REGISTERED NUMBER: 07402012 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

The Virtual Forge Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Doyle

Mr M P Wicks

Mrs V Edwards

Mr M Sanson

Mr C Backlund

Ms A Kelly

Mr I Rodrigues

Mr M C Stokes

SECRETARY:

Mr G Doyle

REGISTERED OFFICE:

Studio 1, The Glove Factory

Brook Lane

Holt

Trowbridge

BA14 6RL

REGISTERED NUMBER:

07402012 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

FIXED ASSETS

Intangible assets

4

209,747

270,472

Tangible assets

5

14,516

11,840

Investments

6

110,269

110,269

334,532

392,581

CURRENT ASSETS

Debtors

7

1,404,053

1,226,141

Cash at bank

315,371

419,364

1,719,424

1,645,505

CREDITORS

Amounts falling due within one year

8

(1,255,789

)

(1,392,162

)

NET CURRENT ASSETS

463,635

253,343

TOTAL ASSETS LESS CURRENT LIABILITIES

798,167

645,924

CREDITORS

Amounts falling due after more than one year

9

-

(10,000

)

PROVISIONS FOR LIABILITIES

(3,629

)

(2,960

)

NET ASSETS

794,538

632,964

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

794,438

632,864

SHAREHOLDERS' FUNDS

794,538

632,964

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2026 and were signed on its behalf by:

Mr G Doyle - Director

1.	STATUTORY INFORMATION

The Virtual Forge Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about The Virtual Forge Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company's significant estimates and assumptions concerning the future relate to the recoverability and useful life of its capitalised development costs.

Turnover

The turnover shown in the profit and loss account represents the value of all services delivered during the year, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

Where services have been delivered but not yet invoiced, the income is accrued and included within debtors as accrued income. Where invoices have been raised in advance of the service being provided, the income is deferred and included within creditors as deferred income.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure relating to software development directly associated with on-going revenue streams are capitalised and amortised over their estimated useful life of 5 years. Other research and development costs that cannot be attributed to on-going revenue streams are expensed to the profit and loss in the year in which it is incurred.

Development costs are initially recognised at cost less amortisation, however are reviewed annually for any impairment of the assets based on the expected on-going revenue streams associated to these development costs.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2024 - 37 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

1,081,201

Additions

35,854

At 31 December 2025

1,117,055

AMORTISATION

At 1 January 2025

810,729

Charge for year

96,579

At 31 December 2025

907,308

NET BOOK VALUE

At 31 December 2025

209,747

At 31 December 2024

270,472

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

35,825

Additions

9,775

At 31 December 2025

45,600

DEPRECIATION

At 1 January 2025

23,985

Charge for year

7,099

At 31 December 2025

31,084

NET BOOK VALUE

At 31 December 2025

14,516

At 31 December 2024

11,840

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2025

and 31 December 2025

110,269

NET BOOK VALUE

At 31 December 2025

110,269

At 31 December 2024

110,269

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

814,798

780,713

Amounts owed by group undertakings

442,652

342,087

Other debtors

146,603

103,341

1,404,053

1,226,141

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

180,000

10,000

Trade creditors

58,491

153,370

Amounts owed to group undertakings

60,066

64,730

Taxation and social security

241,262

294,497

Other creditors

715,970

869,565

1,255,789

1,392,162

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans

-

10,000

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25

31.12.24

£

£

Within one year

46,136

58,136

Between one and five years

47,413

37,196

93,549

95,332

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Bank loans

180,000

20,000

The bank loan is 100% backed by the Government and 2.5% interest is being charged on the loan annually.

12.	RELATED PARTY DISCLOSURES

The Virtual Forge Portugal

A subsidiary company of The Virtual Forge Limited

The amount owed to The Virtual Forge Portugal at the balance sheet date is £61,534 (2024: £64,730).

Virtual Forge North America Inc.

A subsidiary company of The Virtual Forge Limited

The amount owed by The Virtual Forge North America as at the balance sheet date is £396,664 (2024: £342,087).

13.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.