Viking_Property_Investments_Ltd_31_Dec_2021_companies_house_set_of_accounts.html

VIKING PROPERTY INVESTMENTS LTD - Company Information

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Company registration number:

10856152

Viking Property Investments Ltd

Unaudited Filleted Financial Statements for the year ended

31 December 2021

Viking Property Investments Ltd

Statement of Financial Position

31 December 2021

		2021		2020
	Note	£		£
Fixed assets
Tangible assets	4	9,300,000		11,811,961
Current assets
Debtors	5	642,632		5,218
Cash at bank and in hand		298,517		433,668
		941,149		438,886
Creditors: amounts falling due within one year	6	(11,960,523	)	(11,908,413	)
Net current liabilities		(11,019,374	)	(11,469,527	)
Total assets less current liabilities		(1,719,374	)	342,434
Capital and reserves
Called up share capital		1		1
Profit and loss account		(1,719,375	)	342,433
Shareholders (deficit)/funds		(1,719,374	)	342,434

For the year ending

31 December 2021

, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These

financial statements

have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.

In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.

These

financial statements

were approved by the board of directors and authorised for issue on

28 September 2022

, and are signed on behalf of the board by:

B Mclain

Director

Company registration number:

10856152

Viking Property Investments Ltd

Notes to the Financial Statements

Year ended

31 December 2021

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

Eighth Floor 6 New Street Square

New Fetter Lane

London

EC4A 3AQ

, United Kingdom.

2 Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

Foreign Currency Translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

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. Nonmonetary 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. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company expects the continued support of the shareholder who has confirmed provision of such financial support as is necessary for the company to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing of the financial statements of the company.

The Covid-19 pandemic has created significant operational and financial pressures on the company. However, having considered the contingency plans in place, the support to businesses announced by the UK Government and having reviewed updated cashflow forecasts, the director considers the adoption of the going concern basis in preparing these financial statements is appropriate.

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.

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.

PROVISION FOR LIABILITIES

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

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.

INVESTMENT PROPERTIES

Investment property is carried at fair value determined annually by the director or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Unaudited Profit and Loss account in the period in which they arise.

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.

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 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.

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3 Average number of employees

The average number of persons employed by the company during the year was

(2020:

1.00

4 Tangible assets

	Land and buildings
	£
Cost or valuation
At 1 January 2021	11,811,961
Additions	97,344
Revaluations	(2,609,305	)
At 31 December 2021	9,300,000
Depreciation
At 1 January 2021 and 31 December 2021	-
Carrying amount
At 31 December 2021	9,300,000
At 31 December 2020	11,811,961

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Land and buildings	Land and buildings
	2021	2020
	£	£
Aggregate historical cost	11,909,305	11,811,961
Carrying amount	11,909,305	11,811,961

Investment property

Included in land and buildings are the following amounts in relation to investment properties:

	2021
	£
Carrying amount at 1 January 2021	11,811,961.00
Additions	97,344.00
Fair value adjustments	2,609,305	)
Carrying amount at 31 December 2021	9,300,000

5 Debtors

	2021	2020
	£	£
Trade debtors	78,000	-
Other debtors	564,632	5,218
	642,632	5,218

Included in Other Debtors is a deferred tax asset balance of £495,768 relating to the adjustment in Fair Value of the company's investment property.

6 Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	6,726	28,585
Taxation and social security	12,134	29,062
Other creditors	11,941,663	11,850,766
	11,960,523	11,908,413

Included within Other Creditors is a shareholders loan of £11,829,331 ( £2020- £11,829,331)