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Registered number: 10518975
Vikinggenetics UK Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10518975
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 74,086 44,186
74,086 44,186
CURRENT ASSETS
Stocks 158,768 134,619
Debtors 5 358,771 428,286
Cash at bank and in hand 123,241 181,825
640,780 744,730
Creditors: Amounts Falling Due Within One Year 6 (155,364 ) (232,760 )
NET CURRENT ASSETS (LIABILITIES) 485,416 511,970
TOTAL ASSETS LESS CURRENT LIABILITIES 559,502 556,156
Creditors: Amounts Falling Due After More Than One Year 7 (549,634 ) (538,990 )
NET ASSETS 9,868 17,166
CAPITAL AND RESERVES
Called up share capital 1 1
Profit and Loss Account 9,867 17,165
SHAREHOLDERS' FUNDS 9,868 17,166
Page 1
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For the year ending 31 December 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 Brian Lang
Director
23 January 2025
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
Vikinggenetics UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10518975 . The registered office is Suite 106 Viney Court, Viney Street, Taunton, Somerset, TA1 3FB.
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 includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Leasehold 10% straight line
Plant & Machinery 25% straight line
Motor Vehicles 20% straight line
Computer Equipment 25% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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
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2.6. 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
Average number of employees, including directors, during the year was 12 (2023: 10)
12 10
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 9,279 21,571 49,497 5,767 86,114
Additions - - 72,044 - 72,044
Disposals - - (49,497 ) - (49,497 )
As at 31 December 2024 9,279 21,571 72,044 5,767 108,661
Depreciation
As at 1 January 2024 734 17,298 23,099 797 41,928
Provided during the period 928 1,293 12,083 1,442 15,746
Disposals - - (23,099 ) - (23,099 )
As at 31 December 2024 1,662 18,591 12,083 2,239 34,575
Net Book Value
As at 31 December 2024 7,617 2,980 59,961 3,528 74,086
As at 1 January 2024 8,545 4,273 26,398 4,970 44,186
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 356,172 422,066
Prepayments and accrued income - 3,843
Other debtors 581 -
Corporation tax recoverable assets 1,658 -
Deferred tax current asset 360 2,377
358,771 428,286
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 18,413 65,835
Corporation tax - 3,885
Other taxes and social security 23,298 3,163
VAT 89,800 100,796
Pension creditor - 10,348
Accruals and deferred income 23,853 48,733
155,364 232,760
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Amounts owed to group undertakings 549,634 538,990
549,634 538,990
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 42,428 32,542
Later than one year and not later than five years 59,860 81,885
102,288 114,427
9. Related Party Transactions
The company maintained a loan with its parent company. Interest is charged on the loan at a rate of 4% per annum. At the balance sheet date the amount due by the company was £549,634 (2023: £538,990).
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Vikinggenetics FMBA . Vikinggenetics FMBA was incorporated in Denmark. Their financial statements are available upon requested from Vikinggenetics FMBA. The registered office of Vikinggenetics FMBA is Ebeltoftvej 16, Assentoft, DK-8960 Randers SØ, Denmark.
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