Company Registration No. 07037825 (England and Wales)
RACCOON (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
Star House
Star Hill
Rochester
Kent
ME1 1UX
RACCOON (LONDON) LIMITED
CONTENTS
Page
Company information
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 10
RACCOON (LONDON) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,483
Tangible assets
4
843,957
798,253
843,957
799,736
Current assets
Debtors
5
1,032,098
763,780
Cash at bank and in hand
896,602
593,665
1,928,700
1,357,445
Creditors: amounts falling due within one year
6
(1,307,590)
(866,805)
Net current assets
621,110
490,640
Total assets less current liabilities
1,465,067
1,290,376
Creditors: amounts falling due after more than one year
7
(199,757)
(371,728)
Provisions for liabilities
(73,197)
(58,746)
Net assets
1,192,113
859,902
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,191,113
858,902
Total equity
1,192,113
859,902
RACCOON (LONDON) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 3 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr R Clark
Director
Company registration number 07037825 (England and Wales)
RACCOON (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information
Raccoon (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Edenbridge Trade Centre, Hever Road, Edenbridge, Kent, TN8 5EA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
RACCOON (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
33% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
25 years straight line
Plant and equipment
25% reducing balance
Computers
3 years straight line
Motor vehicles
25% reducing balance
Office equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
RACCOON (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
RACCOON (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 7 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
25
22
RACCOON (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
3
Intangible fixed assets
Website
£
Cost
At 1 November 2023 and 31 October 2024
17,517
Amortisation and impairment
At 1 November 2023
16,034
Amortisation charged for the year
1,483
At 31 October 2024
17,517
Carrying amount
At 31 October 2024
At 31 October 2023
1,483
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 November 2023
361,576
775,841
33,985
641,205
15,275
1,827,882
Additions
2,405
11,234
216,702
230,341
Disposals
(16,467)
(16,000)
(32,467)
At 31 October 2024
361,576
778,246
28,752
841,907
15,275
2,025,756
Depreciation and impairment
At 1 November 2023
49,964
601,435
25,198
347,933
5,099
1,029,629
Depreciation charged in the year
7,400
43,927
7,147
108,956
2,544
169,974
Eliminated in respect of disposals
(16,467)
(1,337)
(17,804)
At 31 October 2024
57,364
645,362
15,878
455,552
7,643
1,181,799
Carrying amount
At 31 October 2024
304,212
132,884
12,874
386,355
7,632
843,957
At 31 October 2023
311,612
174,406
8,787
293,272
10,176
798,253
RACCOON (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
599,337
422,848
Corporation tax recoverable
65,193
55,255
Other debtors
291,804
227,143
Prepayments
75,764
58,534
1,032,098
763,780
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
131,932
138,699
Hire purchase and finance lease obligations
46,805
47,348
Trade creditors
266,097
327,733
Corporation tax
202,544
28,795
Other taxation and social security
317,629
205,422
Other creditors
287,704
60,054
Accruals and pension
54,879
58,754
1,307,590
866,805
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
167,303
292,469
Hire purchase and finance lease obligations
32,454
79,259
199,757
371,728
RACCOON (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 10 -
A charge dated 12 November 2009 is held by Bibby Financial Services Limited. The charge is a fixed and floating charge over all property, assets and undertakings.
A charge dated 27 March 2015 is held by National Westminster Bank PLC. The charge is a fixed and floating charge over all assets.
A charge dated 27 January 2017 is held by National Westminster Bank PLC. The charge is a fixed charge containing a negative pledge.
A charge dated 30 May 2019 is held by Hitachi Capital (UK) PLC. The charge is a fixed and floating charge over all property, assets and undertakings.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £5,185 (2023 - £9,333).
9
Directors' transactions
During the year, the following transactions took place with the directors:
Other advances of £48,859 (2023 - £15,690)
Repayments to the company of £19,412 (2023 - £1,369)
As at 31 October 2024 £215,245 (2023 - £185,798) was due from the directors.