REGISTERED NUMBER: 03406887 (England and Wales)

Report of the Director and

Financial Statements

for the Year Ended 31 December 2024

for

STOKKE UK LIMITED

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

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTOR:

C N Veibust

SECRETARY:

D J Owen

REGISTERED OFFICE:

The Old House

Main Street

Maids Moreton

Buckinghamshire

MK18 1QU

REGISTERED NUMBER:

03406887 (England and Wales)

AUDITORS:

Hill Wooldridge & Co. Limited

Statutory Auditor & Chartered Accountants

Monument House

215 Marsh Road

Pinner

HA5 5NE

BANKERS:

Danske Bank

Corporates UK

75 King William Street

London

EC4N 7DT

SOLICITORS:

Chandler Ray

22 West Street

Buckingham

MK18 1HG

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

REVIEW OF BUSINESS

The results for the year and the financial position at the year end were considered satisfactory by the director, who expects turnover growth in the foreseeable future.

Activities consist solely of the sale of the parent company's childrens furniture products and as such the company faces no specific risks or uncertainties other than those inherent in the general UK economy.

Future growth will be achieved by building on the success of the company's sales team in marketing to existing customers and finding new ones. Performance indicators for the sales team are all linked to unit sales levels.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

The director is confident about the long term prospects of the company, which is well established and focused on delivering a good quality service with an intrinsic value.

DIRECTOR

C N Veibust held office during the whole of the period from 1 January 2024 to the date of this report.

The company is a wholly owned subsidiary and the director held no shares of the company at the start or end of the period. The director`s interest in shares of the parent company are disclosed in the financial statements of that company.

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.

AUDITORS

The auditors, Hill Wooldridge & Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D J Owen - Secretary

17 June 2025

Opinion

We have audited the financial statements of Stokke UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 2024 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.

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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks through our accumulated knowledge and consideration of sector information that is applicable to the company. We determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice, the Companies Act 2006 and tax legislation.

- We obtained an understanding of the procedures and controls over the company's operations and discussed these with those charged with governance. No matters of fraud were brought to our attention during that discussion.

- During our discussions with management, they assessed these as being the normal risks required to be considered by us as auditors by the Auditing Standards (such as management override and revenue recognition) but confirmed that no irregularities here occurred. This was confirmed by our review of management meetings, auditing management override through journal testing, and other adjustments to consider appropriateness, review of the financial statements to ensure no unusual and / or inexplicable variances and general discussions with management during the course of the audit. We did not identify any significant business transactions outside the normal course of the business operations.

- Our senior statutory auditor has assessed that the audit team possessed the ability and competence to identify and recognise non-compliance with the relevant laws and regulations central to the operation of this company. We have not identified any additional laws and regulations which are central to the entity's operations and which we were not notified about, during the course of our audit fieldwork.

We believe that our audit was capable of detecting material irregularities, including fraud, and our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Mark Murray BCom FCA FCCA (Senior Statutory Auditor)

for and on behalf of Hill Wooldridge & Co. Limited

Statutory Auditor & Chartered Accountants

Monument House

215 Marsh Road

Pinner

HA5 5NE

17 June 2025

TURNOVER

3

2,102,062

2,124,133

Distribution costs

496,751

428,831

Administrative expenses

1,195,645

1,213,124

1,692,396

1,641,955

OPERATING PROFIT

5

409,666

482,178

Interest receivable and similar income

8,589

16,265

PROFIT BEFORE TAXATION

418,255

498,443

Tax on profit

6

104,730

121,215

PROFIT FOR THE FINANCIAL YEAR

313,525

377,228

PROFIT FOR THE YEAR

313,525

377,228

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

313,525

377,228

FIXED ASSETS

Tangible assets

7

42,905

95,957

CURRENT ASSETS

Debtors

8

1,282,788

682,037

Cash at bank

256,578

492,920

1,539,366

1,174,957

CREDITORS

Amounts falling due within one year

9

382,045

370,949

NET CURRENT ASSETS

1,157,321

804,008

TOTAL ASSETS LESS CURRENT LIABILITIES

1,200,226

899,965

PROVISIONS FOR LIABILITIES

11

10,726

23,990

NET ASSETS

1,189,500

875,975

CAPITAL AND RESERVES

Called up share capital

12

200,000

200,000

Retained earnings

13

989,500

675,975

SHAREHOLDERS' FUNDS

1,189,500

875,975

The financial statements were approved by the director and authorised for issue on 17 June 2025 and were signed by:

C N Veibust - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

200,000

298,747

498,747

Changes in equity

Total comprehensive income

-

377,228

377,228

Balance at 31 December 2023

200,000

675,975

875,975

Changes in equity

Total comprehensive income

-

313,525

313,525

Balance at 31 December 2024

200,000

989,500

1,189,500

Cash flows from operating activities

Cash generated from operations

1

(109,133

)

411,013

Tax paid

(123,706

)

(29,932

)

Net cash from operating activities

(232,839

)

381,081

Cash flows from investing activities

Purchase of tangible fixed assets

(12,092

)

(56,834

)

Interest received

8,589

16,265

Net cash from investing activities

(3,503

)

(40,569

)

(Decrease)/increase in cash and cash equivalents

(236,342

)

340,512

Cash and cash equivalents at beginning of year

2

492,920

152,408

Cash and cash equivalents at end of year

2

256,578

492,920

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

418,255

498,443

Depreciation charges

65,144

85,920

Finance income

(8,589

)

(16,265

)

474,810

568,098

Increase in trade and other debtors

(600,751

)

(113,930

)

Increase/(decrease) in trade and other creditors

16,808

(43,155

)

Cash generated from operations

(109,133

)

411,013

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

256,578

492,920

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

492,920

152,408

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

492,920

(236,342

)

256,578

492,920

(236,342

)

256,578

Total

492,920

(236,342

)

256,578

1.	GENERAL INFORMATION

The principal activity of the company in the year under review was that of the sale of the parent company's childrens furniture products.

The company is a private company limited by shares and is incorporated and domiciled in England. The address of its registered office is The Old House, Main Street, Buckinghamshire, Maids Moreton, MK18 1QU.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

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.

Deferred tax

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.

Foreign currencies

The company's functional and presentation currency is the pound sterling. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Commission - Norway

2,102,062

2,124,133

2,102,062

2,124,133

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

649,408

651,888

Social security costs

84,307

87,291

Other pension costs

18,634

18,082

752,349

757,261

The average number of employees during the year was as follows:

2024

2023

Directors

1

1

Sales

7

7

8

8

2024

2023

£

£

Director's remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Other operating leases

68,439

60,903

Depreciation - owned assets

65,144

85,920

Auditors' remuneration

7,800

7,500

Foreign exchange differences

202

1,250

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

118,765

124,477

Prior year adjustment

(771

)

(3,494

)

Total current tax

117,994

120,983

Deferred tax

(13,264

)

232

Tax on profit

104,730

121,215

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

418,255

498,443

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

104,564

117,234

Effects of:

Expenses not deductible for tax purposes

937

903

Adjustments to tax charge in respect of previous periods

(771

)

(3,494

)

Super deduction allowance

-

(504

)

Impact of change in tax rate

-

7,076

Total tax charge

104,730

121,215

7.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

362,626

Additions

12,092

At 31 December 2024

374,718

DEPRECIATION

At 1 January 2024

266,669

Charge for year

65,144

At 31 December 2024

331,813

NET BOOK VALUE

At 31 December 2024

42,905

At 31 December 2023

95,957

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,231,548

638,626

VAT

25,387

18,891

Prepayments and accrued income

25,853

24,520

1,282,788

682,037

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

154,271

46,069

Corporation tax

118,765

124,477

PAYE and NIC control

31,922

21,095

Other creditors

2,208

2,599

Accruals and deferred income

74,879

176,709

382,045

370,949

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

29,795

31,233

Between one and five years

44,318

41,460

74,113

72,693

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

10,726

23,990

Deferred

tax

£

Balance at 1 January 2024

23,990

Credit to Income Statement during year

(13,264

)

Balance at 31 December 2024

10,726

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

200,000

Ordinary

£1

200,000

200,000

13.

RESERVES

Retained

earnings

£

At 1 January 2024

675,975

Profit for the year

313,525

At 31 December 2024

989,500

14.	PARENT COMPANY

The parent company is Stokke AS, a company incorporated in Norway. Group accounts can be found at the registered office at Parkgata 6, 6003 Alesund, Norway

15.	RELATED PARTY DISCLOSURES

During the year the company purchased accountancy services totalling £22,598 (2023: £21,420) from Facts & Figures, a partnership jointly owned by D J Owen, the company secretary.

The company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.

16.	ULTIMATE CONTROLLING PARTY

The company is controlled by NXC Corporation , a company registered in South Korea.