REGISTERED NUMBER: 05282525 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2025

for

Vat Systems Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

George B. Ryan

Benjamin Knock

Thomas R. Shave

Mariana Principe

REGISTERED OFFICE:

100 Liverpool Street

London

EC2M 2AT

REGISTERED NUMBER:

05282525 (England and Wales)

AUDITORS:

Saffery LLP

71 Queen Victoria Street

London

EC4V 4BE

CURRENT ASSETS

Debtors

4

259,647

273,401

Cash at bank

299,551

428,687

559,198

702,088

CREDITORS

Amounts falling due within one year

5

(768,108

)

(834,292

)

NET CURRENT LIABILITIES

(208,910

)

(132,204

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(208,910

)

(132,204

)

CAPITAL AND RESERVES

Called up share capital

6

1,000

1,000

Retained earnings

(209,910

)

(133,204

)

SHAREHOLDERS' FUNDS

(208,910

)

(132,204

)

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 8 September 2026 and were signed on its behalf by:

George B. Ryan - Director

1.	STATUTORY INFORMATION

Vat Systems 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.

The financial statements have been prepared on a basis other than going concern given that subsequent to the year end, the directors plan to hive across the trade and assets to a fellow subsidiary of Ryan LLC as part of the group's restructuring process. As a result, VAT Systems Limited will cease to trade as an individual entity.

Critical accounting 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.

Recoverability of debtors

The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the debtors, past experience of recoverability, and the credit profile of individual or groups of clients.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company performs services for clients under engagement specific contracts and receives a commission in exchange. Such contracts generally specify the agreed upon scope of the engagement, the time periods covered by the engagement, the client's responsibility in providing information to and cooperating with the Company, and the commission fee payable to the Company.

Turnover from VAT recovery contracts are recognised at the stage of completion. This is when the client receives the cash refund associated with the VAT recovery. Fees are calculated on a percentage of the claim value.

Turnover from VAT compliance and consultancy contracts are recognised at the stage the service is being provided.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

45,380

87,321

Amounts owed by group undertakings

193,021

182,328

Other debtors

21,246

3,752

259,647

273,401

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

-

9,940

Amounts owed to group undertakings

631,975

571,866

Other creditors

136,133

252,486

768,108

834,292

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

1,000

Ordinary

£1

1,000

1,000

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

8.	RELATED PARTY DISCLOSURES

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.

9.	POST BALANCE SHEET EVENTS

Subsequent to the year end, the directors plan to hive across the trade and assets to a fellow subsidiary of Ryan LLC as part of the group's restructuring process. Following this the company will cease to trade as an individual entity.

10.	ULTIMATE CONTROLLING PARTY

The company is owned by Ryan France SAS, a company incorporated in France.

The ultimate controlling parent company is Ryan Tax Holdings, Inc, a company registered in the USA. The directors consider George B. Ryan to be the ultimate controlling party.

Ryan LLC is the largest and smallest group in which results are consolidated. The consolidated financial statements of Ryan LLC and subsidiaries can be obtained from Companies House and from the following address:

8101 Windrose Avenue

Suite 2000

Plano, Texas 75024-0478

USA