Registration number: 02385727

Viking Industrial Products Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Viking Industrial Products Limited

(Registration number: 02385727)
Balance Sheet as at 30 September 2024

	Note	30 September 2024 £		(As restated) 31 October 2023 £
Fixed assets
Tangible assets	4		52,717		69,468
Current assets
Stocks		324,345		377,327
Debtors	5	1,859,734		1,890,976
Cash at bank and in hand		51,681		59,662
		2,235,760		2,327,965
Creditors: Amounts falling due within one year	6	(1,368,247)		(1,516,658)
Net current assets			867,513		811,307
Total assets less current liabilities			920,230		880,775
Creditors: Amounts falling due after more than one year	6		(199,080)		(220,025)
Provisions for liabilities			(12,000)		(16,000)
Net assets			709,150		644,750
Capital and reserves
Called up share capital	8	5,000		5,000
Retained earnings		704,150		639,750
Shareholders' funds			709,150		644,750

Viking Industrial Products Limited

(Registration number: 02385727)
Balance Sheet as at 30 September 2024

For the financial period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 September 2025 and signed on its behalf by:
 

......................................... M W Rice Director

Viking Industrial Products Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 30 September 2024

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
10-11 Charterhouse Square
London
EC1M 6EE

These financial statements were authorised for issue by the Board on 15 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Disclosure of long or short period

The company has shortened its year end to 30 September 2024 so the results will not be entirely comparable.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.
 

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

Viking Industrial Products Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 30 September 2024

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant, machinery and office equipment	20% and 25% straight line basis and reducing balance
Motor vehicles	25% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Viking Industrial Products Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 30 September 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 18 (2023 - 18).

Viking Industrial Products Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 30 September 2024

4	Tangible assets

	Plant and machinery  £	Furniture, fittings and equipment  £	Office equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 November 2023	145,983	14,198	52,555	35,741	248,477
Disposals	(6,753)	(7,024)	(35,024)	(14,750)	(63,551)
At 30 September 2024	139,230	7,174	17,531	20,991	184,926
Depreciation
At 1 November 2023	97,125	13,420	45,843	22,622	179,010
Charge for the period	8,942	96	2,563	4,810	16,411
Eliminated on disposal	(6,667)	(6,771)	(35,024)	(14,750)	(63,212)
At 30 September 2024	99,400	6,745	13,382	12,682	132,209
Carrying amount
At 30 September 2024	39,830	429	4,149	8,309	52,717
At 31 October 2023	48,858	778	6,713	13,119	69,468

5

Debtors

Current	30 September 2024 £	31 October 2023 £
Trade debtors	626,221	646,099
Prepayments	11,783	19,679
Other debtors	1,221,730	1,225,198
	1,859,734	1,890,976

Viking Industrial Products Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2023 to 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

	Note	30 September 2024 £	(As restated) 31 October 2023 £
Due within one year
Loans and borrowings	7	122,898	31,483
Trade creditors		682,364	636,983
Taxation and social security		115,441	117,764
Accruals and deferred income		7,130	30,643
Other creditors		440,414	699,785
		1,368,247	1,516,658