C MacPhail - loan
-
1,541
30,400
31,941
1,541
30,400
31,941
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