Company No: 04859880 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	23,904		25,461
Tangible assets	4	10,862		10,401
Investments	5	125,988		125,988
		160,754		161,850
Current assets
Debtors	6	1,624,079		2,088,936
Cash at bank and in hand		433,516		560,590
		2,057,595		2,649,526
Creditors: amounts falling due within one year	7	( 1,856,616)		( 2,475,219)
Net current assets		200,979		174,307
Total assets less current liabilities		361,733		336,157
Provision for liabilities	8	68,083		44,708
Net assets		429,816		380,865
Capital and reserves
Called-up share capital	9	900		900
Profit and loss account		428,916		379,965
Total shareholder's funds		429,816		380,865

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Gore Vega Limited (registered number: 04859880) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

Nathan Gore Director

Luisa Muguetty Rodriguez Vega Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gore Vega Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Berkeley Street, London, W1J 8DJ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the job has been completed in full and invoice is raised.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

4 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

25 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct labour costs and a percentage of overheads that have been incurred in bringing the work in progress to its present condition.

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to costs incurred at the reporting end date.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	44		36

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2024	27,852		27,852
Additions	5,906		5,906
At 31 December 2024	33,758		33,758
Accumulated amortisation
At 01 January 2024	2,391		2,391
Charge for the financial year	7,463		7,463
At 31 December 2024	9,854		9,854
Net book value
At 31 December 2024	23,904		23,904
At 31 December 2023	25,461		25,461

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2024	108,540		108,540
Additions	5,144		5,144
At 31 December 2024	113,684		113,684
Accumulated depreciation
At 01 January 2024	98,139		98,139
Charge for the financial year	4,683		4,683
At 31 December 2024	102,822		102,822
Net book value
At 31 December 2024	10,862		10,862
At 31 December 2023	10,401		10,401

5. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	125,988
At 31 December 2024	125,988
Carrying value at 31 December 2024	125,988
Carrying value at 31 December 2023	125,988

6. Debtors

	2024		2023
	£		£
Trade debtors	1,257,501		1,786,877
Amounts owed by related parties	137,448		64,951
Corporation tax	9,139		0
Other debtors	219,991		237,108
	1,624,079		2,088,936

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	193,592		327,233
Amounts owed to Parent undertakings	375,584		595,112
Amounts owed to own subsidiaries	148,777		148,777
Taxation and social security	523,690		589,158
Other creditors	614,973		814,939
	1,856,616		2,475,219

8. Provision for liabilities

	2024		2023
	£		£
Deferred tax	( 68,083)		( 44,708)

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
450 Ordinary A shares of £ 1.00 each	450		450
450 Ordinary B shares of £ 1.00 each	450		450
	900		900

10. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amounts due from Directors	27,076		23,750

There are no set repayment terms and no interest is charged on the above loan accounts.

11. Ultimate controlling party

The company's ultimate parent company is Britcol Limited, a company registered in Scotland. Britcol Limited is controlled by the directors.