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Registered number: 11413764










Viking Crew Limited










Financial statements

For the year ended 31 December 2023

 
Viking Crew Limited
Registered number: 11413764

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
150,001
150,001

  
150,001
150,001

Current assets
  

Debtors: amounts falling due within one year
 5 
2,771,655
1,327,911

Cash at bank and in hand
  
282,048
338,889

  
3,053,703
1,666,800

Creditors: amounts falling due within one year
 6 
(2,657,380)
(1,782,817)

Net current assets/(liabilities)
  
 
 
396,323
 
 
(116,017)

Total assets less current liabilities
  
546,324
33,984

Creditors: amounts falling due after more than one year
 7 
(217,448)
-

  

Net assets
  
328,876
33,984


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
328,875
33,983

  
328,876
33,984


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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 2 to 9 form part of these financial statements.

Page 1

 
Viking Crew Limited
 

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

1.


General information

Viking Crew Limited ("the company") is a private company limited by shares and is incorporated in England with the registration number 11413764. The address of the registered office is Viking House Menzies Road, Whitfield, Dover, Kent, United Kingdom, CT16 2FG.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The group of which the company is part of 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 company provides services had been affected globally and although the industry is continuing to recover the financial burden of this time still effects the day to day operations.
The directors continue to closely monitor the company's cash flow to ensure that its obligations can be met as they fall due.
The company’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.
Notwithstanding these factors, after making enquiries and considering the uncertainties, the directors have formed a reasonable expectation that the company 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.

Page 2

 
Viking Crew Limited
 

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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pounds 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.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.

Page 3

 
Viking Crew Limited
 

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

2.Accounting policies (continued)

 
2.7

Taxation

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.9

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.

 
2.10

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.

 
2.11

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 4

 
Viking Crew Limited
 

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

2.Accounting policies (continued)

 
2.12

Financial instruments

The company 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 non-puttable 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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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 statement of income and retained earnings.
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 company 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. 

 
2.13

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.

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


3.


Employees

The average monthly number of employees, including directors, during the year was 39 (2022 - 33).

Page 5

 
Viking Crew Limited
 

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

4.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2023
1
150,000
150,001



At 31 December 2023
1
150,000
150,001





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Viking Global Management Limited
Castle Emplacement
St Peter Port
Guernsey
GY1 1AU
Ordinary
60%


Associate


The following was an associate of the company:


Name

Registered office

Class of shares

Holding

Crewdentials Limited
Victoria House, 29-31 High Street, St Peter Port, Guernsey
Ordinary
5%

Page 6

 
Viking Crew Limited
 

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

5.


Debtors

2023
2022
£
£


Trade debtors
1,000,872
489,431

Amounts owed by group undertakings
1,378,088
670,459

Other debtors
281,994
136,099

Prepayments and accrued income
110,701
31,922

2,771,655
1,327,911



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
26,160
-

Trade creditors
434,935
251,592

Amounts owed to group undertakings
1,188,692
1,038,357

Amounts owed to associates
68,748
41,673

Other creditors
806,712
399,597

Accruals and deferred income
132,133
51,598

2,657,380
1,782,817


The company’s overdraft facility is 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.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
217,448
-

217,448
-


Page 7

 
Viking Crew Limited
 

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

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
26,160
-


26,160
-

Amounts falling due 1-2 years

Other loans
31,868
-


31,868
-

Amounts falling due 2-5 years

Other loans
143,726
-


143,726
-

Amounts falling due after more than 5 years

Other loans
41,854
-

41,854
-

243,608
-



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £0.01 each
1
1



10.


Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group.
All other related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions. 

Page 8

 
Viking Crew Limited
 

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

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which indicates that the company is encountering challenging trading conditions and is currently in the process of discussing additional sources of finance. As stated in note 2.2, these conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 23 July 2025 by Mark Attwood FCCA (senior statutory auditor) on behalf of Kreston Reeves LLP.


12.


Controlling party

The immediate and ultimate parent undertaking of the company is Viking Maritime Group Limited, a company incorporated in England. 
Consolidated financial statements are prepared by Viking Maritime Group Limited, which can be obtained from its registered office at Viking House, Beechwood Business Park, Menzies Road, Dover, Kent, CT16 2FG.

Page 9