Viking Conversions Limited - Period Ending 2019-10-31

Registration number: 03829706

Viking Conversions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2019

Viking Conversions Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Viking Conversions Limited

(Registration number: 03829706)
Balance Sheet as at 31 October 2019

	Note	2019		2018
		£	£	£	£
Fixed assets
Tangible assets	4		-		36
Investments	5		1,550,000		1,550,000
			1,550,000		1,550,036
Current assets
Debtors	6	-		11,424
Cash at bank and in hand		105		107
		105		11,531
Creditors: Amounts falling due within one year	7	(1,467,879)		(1,564,667)
Net current liabilities			(1,467,774)		(1,553,136)
Total assets less current liabilities			82,226		(3,100)
Creditors: Amounts falling due after more than one year	7		(50,532)		-
Provisions for liabilities			2,976		3,228
Net assets			34,670		128
Capital and reserves
Called up share capital	9	105		105
Profit and loss account		34,565		23
Total equity			34,670		128

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Viking Conversions Limited

(Registration number: 03829706)
Balance Sheet as at 31 October 2019

For the financial year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 February 2020
 

......................................... M L Bennett Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Viking Conversions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1
Coronation Business Park
Hard Ings Road
Keighley
BD21 3ND

2	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 represents amounts chargeable, net of value added tax, in respect of management charges.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

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.

Page 3

Viking Conversions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

Tangible assets

Tangible assets are stated in the statement of financial position 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 and machinery	20% straight line basis
Fixture fittings and equipment	20% and 33% reducing balance basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Page 4

Viking Conversions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 0 (2018 - 0).

Page 5

Viking Conversions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

4	Tangible assets

	Plant and machinery  £	Total £
Cost or valuation
At 1 November 2018	83,099	83,099
At 31 October 2019	83,099	83,099
Depreciation
At 1 November 2018	83,062	83,062
Charge for the year	37	37
At 31 October 2019	83,099	83,099
Carrying amount
At 31 October 2019	-	-
At 31 October 2018	36	36

5	Investments

	2019 £	2018 £
Investments in associates	1,550,000	1,550,000

Associates	£
Cost
At 1 November 2018	1,550,000
Provision
Carrying amount
At 31 October 2019	1,550,000
At 31 October 2018	1,550,000

6

Debtors

	2019 £	2018 £
Other debtors	-	11,424

Page 6

Viking Conversions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

7

Creditors

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	8	543,876	791,463
Taxation and social security		150,969	185,867
Accruals and deferred income		907	1,856
Other creditors		772,127	585,481
		1,467,879	1,564,667

Due after one year
Loans and borrowings	8	50,532	-

8	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	30,000	-
Bank overdrafts	-	87,201
Other borrowings	513,876	704,262
	543,876	791,463

	2019 £	2018 £
Non-current loans and borrowings
Bank borrowings	40,000	-
Other borrowings	10,532	-
	50,532	-

Page 7

Viking Conversions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2019

9	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100
Ordinary "B" shares of £1 each	2	2	2	2
Ordinary "C" shares of £1 each	1	1	1	1
Ordinary "D" shares of £1 each	1	1	1	1
Ordinary "E" shares of £1 each	1	1	1	1
	105	105	105	105

Page 8