Company registration number 09991082 (England and Wales)
WIKINGS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WIKINGS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
WIKINGS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
703,750
750,000
Current assets
Debtors
5
1,706,168
1,708,736
Investments
6
115,992
126,809
Cash at bank and in hand
70,610
127,792
1,892,770
1,963,337
Creditors: amounts falling due within one year
7
(75,576)
(135,295)
Net current assets
1,817,194
1,828,042
Total assets less current liabilities
2,520,944
2,578,042
Creditors: amounts falling due after more than one year
8
(123,777)
(163,508)
Provisions for liabilities
(8,535)
(38,653)
Net assets
2,388,632
2,375,881
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
2,388,630
2,375,879
Total equity
2,388,632
2,375,881

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WIKINGS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
Mr C K Olesen
Director
Company Registration No. 09991082
WIKINGS HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
2
1,864,445
1,864,447
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
666,434
666,434
Dividends
-
(155,000)
(155,000)
Balance at 31 December 2022
2
2,375,879
2,375,881
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
12,751
12,751
Balance at 31 December 2023
2
2,388,630
2,388,632
WIKINGS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Wikings Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 17 Shottery Brook Office Park, Timothys Bridge Road, Stratford-Upon-Avon, Warwickshire, United Kingdom, CV37 9NR.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
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 land and buildings
2% on cost

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.

 

Leasehold land and buildings were reclassified to investment property during the previous year and are now held at fair value.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash at bank and in hand

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 current liabilities.

WIKINGS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the tax currently payable.

WIKINGS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
8,826
12,116
Deferred tax
Origination and reversal of timing differences
(30,118)
38,653
Total tax (credit)/charge
(21,292)
50,769
4
Investment property
2023
£
Fair value
At 1 January 2023
750,000
Revaluations
(46,250)
At 31 December 2023
703,750

Investment property has been revalued to the fair value of the properties as at 31 December 2023 provided by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

WIKINGS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
90,083
82,483
Amounts owed by group undertakings
2
2
Other debtors
1,616,083
1,626,251
1,706,168
1,708,736
6
Current asset investments
2023
2022
£
£
Other investments
115,992
126,809
7
Creditors: amounts falling due within one year
2023
2022
£
£
Debenture loans
9
39,469
39,469
Corporation tax
8,826
12,116
Other taxation and social security
2,771
2,771
Other creditors
24,510
80,939
75,576
135,295
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Debenture loans
9
123,777
163,508
WIKINGS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Loans and overdrafts
2023
2022
£
£
Debenture loans
163,246
202,977
Payable within one year
39,469
39,469
Payable after one year
123,777
163,508

The long-term loans are secured by fixed and floating charges over the properties.

 

10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent receivable
2023
2022
£
£
Entities over which the entity has control, joint control or significant influence
13,600
26,000

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
1,339,831
1,350,000
WIKINGS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Directors' transactions

Dividends totalling £0 (2022 - £155,000) were paid in the year in respect of shares held by the company's directors.

Interest free loans have been granted by the company to its directors as follows:

Description
Opening balance
Closing balance
£
£
Loan account
276,251
276,251
276,251
276,251
12
Parent company

Following the statutory demerger on 27th October 2022 from the existing group, the ultimate parent company is Valhal Limited.

 

The ultimate controlling party is Mr C K Olesen by virtue of his majority shareholding in the ultimate parent company.

 

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