IRIS Accounts Production v22.2.0.402 01050366 Board of Directors 1.5.21 30.4.22 30.4.22 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure010503662021-04-30010503662022-04-30010503662021-05-012022-04-30010503662020-04-30010503662020-05-012021-04-30010503662021-04-3001050366ns16:EnglandWales2021-05-012022-04-3001050366ns15:PoundSterling2021-05-012022-04-3001050366ns11:Director12021-05-012022-04-3001050366ns11:PrivateLimitedCompanyLtd2021-05-012022-04-3001050366ns11:SmallEntities2021-05-012022-04-3001050366ns11:AuditExempt-NoAccountantsReport2021-05-012022-04-3001050366ns11:SmallCompaniesRegimeForDirectorsReport2021-05-012022-04-3001050366ns11:SmallCompaniesRegimeForAccounts2021-05-012022-04-3001050366ns11:FullAccounts2021-05-012022-04-3001050366ns11:OrdinaryShareClass12021-05-012022-04-3001050366ns11:Director22021-05-012022-04-3001050366ns11:CompanySecretary12021-05-012022-04-3001050366ns11:RegisteredOffice2021-05-012022-04-3001050366ns6:CurrentFinancialInstruments2022-04-3001050366ns6:CurrentFinancialInstruments2021-04-3001050366ns6:Non-currentFinancialInstruments2022-04-3001050366ns6:Non-currentFinancialInstruments2021-04-3001050366ns6:ShareCapital2022-04-3001050366ns6:ShareCapital2021-04-3001050366ns6:RetainedEarningsAccumulatedLosses2022-04-3001050366ns6:RetainedEarningsAccumulatedLosses2021-04-3001050366ns6:LongLeaseholdAssetsns6:LandBuildings2021-05-012022-04-3001050366ns6:PlantMachinery2021-05-012022-04-3001050366ns6:LongLeaseholdAssetsns6:LandBuildings2021-04-3001050366ns6:PlantMachinery2021-04-3001050366ns6:LongLeaseholdAssetsns6:LandBuildings2022-04-3001050366ns6:PlantMachinery2022-04-3001050366ns6:LongLeaseholdAssetsns6:LandBuildings2021-04-3001050366ns6:PlantMachinery2021-04-3001050366ns6:WithinOneYearns6:CurrentFinancialInstruments2022-04-3001050366ns6:WithinOneYearns6:CurrentFinancialInstruments2021-04-3001050366ns6:CurrentFinancialInstruments2021-05-012022-04-3001050366ns11:OrdinaryShareClass12022-04-30
REGISTERED NUMBER: 01050366 (England and Wales)








Unaudited Financial Statements

for the Year Ended 30 April 2022

for

Viking Garages Limited

Viking Garages Limited (Registered number: 01050366)

Contents of the Financial Statements
for the Year Ended 30 April 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Viking Garages Limited

Company Information
for the Year Ended 30 April 2022







DIRECTORS: N C Evans
P A Somerville





SECRETARY: Mrs L E E Gemmell





REGISTERED OFFICE: 67/71 High Street
West End
Southampton
Hampshire
SO30 3DS





REGISTERED NUMBER: 01050366 (England and Wales)





ACCOUNTANTS: Lane Monnington Welton
Chartered Accountants
Riverside View
Basing Road
Old Basing
Basingstoke
Hampshire
RG24 7AL

Viking Garages Limited (Registered number: 01050366)

Balance Sheet
30 April 2022

30.4.22 30.4.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 170,336 201,535

CURRENT ASSETS
Stocks 1,311,851 1,491,169
Debtors 5 96,881 519,126
Cash at bank 136,768 97,082
1,545,500 2,107,377
CREDITORS
Amounts falling due within one year 6 1,343,898 1,934,439
NET CURRENT ASSETS 201,602 172,938
TOTAL ASSETS LESS CURRENT
LIABILITIES

371,938

374,473

CREDITORS
Amounts falling due after more than one
year

7

31,163

40,000
NET ASSETS 340,775 334,473

CAPITAL AND RESERVES
Called up share capital 8 26,000 26,000
Retained earnings 314,775 308,473
SHAREHOLDERS' FUNDS 340,775 334,473

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 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.

Viking Garages Limited (Registered number: 01050366)

Balance Sheet - continued
30 April 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2022 and were signed on its behalf by:





N C Evans - Director


Viking Garages Limited (Registered number: 01050366)

Notes to the Financial Statements
for the Year Ended 30 April 2022


1. STATUTORY INFORMATION

Viking Garages 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 10% on cost
Plant and machinery - 20% on cost

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Vehicle stocks held under consignment arrangements are recognised as an asset in the balance sheet, not withstanding that legal title thereto has not yet passed to the company. These stocks are stated at an amount equivalent to the deposits payable to the manufacturer in respect of such vehicles, as financed by Kia Motors (UK) Limited. The corresponding liability to Kia Motors (UK) Limited is shown as a liability within the heading of trade creditors. Finance charges payable under such arrangements are taken directly to the profit and loss account.

Financial instruments
Debtors and creditors payable/receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.


Viking Garages Limited (Registered number: 01050366)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2022


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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, adjusted for indexation where applicable.

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.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2021 - 30 ) .

Viking Garages Limited (Registered number: 01050366)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2022


4. TANGIBLE FIXED ASSETS
Leasehold Plant and
improvements machinery Totals
£    £    £   
COST
At 1 May 2021 375,613 203,879 579,492
Additions 14,945 1,240 16,185
Disposals - (48,703 ) (48,703 )
At 30 April 2022 390,558 156,416 546,974
DEPRECIATION
At 1 May 2021 205,190 172,767 377,957
Charge for year 34,844 7,340 42,184
Eliminated on disposal - (43,503 ) (43,503 )
At 30 April 2022 240,034 136,604 376,638
NET BOOK VALUE
At 30 April 2022 150,524 19,812 170,336
At 30 April 2021 170,423 31,112 201,535


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.22 30.4.21
£    £   
Trade debtors 54,416 349,749
Amounts owed by group undertakings - 120,030
Other debtors 42,465 49,347
96,881 519,126

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.22 30.4.21
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 748,385 1,564,584
Amounts owed to group undertakings 40,000 -
Taxation and social security 267,403 124,511
Other creditors 278,110 235,344
1,343,898 1,934,439

Trade creditors include an amount of £134,938 (2021: £560,586) in respect of vehicle stocks, held on consignment from Kia Motors (UK) Limited.

The company's bank overdraft facility is secured over the leasehold property included in note 6 and a property owned by the parent company, Glenview Estates Limited.

The hire purchase contracts are secured on the assets to which they relate.

Viking Garages Limited (Registered number: 01050366)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2022


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.22 30.4.21
£    £   
Bank loans 31,163 40,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.22 30.4.21
value: £    £   
26,000 Ordinary £1 26,000 26,000

9. RELATED PARTY DISCLOSURES

Glenview Estates Limited, a company registered in England and Wales, is the immediate and ultimate parent company.