ACCOUNTS - Final Accounts preparation

Vega IT Ltd

Registered number: 14862111

Information for filing
with Registrar

For the year ended 31 December 2024

14862111

31 December 2024

VEGA IT LTD

REGISTERED NUMBER: 14862111

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023 (Unaudited)
Note		£		£

Current assets
Debtors: amounts falling due within one year	4	339,165		100
Cash and cash equivalents		104,322		-
		443,487		100
Creditors: amounts falling due within one year	5	(891,273)		-
Net current (liabilities)/assets			(447,786)		100
Total assets less current liabilities			(447,786)		100
Creditors: amounts falling due after more than one year	6		(600,000)		-
Net (liabilities)/assets			(1,047,786)		100

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(1,047,886)	-
Total (deficit)/equity		(1,047,786)	100

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

I Kappenmann

Director

Date: 8 December 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

14862111

31 December 2024

VEGA IT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Vega IT Ltd (the 'Company') is a private company, limited by shares, and incorporated in England and Wales. The Company's registration number is 14862111. The address of its registered office is The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, Buckinghamshire, United Kingdom, MK9 1FF.
The principal activity of the Company is providing technology consulting and software development services.
The Company was dormant and had not traded from its incorporation on 11 May 2023 to 31 December 2023, therefore, the prior period results are not directly comparable.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates, and is rounded to the nearest pound.
The prior period financial statements for the Company were unaudited.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements. In doing this, they have considered the results for the period, and expectations of future trading. Based on this information the directors are satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.

Page 2

14862111

31 December 2024

VEGA IT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All other foreign exchange gains and losses are presented in the Statement of comprehensive income within ‘Administrative expenses’.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Interest payable and similar expenses

Interest costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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14862111

31 December 2024

VEGA IT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when the services are rendered. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.8

Debtors

Debtors are measured at transaction price, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

14862111

31 December 2024

VEGA IT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 5

14862111

31 December 2024

VEGA IT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


3.	Employees

The average monthly number of employees, including the directors, during the year was 4 (2023: 2).

4.	Debtors: amounts falling due within one year

						As restated
					2024	2023 (Unaudited)
					£	£


Trade debtors	333,175	-
Amounts owed by group undertakings *	76	76
Other debtors **	988	24
Prepayments	4,926	-
	339,165	100

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
* Amounts owed by group undertakings for previous period have been reclassified to Other debtors to conform to the presentation adopted in these financial statements.
** Other debtors include amounts owed by directors amounting to £24 (2023: £24) which is unsecured, interest free and repayable on demand.

5.	Creditors: amounts falling due within one year
		2024	2023 (Unaudited)
		£	£

Trade creditors	20,488	-
Amounts owed to group undertakings	489,221	-
Other taxation and social security	81,559	-
Accruals and deferred income	300,005	-
	891,273	-

Amounts owed to group undertakings are unsecured, interest-free, and repayable on demand.

Page 6

14862111

31 December 2024

VEGA IT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Creditors: amounts falling due after more than one year
		2024	2023 (Unaudited)
		£	£

	Amounts owed to group undertakings	600,000	-

Amounts owed to group undertakings relate to loan from the parent company which is unsecured, carries an interest rate of 4.5% p.a., and is repayable in 2027.

7.	Called up share capital
		2024	2023 (Unaudited)
		£	£

Allotted, called up and fully paid

100 (2023: 100) Ordinary shares of £1 each	100	100

Each Ordinary share has attached to it full voting, dividend and capital distribution (including upon winding up) rights; they do not confer any rights of redemption.

8.	Pension commitments

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. Contributions totalling £17,250 (2023: £nil) were payable to the fund at the reporting date and are included in creditors.

Related party transactions

During the year, the Company received software support and maintenance services amounting to £455,593 (2023: £nil) and incurred £13,439 (2023: £nil) in rent expense from its parent company, Vega IT D.O.O. The Company also obtained a loan of £600,000 (2023: £nil) from the parent, on which it incurred £20,465 (2023: £nil) in interest expense (refer note 6). At the year end, £1,089,221 (2023: £nil) was outstanding to the parent and is included in creditors.
At the year end an amount of £24 (2023: £24) was owed by directors of the Company.

10.	Post balance sheet events

There have been no significant events affecting the Company since the period end.

Page 7

14862111

31 December 2024

VEGA IT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Controlling party

The immediate and ultimate parent of the Company is Vega IT D.O.O., a company incorporated in Serbia. The address of its registered office is Novosadskog sajma 2, 9th floor, Novi Sad, Serbia.

12.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 12 December 2025 by Maurice Hickey (Senior statutory auditor) on behalf of Forvis Mazars.

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