REGISTERED NUMBER: 07402012 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

The Virtual Forge Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Intangible assets

4

270,472

303,850

Tangible assets

5

11,840

14,897

Investments

6

110,269

110,269

392,581

429,016

CURRENT ASSETS

Debtors

7

1,226,141

1,050,922

Cash at bank

419,364

500,189

1,645,505

1,551,111

CREDITORS

Amounts falling due within one year

8

(1,392,162

)

(1,460,239

)

NET CURRENT ASSETS

253,343

90,872

TOTAL ASSETS LESS CURRENT LIABILITIES

645,924

519,888

CREDITORS

Amounts falling due after more than one year

9

(10,000

)

(20,000

)

PROVISIONS FOR LIABILITIES

(2,960

)

(3,725

)

NET ASSETS

632,964

496,163

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

632,864

496,063

SHAREHOLDERS' FUNDS

632,964

496,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 September 2025 and were signed on its behalf by:

Mr G Doyle - Director

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.

Where services have been delivered but not yet invoiced, the income is accrued and included within debtors as accrued income. Where invoices have been raised in advance of the service being provided, the income is deferred and included within creditors as deferred income.

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.

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 37 (2023 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

1,002,281

Additions

78,920

At 31 December 2024

1,081,201

AMORTISATION

At 1 January 2024

698,431

Charge for year

112,298

At 31 December 2024

810,729

NET BOOK VALUE

At 31 December 2024

270,472

At 31 December 2023

303,850

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

71,093

Additions

5,560

Disposals

(40,828

)

At 31 December 2024

35,825

DEPRECIATION

At 1 January 2024

56,196

Charge for year

8,470

Eliminated on disposal

(40,681

)

At 31 December 2024

23,985

NET BOOK VALUE

At 31 December 2024

11,840

At 31 December 2023

14,897

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2024

and 31 December 2024

110,269

NET BOOK VALUE

At 31 December 2024

110,269

At 31 December 2023

110,269

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

780,713

564,252

Amounts owed by group undertakings

342,087

439,267

Other debtors

103,341

47,403

1,226,141

1,050,922

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

153,370

165,176

Amounts owed to group undertakings

64,730

41,275

Taxation and social security

294,497

193,768

Other creditors

869,565

1,050,020

1,392,162

1,460,239

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

10,000

20,000

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

58,136

56,488

Between one and five years

37,196

43,457

95,332

99,945

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

20,000

30,000

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

12.	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 £64,730 (2023: £41,275).

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 £342,087 (2023: £439,267).

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 (2023: £Nil).

13.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.