Company registration number 02790284 (England and Wales)
VIKAN (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
VIKAN (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
VIKAN (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
46,716
41,159
Current assets
Stocks
564,373
596,365
Debtors
5
1,194,154
1,030,879
Cash at bank and in hand
298,056
246,358
2,056,583
1,873,602
Creditors: amounts falling due within one year
6
(1,020,551)
(1,073,936)
Net current assets
1,036,032
799,666
Total assets less current liabilities
1,082,748
840,825
Provisions for liabilities
(10,903)
(10,038)
Net assets
1,071,845
830,787
Capital and reserves
Called up share capital
504,353
504,353
Profit and loss reserves
567,492
326,434
Total equity
1,071,845
830,787
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 February 2024 and are signed on its behalf by:
C B Pedersen
Director
Company Registration No. 02790284
VIKAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Vikan (UK) Limited is a private company limited by shares registered in England and Wales. The registered office is 1 - 3 Avro Gate, South Marston Park, Swindon, United Kingdom, SN3 4AG.
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 amounts 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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.
Finance income
Finance income is recognised on a receivable basis.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% on cost
Plant, machinery and motor vehicles
33% on cost and 25% on cost
Fixtures and fittings
10% on cost
Computer and office equipment
33% on cost
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving where appropriate.
VIKAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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
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.
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.
1.7
Provisions
Rebate Provision
The financial statements include a provision for rebates due to key customers. The rebate provision is calculated based on sales contracts with customers that are pre agreed and are routinely reviewed.
The provision is recognised when the company has an obligation at the balance sheet date as a result of the rebate becoming due and it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated.
1.8
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1.9
Foreign exchange
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
VIKAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
13
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
245,138
245,138
Additions
12,837
10,879
23,716
At 31 December 2023
12,837
256,017
268,854
Depreciation and impairment
At 1 January 2023
203,979
203,979
Depreciation charged in the year
1,807
16,352
18,159
At 31 December 2023
1,807
220,331
222,138
Carrying amount
At 31 December 2023
11,030
35,686
46,716
At 31 December 2022
41,159
41,159
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,094,708
938,686
Amounts owed by group undertakings
20,654
15,224
Other debtors
78,792
76,969
1,194,154
1,030,879
VIKAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
108,539
132,421
Amounts owed to group undertakings
527,458
712,172
Corporation tax
25,941
14,452
Other taxation and social security
140,735
48,521
Other creditors
217,878
166,370
1,020,551
1,073,936
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Richard Monkhouse
Statutory Auditor:
Azets Audit Services
8
Operating lease commitments
Minimum lease payments under non-cancellable operating leases fall due as follows:
2023
2022
£
£
563,618
547,785
9
Parent company
Vikan A/S, a company registered outside of the UK, is considered by the directors as being the parent undertaking. The registered office of Vikan A/S is Raevevej 1, 7800 Skive, Denmark.
Vissing Holding A/S, incorporated in Denmark is considered by the directors as the ultimate parent undertaking. Copies of the group accounts can be obtained from Raevevej 1, 7800 Skive, Denmark.