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Company No: 11824867 (England and Wales)

VAIKOON LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

VAIKOON LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

VAIKOON LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
VAIKOON LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 950 1,146
950 1,146
Current assets
Debtors
- due within one year 4 22,029 16,689
- due after more than one year 4 1,252 1,252
Cash at bank and in hand 1,741 7,935
25,022 25,876
Creditors: amounts falling due within one year 5 ( 13,144) ( 14,379)
Net current assets 11,878 11,497
Total assets less current liabilities 12,828 12,643
Net assets 12,828 12,643
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 12,728 12,543
Total shareholder's funds 12,828 12,643

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Vaikoon Ltd (registered number: 11824867) were approved and authorised for issue by the Director. They were signed on its behalf by:

D Klimesch
Director

11 April 2024

VAIKOON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
VAIKOON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vaikoon Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 30 St Mary's Axe, London, EC3A 8BF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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.

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 is recognised in the Statement of Income and Retained Earnings.

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 creditors and accruals, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Pensions - Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 2

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2023 2,795 2,795
Additions 408 408
Disposals ( 563) ( 563)
At 31 December 2023 2,640 2,640
Accumulated depreciation
At 01 January 2023 1,649 1,649
Charge for the financial year 604 604
Disposals ( 563) ( 563)
At 31 December 2023 1,690 1,690
Net book value
At 31 December 2023 950 950
At 31 December 2022 1,146 1,146

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 17,340 0
Amounts owed by fellow subsidiaries 100 100
Prepayments and accrued income 3,655 15,892
VAT recoverable 878 697
Corporation tax 56 0
22,029 16,689
Debtors: amounts falling due after more than one year
Other debtors 1,252 1,252

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,404 2,520
Accruals 3,219 3,467
Taxation and social security 8,521 7,054
Other creditors 0 1,338
13,144 14,379

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 3,690 3,595

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 0 1,338

8. Ultimate controlling party

Parent Company:

The ultimate controlling party is AVDB AG.
The registered office is 9 Morgartenstrasse, Luzern, Switzerland, 6003.