The UBV light curves of the early-type eclipsing binary V448 Cygni, obtained at the Abastumani Astrophysical Observatory from 1964 to 1967, are re-analysed here. The analysis was made assuming the presence of an accretion disc in the system, as inferred from the light-curve shape and spectroscopic characteristics of the system. The Roche model of a binary was used, containing a geometrically and optically thick accretion disc around the hotter and more massive star. By solving the inverse problem, the orbital elements and the physical parameters of the system components and of the accretion disc were estimated. This result is important for understanding the star formation and evolution processes in the systems with massive components.Key words: accretion, accretion discs -binaries: eclipsing -stars: individual: V448 Cygnistars: mass-loss. • 23 10 ) was discovered by Wachmann (1939). Ashbrook (1941) classified it as a β-Lyrae-type eclipsing variable. Its orbital period is about 6.5 days. The spectroscopic classification of V448 Cygni is not quite certain. Various spectral types are assigned to its components. In the Henry Draper (HD) catalogue, it is classified as a B3 spectral type. On the other hand, based on the prominence of O II and Si III lines, Petrie (1956) classified the cooler, less massive component (donor) as B1 and the hotter and more massive component (gainer) as O9.5 V. By combining the spectroscopic orbit and light-curve solutions based on the photographic light curve (Ashbrook 1941), Harries, Hilditch & Hill (1997) determined the masses of components as 25.2 and 14.0 solar masses and the radii as 6.7 and 16.3 solar radii for the gainer and the donor, respectively, considering the orbital inclination to be 83.• 2. Both components of this binary are massive stars, thus making this system particularly important for our understanding of the star formation processes. The duration of the mass transfer process in the massive close binaries is very short and the mass transfer rate is very large giving rise to unusual physical conditions and chemical composition in such systems. Therefore, a good knowledge of the models of binaries like V448 Cygni is essential, and the determination of their parameters is both important and challenging. Kumsiashvili & Kochiashvili (2003) published their photoelectric observations of V448 Cygni in three colours (close to UBV E-mail: gdjurasevic@aob.bg.ac.yu photometric system) obtained in the period from 1964 to 1967. The orbital phase was rather evenly covered with about 540 observations, providing the light curves of high quality. The maxima of the light curves in quadratures significantly differ and the rising branches of principal minima are steeper than the falling ones. The opposite happens with the secondary minima. Kumsiashvili & Kochiashvili (2003) modelled the system assuming circular orbits and ellipsoidal components, but this model did not satisfactorily fit the observations. Later on Kumsiashvili, Kochiashvili & Djurašević (2005) introduced a Roche mo...