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Vega IT Ltd Registered number: 14862111 Information for filing with Registrar For the year ended 31 December 2025
|  | 14862111 31 December 2025
VEGA IT LTD REGISTERED NUMBER: 14862111 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 3,241 |  | -
|  |  | 3,241 |  | -
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 988,916 |  | 339,165 |
Cash and cash equivalents |  | 385,287 |  | 104,322 |
|  | 1,374,203 |  | 443,487 |
Creditors: amounts falling due within one year | 6 | (2,840,983) |  | (891,273) |
Net current liabilities |  |  | (1,466,780) |  | (447,786)
Total assets less current liabilities |  |  | (1,463,539) |  | (447,786)
Creditors: amounts falling due after more than one year | 7 |  | (600,000) |  | (600,000)
Net liabilities |  |  | (2,063,539) |  | (1,047,786)
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 100 |  | 100
Profit and loss account |  |  | (2,063,639) |  | (1,047,886)
Total deficit |  |  | (2,063,539) |  | (1,047,786)
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: 7 August 2026
The notes on pages 2 to 10 form part of these financial statements. Page 1
|  | 14862111 31 December 2025
VEGA IT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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 the provision of technology consulting and software development services. 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 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 these financial statements are authorised for issue. In making this assessment, the directors have considered the Company's net loss for the year of £1,015,753 (2024: £1,047,886), net liability position of £2,063,539 (2024: £1,047,786), and expectations of future trading. The directors note that the net liability position arises principally from intercompany funding provided by the parent company. Subsequent to the year end, the Company repaid £600,000 of amounts due to its parent undertaking, Vega IT D.O.O. The repayment was funded through operating cash flows and is consistent with the Company's forecast cash generation. Following this repayment, the parent company has confirmed that it will not seek repayment of the remaining amounts owed by the Company for a period of at least twelve months from the date these financial statements are authorised for issue and has committed to providing continued financial support as required during that period. The directors have also considered the Company's recent trading performance, forecast results and cash flows for the going concern assessment period. Based on this assessment, including the successful post year-end repayment and the continued support available from the parent company, the directors are satisfied that the Company will continue as a going concern and, accordingly, the financial statements have been prepared on a going concern basis. Page 2
|  | 14862111 31 December 2025
VEGA IT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 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 the Statement of comprehensive income. 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. Page 3
|  | 14862111 31 December 2025
VEGA IT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 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 the Statement of comprehensive income 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 | Licence agreement
Licence fees paid under licensing arrangements are charged to profit or loss on a straight-line basis over the licence term.
| 2.8 | 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. Page 4
|  | 14862111 31 December 2025
VEGA IT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income. Depreciation forms part of 'Administrative expenses' in the Statement of comprehensive income.
| 2.10 | Debtors
Debtors are measured at transaction price, less any impairment.
| 2.11 | 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. Page 5
|  | 14862111 31 December 2025
VEGA IT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | 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 6
|  | 14862111 31 December 2025
VEGA IT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Employees
The average monthly number of employees, including the directors, during the year was 6 (2024: 4).
4. | Tangible fixed assets
|  | Computer Equipment
|  | £
| Cost |
| At 1 January 2025 | -
| Additions | 3,812
| At 31 December 2025 | 3,812
| Depreciation |
| At 1 January 2025 | -
| Charge for the year | 571
| At 31 December 2025 | 571
| Net book value |
| At 31 December 2025 | 3,241
| At 31 December 2024 | -
5. | Debtors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 974,986 | 333,175
| Amounts owed by group undertakings | - | 76
| Other debtors | 7,902 | 988
| Prepayments | 6,028 | 4,926
|  | 988,916 | 339,165
| Other debtors include amounts owed by directors amounting to £nil (2024: £24) which was unsecured, interest free and repayable on demand. Other debtors include a service retainer deposit of £6,938 (2024: £nil) for shared workspace.
Page 7
|  | 14862111 31 December 2025
VEGA IT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 79,397 | 20,488
| Amounts owed to group undertakings | 2,023,027 | 489,221
| Other taxation and social security | 149,230 | 81,559
| Accruals | 589,329 | 300,005
|  | 2,840,983 | 891,273
| Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
7. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 600,000 | 600,000
| Amounts owed to group undertakings relate to a loan from the parent company, which is unsecured, carries an interest rate of 4.5% p.a., and is repayable in 2027.
8. | Deferred taxation
| The Company has unused tax losses and other deductible timing differences at the period end. A deferred tax asset of £509,630 (2024: £259,375) has not been recognised in respect of these items. In accordance with Section 29 of FRS 102, management has concluded that recovery of these amounts is not probable because sufficient future taxable profits cannot be demonstrated at this time.
9. | Called up share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024: 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.
Page 8
|  | 14862111 31 December 2025
VEGA IT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | 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 £5,758 (2024: £17,250) were payable to the fund at the reporting date and are included in creditors.
11. | Commitments under licensing agreement
| At 31 December 2025 the Company had future minimum licence fee payments due under a licensing agreement for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 77,352 | -
| Later than 1 year and not later than 5 years | 5,688 | -
|  | 83,040 | -
12. | Related party transactions
| During the year, the Company received software support and maintenance services and other ancillary services from its parent company, Vega IT D.O.O., amounting to £2,627,788 (2024: £455,593). No rent expense was recharged to the Company during the year from its parent company (2024: £13,439). The Company also has a loan facility with Vega IT D.O.O., of which £600,000 (2024: £600,000) was outstanding at the year end. Interest expense of £26,926 (2024: £20,465) was incurred on this loan during the year (refer note 7). In addition, the Company received ancillary services from Vega IT Alpha D.O.O., a fellow group company, amounting to £6,447 (2024: £nil). At the year end, amounts totalling £2,616,580 (2024: £1,089,221) were outstanding to Vega IT D.O.O. and £6,447 (2024: £nil) were outstanding to Vega IT Alpha D.O.O., these balances are included within creditors. At the year end, no amounts were owed by directors of the Company (2024: £24).
13. | Post balance sheet events
Subsequent to the year end, the Company repaid the £600,000 loan due to its parent undertaking, Vega IT D.O.O. The repayment was funded through operating cash flows. This event has not resulted in any adjustment to the amounts recognised in these financial statements. There have been no other significant events affecting the Company since the year end. Page 9
|  | 14862111 31 December 2025
VEGA IT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | 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. Vega IT D.O.O. includes the results of the Company in its consolidated financial statements, which are available at its registered office.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 7 August 2026 by Maurice Hickey (Senior statutory auditor) on behalf of Forvis Mazars.
Page 10