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Company Information
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Contents
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Strategic report
For the year ended 31 December 2025
Valiantys Limited continued during the year ended 31 December 2025 to operate as an IT consultancy specialising in Atlassian software solutions.
Following the loss reported in 2024, management’s priority in 2025 was the stabilisation of operations, improvement of gross margin performance and reinforcement of financial discipline across the business.
Turnover increased to £23,106,297 (2024: £21,980,231).
The growth in revenue was driven primarily by an expansion in services activity, with services revenue increasing to £5,667,621 (2024: £4,659,990), while licence revenue remained stable at £17,438,676 (2024: £17,320,241). The increase in services revenue reflects improved commercial execution and stronger delivery capacity compared to the prior year. In 2024, services contribution had declined significantly; during 2025, management focused on improving engagement quality, pricing discipline and delivery efficiency, resulting in stronger revenue conversion. Licence revenue continued to represent the majority of turnover and provided a stable recurring base. The company remains closely aligned to the Atlassian ecosystem, which continues to be a core component of its business model. From a geographical perspective, the United Kingdom remains the principal market, representing the majority of turnover, with additional contributions from Europe and other international territories. During the year, the company also placed emphasis on working capital management. Trade debtors reduced materially compared to 2024, contributing positively to cash generation. Overall, the year reflects a return to controlled growth following the contraction experienced in the prior period.
The company operates in a competitive and evolving technology services market. The principal risks and uncertainties include:
∙Dependence on the Atlassian software ecosystem
∙Margin pressure within professional services
∙Retention and recruitment of skilled personnel
∙Exposure to foreign exchange fluctuations
∙Changes in regulatory and tax frameworks
The directors actively monitor these risks through regular financial review, commercial oversight and operational governance processes
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Strategic report (continued)
For the year ended 31 December 2025
The company reported a significant improvement in gross profitability during the year. Gross profit increased to £5,079,195 (2024: £1,597,770), with gross margin improving from 7.3% in 2024 to approximately 22% in 2025.
This improvement reflects a combination of higher services contribution and a reduction in cost of sales relative to turnover. The prior year’s margin had been materially impacted by lower productivity and cost structure misalignment; corrective measures implemented during 2025 contributed to a normalisation of margin levels. Administrative expenses increased to £5,084,139 (2024: £3,917,084). The increase reflects continued investment in operational infrastructure and support functions necessary to sustain revenue growth and improve internal processes. While overhead increased, the improved gross margin allowed the business to absorb these costs. As a result, the company returned to operating profitability, generating an operating profit of £84,450 (2024: operating loss £512,419). Profit before taxation amounted to £76,192 (2024: loss £464,720), and the company recorded a profit after tax of £76,442 (2024: loss £465,417). No dividends were declared or paid during the year (2024: £1,000,000), allowing retained earnings to increase to £381,447 at 31 December 2025 (2024: £305,005). Cash at bank and in hand increased significantly to £2,654,065 (2024: £1,209,198). The improvement in liquidity was primarily driven by improved operating performance and strong working capital management. Net assets increased to £382,447 (2024: £306,005), reflecting the return to profitability
During the year, the company:
∙Strengthened financial controls and reporting discipline
∙Improved cost structure alignment with revenue levels
∙Reduced trade receivable exposure
∙Stabilised headcount following prior restructuring
∙Rinforced focus on profitable engagements
The return to profitability in 2025 reflects the impact of these operational measures.
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Strategic report (continued)
For the year ended 31 December 2025
The directors expect 2026 to remain subject to competitive market conditions and evolving commercial dynamics within the Atlassian partner ecosystem.
Changes in partner programme conditions may influence licence margin dynamics in the forthcoming period. In response, the company has initiated operational efficiency measures designed to improve cost alignment and support profitability resilience. The directors intend to continue focusing on:
∙Maintaining disciplined cost control
∙Enhancing service delivery efficiency
∙Preserving liquidity and financial stability
∙Broadening service capabilities where appropriate
While uncertainty remains within the broader economic and sector environment, management will continue to monitor performance closely and adapt operational measures as required.
This report was approved by the board and signed on its behalf by:
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Directors' report
For the year ended 31 December 2025
The directors present their report and the audited financial statements of Valiantys Limited ('the company') for the year ended
The directors who served during the year were:
The profit for the year, after taxation, amounted to £106,442 (2024 - loss £465,417).
During the year dividends totaling £nil were declared and paid (2024 - £1,000,000).
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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Directors' report (continued)
For the year ended 31 December 2025
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's Strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has done so in respect of future developments and financial risk management.
There have been no significant events affecting the company since the year end.
This report was approved by the board and signed on its behalf by:
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Independent auditor's report to the members of Valiantys Limited
For the year ended 31 December 2025
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of Valiantys Limited (continued)
For the year ended 31 December 2025
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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Independent auditor's report to the members of Valiantys Limited (continued)
For the year ended 31 December 2025
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company's industry and its control environment, and reviewed the company's
documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company's business sector. We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
∙had a direct effect on the determination of material amounts and disclosures in the Financial Statements. These included the UK Companies Act and tax legislation; and
do not have a direct effect on the Financial Statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. In addition to the above, our procedures to respond to the risks identified included the following:
∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙enquiring of management legal counsel concerning actual and potential litigation and claims, and instances of noncompliance with laws and regulations; and
∙reading minutes of meetings of those charged with governance
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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Independent auditor's report to the members of Valiantys Limited (continued)
For the year ended 31 December 2025
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of Constantin
Chartered Accountants and Statutory Auditor
Statutory Auditor
200 Aldersgate Street
London
EC1A 4HD
Date:
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Statement of comprehensive income
For the year ended 31 December 2025
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Statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2025
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Statement of cash flows
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
Valiantys Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is 20 St. Thomas Street, London, SE1 9RS and its registered number is 08211416. The company's principal activity during the year continued to be that of IT consultants.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The majority of transactions the company enters into are basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, other third parties and loans to related parties.
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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Notes to the financial statements
For the year ended 31 December 2025
assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
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Notes to the financial statements
For the year ended 31 December 2025
Staff costs, including directors' remuneration, were as follows:
The average monthly number of employees, including the directors, during the year was as follows:
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
Deferred taxes recognised at the reporting date have been measured at the rate expected to be applied, under UK tapered rates of corporation tax, when each respective deferred tax crystallises.
As of 31 December 2025 there are tax losses carried forward of £11,737,837 (2024: £11,817,000) available to carry forward and offset against future taxable profits. No deferred tax asset has been recognized in respect of these tax losses due to lack of evidence that it is probable they will be recovered against future taxable profits.
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
Profit and loss account
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Notes to the financial statements
For the year ended 31 December 2025
There were no contingent liabilities at 31 December 2025 or 31 December 2024.
There were no capital commitments at 31 December 2025 or 31 December 2024.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £
An analysis of changes in net debt has not been presented as all of the entity’s cash flows relate to movements in cash, and the entity has no items to include in such an analysis other than the cash flows in the Statement of cash flows.
The company is a wholly owned subsidiary of
Valiantys Group SAS is both the largest and smallest company that prepares group financial statements containing the results of the company. Group financial statements are available at the headquarters at the above address.
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