Registration number:
Viking Industrial Products Limited
for the Year Ended 31 October 2022
Viking Industrial Products Limited
Contents
Strategic Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Viking Industrial Products Limited
Strategic Report for the Year Ended 31 October 2022
The directors present their strategic report for the year ended 31 October 2022.
Principal activity
The principal activity of the company is distribution of industrial tapes, adhesive abrasives and packaging materials
Fair review of the business
Despite the challenges of the last financial year due to post Covid economic recovery, increased prices, raw material shortages and continued disruption because of Brexit, we have had a positive year with growth in both turnover and operating profit percentage.
We have continued the work with our CX (Customer Experience) programme enabling end users a seamless journey through our web site, in turn improving sales. We have added a number of additional products to increase our overall online offering and take market share.
We added to our workforce as forecasted.
We proudly gained the quality standard AS9120 as planned.
The addition of machinery in Production has enabled us to improve our productivity and lead times.
Our core values and the tenacity of our team enabled us to continue to drive our business during unpredictable times as reflected by our results. The wellbeing of our team was in the forefront of our minds through this challenging time especially given impending rises in cost of living and interest rate hikes during the last quarter.
The Directors acknowledge that bad debt, increased prices, raw material shortages and potential interest rate hikes will make the next 12 months a testing one.
Approved by the
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Viking Industrial Products Limited
for the Year Ended 31 October 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Viking Industrial Products Limited for the year ended 31 October 2022 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Viking Industrial Products Limited, as a body, in accordance with the terms of our engagement letter dated 21 November 2019. Our work has been undertaken solely to prepare for your approval the accounts of Viking Industrial Products Limited and state those matters that we have agreed to state to the Board of Directors of Viking Industrial Products Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Viking Industrial Products Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Viking Industrial Products Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Viking Industrial Products Limited. You consider that Viking Industrial Products Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Viking Industrial Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Bradford
Viking Industrial Products Limited
(Registration number: 02385727)
Balance Sheet as at 31 October 2022
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2021 |
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£ |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Viking Industrial Products Limited
(Registration number: 02385727)
Balance Sheet as at 31 October 2022
For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Viking Industrial Products Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company's functional and presentation currency is pound sterling.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Viking Industrial Products Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant, machinery and office equipment |
20% straight line basis and 25% straight line basis |
Motor vehicles |
25% straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Viking Industrial Products Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Government grants |
Viking Industrial Products Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Tangible assets |
Plant and machinery |
Furniture, fittings and equipment |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2021 |
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Additions |
- |
- |
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Disposals |
- |
- |
- |
( |
( |
At 31 October 2022 |
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Depreciation |
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At 1 November 2021 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
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At 31 October 2021 |
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- |
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Viking Industrial Products Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include net obligations under finance lease and hire purchase contracts which are secured of £618,686 (2021 - £440,164).
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Other creditors |
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92,729 |
190,447 |
Creditors include net obligations under finance lease and hire purchase contracts, and other creditors which are secured of £61,537 (2021 - £149,524).
Viking Industrial Products Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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5,000 |
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5,000 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £116,001 (2021 - £216,463). This is in relation to long term pension loans which are secured by fixed and floating charges over assets of the company.