2CV Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company registration number 03195457 (England and Wales)
2CV Limited
Contents
Page
Strategic report
1 - 2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5 - 19
2CV Limited
Strategic Report
For the year ended 31 December 2024
Page 1

The directors present the strategic report for the year ended 31 December 2024.

The principal activity of 2CV Limited is the provision of market research and consultancy services. The Company will continue to operate in this sector for the foreseeable future.

The Directors have provided an analysis of the entity's performance in the results section within the Directors' report.

Fair review of the business

In FY 2024 2CV successfully transitioned leadership to Joint CEOs (CEO EU) and (CEO APAC). Under their leadership 2CV has focused on strengthening key client relationships across the Technology, Lifestyle and Social sectors. Significant progress was made in aligning core business capabilities with other DTA group members to deliver scale in new business and marketing activities to supplement this key account focus and drive growth. In 2025, 2CV’s focus is to strengthen its core insight capabilities through the adoption and integration of AI and other new technologies.

Key Performance Indicators (KPIs)

KPIs are used within the business to manage the performance of the whole business, management and staff.

The main financial KPIs relate to gross profit and operating profit.

During the year, the Company reported gross profit of £5,564,902 (2023: £6,791,806) which represents a decrease of 18.1% from the prior year. Operating loss before exceptional costs was reported at £884,661 (2023: profit £191,951). This includes an intercompany bad debt provision of £752,616.

Operating loss after exceptional costs decreased by 1906% as a loss of £1,040,977 (2023: £51,878) was reported.

The operating net margin was -18.7%, decreasing from -0.76% in 2023.

The Company had net current assets of £386,511 (2023: £1,383,524) and net assets of £466,307 (2023: £1,508,228) as at 31 December 2024.

2CV Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2
Risks and Uncertainties

The principal risks and uncertainties facing the company have been considered and the directors believe that the appropriate controls and strategies are in place to reduce these to an acceptable level.

The Directors consider the principal risks of the business to be:

Client relationships

Long term client relationships are essential for our success. The risk from losing key clients is mitigated by the profile of our client base, and the number of clients we have.

Economic Uncertainty

Rising inflation and interest rates are likely to have an impact on the company over the coming year. Targets have been set with a focus on achieving sustainable profitable growth that reflect long term objectives. In addition to a downturn in the world’s economies, the company may be affected by changes in economic, political, judicial, administrative, taxation and other regulatory and unforeseen matters.

Key staff

Our Directors and key staff are fundamental to the servicing of existing business and winning of new clients. All senior staff participate in long term incentive arrangements, and all staff participate in a company-wide annual bonus scheme.

Supplier relationships

We undertake periodic reviews of supplier relationships to avoid over dependence on any one supplier.

Financial Risk Management

The Company’s activities may be exposed to certain financial risks, including foreign exchange risk, liquidity risk and credit risk.

Liquidity risk

The Company’s policy is to regularly monitor its liquidity requirements to ensure that it maintains sufficient liquid financial assets to meet those requirements.

Credit risk

Credit risk predominately arises from trade receivables. The company generates its revenues from corporate clients with the risk being mitigated by ensuring accurate and timely invoicing to customers combined with strong credit control procedures. Partial payment in advance for some high values projects is required.

Foreign exchange risk

The Directors seek to minimise foreign exchange risk through a range of initiatives including where possible matching the revenue currency to the anticipated currency of direct costs.

On behalf of the board

A Drake
Director
23 December 2025
2CV Limited
Statement Of Financial Position
As at 31 December 2024
Page 3
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
6
78,923
123,831
Investments
7
873
873
79,796
124,704
Current assets
Trade and other receivables
10
2,678,881
2,756,456
Cash and cash equivalents
250,438
286,973
2,929,319
3,043,429
Current liabilities
11
(2,479,022)
(1,659,905)
Net current assets
450,297
1,383,524
Net assets
530,093
1,508,228
Equity
Called up share capital
16
647,835
647,835
Share premium account
77,885
77,885
Other reserves
667,077
667,077
Retained earnings
(862,704)
115,431
Total equity
530,093
1,508,228

The directors of the company have elected not to include a copy of the income statement within the financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to
companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 23 December 2025 and are signed on its behalf by:
A Drake
Director
Company Registration No. 03195457
2CV Limited
Statement of Changes in Equity
For the year ended 31 December 2024
Page 4
Share capital
Share premium account
Capital contribution reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
647,835
77,885
667,077
299,831
1,692,628
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
90,600
90,600
Dividends
-
-
-
(275,000)
(275,000)
Balance at 31 December 2023
647,835
77,885
667,077
115,431
1,508,228
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
(978,135)
(978,135)
Balance at 31 December 2024
647,835
77,885
667,077
(862,704)
530,093
2CV Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 5
1
Accounting policies
Company information

2CV Limited provides market research and consultancy services. The Company is a private company limited by shares, it is incorporated and domiciled in the United Kingdom under the Companies Act 2006. The address of its registered office is 12 Flitcroft Street, London, England, WC2H 8DL.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- the requirements of IFRS 7 Financial Instruments: Disclosures

- the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers

- the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

  - paragraph 79(a)(iv) of IAS 1;

  - paragraph 73(e) of IAS 16 Property, Plant and Equipment

- the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements

- the requirements of IAS 7 Statement of Cash Flows

- the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

- the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

- the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

- the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

The Directors have decided to apply the exemption under Section 401 of the Companies Act 2006 not to prepare group accounts as: (i) the company was a wholly owned immediate subsidiary of Exaudio Capital Limited; (ii) group accounts have already been prepared at Exaudio Capital Limited level and are filed at Companies House alongside these accounts for the period ending 31 December 202 4.

Where required, equivalent disclosures are given in the group accounts of Exaudio Capital Limited. The group accounts of Exaudio Capital Limited are available to the public and can be obtained as set out in note 20.

2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 6
1.2
Going concern

The Company provides market research and consultancy services and will continue to provide these services. The Company has considerable financial resources true available to it from the wider group together with long-term client relationships and is expected to continue to trade profitably.

The directors have prepared detailed group cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements. These forecasts, which incorporate historic performance data, anticipated revenue growth and cost management initiatives, indicate that the company will have sufficient liquidity to meet its obligations as they fall due, even after allowing for reasonably possible downside scenarios. The directors actively monitor the company’s financial performance and cash flows. In the event of a significant reduction in income, the directors will consider cost cutting measures in order to ensure the long term viability of the business. The forecasts also incorporate all material known commitments and expected cash flows.

Post year end the parent company (Exaudio Capital Limited) has provided a loan of £800k to 2CV Limited and are not currently seeking repayment. The parent company has confirmed in writing it will continue to provide sufficient financial support to 2CV Limited to enable it to continue to trade and to meet its liabilities as they fall due, for a period of one year from the date of signature of the audit report. The parent company have also provided a guarantee against all intercompany loans receivable by the company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the directors are confident that with group support the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, and therefore consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Revenue

Revenue recognition

The Company's revenues are principally derived from the provision of consulting and market research projects and services. Revenue is measured based on the consideration specified in a contract, exclusive of value-added tax, with a customer and excludes, where applicable, any amounts collected on behalf of third parties. Revenue is recognised either over time or at a point in time, when (or as) the Company satisfies performance obligations and control of the product or service is transferred to the customer.

In most instances, promised goods or services in a contract are not considered distinct, or represent a series of services that are substantially the same with the same pattern of transfer to the customer and therefore are accounted for as a single performance obligation. However, where there are contracts with goods or services that are capable of being distinct or multiple products or services are provided, the total transaction price is allocated amongst the various performance obligations based on the relative standalone selling prices to the client.

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 7

Revenue from consulting, market research projects and services

Revenue derived from the provision of consulting, market research and communications projects and services are generally under fixed price contracts with single performance obligations. Contracts rarely extend beyond 12 months and clients are billed based on a payments schedule over the term of the contract. Invoices are generally payable by customers within 30 to 60 days.

Revenue is recognised over time because either the customer receives and uses the benefits simultaneously or the Company's performance does not create an asset with alternative use and the Company has an enforceable right to payment for performance to date.

The proportion of revenue recognised is based on milestones completed, or actual labour hours spent compared to total expected hours, as appropriate to the contract. Estimates of the extent of progress towards completion are revised if circumstances change with changes to estimated revenues being recognised in the period in which the circumstances which give rise to revision become known to management.

Some contracts include variable consideration in the form of volume-based rebate arrangements. Variable consideration is estimated using the most likely amount payable and deducted from the transaction value of each contract.

Third-party project costs

Third-party project costs comprise amounts payable to external suppliers where they are retained at the Company's discretion to perform part of a specific performance obligation where the Company has full exposure to the benefits and risk of the contract with the client. Third-party project costs do not include direct labour costs. Revenue from third party project costs is recognised when the cost is incurred and is generally recognised without mark-up.

Net revenue

Net revenue is revenue less third-party project costs and represents fees, commissions and mark-up on third-party project costs where appropriate.

Costs to obtain a contract

Costs that would have been incurred regardless of whether the contract is obtained, for example costs of developing a proposal, are recognised as incurred. The Company incurs incremental costs to obtain a contract, principally in the form of sales commissions. As the amortisation period of these costs, if capitalised, would be less than one year, the Company makes use of the practical expedient in IFRS 15 and expenses them as incurred. These costs are included in operating expenses.

Contract assets and liabilities

The Company recognises consideration received in respect of unsatisfied performance obligations as contract liabilities in the Balance Sheet. Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognises a contract asset in the Balance Sheet.

2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 8
1.4
Property, plant and equipment

Property, plant and equipment is initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the lease term
Office equipment
25% Straight Line
Computer equipment
33% Straight Line

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 recognised in the income statement.

1.5
Non-current investments
Investments in subsidiaries are stated at cost less provision for any impairment in value. The carrying value of Investments is reviewed annually for impairment, or more frequently if events or changes in circumstances indicate a potential impairment. An impairment loss is recognised for The amount by which The assets carrying amount exceeds its recoverable amount. The recoverable amount is The higher of An assets fair value less costs to sell and its value-in-use.
1.6
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 9
1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recogni s ed initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recogni s e changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognised initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognised as finance income in profit or loss.

2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 10
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime credit losses to be recognised from initial recognition of the receivables.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

- it has been incurred principally for the purpose of selling or repurchasing it in the near term, or

- on initial recognition it is part of a portfolio of identified financial instruments that the company manages together and has a recent actual pattern of short-term profit taking, or

- it is a derivative that is not a financial guarantee contract or a designated and effective hedging instrument.

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 11
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 12

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting estimates and judgements

The Company makes estimates and judgements concerning the application of the Company’s accounting policies and concerning the future. The resulting estimates may, by definition, vary from the actual results. Estimates are based on historical experience and various other assumptions that management and the Board of Directors believe are reasonable.

The Directors consider that no judgements that could give rise to a material change in the financial statements in the next year have been applied.

The Directors consider the critical accounting estimates that could give rise to a material change in the financial statements in the next year are as follows:

Revenue recognition policies in respect of contracts which straddle the year end

The Company is required to make an estimate of the project completion levels in respect of contracts which straddle the year end for income recognition purposes. Estimates are based on expected total costs and revenues from each contract. This involves a level of judgement and therefore differences may arise between the actual and estimated result. Where immaterial differences arise, they are recognised in the income statement for the following reporting period. Any material changes to these estimates would affect revenue recognised in the financial statements and the level of deferred or accrued income on the balance sheet.

Project cost accruals

Third party project costs are estimated by project leads at the point of preparing a proposal, these estimates are based on their extensive experience and knowledge of the methodologies to be used in delivering the required outputs for the client. In most cases these estimates are subsequently supplemented by purchase orders from agreed suppliers providing those services. Third party costs are recognised when they are incurred and corresponding revenue is also recognised. At the year-end, third-party costs are accrued based on a project leads best estimate of the costs incurred to date. Any change to this estimate would have a material impact on the accounts.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
34,602
36,816
2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 13
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Office and Administration
19
22
Research and staff
54
72
Total
73
94
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
203,822
629,312
Company pension contributions to defined contribution schemes
14,100
29,640
217,922
658,952
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
123,750
250,000
6
Property, plant and equipment
Leasehold improvements
Office equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
156,662
194,875
274,706
626,243
Additions
-
0
190
38,352
38,542
At 31 December 2024
156,662
195,065
313,058
664,785
Accumulated depreciation and impairment
At 1 January 2024
149,598
179,271
173,543
502,412
Charge for the year
5,028
8,055
70,367
83,450
At 31 December 2024
154,626
187,326
243,910
585,862
2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
6
Property, plant and equipment
Leasehold improvements
Office equipment
Computer equipment
Total
£
£
£
£
(Continued)
Page 14
Carrying amount
At 31 December 2024
2,036
7,739
69,148
78,923
At 31 December 2023
7,064
15,604
101,163
123,831
7
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
-
-
873
873
8
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
2cv Pte Limited
Singapore
Consumer research
Ordinary share capital
100.00
2cv Hong Kong Limited
Hong Kong
Dormant
Ordinary share capital
100.00

Registered office addresses (all UK unless otherwise indicated):

1
73b Tanjong Pagar Road, Singapore, 088494
2
Rooms C-E 9/F China Overseas Building, 139 Hennessy Road, Wanchai, Hong Kong
9
Contracts with customers
2024
2023
2023
Period end
Period end
Period start
£
£
£
Contracts in progress
Contract assets
744,607
682,042
577,759
Contract liabilities
(422,433)
(367,181)
(281,609)
2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 15
10
Trade and other receivables
2024
2023
£
£
Trade receivables
1,269,183
886,539
Contract assets (note 9)
744,607
682,042
Amounts owed by fellow group undertakings
334,617
1,001,797
Other receivables
75,452
1,044
Prepayments and accrued income
182,357
178,241
2,606,216
2,749,663
Deferred tax asset
72,665
6,793
2,678,881
2,756,456

Amounts owed by group undertakings that are funding balances are unsecured and repayable on demand, and carry interest at 1.50% (202 3: 1.50%).

11
Liabilities
2024
2023
Notes
£
£
Borrowings
12
503,380
-
0
Trade and other payables
13
1,738,073
1,305,295
Corporation tax
-
0
(3,030)
Other taxation and social security
237,569
357,640
2,479,022
1,659,905
12
Borrowings
2024
2023
£
£
Borrowings held at amortised cost:
Bank overdrafts
503,380
-
2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 16
13
Trade and other payables
2024
2023
£
£
Trade payables
748,453
593,296
Contract liabilities (note 9)
422,433
367,181
Amounts owed to fellow group undertakings
116,151
45,557
Accruals
289,448
259,057
Other payables
161,588
40,204
1,738,073
1,305,295

Amounts owed to group undertakings that are funding balances are unsecured and repayable on demand and carry interest at 1.50% (20 23: 1.50%).

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
Tax losses
Total
£
£
£
Asset at 1 January 2023
-
0
(10,157)
(10,157)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
-
3,364
3,364
Asset at 1 January 2024
-
0
(6,793)
(6,793)
Deferred tax movements in current year
Charge/(credit) to profit or loss
(5,463)
(60,409)
(65,872)
Asset at 31 December 2024
(5,463)
(67,202)
(72,665)
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
152,717
224,995

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 17
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.01p each
1,000,000
1,000,000
100
100
Ordinary shares of 0.01p each
513,571
513,571
51
51
Ordinary C share of £1 each
647,684
647,684
647,684
647,684
2,161,255
2,161,255
647,835
647,835

17
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Callum Gritt and the auditor was Moore Kingston Smith LLP.
18
Contingent liabilities

The Company has entered into a composite guarantee given to the Company's bankers in respect of any debts or liabilities owing to the bank by any party to the guarantee. The other parties to the guarantee are the Group companies listed below:

- DTA Group Limited

- The Value Engineers Limited

- Signal Agency Limited

At the balance sheet date, the company's indebtedness to its bankers was £503,380 (2023: £nil).

Post year end this guarantee has been satisfied as all amounts due the company's bankers have been settled.

The Company has also provided a guarantee to their landlord for the rental lease obligations of its parent company, DTA Group Limited, relating to their office premise. The lease commenced on 14 March 2024 and has a remaining term of approximately four years as at the balance sheet date. The maximum potential exposure under this guarantee, representing the remaining undiscounted lease payments over the lease term, amounts to approximately £1.3 million as at 31 December 2025. This guarantee would be called upon in the event that DTA Group Limited defaults on its rental payments or other obligations under the lease agreement. Management assesses the likelihood of an outflow of economic benefits from the Company under this guarantee as not probable, given DTA Group Limited is guaranteed by its own parent company Exaudio Capital Limited and they have sufficient cash. Therefore, no provision has been recognised in these financial statements.

19
Related party transactions
2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
19
Related party transactions
(Continued)
Page 18

The Company is a wholly owned subsidiary of DTA Group Limited. The results of the Company are consolidated into the financial statements of Exaudio Capital Limited, which is the smallest and largest group into which the Company is consolidated. Exaudio Capital Limited prepares consolidated financial statements which are publicly available.

The Company has taken advantage of the exemption available under FRS 101 from disclosing transactions with wholly owned group entities. There were no other related party transactions during the year (2023: none).

2CV Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 19
20
Controlling party

As at 31 December 2024, the immediate parent undertaking and controlling party was DTA Group Limited, a company incorporated in the United Kingdom. Exaudio Capital Limited is the parent company of DTA Group Limited and is the largest and smallest group into which the entity has been consolidated for the year ended 31 December 2024. Consolidated financial statements have been drawn up for Exaudio Capital Limited and are available from the following address:

12 Flitcroft Street

London

England

WC2H 8DL

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