Company No: 12324565 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	H M Blair
	A Chant (Resigned 26 March 2025)
	S Dean
	S Hunter
	Mohsin Issa (Appointed 29 August 2024)
	One Planet Capital Limited (Appointed 26 March 2025)
	K Walker (Resigned 16 April 2025)
	C Walker (Resigned 16 April 2025)

REGISTERED OFFICE	Stonecross
	Trumpington High Street
	Cambridge
	United Kingdom
	CB2 9SU
	United Kingdom

COMPANY NUMBER

12324565 (England and Wales)

ACCOUNTANT	S&W Partners (East) LLP
	Stonecross
	Trumpington High Street
	Cambridge
	CB2 9SU

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	20,955		19,837
		20,955		19,837
Current assets
Stocks		384,003		732,541
Debtors	4	414,755		101,521
Cash at bank and in hand		1,732,878		94,312
		2,531,636		928,374
Creditors: amounts falling due within one year	5	( 620,542)		( 499,811)
Net current assets		1,911,094		428,563
Total assets less current liabilities		1,932,049		448,400
Creditors: amounts falling due after more than one year	6	( 10,833)		( 30,943)
Provision for liabilities	7	( 4,621)		( 4,621)
Net assets		1,916,595		412,836
Capital and reserves
Called-up share capital	8	288		136
Share premium account		4,699,065		1,428,520
Profit and loss account		( 2,782,758 )		( 1,015,820 )
Total shareholders' funds		1,916,595		412,836

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 members have 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 Comprehensive Income has not been delivered.

The financial statements of C2 VTG Group Ltd (registered number: 12324565) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

S Dean 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

C2 VTG Group Ltd (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 Stonecross, Trumpington High Street, Cambridge, United Kingdom, CB2 9SU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of C2 VTG Group Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income 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 Statement of Financial Position.

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 Statement of Financial Position 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 enacted or substantively enacted 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

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, other than investment property and freehold land, 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	25 % reducing balance
Office equipment	25 % reducing balance
Computer equipment	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 Comprehensive Income 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

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

Government grants

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	37		33

3. Tangible assets

	Plant and machinery		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2024	8,410		21,952		2,707		33,069
Additions	999		6,447		717		8,163
At 31 December 2024	9,409		28,399		3,424		41,232
Accumulated depreciation
At 01 January 2024	2,514		9,552		1,166		13,232
Charge for the financial year	2,440		3,936		669		7,045
At 31 December 2024	4,954		13,488		1,835		20,277
Net book value
At 31 December 2024	4,455		14,911		1,589		20,955
At 31 December 2023	5,896		12,400		1,541		19,837

4. Debtors

	2024		2023
	£		£
Trade debtors	26,847		6,411
Other debtors	387,908		95,110
	414,755		101,521

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	27,787		90,039
Trade creditors	154,700		135,423
Taxation and social security	339,451		139,013
Other creditors	98,604		135,336
	620,542		499,811

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	10,833		30,943

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 4,621)		( 4,106)
Charged to the Profit and Loss Account	0		( 515)
At the end of financial year	( 4,621)		( 4,621)

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Accelerated capital allowances	( 4,621)		( 4,782)
Other timing differences	0		161
	( 4,621)		( 4,621)

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
136,154 Ordinary shares of £ 0.001 each	136		136
24,597 A ordinary shares of £ 0.001 each (2023: nil shares)	25		0
127,034 C ordinary shares of £ 0.001 each (2023: nil shares)	127		0
	288		136

On 11th April 2024, there was an issue of 5,375 A Ordinary shares of £0.001 with an aggregate nominal value of £5. The share issue resulted in a share premium of £376,648 being recognised.

On 3rd May 2024, there was an issue of 1,478 A Ordinary shares of £0.001 with an aggregate nominal value of £2. The share issue resulted in a share premium of £104,465 being recognised, £9,482 of the consideration remained unpaid at the balance sheet date.

On 30th September 2024, there was an issue of 17,743 A Ordinary shares of £0.001 with an aggregate nominal value of £18. The share issue resulted in a share premium of £314,796 being recognised, the consideration remained unpaid at the balance sheet date.

On 30th September 2024, there was an issue of 127,034 C Ordinary shares of £0.001 with an aggregate nominal value of £127. The share issue resulted in a share premium of £2,499,867 being recognised.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	154,941		154,941
between one and five years	220,282		375,223
Total future minimum lease payments under non-cancellable operating leases	375,223		530,164

10. Related party transactions

Included in other creditors is £61,501 (2022 - £63,155) owed to directors. This balance is unsecured and interest free, with no fixed repayment terms.