Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity1010falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02220523 2023-01-01 2023-12-31 02220523 2022-01-01 2022-12-31 02220523 2023-12-31 02220523 2022-12-31 02220523 c:Director1 2023-01-01 2023-12-31 02220523 d:Buildings 2023-01-01 2023-12-31 02220523 d:Buildings 2023-12-31 02220523 d:Buildings 2022-12-31 02220523 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02220523 d:PlantMachinery 2023-01-01 2023-12-31 02220523 d:PlantMachinery 2023-12-31 02220523 d:PlantMachinery 2022-12-31 02220523 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02220523 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02220523 d:CurrentFinancialInstruments 2023-12-31 02220523 d:CurrentFinancialInstruments 2022-12-31 02220523 d:Non-currentFinancialInstruments 2023-12-31 02220523 d:Non-currentFinancialInstruments 2022-12-31 02220523 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02220523 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02220523 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02220523 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02220523 d:ShareCapital 2023-12-31 02220523 d:ShareCapital 2022-12-31 02220523 d:RetainedEarningsAccumulatedLosses 2023-12-31 02220523 d:RetainedEarningsAccumulatedLosses 2022-12-31 02220523 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02220523 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02220523 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02220523 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02220523 d:RetirementBenefitObligationsDeferredTax 2023-12-31 02220523 d:RetirementBenefitObligationsDeferredTax 2022-12-31 02220523 c:FRS102 2023-01-01 2023-12-31 02220523 c:Audited 2023-01-01 2023-12-31 02220523 c:FullAccounts 2023-01-01 2023-12-31 02220523 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02220523 d:WithinOneYear 2023-12-31 02220523 d:WithinOneYear 2022-12-31 02220523 d:BetweenOneFiveYears 2023-12-31 02220523 d:BetweenOneFiveYears 2022-12-31 02220523 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02220523










RAPS (UK) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RAPS (UK) LIMITED
REGISTERED NUMBER: 02220523

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
821,429
13,356

Current assets
  

Stocks
  
324,544
457,347

Debtors: amounts falling due within one year
 5 
946,548
751,818

Cash at bank and in hand
 6 
365,575
939,004

  
1,636,667
2,148,169

Creditors: amounts falling due within one year
 7 
(703,714)
(1,046,210)

Net current assets
  
 
 
932,953
 
 
1,101,959

Total assets less current liabilities
  
1,754,382
1,115,315

Creditors: amounts falling due after more than one year
 8 
(600,000)
(675,000)

Provisions for liabilities
  

Deferred tax
 9 
(3,378)
-

  
 
 
(3,378)
 
 
-

Net assets
  
1,151,004
440,315


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,151,002
440,313

  
1,151,004
440,315

Page 1

 
RAPS (UK) LIMITED
REGISTERED NUMBER: 02220523
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
T V De Vijfeijken
Director

Date: 25 March 2024

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
RAPS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

RAPS (UK) Limited is a company limited by shares, domiciled in England and Wales, registered number 02220523. The registered office and principal place of business is Ward Road, Buckingham Road Industrial Estate, Brackley, Northamptonshire, NN13 7LE

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 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources to the entity, the Directors have concluded that there is no material uncertainty and they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £1.

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.

Page 3

 
RAPS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.5

Operating leases: the Company as lessee

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

  
2.6

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method

  
2.7

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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.

  
2.8

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution is a pension plan under which the Company pays fixed contribution into a separated entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in the accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
RAPS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

 
2.10

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.

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:

Freehold property
-
20 years straight line
Plant and machinery
-
15% and 33% straight line

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.

Page 5

 
RAPS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 6

 
RAPS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
-
136,588
136,588


Additions
838,840
7,235
846,075



At 31 December 2023

838,840
143,823
982,663



Depreciation


At 1 January 2023
-
123,232
123,232


Charge for the year on owned assets
34,698
3,304
38,002



At 31 December 2023

34,698
126,536
161,234



Net book value



At 31 December 2023
804,142
17,287
821,429



At 31 December 2022
-
13,356
13,356

Page 7

 
RAPS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
919,700
674,622

Other debtors
18,254
9,831

Prepayments and accrued income
8,594
67,365

946,548
751,818



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
365,575
939,004



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
38,869
101,993

Amounts owed to group undertakings
453,385
889,081

Corporation tax
148,768
-

Other taxation and social security
10,685
11,014

Accruals and deferred income
52,007
44,122

703,714
1,046,210


Page 8

 
RAPS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
600,000
675,000


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
300,000
375,000

During the previous year a loan of £750,000 was entered into with RAPS GmbH & Co. KG. The loan is payable in quarterly instalments with a fixed rate of interest of 3%.


9.


Deferred taxation




2023


£






Charged to profit or loss
3,378



At end of year
3,378

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
4,005
2,802

Tax losses carried forward
-
(1,958)

Short term timing differences
(627)
(844)

3,378
-

Page 9

 
RAPS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
750,000


11.


Pension commitments

The company contributes to defined contribution schemes on behalf of its employees. At the Balance Sheet there were outstanding contributions of £3,980 (2022 - £3,376)


12.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
12,232
14,609

Later than 1 year and not later than 5 years
18,682
10,503

30,914
25,112


13.


Related party transactions

RAPS (UK) Limited is a wholly owned subsidiary of RAPS Verwaltungs GmbH. During the year the Company has traded with other wholly owned members of the group and is taking advantage of the exemptions conferred under section 1A of the Financial Reporting Standard not to disclose such transactions in the financial statements.
RAPS Fresh GmbH is a 94% owned subsidiary of the parent company. Purchases from RAPS Fresh GmbH during the year totalled £500,097 (2022: £586,537) and at the year end date £47,467 (2022: £49,716) was owed to RAPS Fresh GmbH.
There were no other transactions with related parties during the year that are required to be disclosed in the accounts in accordance with Financial Reporting Standard 102 section 1A.

Page 10

 
RAPS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Controlling party

RAPS (UK) Limited is a 100% owned subsidiary of RAPS Verwaltungs GmbH, a company incorporated in Germany. This company heads the smallest group of which RAPS (UK) Limited is a member.
The ultimate parent company is RAPS GmbH & Co KG, a company incorporated in Germany, which heads the largest group of which RAPS (UK) Limited is a member. Its registered office, where consolidated financial statements can be obtained, is Adalbert-Raps-Strasse 1, 95326 Kulmbach.
The company has no ultimate controlling party by virtue of the shareholdings in the ultimate parent company.

15.


Auditor's information

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

The audit report was signed on 27 March 2024 by Richard Powell BA FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 11