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REGISTERED NUMBER: 07402012 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

The Virtual Forge Limited

The Virtual Forge Limited (Registered number: 07402012)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Virtual Forge Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr G Doyle
Mr M P Wicks
Ms V Heuerman
Mr M Sanson
Mr C Backlund
Ms A Kelly
Mr I Rodrigues
Mr M C Stokes





SECRETARY: Mr G Doyle





REGISTERED OFFICE: Studio 1, The Glove Factory
Brook Lane
Holt
Trowbridge
BA14 6RL





REGISTERED NUMBER: 07402012 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

The Virtual Forge Limited (Registered number: 07402012)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 303,850 376,340
Tangible assets 5 14,897 19,249
Investments 6 110,269 109,484
429,016 505,073

CURRENT ASSETS
Debtors 7 1,050,922 1,666,093
Cash at bank 500,189 89,075
1,551,111 1,755,168
CREDITORS
Amounts falling due within one year 8 (1,460,239 ) (2,138,715 )
NET CURRENT ASSETS/(LIABILITIES) 90,872 (383,547 )
TOTAL ASSETS LESS CURRENT LIABILITIES 519,888 121,526

CREDITORS
Amounts falling due after more than one year 9 (20,000 ) (31,667 )

PROVISIONS FOR LIABILITIES (3,725 ) -
NET ASSETS 496,163 89,859

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 496,063 89,759
SHAREHOLDERS' FUNDS 496,163 89,859

The Virtual Forge Limited (Registered number: 07402012)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 22 August 2024 and were signed on its behalf by:





Mr G Doyle - Director


The Virtual Forge Limited (Registered number: 07402012)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

The Virtual Forge 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 (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about The Virtual Forge 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.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company's significant estimates and assumptions concerning the future relate to the recoverability and useful life of its capitalised development costs.

Turnover
The turnover shown in the profit and loss account represents the value of all services delivered during the year, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.


The Virtual Forge Limited (Registered number: 07402012)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Research and development
Expenditure relating to software development directly associated with on-going revenue streams are capitalised and amortised over their estimated useful life of 5 years. Other research and development costs that cannot be attributed to on-going revenue streams are expensed to the profit and loss in the year in which it is incurred.

Development costs are initially recognised at cost less amortisation, however are reviewed annually for any impairment of the assets based on the expected on-going revenue streams associated to these development costs.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2022 - 40 ) .

The Virtual Forge Limited (Registered number: 07402012)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 974,033
Additions 28,248
At 31 December 2023 1,002,281
AMORTISATION
At 1 January 2023 597,693
Charge for year 100,738
At 31 December 2023 698,431
NET BOOK VALUE
At 31 December 2023 303,850
At 31 December 2022 376,340

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 66,785
Additions 4,308
At 31 December 2023 71,093
DEPRECIATION
At 1 January 2023 47,536
Charge for year 8,660
At 31 December 2023 56,196
NET BOOK VALUE
At 31 December 2023 14,897
At 31 December 2022 19,249

The Virtual Forge Limited (Registered number: 07402012)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 109,484
Additions 785
At 31 December 2023 110,269
NET BOOK VALUE
At 31 December 2023 110,269
At 31 December 2022 109,484

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 564,252 666,141
Amounts owed by group undertakings 439,267 298,316
Other debtors 47,403 701,636
1,050,922 1,666,093

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 8,333
Trade creditors 165,176 132,939
Amounts owed to group undertakings 41,275 207,122
Taxation and social security 193,768 230,003
Other creditors 1,050,020 1,560,318
1,460,239 2,138,715

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 20,000 31,667

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 56,488 63,371
Between one and five years 43,457 80,793
99,945 144,164

The Virtual Forge Limited (Registered number: 07402012)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 30,000 40,000

The bank loan is 100% backed by the Government and 2.5% interest is being charged on the loan annually.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2023 and the period ended 31 December 2022:

31.12.23 31.12.22
£    £   
Ms V Heuerman
Balance outstanding at start of year (8,856 ) (13,123 )
Amounts advanced 17,827 4,267
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,971 (8,856 )

13. RELATED PARTY DISCLOSURES

The Virtual Forge Portugal

A subsidiary company of The Virtual Forge Limited

The amount owed to The Virtual Forge Portugal at the balance sheet date is £41,275 (2022: £207,122).

Virtual Forge North America Inc.

A subsidiary company of The Virtual Forge Limited

The amount owed by The Virtual Forge North America as at the balance sheet date is £439,267 (2022: £298,316).


Virtual Forge Canada Inc.

A company owned by Mr G Doyle.

The amount owed to The Virtual Forge Canada as at the balance sheet date is £Nil (2022: £22,670).

14. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.