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Registered number: 08813662
Viking Systems Limited
Financial Statements
For The Year Ended 31 March 2024
St Austell Accountants
Chartered Accountant
Trethullan Cottage
Sticker
St. Austell
Cornwall
PL26 7EH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08813662
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 27,218 -
Tangible Assets 5 10,610 11,416
37,828 11,416
CURRENT ASSETS
Debtors 6 179,458 146,316
Cash at bank and in hand 394,201 278,567
573,659 424,883
Creditors: Amounts Falling Due Within One Year 7 (154,972 ) (175,009 )
NET CURRENT ASSETS (LIABILITIES) 418,687 249,874
TOTAL ASSETS LESS CURRENT LIABILITIES 456,515 261,290
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,457 ) -
NET ASSETS 447,058 261,290
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 446,958 261,190
SHAREHOLDERS' FUNDS 447,058 261,290
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nicholas Gill
Director
18 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Viking Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08813662 . The registered office is Delancey House, Bodmin Hill, Lostwithiel, Cornwall, PL22 0HU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is recognised when received and includes transaction commission and revenue earned from the provision of software services.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets comprise software development, which is amortised to profit and loss account over its estimated economic life of five years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
The average number of employees was: 7 (2023: 7)
7 7
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 73,685
Additions 34,023
As at 31 March 2024 107,708
Amortisation
As at 1 April 2023 73,685
Provided during the period 6,805
As at 31 March 2024 80,490
Net Book Value
As at 31 March 2024 27,218
As at 1 April 2023 -
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 28,496
Additions 2,730
As at 31 March 2024 31,226
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 April 2023 17,080
Provided during the period 3,536
As at 31 March 2024 20,616
Net Book Value
As at 31 March 2024 10,610
As at 1 April 2023 11,416
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 179,458 146,316
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 20,724 6,099
Bank loans and overdrafts 21,663 29,777
Other creditors 23,897 131,668
Taxation and social security 88,688 7,465
154,972 175,009
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5