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VIMS Holdings Limited

Registered Number
04306355
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

VIMS Holdings Limited
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

D T Coleman
J D T Coleman
S Grundy

Company Secretary

S Grundy

Registered Address

105 Sadler Road
Lincoln
LN6 3RS

Registered Number

04306355 (England and Wales)
VIMS Holdings Limited
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets313,67219,228
Investments51,0001,000
Investment property460,00060,000
74,67280,228
Current assets
Debtors65,39397,056
Cash at bank and on hand64,18322,387
69,576119,443
Creditors amounts falling due within one year7(62,018)(22,042)
Net current assets (liabilities)7,55897,401
Total assets less current liabilities82,230177,629
Provisions for liabilities8(2,598)(3,654)
Net assets79,632173,975
Capital and reserves
Called up share capital1,2241,224
Profit and loss account78,408172,751
Shareholders' funds79,632173,975
The financial statements were approved and authorised for issue by the Board of Directors on 17 July 2024, and are signed on its behalf by:
S Grundy
Director
Registered Company No. 04306355
VIMS Holdings Limited
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing 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 transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 May 2377,69093,55429,783201,027
Transfers-(13,475)-(13,475)
At 30 April 2477,69080,07929,783187,552
Depreciation and impairment
At 01 May 2376,25477,27428,271181,799
Charge for year3513,8183764,545
On disposals-(12,464)-(12,464)
At 30 April 2476,60568,62828,647173,880
Net book value
At 30 April 241,08511,4511,13613,672
At 30 April 231,43616,2801,51219,228
4.Investment property
There has been no valuation of the investment property by an independent valuer, however the directors have reviewed the valuation of the property and feel that the value in the accounts reflects the current fair value.

£
Fair value at 01 May 2360,000
At 30 April 2460,000
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 May 231,0001,000
At 30 April 241,0001,000
Net book value
At 30 April 241,0001,000
At 30 April 231,0001,000

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2024

2023

££
Amounts owed by group undertakings-91,514
Other debtors5,3935,542
Total5,39397,056
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-856
Amounts owed to related parties43,644-
Taxation and social security1,4444,506
Other creditors15,42915,429
Accrued liabilities and deferred income1,5011,251
Total62,01822,042
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)2,5983,654
Total2,5983,654
9.Related party transactions
During the year an advance was made to S Grundy, one of the company's directors. At the balance sheet date the amount owed by S Grundy was £5,393 (2023 - £5,393). A loan account exists between the company and its subsidiary. At the balance sheet date, the amount owed to Viking Industrial & Marine Services Limited was his company was £43,644 (2023 - £91,514 debtor).