Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-310000133049702023-03-31false2022-04-01The principal activity of Raw Charging Group Limited is that of a holding company.00falsetrue 13304970 2022-04-01 2023-03-31 13304970 2021-04-01 2022-03-31 13304970 2023-03-31 13304970 2022-03-31 13304970 1 2022-04-01 2023-03-31 13304970 d:Director11 2022-04-01 2023-03-31 13304970 c:PlantMachinery 2022-04-01 2023-03-31 13304970 c:MotorVehicles 2022-04-01 2023-03-31 13304970 c:FurnitureFittings 2022-04-01 2023-03-31 13304970 c:ComputerEquipment 2022-04-01 2023-03-31 13304970 c:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 13304970 c:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 13304970 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 13304970 c:Goodwill 2022-04-01 2023-03-31 13304970 c:CopyrightsPatentsTrademarksServiceOperatingRights 2022-04-01 2023-03-31 13304970 c:CurrentFinancialInstruments 2023-03-31 13304970 c:CurrentFinancialInstruments 2022-03-31 13304970 c:Non-currentFinancialInstruments 2023-03-31 13304970 c:Non-currentFinancialInstruments 2022-03-31 13304970 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 13304970 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 13304970 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 13304970 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-03-31 13304970 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 13304970 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-03-31 13304970 c:ShareCapital 2023-03-31 13304970 c:ShareCapital 2022-03-31 13304970 c:SharePremium 2022-04-01 2023-03-31 13304970 c:SharePremium 2023-03-31 13304970 c:SharePremium 2022-03-31 13304970 c:OtherMiscellaneousReserve 2022-04-01 2023-03-31 13304970 c:OtherMiscellaneousReserve 2023-03-31 13304970 c:OtherMiscellaneousReserve 2022-03-31 13304970 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 13304970 c:RetainedEarningsAccumulatedLosses 2023-03-31 13304970 c:RetainedEarningsAccumulatedLosses 2022-03-31 13304970 d:OrdinaryShareClass1 2022-04-01 2023-03-31 13304970 d:OrdinaryShareClass1 2022-03-31 13304970 d:OrdinaryShareClass2 2022-04-01 2023-03-31 13304970 d:OrdinaryShareClass2 2023-03-31 13304970 d:OrdinaryShareClass3 2022-04-01 2023-03-31 13304970 d:OrdinaryShareClass3 2023-03-31 13304970 d:OrdinaryShareClass4 2022-04-01 2023-03-31 13304970 d:OrdinaryShareClass4 2023-03-31 13304970 d:OrdinaryShareClass5 2022-04-01 2023-03-31 13304970 d:OrdinaryShareClass5 2023-03-31 13304970 d:FRS102 2022-04-01 2023-03-31 13304970 d:Audited 2022-04-01 2023-03-31 13304970 d:FullAccounts 2022-04-01 2023-03-31 13304970 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13304970 c:Subsidiary1 2022-04-01 2023-03-31 13304970 c:Subsidiary1 1 2022-04-01 2023-03-31 13304970 c:Subsidiary2 2022-04-01 2023-03-31 13304970 c:Subsidiary2 1 2022-04-01 2023-03-31 13304970 c:Subsidiary3 2022-04-01 2023-03-31 13304970 c:Subsidiary3 1 2022-04-01 2023-03-31 13304970 d:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 13304970 d:Consolidated 2023-03-31 13304970 d:ConsolidatedGroupCompanyAccounts 2022-04-01 2023-03-31 13304970 2 2022-04-01 2023-03-31 13304970 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure



















Raw Charging Group Limited

Registered number: 13304970
Information for filing with the Registrar
For the year ended 31 March 2023

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
REGISTERED NUMBER: 13304970

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
Unaudited 2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
315,164
303,486

Tangible assets
 6 
5,506,499
714,595

  
5,821,663
1,018,081

Current assets
  

Stocks
 8 
12,544,515
1,137,966

Debtors: amounts falling due within one year
 9 
3,400,232
737,108

Cash at bank and in hand
 10 
24,830,367
224,825

  
40,775,114
2,099,899

Creditors: amounts falling due within one year
 11 
(3,462,524)
(2,759,133)

Net current assets/(liabilities)
  
 
 
37,312,590
 
 
(659,234)

Total assets less current liabilities
  
43,134,253
358,847

Creditors: amounts falling due after more than one year
 12 
(26,000)
(35,750)

Net assets
  
43,108,253
323,097


Capital and reserves
  

Called up share capital 
 14 
296
140

Share premium account
 15 
49,965,988
3,093,724

Merger relief reserve
 15 
(1,276,419)
(1,276,419)

Profit and loss account
 15 
(5,581,612)
(1,494,348)

  
43,108,253
323,097


- 1 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
REGISTERED NUMBER: 13304970
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated statement of comprehensive income 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 on 12 March 2024.




N R De Mestre
Director

The notes on pages 5 to 21 form part of these financial statements.

- 2 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
REGISTERED NUMBER: 13304970

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
Unaudited 2022
Note
£
£

Fixed assets
  

Investments
 7 
1,377,687
1,377,687

  
1,377,687
1,377,687

Current assets
  

Debtors: amounts falling due within one year
 9 
25,424,373
3,479,641

Cash at bank and in hand
 10 
24,295,469
19,508

  
49,719,842
3,499,149

Creditors: amounts falling due within one year
 11 
(207,047)
(1,146,098)

Net current assets
  
 
 
49,512,795
 
 
2,353,051

Net assets
  
50,890,482
3,730,738


Capital and reserves
  

Called up share capital 
 14 
296
140

Share premium account
 15 
49,965,988
3,093,724

Merger relief reserve
 15 
842,090
842,090

Profit and loss account
 15 
82,108
(205,216)

  
50,890,482
3,730,738


- 3 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
REGISTERED NUMBER: 13304970
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

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 profit after tax of the Parent Company for the year was £287,324 (unaudited 2022 : loss of £205,216).
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated statement of comprehensive income 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 on 12 March 2024.




N R De Mestre
Director

The notes on pages 5 to 21 form part of these financial statements.

- 4 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Raw Charging Group Limited (the "Company") is a private company, limited by shares and registered in England and Wales, registered number 13304970. The registered office is Bowcliffe Hall, Bramham, Wetherby, West Yorkshire, United Kingdom, LS23 6LP.
The principal activity of RAW Charging Group Limited is that of a holding company. The principal activity of the Group is that of the development, provision and operation of public EVSE.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment 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 prior year comparative figures were not subject to audit as the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The following principal accounting policies have been applied:

  
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
 the requirements of Section 7 Statement of Cash Flows;
 the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
 the requirements of Section 33 Related Party Disclosures paragraph 33.7.

 
2.3

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 Statement of Financial Position, 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.

- 5 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Going concern

At the time of approving the financial statements, the directors are confident that the Group and the Company will have the resources and has the support from its current major shareholder to continue in operational existence for the foreseeable future. Subsequent to the year end the Company secured, in principle, additional equity funding of £20m from the current majority shareholder which will be drawn down after the signature of these financial statements. These funds are required to support the operations of the Group and the Company and finance the installation of charging infrastructure over the next 12 months, in line with the Group business plan. Since the first raise with the current majority shareholder in July 2022, funds have been allocated to the roll-out of infrastructure, securing of stock and growth of the subsidiary entities’ operational capacity. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements of the Group and Company.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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.

- 6 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.7

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

Interest income

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

 
2.9

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.

- 7 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Borrowing costs

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

 
2.11

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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

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 reporting 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 reporting 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 reporting date.

- 8 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated 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.

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.

 The estimated useful lives range as follows:

Intellectual property
-
3 years
Contracts with customers
-
3 years
Goodwill
-
5 years
Computer software
-
2 years

 
2.14

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.

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.

- 9 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

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:

Charging assets
-
12 years
Motor vehicles
-
5 years
Fixtures and fittings
-
3 years
Computer equipment
-
2 years
Assets under construction
-
Not depreciated

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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.16

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the Statement of Comprehensive Income. Reversals of impairment losses are also recognised in the Statement of Comprehensive Income.

 
2.17

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.

- 10 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.18

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.

 
2.19

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.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
- 11 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

- 12 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The critical judgments that management have made in the process of applying the Group’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
Stock obsolescence review
Stock is valued at the lower of its cost and net realisable value and slow moving or obsolete stock is considered and provided for in line with the requirements of FRS102. The group holds high levels of stock and there is inherent judgment applied in determining the forecasted deployment timeline for future useage of stock held by the group. As such stock obsolescence provisions are a key area of judgment. 


4.


Employees

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


        2023
   Unaudited
2022
            No.
            No.







Employees
38
15

The Company has no employees other than the directors.
 
- 13 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Intangible assets

Group and Company





Intellectual
property
Contracts with customers
Computer software
Goodwill
Total

£
£
£
£
£



Cost


At 1 April 2022 (Unaudited)
142,929
57,355
-
142,930
343,214


Additions
-
-
107,025
-
107,025



At 31 March 2023

142,929
57,355
107,025
142,930
450,239



Amortisation


At 1 April 2022 (Unaudited)
19,851
7,966
-
11,911
39,728


Charge for the year
47,643
19,118
-
28,586
95,347



At 31 March 2023

67,494
27,084
-
40,497
135,075



Net book value



At 31 March 2023
75,435
30,271
107,025
102,433
315,164



At 31 March 2022 (Unaudited)
123,078
49,389
-
131,019
303,486

Computer software was not in use during the year and so amortisation of this intangible asset commenced post year end.



- 14 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Tangible fixed assets

Group






Charging assets
Motor vehicles
Fixtures and fittings
Computer equipment
Assets under construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022 (Unaudited)
684,119
46,438
624
6,750
-
737,931


Additions
1,154,532
10,290
241,750
46,543
3,454,756
4,907,871



At 31 March 2023

1,838,651
56,728
242,374
53,293
3,454,756
5,645,802



Depreciation


At 1 April 2022 (Unaudited)
19,394
774
624
2,544
-
23,336


Charge for the year
77,122
9,287
13,886
15,672
-
115,967



At 31 March 2023

96,516
10,061
14,510
18,216
-
139,303



Net book value



At 31 March 2023
1,742,135
46,667
227,864
35,077
3,454,756
5,506,499



At 31 March 2022
 (Unaudited)
664,725
45,664
-
4,206
-
714,595

- 15 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 April 2022 (Unaudited)
1,377,687



At 31 March 2023
1,377,687





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Raw Infrastructure Limited
Ordinary
100%
Raw Charging Network Limited
Ordinary
100%
Raw Charging Network (GK) Limited*
Ordinary
100%

All subsidiaries marked with a * are companies which are indirectly held by Raw Charging Group Limited. The percentage holding has been calculated based on a consolidated position.
All subsidiaries share the same registered office as Raw Charging Group Limited, that being Bowcliffe Hall, Bramham, Wetherby, West Yorkshire, United Kingdom, LS23 6LP.
All subsidiaries have accounting reference dates of 31 March 2023.

8.


Stocks

Group

Group
Company

Company
2023
Unaudited 2022
2023
Unaudited 2022
£
£
£
£

Hardware and consumables
12,300,350
1,108,946
-
-

Work in progress
244,165
29,020
-
-

12,544,515
1,137,966
-
-


The difference between purchase price or production cost of stocks and their replacement cost is not material.

- 16 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Debtors

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


Trade debtors
653,851
210,531
-
-

Amounts owed by group undertakings
-
-
24,704,276
3,445,947

Other debtors
2,182,903
288,291
630,932
33,694

Prepayments and accrued income
563,478
238,286
89,165
-

3,400,232
737,108
25,424,373
3,479,641


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

10.


Cash and cash equivalents

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

Cash at bank and in hand
24,830,367
224,825
24,295,469
19,508



11.


Creditors: Amounts falling due within one year

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

Bank loan
9,750
9,750
-
-

Other loan
-
1,100,000
-
1,100,000

Trade creditors
1,985,680
1,289,217
59,997
19,059

Amounts owed to group undertakings
-
-
113,460
1

Other taxation and social security
83,794
31,225
-
-

Other creditors
174,829
123,220
-
-

Accruals and deferred income
1,208,471
205,721
33,590
27,038

3,462,524
2,759,133
207,047
1,146,098


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
The other loan has interest charged of 10% and was fully repaid in July 2022.
The bank loan was repaid in full after year end.
- 17 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Creditors: Amounts falling due after more than one year

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

Bank loan
26,000
35,750
-
-


The bank loan was repaid in full after year end.


13.


Loans


Analysis of the maturity of loans is given below:


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

Amounts falling due within one year

Bank loan
9,750
9,750
-
-

Other loans
-
1,100,000
-
1,100,000


9,750
1,109,750
-
1,100,000

Amounts falling due 1-2 years

Bank loan
9,750
9,750
-
-

Amounts falling due 2-5 years

Bank loan
16,250
26,000
-
-

35,750
1,145,500
-
1,100,000


- 18 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Share capital

2023
Unaudited 2022
£
£
Allotted, called up and fully paid



Nil (2022 - 140,360) Ordinary shares of £0.00100 each
-
140.36
18,455,803 (2022 - Nil) Ordinary A shares of £0.00001 each
184.56
-
5,078,400 (2022 - Nil) Ordinary B shares of £0.00001 each
50.78
-
5,908,300 (2022 - Nil) Ordinary C shares of £0.00001 each
59.08
-
116,827 (2022 - Nil) Ordinary D shares of £0.00001 each
1.17
-

295.59

140.36


During the year 29,424,848 Ordinary shares were issued with a nominal value of £0.00001 with a total consideration of £46,872,264.
On 20 July 2022, the existing 140,360 Ordinary shares of £0.001 each were sub-divided into 14,036,000 Ordinary shares of £0.00001 each with the same rights and being subject to the same restrictions as the existing Ordinary shares of £0.001 each. The 14,036,000 Ordinary shares were then redesignated into 3,049,300 A Ordinary shares of £0.00001 each, 5,078,400 B Ordinary shares of £0.00001 each and 5,908,300 C Ordinary shares of £0.00001 each.
On the same date, 15,406,503 A Ordinary shares with nominal value of £0.00001 were issued at a cost of £3.2443 per share.
On the same date, 116,827 D Ordinary shares with nominal value of £0.00001 were issued at a cost of £3.2443 per share.
Ordinary A, Ordinary B and Ordinary C shares all carry a right to vote, to receive dividends and do not confer any rights to redemption.
Ordinary D shares have limited rights to receive dividends and do not have a right to vote or confer rights of redemption.


15.


Reserves

Share premium account

This reserve comprises amounts paid in excess of the nominal value of share capital.

Merger relief reserve

This reserve represents the cumulative reserve movements arising from business combinations.

Profit and loss account

This reserve represents cumulative profits and losses, less dividends declared.

- 19 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £32,356 (Unaudited 2022: £6,262). Contributions totalling £7,237 (Unaudited 2022: £2,842) were payable to the fund at the balance sheet date and are included in creditors.


17.


Commitments under operating leases

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


Group
Group
2023
Unaudited 2022
£
£

Not later than 1 year
168,667
25,557

Later than 1 year and not later than 5 years
423,103
12,807

591,770
38,364

18.


Related party transactions

The Group has taken advantage of the exemption conferred by FRS102 paragraph 33.1A and has not disclosed transactions and outstanding balances with its subsidiary undertakings on the basis that all the relevant companies are directly or indirectly wholly owned by Raw Charging Group Limited.
During the period interest of £62,863 (2022: £28,526) was charged on a loan due to an other related party, the balance owed as at 31 March 2023 was £Nil (Unaudited 2022: £1,100,000).
During the period, the Group made purchases of £11,408 (2022: £25,682) from an other related party. As at 31 March 2023 the balance outstanding was £1,036 (2022: £810).


19.


Post balance sheet events

On 5 June 2023, 5,878 Ordinary D shares with nominal value of £0.00001 were issued at a cost of £3.2443 per share.
On 21 August 2023, 40,318 Ordinary C shares with nominal value of £0.00001 were issued at a cost of £3.2443 per share. 


20.


Controlling party

The ultimate controlling party of the Company is Antin Infrastructure Services Luxembourg li, a company registered in Luxembourg, registration number B 185727.

- 20 -

 
 13304970
31 March 2023
RAW CHARGING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:
Without qualifying our opinion we draw attention to the accounting policies on page 5 to the financial statements and the fact that the comparative information in the financial statements was unaudited. In the prior year the company was entitled to take exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The audit report was signed on 12 March 2024 by Shaun Mullins (Senior Statutory Auditor) on behalf of Mazars LLP.

- 21 -