Company Registration No. 02385727 (England and Wales)
VIKING INDUSTRIAL PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
VIKING INDUSTRIAL PRODUCTS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3 - 4
Notes to the financial statements
5 - 9
VIKING INDUSTRIAL PRODUCTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2018
- 1 -
The directors present their annual report and financial statements for the year ended 31 October 2018.
Principal activities
The principal activity of the company in the year under review was that of the distribution of
i
ndustrial
t
apes,
a
dhesives,
a
brasives and
p
ackaging materials.
Fair review of business
It has been another positive year with growth in both turnover and operating profit percentage. The turnover increase is predominantly due to the retention and growth of key accounts, the addition of new key accounts and the growth of our online sales. In-hand with streamlining internal efficiencies to reduce operating costs.
We have invested consistently on our digital offering and this will continue to be a growth driver for the foreseeable future. We continue to add the best skilled people into our team and invest in their training in line with our
c
ompany
v
ision.
Our core values have and will continue to drive our business and enable us to do good business which cements our standing within our industry and to our customers.
Our premier relationship with our key partners has been a focus during this period and will continue to be so.
Future plans
Future plans involve adding to our existing team, investing further in our online platforms, installing a more streamlined accounting package, undertaking a unique growth project with our key partner - global player 3M and extending our communication with our end users through additional mediums.
We are privileged to be selected to participate in the Goldman Sachs 10KSB leadership programme, a programme acknowledged as a leading growth incubator globally.
Apart from normal commercial competition and the uncertainty surrounding Brexit the directors do not foresee any undue risks to the
b
usiness.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C M Bennett
Mrs P L Bennett
Miss M L Bennett
VIKING INDUSTRIAL PRODUCTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 2 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr C M Bennett
Director
5 June 2019
VIKING INDUSTRIAL PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2018
31 October 2018
- 3 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,992
62,072
Investments
4
1,000
1,000
29,992
63,072
Current assets
Stocks
164,291
235,475
Debtors
5
1,068,565
1,191,101
Cash at bank and in hand
360
594
1,233,216
1,427,170
Creditors: amounts falling due within one year
6
(942,280)
(1,045,031)
Net current assets
290,936
382,139
Total assets less current liabilities
320,928
445,211
Creditors: amounts falling due after more than one year
7
(237,441)
(343,023)
Provisions for liabilities
(2,210)
(3,833)
Net assets
81,277
98,355
Capital and reserves
Called up share capital
9
5,000
5,000
Profit and loss reserves
76,277
93,355
Total equity
81,277
98,355
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
VIKING INDUSTRIAL PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2018
31 October 2018
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 5 June 2019 and are signed on its behalf by:
Mr C M Bennett
Director
Company Registration No. 02385727
VIKING INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
- 5 -
1
Accounting policies
Company information
Viking Industrial Products Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 1, Coronation Business Park, Hard Ings Road, Keighley, West Yorkshire, BD21 3ND.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the
cost
of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% reducing balance and 25% straight line
Motor vehicles
25% 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 credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
VIKING INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 profit and loss account, 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.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 18 (2017 - 19).
VIKING INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2017
212,982
Additions
1,749
Disposals
(41,540)
At 31 October 2018
173,191
Depreciation and impairment
At 1 November 2017
150,911
Depreciation charged in the year
16,479
Eliminated in respect of disposals
(23,191)
At 31 October 2018
144,199
Carrying amount
At 31 October 2018
28,992
At 31 October 2017
62,072
4
Fixed asset investments
2018
2017
£
£
Investments
1,000
1,000
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 November 2017 & 31 October 2018
1,000
Carrying amount
At 31 October 2018
1,000
At 31 October 2017
1,000
VIKING INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 8 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
474,976
470,829
Other debtors
593,589
720,272
1,068,565
1,191,101
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
19,878
30,553
Trade creditors
518,915
427,983
Corporation tax
43,999
31,455
Other taxation and social security
50,562
54,436
Other creditors
308,926
500,604
942,280
1,045,031
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
237,441
343,023
8
Loans and overdrafts
2018
2017
£
£
Bank overdrafts
19,878
30,553
Other loans
340,390
432,976
360,268
463,529
Payable within one year
122,827
125,882
Payable after one year
237,441
337,647
The long-term pension loans of £340,390 (2017: £432,976) are secured by fixed and floating charges over assets of the company.
VIKING INDUSTRIAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 9 -
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
5,000 Ordinary shares of £1 each
5,000
5,000
5,000
5,000
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
40,737
82,513