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REGISTERED NUMBER: 00674244 (England and Wales)















Report of the Director and

Financial Statements for the Year Ended 31 December 2023

for

Raaco Great Britain Limited

Raaco Great Britain Limited (Registered number: 00674244)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Raaco Great Britain Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: P S Lauritsen





REGISTERED OFFICE: Fifth Floor
27 Greville Street
London
EC1N 8SU





REGISTERED NUMBER: 00674244 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

Raaco Great Britain Limited (Registered number: 00674244)

Report of the Director
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the Company during the period was that of acting as a sales subsidiary.

REVIEW OF BUSINESS
The results for the year and the financial position at the year end, were considered satisfactory by the director.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTOR
P T Damberg held office from 1 January 2023 until after 31 December 2023 but prior to the date of this report.
P S Lauritsen was appointed as a director after 31 December 2023 but prior to the date of this report.

RESULTS AND DIVIDENDS
The Company's profit for the year amounted to GBP 52,397.

POST BALANCE SHEET EVENTS
No post balance sheet events have occured since 31 December 2023 which requires reporting or disclosing in the accounts.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Raaco Great Britain Limited (Registered number: 00674244)

Report of the Director
for the Year Ended 31 December 2023


AUDITORS
Krogh & Partners Limited, Chartered Accountants & Registered Auditors have signified their willingness to continue in office. A resolution to re-appoint them will be proposed at the Annual General Meeting.

BY ORDER OF THE BOARD:





P S Lauritsen - Director


6 September 2024

Report of the Independent Auditors to the Members of
Raaco Great Britain Limited (Registered number: 00674244)

Opinion
We have audited the financial statements of Raaco Great Britain Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 December 2023 and of its 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 company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Raaco Great Britain Limited (Registered number: 00674244)


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, and anti-bribery;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Raaco Great Britain Limited (Registered number: 00674244)


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.




John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

6 September 2024

Raaco Great Britain Limited (Registered number: 00674244)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 1,973,101 1,902,392

Cost of sales 1,361,648 1,280,638
GROSS PROFIT 611,453 621,754

Administrative expenses 542,304 555,962
OPERATING PROFIT 69,149 65,792

Interest receivable and similar income 1,464 20,475
70,613 86,267

Interest payable and similar expenses 5,216 516
PROFIT BEFORE TAXATION 65,397 85,751

Tax on profit 4 13,000 16,300
PROFIT FOR THE FINANCIAL YEAR 52,397 69,451

Raaco Great Britain Limited (Registered number: 00674244)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 52,397 69,451


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

52,397

69,451

Raaco Great Britain Limited (Registered number: 00674244)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 - -

CURRENT ASSETS
Debtors 6 298,375 409,328
Cash at bank 7 159,430 130,161
457,805 539,489
CREDITORS
Amounts falling due within one year 8 201,853 335,934
NET CURRENT ASSETS 255,952 203,555
TOTAL ASSETS LESS CURRENT
LIABILITIES

255,952

203,555

CAPITAL AND RESERVES
Called up share capital 10 25,000 25,000
Retained earnings 230,952 178,555
SHAREHOLDERS' FUNDS 255,952 203,555

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

These accounts were approved by the director and authorised for issue on 6 September 2024 and were signed by:





P S Lauritsen - Director


Raaco Great Britain Limited (Registered number: 00674244)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 25,000 109,104 134,104

Changes in equity
Total comprehensive income - 69,451 69,451
Balance at 31 December 2022 25,000 178,555 203,555

Changes in equity
Total comprehensive income - 52,397 52,397
Balance at 31 December 2023 25,000 230,952 255,952

Raaco Great Britain Limited (Registered number: 00674244)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Raaco Great Britain 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover from the sale of goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Turnover is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.

Foreign currencies
Transactions in the profit and loss account in foreign currencies are recorded using an average fixed rate of exchange for the period. Non monetary assets in foreign currency are reported at the cost of acquisition at the rates of exchange prevailing at that date. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date. Gains or losses on translation are included in the profit and loss account.

Interest and similar income and charges
Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Financial instruments
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Tangible fixed assets
Tangible assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation is provided at the following annual rates over the expected useful lives of the assets:

Fixtures and fittings 7 Years Straight line

Debtors
Debtors are valued individually and there are made provision according to this valuation.

Cash at bank and in hand
Cash at bank and in hand include cash holdings and bank deposits.

Creditors
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.


Raaco Great Britain Limited (Registered number: 00674244)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Taxation
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 13,000 16,300
Tax on profit 13,000 16,300

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 6,473
DEPRECIATION
At 1 January 2023
and 31 December 2023 6,473
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Raaco Great Britain Limited (Registered number: 00674244)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 294,232 402,999
Other debtors 410 28
Prepayments and accrued income 3,733 6,301
298,375 409,328

7. CASH AT BANK
2023 2022
£    £   
Cash at bank and in hand 159,430 130,161

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,331 -
Amounts owed to group undertakings 53,454 161,922
Corporation Tax 12,988 16,300
Other taxation and social security 2,913 3,033
VAT 66,496 70,592
Other creditors 256 823
Accruals and deferred income 64,415 83,264
201,853 335,934

Amounts owed to group undertakings are unsecured, repayable on demand and bear interest at LIBOR +2% (2022: LIBOR +2%)

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 23,103 16,813
Between one and five years 25,790 11,598
48,893 28,411

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
25,000 Ordinary 1 25,000 25,000

Raaco Great Britain Limited (Registered number: 00674244)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. PARENT UNDERTAKINGS AND RELATED PARTY TRANSACTIONS

The ultimate parent undertaking is Raaco Holding ApS.

The immediate parent undertaking is Raaco A/S, who prepares group financial statements and copies can be obtained from

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