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COMPANY REGISTRATION NUMBER: 08182919
VIKIM INTERNATIONAL LIMITED
Filleted Unaudited Financial Statements
31 August 2023
VIKIM INTERNATIONAL LIMITED
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Current assets
Debtors
5
105
Cash at bank and in hand
7,064
2,313
-------
-------
7,064
2,418
Creditors: amounts falling due within one year
6
7,334
5,332
-------
-------
Net current liabilities
270
2,914
----
-------
Total assets less current liabilities
( 270)
( 2,914)
Provisions
Taxation including deferred tax
( 71)
( 573)
----
-------
Net liabilities
( 199)
( 2,341)
----
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 299)
( 2,441)
----
-------
Shareholders deficit
( 199)
( 2,341)
----
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
VIKIM INTERNATIONAL LIMITED
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
Mr M Newton-Woof
Director
Company registration number: 08182919
VIKIM INTERNATIONAL LIMITED
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tax on profit/(loss)
Major components of tax expense/(income)
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
502
( 129)
----
----
Tax on profit/(loss)
502
( 129)
----
----
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is the same as (2022: the same as) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit/(loss) on ordinary activities before taxation
2,644
( 680)
-------
----
Profit/(loss) on ordinary activities by rate of tax
502
( 129)
-------
----
5. Debtors
2023
2022
£
£
Other debtors
105
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
659
1,677
Other creditors
6,675
3,655
-------
-------
7,334
5,332
-------
-------
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
( 71)
( 573)
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Unused tax losses
( 71)
( 573)
----
----
8. Related party transactions
Included in other creditors, there is a balance of £2,805 (2022: £2,805) due to a connected company, Seasons Marine Limited, in which both directors are shareholders and directors. During the year, consultancy fee of £5,500 (2022: £500) was paid to Mr.M Newton-Woof who is a director and shareholder of the company. The company also received consultancy income of £40,000 (2022: NIL) from Ventura UK Limited, a company which has a common director and a shareholder. All charges to related parties are on arm's length basis.