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Registered number: 02340526










Viking Maritime Group Limited










Annual report and financial statements

For the year ended 31 December 2023

 
Viking Maritime Group Limited
 

Company Information


Directors
D A Jaenicke 
J A Jaenicke 
M J Jaenicke 
M R Jaenicke 




Company secretary
D A Jaenicke



Registered number
02340526



Registered office
Viking House
Menzies Road

Dover

Kent

CT16 2FG




Independent auditor
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margaret's Street

Canterbury

Kent

CT1 2TU




Bankers
HSBC UK Bank plc
9 Rose Lane

Canterbury

Kent

CT1 2JP





 
Viking Maritime Group Limited
 

Contents



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Company balance sheet
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16 - 42


 
Viking Maritime Group Limited
 

Group strategic report
For the year ended 31 December 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
Group Turnover was broadly flat year on year, but operating profit reduced from £0.8m to £0.4m.
The group has continued to be successful in securing new clients and client retention remains very high above 90%. Revenues in our crewing business increased 42% year on year from £1.2m to £1.7m.
Revenues in the Dover training centre were marginally up year on year.
The Simulation centre in Portsmouth continued its recovery as it was very badly affected by the pandemic. Revenues increased by 17% from £1.3m to £1.5m. During the year under review, we started a strategy to expand our customer base, away from the anchor client that supported the centre in its early stages.
In Chiltern, our cadet training business continued to struggle during the year, with another key contract being lost, following on from the loss of the Trinity House contract in the prior year.
As at 31 December 2023, the group had cash of £2.949,943 in the bank and an agreed bank overdraft facility of £650,000.
Trading Update Post Year End
In September 2024, a major crewing client terminated their contract with the group choosing to bring this service in house.  This was disappointing situation following a period of strong year-on-year growth for Crewing services.
However to mitigate this loss Viking Crew Limited continued to increase crew under management month on month, with new clients being onboarded roughly once a month.  In June 2025, the Group secured a major new crewing client, which more than compensated for the loss in 2024.
The outlook for our crewing business is very positive with at least one new client being onboarded each month during 2024 and 2025. The pipeline remains strong and client retention continues to be high.
Our Dover training centre, for the second year, experienced slightly lower levels of revenues year on year. In early 2025, we launched MSA online, allowing us now to offer classroom, online only, and blended learning experiences (both online and classroom).  This allows the group to offer MCA-approved courses in a more flexible and cost-effective manner to our customer base.
Our Simulation centre continued to broaden its client base, as the anchor client started to reduce usage of the facility during 2024.  This strategy was proved to be extremely successful as their spending year on year was 24% down, but however our revenues for the centre were not hit as were resulting in a 2% fall year on year.
After two years of poor trading and loss of contracts, the Directors took the decision to place Chiltern Maritime Limited, our cadet training business, into liquidation.  This was not a decision taken lightly by management as the group has long championed and supported young seafarers into the industry.  However due to circumstances outside of its control, the company was no longer a viable trade.

Principal risks and uncertainties
 
Underlying overhead and direct costs during 2023 were increasing giving rise to reduced margins and are seen as a key risk to the group.  This could be seen particularly at the Simulation centre with increases in services charges and energy costs reducing margins, resulting in profit for the financial year decreasing by 63% from £0.7m to £0.3m.

Page 1

 
Viking Maritime Group Limited
 

Group strategic report (continued)
For the year ended 31 December 2023

Financial key performance indicators
 
The primary key performance indicator for the group is turnover and cash flow, which is monitored by the directors on a monthly basis.


This report was approved by the board and signed on its behalf.



D A Jaenicke
Director

Date: 22 July 2025

Page 2

 
Viking Maritime Group Limited
 

 
Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company and its subsidiaries (together 'the group') is the provision of training,
recruitment, placement and crew management services to the maritime industry. 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £179,353 (2022 - £737,794).

Dividends of £202,867 (2022 - £107,600) were paid during the year. The directors do not recommend payment
of a final dividend.

Directors

The directors who served during the year were:

D A Jaenicke 
J A Jaenicke 
M J Jaenicke 
M R Jaenicke 

Future developments

The company has made progress in a number of areas:
• Regulatory Approval (MCA) for Online delivery of Seafarer Certification Training Courses
• Development of new Advanced training content for sector specific requirements 
• Further implementation of enhanced payroll services provision with new partners in Guernsey
• Optimisation and automation of Crew Management procedures
• Development of sector specific Simulator Training provision for Ferry Operators

Financial risk management

The main risks arising from financial instruments are currency risk, liquidity risk and customer credit exposure. See note 21 for further information regarding the group's approach to these risks.

Matters covered in the Group strategic report

Information relating to business activities, its financial position and its exposure to risks have been disclosed within the strategic report in accordance with section 414c(ii) of the Companies Act 2006.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 3

 
Viking Maritime Group Limited
 

 
Directors' report (continued)
For the year ended 31 December 2023

Auditor

Under section 487(2) of the Companies Act 2006Kreston Reeves LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 22 July 2025 and signed on its behalf.
 





D A Jaenicke
Director

Page 4

 
Viking Maritime Group Limited
 

Directors' responsibilities statement
For the year ended 31 December 2023

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in directors' reports may differ from legislation in other jurisdictions.

Page 5

 
Viking Maritime Group Limited
 

 
Independent auditor's report to the members of Viking Maritime Group Limited
 

Opinion

We have audited the financial statements of Viking Maritime Group Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty related to going concern

We draw attention to note 2.3 in the financial statements, which indicates that the group is encountering challenging trading conditions and is currently in the process of discussing additional sources of finance. As stated in note 2.3, these conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
Viking Maritime Group Limited
 

 
Independent auditor's report to the members of Viking Maritime Group Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:


the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
Viking Maritime Group Limited
 

 
Independent auditor's report to the members of Viking Maritime Group Limited (continued)


Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
Based on our understanding of the group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. 
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and 
Assessment of identified fraud risk factors; and
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 
Page 8

 
Viking Maritime Group Limited
 

 
Independent auditor's report to the members of Viking Maritime Group Limited (continued)




As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Attwood FCCA (senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Canterbury

23 July 2025
Page 9

 
Viking Maritime Group Limited
 

Consolidated statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
16,590,325
16,638,417

Cost of sales
  
(11,077,810)
(11,578,916)

Gross profit
  
5,512,515
5,059,501

Administrative expenses
  
(5,152,657)
(4,312,986)

Operating profit
 5 
359,858
746,515

Share of profit of associates
  
57,042
130,072

Total operating profit
  
416,900
876,587

Interest payable and similar expenses
 9 
(160,829)
(167,583)

Profit before taxation
  
256,071
709,004

Tax on profit
 10 
-
239,267

Profit for the financial year
  
256,071
948,271

  

Currency translation differences
  
10,707
(24,224)

Other comprehensive income for the year
  
10,707
(24,224)

Total comprehensive income for the year
  
266,778
924,047

Profit for the year attributable to:
  

Non-controlling interests
  
76,718
210,477

Owners of the parent company
  
179,353
737,794

  
256,071
948,271

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
76,718
210,477

Owners of the parent company
  
190,060
713,570

  
266,778
924,047

The notes on pages 16 to 42 form part of these financial statements.

Page 10

 
Viking Maritime Group Limited
Registered number: 02340526

Consolidated balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
121,310
127,097

Tangible assets
 13 
5,392,716
5,663,583

Investments
 14 
340,620
283,579

  
5,854,646
6,074,259

Current assets
  

Debtors: amounts falling due after more than one year
 15 
28,168
28,549

Debtors: amounts falling due within one year
 15 
2,753,615
3,118,258

Cash at bank and in hand
 16 
2,949,943
3,346,880

  
5,731,726
6,493,687

Creditors: amounts falling due within one year
 17 
(8,216,255)
(8,346,368)

Net current liabilities
  
 
 
(2,484,529)
 
 
(1,852,681)

Total assets less current liabilities
  
3,370,117
4,221,578

Creditors: amounts falling due after more than one year
 18 
(3,826,785)
(4,440,205)

Provisions for liabilities
  

Deferred taxation
 22 
(311,399)
(311,399)

Other provisions
 23 
-
(11,666)

  
 
 
(311,399)
 
 
(323,065)

Net liabilities
  
(768,067)
(541,692)


Capital and reserves
  

Called up share capital 
 24 
20,000
20,000

Foreign exchange reserve
 25 
(7,940)
(18,647)

Profit and loss account
 25 
(1,255,198)
(941,398)

Equity attributable to owners of the parent company
  
(1,243,138)
(940,045)

Non-controlling interests
  
475,071
398,353

  
(768,067)
(541,692)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


D A Jaenicke
Director

Date: 22 July 2025

The notes on pages 16 to 42 form part of these financial statements.

Page 11

 
Viking Maritime Group Limited
Registered number: 02340526

Company balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,800,922
3,896,815

Investments
 14 
189,722
189,722

  
3,990,644
4,086,537

Current assets
  

Debtors: amounts falling due after more than one year
 15 
17,375
17,375

Debtors: amounts falling due within one year
 15 
3,017,917
2,791,919

  
3,035,292
2,809,294

Creditors: amounts falling due within one year
 17 
(4,450,601)
(3,645,704)

Net current liabilities
  
 
 
(1,415,309)
 
 
(836,410)

Total assets less current liabilities
  
2,575,335
3,250,127

  

Creditors: amounts falling due after more than one year
 18 
(2,312,443)
(2,839,423)

Provisions for liabilities
  

Deferred taxation
 22 
(302,070)
(302,070)

Net (liabilities)/assets
  
(39,178)
108,634


Capital and reserves
  

Called up share capital 
 24 
20,000
20,000

Profit and loss account brought forward
  
88,634
16,046

Profit for the year
  
55,055
180,188

Other changes in the profit and loss account

  

(202,867)
(107,600)

Profit and loss account carried forward
  
(59,178)
88,634

  
(39,178)
108,634


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D A Jaenicke
Director

Date: 22 July 2025

The notes on pages 16 to 42 form part of these financial statements.

Page 12
 

 
Viking Maritime Group Limited


 

Consolidated statement of changes in equity
For the year ended 31 December 2023



Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 January 2022
20,000
5,577
(1,491,257)
(1,465,680)
187,876
(1,277,804)





Profit for the year
-
-
737,794
737,794
210,477
948,271


Currency translation differences
-
(24,224)
-
(24,224)
-
(24,224)


Dividends: Equity capital
-
-
(187,935)
(187,935)
-
(187,935)





At 1 January 2023
20,000
(18,647)
(941,398)
(940,045)
398,353
(541,692)



Comprehensive income for the year


Profit for the year
-
-
179,353
179,353
76,718
256,071


Currency translation differences
-
10,707
-
10,707
-
10,707


Dividends: Equity capital                                                               See note 11
-
-
(493,153)
(493,153)
-
(493,153)



At 31 December 2023
20,000
(7,940)
(1,255,198)
(1,243,138)
475,071
(768,067)



The notes on pages 16 to 42 form part of these financial statements.

Page 13
 
Viking Maritime Group Limited
 

Company statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
20,000
16,046
36,046



Profit for the year
-
180,188
180,188

Dividends: Equity capital
-
(107,600)
(107,600)



At 1 January 2023
20,000
88,634
108,634



Profit for the year
-
55,055
55,055

Dividends: Equity capital
-
(202,867)
(202,867)


At 31 December 2023
20,000
(59,178)
(39,178)


The notes on pages 16 to 42 form part of these financial statements.

Page 14

 
Viking Maritime Group Limited
 

Consolidated statement of cash flows
For the year ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
256,071
948,271

Adjustments for:

Amortisation of intangible assets
18,062
16,330

Depreciation of tangible assets
337,059
245,659

Interest paid
160,829
167,583

Taxation charge
-
(239,267)

Decrease/(increase) in debtors
365,024
(509,393)

Decrease in amounts owed by joint ventures
27,075
41,673

(Decrease)/increase in creditors
(1,378,014)
1,689,175

(Decrease) in provisions
(11,666)
(35,000)

Profit share due to associate
(57,042)
-

Movement in foreign exchange reserve
10,707
-

Net cash generated from operating activities

(271,895)
2,325,031


Cash flows from investing activities

Purchase of intangible fixed assets
(12,275)
(31,927)

Purchase of tangible fixed assets
(66,192)
(1,058,091)

Purchase of share in associates
-
(150,025)

Net cash from investing activities

(78,467)
(1,240,043)

Cash flows from financing activities

Repayment of loans
(357,929)
(149,663)

Other new loans
267,500
-

Repayment of other loans
(238,336)
(245,213)

Repayment of/new finance leases
860,892
892,294

Directors' loans
(133,571)
(111,874)

Dividends paid
(493,153)
(187,935)

Interest paid
(160,829)
(167,583)

Net cash used in financing activities
(255,426)
30,026

Net (decrease)/increase in cash and cash equivalents
(605,788)
1,115,014

Cash and cash equivalents at beginning of year
2,537,854
1,422,840

Cash and cash equivalents at the end of year
1,932,066
2,537,854


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,949,943
3,346,880

Bank overdrafts
(1,017,877)
(809,026)

1,932,066
2,537,854


Page 15

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Viking Maritime Group Limited ('the company') is a private company limited by shares and is incorporated in England with the registration number 02340526. The address of the company's registered office is Viking House, Beechwood Business Park, Menzies Road, Dover, Kent, CT16 2FG.
The principal activity of the company and its subsidiaries (together 'the group') is the provision of training, recruitment, placement and crew management services to the maritime industry. The group operates from a number of locations in the United Kingdom, New Zealand and the United States of America. Further information on the activities of the group is included as part of the strategic report on pages 1 to 2.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are rounded to the nearest pound.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 

Page 16

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Going concern

The group has reported an operating profit for the year but continues to have a net liability position at the year end. The group is continuing to recover from challenging trading conditions presented throughout the COVID-19 pandemic and related restrictions imposed both domestically and abroad. The sector in which the group provides services had been affected globally and although the industry is continuing to recover the financial burden of this time still effects the group..
The directors continue to closely monitor the group’s cash flow to ensure that its obligations can be met as they fall due.
The group’s forecasts and projections, which taking account of possible changes in trading performance, show that continued support from its facility providers is required. The directors continue to regularly discuss the support required with it providers who have indicated that they are willing to continue to support the company.
The directors remain confident that the underlying profit centres all provide a needed service to the maritime industry and will continue to produce a profitable position.
Notwithstanding these factors, after making enquiries and considering the uncertainties, the directors have formed a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. 
For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 17

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 18

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Sale and leaseback

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

 
2.10

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.11

Grants receivable

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 20

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.15

Intangible assets

Goodwill
Goodwill represents the excess of the cost of a business combination over the total acquisition date fair value of the identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued. The group has chosen not to separately identify the fair value of intangible assets acquired upon a business combination.
When a business combination agreement provides for an adjustment to the cost of the combination which is contingent on future events, the company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. However, if the potential adjustment is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration shall be treated as an adjustment to the cost of the combination. Changes in the estimated value of contingent consideration arising on business combinations completed as a consequence result in a change in the carrying value of the related goodwill.
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of comprehensive income over its useful economic life.
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Development costs are amortised on a straight line basis over 10 years.

Page 21

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.16

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
20%
Motor vehicles
-
15%
Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 22

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.18

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 23

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.22

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the consolidated statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 24

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Development expenditure
The group has adopted a policy of capitalising development expenditure, as permitted by FRS102. This approach is dependent upon the directors’ judgement that the project’s technical and economic feasibility is assured. In doing so the directors make assumptions regarding the future cash flows that the project is expected to generate, the discount rates to be applied and the expected period over which the project to expected to generate benefits.
Going concern
In the judgement of the directors it is appropriate to prepare the financial statements in accordance with the going concern basis of accounting. See note 2.3 for further details.


4.


Turnover

The whole of the turnover is attributable to the group's principal activity of providing training, recruitment, placement and crew management services to the maritime industry.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
16,524,022
16,593,102

Rest of Europe
7,897
6,033

Rest of the world
58,406
39,282

16,590,325
16,638,417



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
54,655
(27,996)

Other operating lease rentals
350,934
356,656

Page 25

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

6.


Auditor's remuneration

During the year, the Group obtained the following services from the company's auditor:


2023
2022
£
£

Fees payable to the company's auditor for the audit of the consolidated and parent company's financial statements
41,390
39,160


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,281,172
1,773,152
335,458
195,684

Social security costs
202,830
186,258
28,115
17,304

Cost of defined contribution scheme
58,724
41,140
15,612
4,131

2,542,726
2,000,550
379,185
217,119


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
4
5
4
5



Operations and crewing
57
50
57
50



Admin
13
6
13
6

74
61
74
61


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
64,105
35,651

64,105
35,651


During the year retirement benefits were accruing to no directors (2022 - 1) in respect of defined contribution pension schemes.

Page 26

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
29,222
17,883

Other loan interest payable
131,607
149,700

160,829
167,583


10.


Taxation


2023
2022
£
£



Deferred tax


Origination and reversal of timing differences
-
(239,267)

Total deferred tax
-
(239,267)


Taxation on profit/(loss) on ordinary activities
-
(239,267)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
256,071
709,004


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
48,653
134,711

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,683
2,640

Capital allowances for year in excess of depreciation
47,262
(160,560)

Dividends from UK companies
(75,446)
(22,895)

Unrelieved tax losses carried forward
164,667
46,104

Other differences leading to an increase (decrease) in the tax charge
(187,819)
(239,267)

Total tax charge for the year
-
(239,267)

Page 27

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023
 
10.Taxation (continued)


Factors that may affect future tax charges

As part of the Finance Bill 2020, which was substantively enacted on 17 March 2020, the corporation tax main rate is to remain at 19% until 31 March 2023.
Following the end of the accounting period, the UK government have announced that the main rate will increase on 1 April 2023 to 25%, for companies with taxable profits above £250,000. Companies with taxable profits below £50,000 will continue to pay at 19%, and marginal relief will apply between these thresholds. This change forms part of the Finance Bill 2021, which was substantively enacted on 24 May 2021.
Deferred taxes have been measured using rates substantively enacted at the reporting date and reflected in these financial statements.


11.


Dividends

2023
2022
£
£


Dividends on Ordinary share capital
493,153
187,935

Viking Maritime Group Limited has paid dividends during the year which has created a net deficit on its reserves. Notwithstanding that the dividend value will be covered by future dividend receipts from its subsidiary undertakings, the directors undertake to make no further distributions until such time as there are reserves available for the purpose.
During the year dividends of £202,867 (2023: £107,600) were paid to the Jaenicke family.  The remaining dividends of £290,286 (2023: £80,335) were paid to minority shareholders of the groups associate company.

Page 28

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

12.


Intangible assets

Group





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 January 2023
170,617
279,687
450,304


Additions
12,275
-
12,275



At 31 December 2023

182,892
279,687
462,579



Amortisation


At 1 January 2023
43,520
279,687
323,207


Charge for the year on owned assets
18,062
-
18,062



At 31 December 2023

61,582
279,687
341,269



Net book value



At 31 December 2023
121,310
-
121,310



At 31 December 2022
127,097
-
127,097



Company




Goodwill

£



Cost


At 1 January 2023
142,500



At 31 December 2023

142,500



Amortisation


At 1 January 2023
142,500



At 31 December 2023

142,500



Net book value



At 31 December 2023
-



At 31 December 2022
-

Page 29

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost


At 1 January 2023
4,496,391
2,922,442
33,730
622
7,453,185


Additions
-
65,766
-
426
66,192


Exchange adjustments
-
-
-
(21)
(21)



At 31 December 2023

4,496,391
2,988,208
33,730
1,027
7,519,356



Depreciation


At 1 January 2023
633,619
1,122,253
33,730
-
1,789,602


Charge for the year on owned assets
90,074
246,108
-
877
337,059


Exchange adjustments
-
-
-
(21)
(21)



At 31 December 2023

723,693
1,368,361
33,730
856
2,126,640



Net book value



At 31 December 2023
3,772,698
1,619,847
-
171
5,392,716



At 31 December 2022
3,862,772
1,800,189
-
622
5,663,583

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,426,307
1,624,116

Page 30

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

           13.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£

Cost


At 1 January 2023
4,496,391
754,652
33,730
5,284,773


Additions
-
16,909
-
16,909



At 31 December 2023

4,496,391
771,561
33,730
5,301,682



Depreciation


At 1 January 2023
633,619
720,609
33,730
1,387,958


Charge for the year on owned assets
90,074
22,728
-
112,802



At 31 December 2023

723,693
743,337
33,730
1,500,760



Net book value



At 31 December 2023
3,772,698
28,224
-
3,800,922



At 31 December 2022
3,862,772
34,043
-
3,896,815






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
-
10,092

-
10,092

Page 31

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

14.


Fixed asset investments

Group





Investments in associates

£



Cost


At 1 January 2023
283,578


Share of profit/(loss)
57,042



At 31 December 2023
340,620




Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost


At 1 January 2023
189,672
50
189,722



At 31 December 2023
189,672
50
189,722




Page 32

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Class of shares

Holding

Chiltern Maritime Limited
Ordinary
100%
The Maritime Skills Academy Limited
Ordinary
100%
Maritime Skills Academy (Solent) Limited
Ordinary
100%
Viking Crew Limited
Ordinary
100%
Viking Crew Management Limited
Ordinary
100%
Viking Hospitality Limited
Ordinary
60%
Viking Marine Consultants Limited
Ordinary
100%
Viking Marine Recruitment Limited
Ordinary
100%
Viking Marine Services Limited
Ordinary
100%
Viking Marine Services, Inc.
Ordinary
100%
Viking Marine Travel Limited
Ordinary
100%
Viking Recruitment (Scotland) Limited
Ordinary
100%
Luxury Yacht Interior Training Limited
Ordinary
100%
Luxury Hospitality Cruise Training Limited
Ordinary
100%
Viking Global Management Limited
Ordinary
60%
771 Maritime Limited (*)
Ordinary
60%
7Seas Artists and Staff Limited (*)
Ordinary
60%
Abacus Crewing Services (Guernsey) Limited (*)
Ordinary
60%
Adventure Pacific Limited (*)
Ordinary
60%
Adventure Under Sail Crewing Limited (*)
Ordinary
60%
Antelope Crewing Limited (*)
Ordinary
60%
Black River Employment Services Limited (*)
Ordinary
60%
Boardwalk Crewing Limited (*)
Ordinary
60%
Bow IC Limited (*)
Ordinary
60%
Champneys at Sea Limited
Ordinary
60%
Crews' People International Limited (*)
Ordinary
60%
Destination and Expedition Manning Limited (*)
Ordinary
60%
Ela Crew Sevices Limited (*)
Ordinary
60%
GCC Crewing Limited (*)
Ordinary
60%
ISCA Crewing Limited (*)
Ordinary
60%

(*) Company is held indirectly.
Maritime Skills Academy (Solent) Limited is registered at Building 2000, North Harbour, Lakeside Western Road, Portsmouth, England, PO6 3EN.
Viking Marine Services, Inc. is registered at 1845 Cordova Road, Suite 206, Fort Lauderdale, FL 33316.
Viking Recruitment (Scotland) Limited is registered at 272 Bath Street, Glasgow, G2 4JR.
Viking Global Management Limited is registered at Castle Emplacement, St. Peter Port, Guernsey, GY1 1AU.
All other subsidiary undertakings are registered at Viking House, Beechwood Business Park, Menzies Road, Dover, Kent, CT16 2FG.

Page 33

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

Associates


The following were associates of the company:


Name

Class of shares

Holding

Viking New Zealand Limited
Ordinary
50%
ISCA Maritime Security Services Ltd
Ordinary
25%
Crewdentials Limited
Ordinary
5%

Viking New Zealand Limited is registered at Unit 5/23B Westhaven Drive, Westhaven, Auckland 1010.
ISCA Maritime Security Services Ltd is registered at Lower Ground Floor, 4-5 Southernhay West, Exeter, Devon, United Kingdom, EX1 1JG. 
Crewdentials Limited is a subsidiary of Viking Crew Limited, an 100% subsidiary of Viking Maritime Group Limited, registered at Victoria House, 29-31 High Street, St Peter Port, Guernsey 

Page 34

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
28,168
28,549
17,375
17,375


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
1,653,938
2,151,088
5,796
-

Amounts owed by group undertakings
-
-
2,663,340
2,473,496

Other debtors
789,362
611,142
301,070
271,163

Prepayments and accrued income
310,315
356,028
47,711
47,260

2,753,615
3,118,258
3,017,917
2,791,919


Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.


16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,949,943
3,346,880
-
-

Less: bank overdrafts
(1,017,877)
(809,026)
(987,722)
(764,796)

1,932,066
2,537,854
(987,722)
(764,796)


Page 35

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

17.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
1,017,877
809,026
987,722
764,796

Bank loans
311,857
308,690
311,857
308,690

Other loans
233,179
294,263
207,019
294,263

Trade creditors
1,629,824
1,951,605
191,745
249,378

Amounts owed to group undertakings
-
-
2,441,856
1,764,404

Amounts owed to joint ventures
68,748
41,673
-
-

Corporation tax
13,308
13,308
-
-

Other taxation and social security
1,864,990
218,605
229,999
201,954

Obligations under finance lease and hire purchase contracts
260,822
215,568
6,867
5,773

Other creditors
1,609,173
3,244,409
43,696
40,857

Accruals and deferred income
1,206,477
1,249,221
29,840
15,589

8,216,255
8,346,368
4,450,601
3,645,704


Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

Page 36

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
1,685,949
2,076,209
1,685,949
2,076,209

Other loans
842,948
752,700
625,500
752,700

Net obligations under finance leases and hire purchase contracts
815,638
1,081,202
994
10,514

Other creditors
243,029
243,029
-
-

Accruals and deferred income
239,221
287,065
-
-

3,826,785
4,440,205
2,312,443
2,839,423


The group's obligations under finance lease and hire purchase contracts are secured by way of a chattels mortgage in favour of HSBC Asset Finance (UK) Ltd and HSBC Equipment Finance (UK) Ltd containing a fixed charge over the associated assets purchased by the company.
A loan received from Kent County Council, included within other loans, is secured by way of a legal charge, containing a fixed charge over the land and freehold property held by the group.
The group's overdraft facility and bank loans are secured by way of a debenture in favour of HSBC Bank PLC, containing fixed and floating charges over all of the assets of the company.
The aggregate amount of debts secured by the group is £4,091,810 (2022 - £4,280,888) included within creditors due within one year and creditors due after more than one year.
The group has deferred income which relates to a financial contribution received for the construction of tangible fixed assets. This income is credited to profit or loss at the same rate as the depreciation on the assets to which the lease incentive relates. At the balance sheet date the total amount deferred was £287,066 (2022 - £331,910).

Page 37

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
311,857
308,690
311,857
308,690

Other loans
233,179
294,263
207,019
294,263


545,036
602,953
518,876
602,953

Amounts falling due 1-2 years

Bank loans
314,998
311,857
314,998
311,857

Other loans
181,868
212,700
150,000
212,700


496,866
524,557
464,998
524,557

Amounts falling due 2-5 years

Bank loans
450,719
552,347
450,719
552,347

Other loans
619,226
540,000
475,500
540,000


1,069,945
1,092,347
926,219
1,092,347

Amounts falling due after more than 5 years

Bank loans
920,232
1,212,005
920,232
1,212,005

Other loans
41,854
-
-
-

962,086
1,212,005
920,232
1,212,005

3,073,933
3,431,862
2,830,325
3,431,862



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
260,822
316,256
6,867
5,773

Between 1-5 years
532,306
498,294
994
10,514

Over 5 years
283,332
482,220
-
-

1,076,460
1,296,770
7,861
16,287

Page 38

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

21.


Financial risk management

The group has exposure to three main areas of risk – currency risk, liquidity risk and customer credit exposure. The group has established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the achievement of its performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and to monitor the management of risk.
The group’s principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to the group and lease arrangements. The main purpose of these instruments is to finance the group’s operations.
Currency risk
The majority of the group's transactions, assets and liabilities are in the UK and sterling based. Therefore, the group has low exposure to currency rate fluctuations.
Liquidity risk
Liquidity risk is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due. The group’s objective in managing liquidity risk is to ensure that this does not arise. Having assessed future cash flow requirements the group expects to be able to meet its financial obligations through the cash flows that are generated from its operating activities. In the event that these cash flows would not be sufficient to enable the group to meet all of its obligations the group has available credit facilities provided by its bankers, as disclosed in notes 17 and 18. The interest rate risk arising from these facilities is considered by the directors to be minimal, and the group has not entered into any derivative instruments designed to mitigate exposure to such risk. With these facilities in place the group is in a position to meets its commitments and obligations as they fall due.
Customer credit exposure
The group regularly offers credit terms to its customers which allow for payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt within those terms. This risk is mitigated by the strong on-going customer relationships and by only granting credit to customers who are able to demonstrate an appropriate payment history and satisfy credit worthiness procedures.

Page 39

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

22.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(311,399)
(550,666)


Charged to profit or loss
-
239,267



At end of year
(311,399)
(311,399)

Company


2023
2022


£

£






At beginning of year
(302,070)
(348,177)


Charged to profit or loss
-
46,107



At end of year
(302,070)
(302,070)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(311,399)
(311,399)
(302,070)
(302,070)


23.


Provisions


Group



Other provisions

£





At 1 January 2023
11,666


Utilised in year
(11,666)



At 31 December 2023
-

Page 40

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 - 20,000) Ordinary shares of £1 each
20,000
20,000



25.


Reserves

Foreign exchange reserve

This reserve comprises translation differences arising from the translation of financial statements of the group’s foreign entities into sterling.

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.

26.


Analysis of net debt





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

3,346,880

(396,937)

-

2,949,943

Bank overdrafts

(809,026)

(208,851)

-

(1,017,877)

Debt due after 1 year

(2,828,909)

-

300,012

(2,528,897)

Debt due within 1 year

(643,735)

55,078

-

(588,657)

Finance leases

(1,296,770)

220,310

-

(1,076,460)


(2,231,560)
(330,400)
300,012
(2,261,948)


27.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group  in an independently administered fund. The pension cost charge represents contributions payable by the group  to the fund and amounted to £58,724 (2022 - £41,140). Contributions totalling £9,983 (2022 - £7,574) were payable to the fund at the balance sheet date and are included in creditors.

Page 41

 
Viking Maritime Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

28.


Commitments under operating leases

At 31 December 2023 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
345,099
315,544
135,099
97,343

Later than 1 year and not later than 5 years
496,682
580,798
24,182
89,848

841,781
896,342
159,281
187,191


29.


Related party transactions

The company is exempt from disclosing related party transactions with other companies wholly owned within the group.
During the year, the company paid dividends of £202,867 (2022 - £107,600) to shareholders who are also directors of the company.
At the reporting date, £59,420 (2022 - £65,725) was due from a director of the group. No interest has been charged on these balances and they are repayable on demand.
At the reporting date, £33,638 (2022 - £33,208) was due to the directors of the group. No interest has been charged on these balances and they are repayable on demand.
The key management personnel of the group is comprised only of the directors. Their remuneration is disclosed at note 8.


30.


Controlling party

The company's ultimate controlling party is the Jaenicke family, who hold 100% of the issued share capital of the company. No individual member of the family is considered to have ultimate control over the company.

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