REGISTERED NUMBER: 00865793 (England and Wales)

VIKING ARMS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mrs M H F Brown

Mrs S E R Macarthur

SECRETARY:

C Robinson

REGISTERED OFFICE:

Summerbridge

Harrogate

North Yorkshire

HG3 4BW

REGISTERED NUMBER:

00865793 (England and Wales)

AUDITORS:

DSC Accountants Ltd

Chartered Accountants

Statutory Auditors

Tattersall House

East Parade

Harrogate

North Yorkshire

HG1 5LT

The directors present their strategic report of the company and the group for the year ended 31 January 2025.

REVIEW OF BUSINESS

Turnover for the year ended 31 January 2025 was £15,975,023 which was an increase of £585,124 compared with last year (2024: £15,389,899). Operating profit for the year ended 31 January 2025 was £3,292,352 which is an increase of £652,005 compared with last year (2024: £2,640,347).

The group's profit margin is made up from both sales and commission.

PRINCIPAL RISKS AND UNCERTAINTIES

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Credit risk

The principal credit risk arises from the the company's trade debtors. In order to manage the risk, the company uses third party credit references and customer payment history to establish the correct credit limit for each customer. These credit limits are reviewed on a regular basis and take into account the most recent collection history and spend.

ACQUISITION OF SUBSIDIARY

On 2 December 2024, Viking Arms Limited acquired 100% of the issued share capital of Hannam's Reloading Limited of Units 1-4 Summerbridge, Harrogate, North Yorkshire, United Kingdom, HG3 4BW. The total cost of the purchase was £1,611,759, including a deferred consideration of £375,000.

ON BEHALF OF THE BOARD:

Mrs S E R Macarthur - Director

28 November 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of firearms dealers and wholesalers of non-licensable products.

DIVIDENDS

Interim dividends per share were paid as follows:

A Ordinary Shares £1 shares

£58.33

- 12 April 2024

£71.43

- 18 October 2024

B Ordinary Shares £1 shares

£87.50

- 12 April 2024

£117.65

- 18 October 2024

£68.63

- 18 October 2024

£58.82

- 27 January 2024

C Ordinary Shares £1 shares

£40.00

- 28 November 2024

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 January 2025 will be £270,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report.

Mrs M H F Brown

Mrs S E R Macarthur

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, DSC Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S E R Macarthur - Director

28 November 2025

Opinion

We have audited the financial statements of Viking Arms Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 affairs as at 31 January 2025 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 Auditors' 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 UK, including the FRC'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.

Conclusions relating to going concern

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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, inspection of the company's certificate of registration as a firearms dealer, their explosives site varying licence issued by the Health & Safety Executive, enquiries with management and the inspection of other regulatory and legal correspondence.

We addressed the risk of management override of internal controls, including testing journals and estimates and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud, the physical security placed on the stock and the completeness of incoming resources by testing from sales despatch documentation. We did not identify any key audit matters relating to irregularities, including fraud.

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.

Graham French (Senior Statutory Auditor)

for and on behalf of DSC Accountants Ltd

Chartered Accountants

Statutory Auditors

Tattersall House

East Parade

Harrogate

North Yorkshire

HG1 5LT

28 November 2025

TURNOVER

15,975,023

15,389,899

Cost of sales

10,146,356

10,467,236

GROSS PROFIT

5,828,667

4,922,663

Administrative expenses

2,536,315

2,282,316

OPERATING PROFIT

4

3,292,352

2,640,347

Interest receivable and similar income

28,172

4,281

PROFIT BEFORE TAXATION

3,320,524

2,644,628

Tax on profit

5

834,043

638,175

PROFIT FOR THE FINANCIAL YEAR

2,486,481

2,006,453

Profit attributable to:

Owners of the parent

2,486,481

2,006,453

PROFIT FOR THE YEAR

2,486,481

2,006,453

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,486,481

2,006,453

Total comprehensive income attributable to:

Owners of the parent

2,486,481

2,006,453

FIXED ASSETS

Intangible assets

8

62,387

-

Tangible assets

9

1,081,420

748,656

Investments

10

-

-

1,143,807

748,656

CURRENT ASSETS

Stocks

11

5,295,899

3,098,266

Debtors

12

1,858,971

1,969,916

Cash at bank

4,057,867

2,953,873

11,212,737

8,022,055

CREDITORS

Amounts falling due within one year

13

3,493,108

2,487,298

NET CURRENT ASSETS

7,719,629

5,534,757

TOTAL ASSETS LESS CURRENT LIABILITIES

8,863,436

6,283,413

CREDITORS

Amounts falling due after more than one year

14

(604,309

)

(260,021

)

PROVISIONS FOR LIABILITIES

18

(61,937

)

(42,683

)

NET ASSETS

8,197,190

5,980,709

CAPITAL AND RESERVES

Called up share capital

19

2,000

2,000

Retained earnings

20

8,195,190

5,978,709

SHAREHOLDERS' FUNDS

8,197,190

5,980,709

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2025 and were signed on its behalf by:

Mrs S E R Macarthur - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

1,062,100

748,656

Investments

10

1,611,759

-

2,673,859

748,656

CURRENT ASSETS

Stocks

11

4,484,367

3,098,266

Debtors

12

1,779,204

1,969,916

Cash at bank

3,396,815

2,953,873

9,660,386

8,022,055

CREDITORS

Amounts falling due within one year

13

3,468,432

2,487,298

NET CURRENT ASSETS

6,191,954

5,534,757

TOTAL ASSETS LESS CURRENT LIABILITIES

8,865,813

6,283,413

CREDITORS

Amounts falling due after more than one year

14

(604,309

)

(260,021

)

PROVISIONS FOR LIABILITIES

18

(56,973

)

(42,683

)

NET ASSETS

8,204,531

5,980,709

CAPITAL AND RESERVES

Called up share capital

19

2,000

2,000

Retained earnings

20

8,202,531

5,978,709

SHAREHOLDERS' FUNDS

8,204,531

5,980,709

Company's profit for the financial year

2,493,822

2,006,453

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2025 and were signed on its behalf by:

Mrs S E R Macarthur - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2023

2,000

4,193,068

4,195,068

Changes in equity

Dividends

-

(220,812

)

(220,812

)

Total comprehensive income

-

2,006,453

2,006,453

Balance at 31 January 2024

2,000

5,978,709

5,980,709

Changes in equity

Dividends

-

(270,000

)

(270,000

)

Total comprehensive income

-

2,486,481

2,486,481

Balance at 31 January 2025

2,000

8,195,190

8,197,190

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2023

2,000

4,193,068

4,195,068

Changes in equity

Dividends

-

(220,812

)

(220,812

)

Total comprehensive income

-

2,006,453

2,006,453

Balance at 31 January 2024

2,000

5,978,709

5,980,709

Changes in equity

Dividends

-

(270,000

)

(270,000

)

Total comprehensive income

-

2,493,822

2,493,822

Balance at 31 January 2025

2,000

8,202,531

8,204,531

Cash flows from operating activities

Cash generated from operations

1

3,335,281

2,139,540

Tax paid

(1,000,129

)

(230,284

)

Net cash from operating activities

2,335,152

1,909,256

Cash flows from investing activities

Purchase of intangible fixed assets

(64,538

)

-

Purchase of tangible fixed assets

(399,670

)

(32,132

)

Acquisition of Subsidiary

(502,328

)

-

Interest received

28,172

4,281

Net cash from investing activities

(938,364

)

(27,851

)

Cash flows from financing activities

Loan repayments in year

(22,794

)

(22,160

)

Equity dividends paid

(270,000

)

(220,812

)

Net cash from financing activities

(292,794

)

(242,972

)

Increase in cash and cash equivalents

1,103,994

1,638,433

Cash and cash equivalents at beginning of year

2

2,953,873

1,315,440

Cash and cash equivalents at end of year

2

4,057,867

2,953,873

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

3,320,524

2,644,628

Depreciation charges

88,912

49,361

Deferred grants released

(7,109

)

(7,109

)

Finance income

(28,172

)

(4,281

)

3,374,155

2,682,599

(Increase)/decrease in stocks

(1,358,178

)

299,972

Decrease/(increase) in trade and other debtors

229,356

(627,639

)

Increase/(decrease) in trade and other creditors

1,089,948

(215,392

)

Cash generated from operations

3,335,281

2,139,540

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

4,057,867

2,953,873

Year ended 31 January 2024

31.1.24

1.2.23

£

£

Cash and cash equivalents

2,953,873

1,315,440

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.24

Cash flow

At 31.1.25

£

£

£

Net cash

Cash at bank

2,953,873

1,103,994

4,057,867

2,953,873

1,103,994

4,057,867

Debt

Debts falling due within 1 year

(22,794

)

(809

)

(23,603

)

Debts falling due after 1 year

(260,021

)

30,712

(229,309

)

(282,815

)

29,903

(252,912

)

Total

2,671,058

1,133,897

3,804,955

4.	ACQUISITION OF BUSINESS

During the year the group acquired Hannam's Reloading Limited. The net cash flow of £502,328 is shown after deducting the £669,893 cash acquired, the £375,000 deferred consideration and the £64,538 goodwill from the £1,611,759 cost of the acquisition.

1.	STATUTORY INFORMATION

Viking Arms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated financial statements incorporate those of Viking Arms Limited and all of its subsidiary undertakings for the period. Subsidiaries acquired during the period are consolidated using the acquisition method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 January 2025 except for Hannam's Reloading Limited which has a 30 November 2024 year end. Detailed management accounts at 31 January 2025 have been used as a basis for the consolidation of these subsidiaries.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

The cost of a business combination is the fair value at the acquisition date, of the assets given, equity instruments issued and liabilities incurred or assumed, plus directly attributable costs.

The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

Significant judgements and estimates

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affect both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Depreciation

The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something that is reviewed annually.

Provision for obsolete or slow-moving stock

A provision for obsolete or slow-moving stock has been included within the financial statements. The estimate is supported by management's review of stock that has not been issued for sale recently and their assessment based on experience of whether this should give rise to a provision.

Turnover

Turnover is recognised on despatch or when the customer requests the product to be stored on its behalf subsequent to sale. It is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

- 0% - 2% on cost

Plant and machinery

- 25% on cost and 15% on reducing balance

Fixtures and fittings

- 15% on cost and 15% on reducing balance

Motor vehicles

- 25% on cost and 25% on reducing balance

Computer equipment

- 33% on cost and 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,275,904

1,197,799

Social security costs

145,220

148,516

Other pension costs

128,096

78,049

1,549,220

1,424,364

The average number of employees during the year was as follows:

2025

2024

Office and management

18

21

Warehouse

6

5

24

26

The average number of employees by undertakings that were proportionately consolidated during the year was 29 (2024 - NIL ) .

2025

2024

£

£

Directors' remuneration

88,655

85,955

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Other operating leases

20,200

12,086

Depreciation - owned assets

86,762

49,360

Goodwill amortisation

2,151

-

Auditors' remuneration

14,500

8,500