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REGISTERED NUMBER: 01277185 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 29 October 2022 |

| for |

| A J Charlton & Sons Limited |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Contents of the Financial Statements

for the Year Ended 29 October 2022

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Statement of Comprehensive Income | 7 |

| 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 |

| A J Charlton & Sons Limited |

Company Information

for the Year Ended 29 October 2022

| DIRECTORS: | A J Charlton

| P J Charlton

| D G Charlton

| A D Charlton

| M Charlton

| B Halford

| SECRETARY: | P J Charlton

| REGISTERED OFFICE: | Sawmills

| Buckland Down

| Frome

| Somerset

| BA11 2RH

| REGISTERED NUMBER: | 01277185 (England and Wales)

| A J Charlton & Sons Limited (Registered number: 01277185) |

Strategic Report

for the Year Ended 29 October 2022

The directors present their strategic report for the year ended 29 October 2022.

REVIEW OF BUSINESS

Compared to FY21, FY22 has been more challenging dealing with a post Covid world of demand and manufacturing. Sales were weaker generally but especially in low margin commodity products in the sawmill division. Raw material pricing continued to go through turbulent times but the company focused on trying to maintain production levels and margins.

The Board decided to adjust their strategy and alter its direction towards more added value products. Processing of round timber had become less and less economically viable, therefore it was decided to close this division and utilise the storage space to store imported timber and machining timber to our requirements using retained machinery. This improved efficiency within the joinery works and allowed expansion in the range of products sold.

PRINCIPAL RISKS AND UNCERTAINTIES

Challenging economic conditions with high inflation, rising interest rates and unprecedented utility costs remain as the principal risks and uncertainties.

FUTURE DEVELOPMENTS

The company remains focused on manufacturing high quality products and expanding its product range to meet the demands of its customers spread throughout the country.

KEY PERFORMANCE INDICATORS

The key performances indicators for the company are listed below:

Gross profit margin: 24.4% (2021: 23.5%)

Operating profit/(loss) percentage: (0.01%) (2021: 12.2%)

Stock days: 161 (2021: 114)

ON BEHALF OF THE BOARD:

P J Charlton - Secretary

22 September 2023

| A J Charlton & Sons Limited (Registered number: 01277185) |

Report of the Directors

for the Year Ended 29 October 2022

The directors present their report with the financial statements of the company for the year ended 29 October 2022.

DIVIDENDS

The total dividend distributions for the year ended 29 October 2022 will be £Nil (2021: £56,809).

DIRECTORS

The directors shown below have held office during the whole of the period from 30 October 2021 to the date of this report.

A J Charlton

P J Charlton

D G Charlton

A D Charlton

M Charlton

B Halford

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director 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.

ON BEHALF OF THE BOARD:

P J Charlton - Secretary

22 September 2023

Report of the Independent Auditors to the Members of

A J Charlton & Sons Limited

Qualified opinion

We have audited the financial statements of A J Charlton & Sons Limited (the 'company') for the year ended 29 October 2022 which comprise the Statement of 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, except for the possible effects of the matter described in thebasis for qualified opinion section of our report, the financial statements:

- |  | give a true and fair view of the state of the company's affairs as at 29 October 2022 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 qualified opinion

We did not observe the counting of the physical inventory of £2,082,105 as at 29 October 2022. We were unable to satisfy ourselves as to the inventory quantities at that date by other audit procedures. Since closing inventories enter into the determination of the financial position, financial performance and cash flows, we were unable to determine whether adjustments to the balance sheet, profit for the year and net cash flows from operating activities might be necessary. As the basis for the qualified opinion was due to a limitation in the audit's scope, it has not been practicable to quantify the potential financial effects. In addition, were any adjustments to stocks be required, the strategic report would also need to be amended.

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 qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £2,082,820 held at 29 October 2022. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Qualified opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- |  | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |

- |  | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |

Report of the Independent Auditors to the Members of

A J Charlton & Sons Limited

Matters on which we are required to report by exception

Except for the matter we described in the Basis for Qualified Opinion section of our report arising solely from the limitation on the scope of our work relating to stocks, referred to above:

- |  | we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |

- |  | we were unable to determine whether adequate accounting records have not been kept. |

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:

- |  | 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 directors' remuneration specified by law are not made; or |

- |  | the directors were 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 or in preparing the Report of the Directors. |

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 Strategic Report or the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

A J Charlton & Sons Limited

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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- |  | Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |

- |  | Understanding of management’s internal controls designed to prevent and detect irregularities, and fraud; |

- |  | Reviewing the Company’s legal costs to check for non-compliance with laws and regulations and fraud; |

- |  | Reviewing Board of Directors minutes; |

- |  | Review of tax compliance with the involvement of our tax specialists in the audit; |

- |  | Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses; |

- |  | Reviewing assumptions and judgements made by management in its significant accounting estimates: |

- |  | Testing transactions entered into outside of the normal course of the Company’s business; and |

- |  | Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers. |

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 or intentional misrepresentations, or through

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.

Martin Longmore (Senior Statutory Auditor)

for and on behalf of Sumer Audit

Statutory Auditor

Chartered Accountants

County Gate

County Way

Trowbridge

Wiltshire

BA14 7FJ

22 September 2023

| A J Charlton & Sons Limited (Registered number: 01277185) |

Statement of Comprehensive

Income

for the Year Ended 29 October 2022

| 2022 |  | 2022 |  | 2022

| Continuing |  | Discontinued |  | Total |

| Notes | £ | £ | £ |

TURNOVER | 4 | 8,840,225 |  | 1,109,917 |  | 9,950,142 |  |

Cost of sales | (6,918,298 | ) | (601,338 | ) | (7,519,636 | ) |

GROSS PROFIT | 1,921,927 |  | 508,579 |  | 2,430,506 |  |

Distribution costs | (66,926 | ) | - |  | (66,926 | ) |

Administrative expenses | (1,721,664 | ) | (791,182 | ) | (2,512,846 | ) |

133,337 |  | (282,603 | ) | (149,266 | ) |

Other operating income | 133,496 |  | 13,015 |  | 146,511 |  |

OPERATING PROFIT/(LOSS) | 6 | 266,833 |  | (269,588 | ) | (2,755 | ) |

Gain/loss on revaluation of assets | - |  | - |  | - |  |

Interest payable and similar expenses | 7 | (65,825 | ) | - |  | (65,825 | ) |

PROFIT/(LOSS) BEFORE TAXATION | 201,008 |  | (269,588 | ) | (68,580 | ) |

Tax on profit/(loss) | 8 | 70,235 |  | - |  | 70,235 |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 271,243 |  | (269,588 | ) | 1,655 |  |

OTHER COMPREHENSIVE INCOME | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,655 |  |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Statement of Comprehensive

Income

for the Year Ended 29 October 2022

| 2021 |  | 2021 |  | 2021

| Continuing |  | Discontinued |  | Total |

| Notes | £ | £ | £ |

TURNOVER | 4 | 9,573,692 |  | 3,483,371 |  | 13,057,063 |  |

Cost of sales | (7,800,233 | ) | (2,182,299 | ) | (9,982,532 | ) |

GROSS PROFIT | 1,773,459 |  | 1,301,072 |  | 3,074,531 |  |

Distribution costs | (34,141 | ) | - |  | (34,141 | ) |

Administrative expenses | (1,667,664 | ) | (1,116,261 | ) | (2,783,925 | ) |

71,654 |  | 184,811 |  | 256,465 |  |

Other operating income | 117,579 |  | - |  | 117,579 |  |

OPERATING PROFIT | 6 | 189,233 |  | 184,811 |  | 374,044 |  |

Interest receivable and similar income | 2 |  | - |  | 2 |  |

Gain/loss on revaluation of assets | - |  | - |  | - |  |

Interest payable and similar expenses | 7 | (54,889 | ) | - |  | (54,889 | ) |

PROFIT BEFORE TAXATION | 134,346 |  | 184,811 |  | 319,157 |  |

Tax on profit | 8 | (73,734 | ) | - |  | (73,734 | ) |

PROFIT FOR THE FINANCIAL YEAR | 60,612 |  | 184,811 |  | 245,423 |  |

OTHER COMPREHENSIVE INCOME | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 245,423 |  |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Balance Sheet

29 October 2022

| 2022 | 2021 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 7,840 |  | 9,800 |  |

Tangible assets | 11 | 1,473,958 |  | 1,157,748 |  |

1,481,798 |  | 1,167,548 |  |

CURRENT ASSETS

Stocks | 12 | 2,082,820 |  | 2,177,239 |  |

Debtors | 13 | 1,287,279 |  | 2,083,534 |  |

Cash at bank and in hand | 57,320 |  | 251,529 |  |

3,427,419 |  | 4,512,302 |  |

CREDITORS

Amounts falling due within one year | 14 | 2,560,953 |  | 3,334,803 |  |

NET CURRENT ASSETS | 866,466 |  | 1,177,499 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,348,264 |  | 2,345,047 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (774,295 | ) | (727,498 | ) |

PROVISIONS FOR LIABILITIES | 20 | (28,499 | ) | (73,734 | ) |

NET ASSETS | 1,545,470 |  | 1,543,815 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 200,502 |  | 200,502 |  |

Retained earnings | 22 | 1,344,968 |  | 1,343,313 |  |

SHAREHOLDERS' FUNDS | 1,545,470 |  | 1,543,815 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2023 and were signed on its behalf by:

P J Charlton - Director

B Halford - Director

| A J Charlton & Sons Limited (Registered number: 01277185) |

Statement of Changes in Equity

for the Year Ended 29 October 2022

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 30 October 2020 | 200,502 |  | 1,154,699 |  | 1,355,201 |  |

Changes in equity

Dividends | - |  | (56,809 | ) | (56,809 | ) |

Total comprehensive income | - |  | 245,423 |  | 245,423 |  |

Balance at 29 October 2021 | 200,502 |  | 1,343,313 |  | 1,543,815 |  |

Changes in equity

Total comprehensive income | - |  | 1,655 |  | 1,655 |  |

Balance at 29 October 2022 | 200,502 |  | 1,344,968 |  | 1,545,470 |  |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Cash Flow Statement

for the Year Ended 29 October 2022

| 2022 |  | 2021

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 362,199 |  | 426,860 |  |

Interest paid | (44,316 | ) | (39,477 | ) |

Interest element of hire purchase payments paid | (21,509 | ) | (15,412 | ) |

Tax paid | - |  | 7,040 |  |

Government Grants | 3,102 |  | 42,239 |  |

Net cash from operating activities | 299,476 |  | 421,250 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | - |  | (16,800 | ) |

Purchase of tangible fixed assets | (500,099 | ) | (570,444 | ) |

Sale of tangible fixed assets | 20,015 |  | - |  |

Interest received | - |  | 2 |  |

Net cash from investing activities | (480,084 | ) | (587,242 | ) |

Cash flows from financing activities

Loan repayments in period | (71,159 | ) | (317,785 | ) |

Invoice discounting net funds in period | (187,748 | ) | 544,424 |  |

Capital repayments on HP contracts | (150,980 | ) | (72,421 | ) |

Amount introduced by directors | 178,453 |  | - |  |

Amount withdrawn by directors | (178,453 | ) | - |  |

New HP in period | 396,286 |  | 93,436 |  |

Equity dividends paid | - |  | (56,809 | ) |

Net cash from financing activities | (13,601 | ) | 190,845 |  |

(Decrease)/increase in cash and cash equivalents | (194,209 | ) | 24,853 |  |

Cash and cash equivalents at beginning of year | 2 | 251,529 |  | 226,676 |  |

Cash and cash equivalents at end of year | 2 | 57,320 |  | 251,529 |  |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Cash Flow Statement

for the Year Ended 29 October 2022

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2022 |  | 2021

£ | £ |

| (Loss)/profit before taxation | (68,580 | ) | 319,157 |  |

| Depreciation charges | 185,849 |  | 159,970 |  |

| Profit on disposal of fixed assets | (20,015 | ) | - |  |

| Government grants | (3,102 | ) | (42,239 | ) |

| Finance costs | 65,825 |  | 54,889 |  |

| Finance income | - |  | (2 | ) |

159,977 |  | 491,775 |  |

| Decrease/(increase) in stocks | 94,419 |  | (109,806 | ) |

| Decrease/(increase) in trade and other debtors | 821,255 |  | (11,013 | ) |

| (Decrease)/increase in trade and other creditors | (713,452 | ) | 55,904 |  |

| Cash generated from operations | 362,199 |  | 426,860 |  |

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 29 October 2022

| 29.10.22 |  | 30.10.21

£ | £ |

| Cash and cash equivalents | 57,320 |  | 251,529 |  |

| Year ended 29 October 2021

| 29.10.21 |  | 30.10.20

£ | £ |

| Cash and cash equivalents | 251,529 |  | 226,676 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 30.10.21 | Cash flow | At 29.10.22

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 251,529 |  | (194,209 | ) | 57,320 |  |

251,529 |  | (194,209 | ) | 57,320 |  |

| Debt

| Finance leases | (173,135 | ) | (245,306 | ) | (418,441 | ) |

| Debts falling due within 1 year | (360,079 | ) | (73,234 | ) | (433,313 | ) |

| Debts falling due after 1 year | (624,624 | ) | 144,394 |  | (480,230 | ) |

(1,157,838 | ) | (174,146 | ) | (1,331,984 | ) |

| Total | (906,309 | ) | (368,355 | ) | (1,274,664 | ) |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements

for the Year Ended 29 October 2022

1. | STATUTORY INFORMATION

| A J Charlton & Sons 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| 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.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

| Functional and presentation currency

| The company's functional and presentation currency is Sterling (£).

| Significant judgements and estimates

| In the application of the company's accounting policies, management is required to make judgements,

| estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements:

| (i) Useful economic life of tangible assets

| The annual depreciation charge for tangible assets is sensitive to changes in the estimates useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

| (ii) Impairment of debtors

| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors, relationship with the debtors and historical experience.

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

3. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

| Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transactions, the fair value of the consideration is measured as the present value of all future receipts using the inputted rate of interest.

| The company recognises revenue when the following conditions are satisfied:

| Sale of goods

| Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

| - the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

| - the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the economic benefits associated with the transaction can be measured reliably.

| Specifically, revenue from the sale of goods is primarily recognised on delivery of goods to the customer.

| Interest receivable

| Interest income is recognised using the effective interest method.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Short leasehold | - | over period of lease

| Long leasehold improvements | - | 2% on straight line basis

| Plant and machinery | - | 33% on reducing balance, 15% on reducing balance and 10% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Freehold land is not depreciated.

| Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

| Government grants

| Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

3. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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

| 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

| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income as to produce constant periodic rates of charge on the net obligations outstanding in each period.

| Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

| 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.

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

3. | ACCOUNTING POLICIES - continued

| Impairment of assets

| Assets, other than those measured at fair value, as assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below:

| Non-financial assets

| At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether

| there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an

| indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying

| amount of the asset (or asset's cash generating unit).

| The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to sell and value in use. Value is use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (or asset's cash generating unit) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and risks inherent in the asset.

| If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter an excess is recognised in profit or loss.

| If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating

| unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised

| carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is

| recognised in the profit and loss account.

| Financial assets

| For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

| For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's

| carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the report date.

| Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an

| event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

| An impairment loss is reversed on an individual impaired financial assets to the extent that the revised

| recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| Financial instruments

| Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11.

| Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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.

| Such assets are subsequently carried at amortised cost using the effective interest method.

| Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow

| group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

4. | TURNOVER

| The turnover and loss (2021 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2022 |  | 2021

£ | £ |

| United Kingdom | 9,909,157 |  | 12,974,916 |  |

| Europe | 37,604 |  | 82,147 |  |

| Australia | 3,381 |  | - |  |

9,950,142 |  | 13,057,063 |  |

5. | EMPLOYEES AND DIRECTORS

| 2022 |  | 2021

£ | £ |

| Wages and salaries | 2,763,850 |  | 2,735,248 |  |

| Social security costs | 266,310 |  | 258,398 |  |

| Other pension costs | 137,695 |  | 151,450 |  |

3,167,855 |  | 3,145,096 |  |

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

| 2022 |  | 2021

| Direct staff | 78 |  | 82 |  |

| Administration | 12 |  | 12 |  |

| Sales | 6 |  | 6 |  |

96 |  | 100 |  |

| 2022 |  | 2021

£ | £ |

| Directors' remuneration | 310,181 |  | 354,918 |  |

| Directors' pension contributions to money purchase schemes | 57,174 |  | 73,699 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Defined benefit schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2022 |  | 2021

£ | £ |

| Emoluments etc | 79,442 |  | 78,000 |  |

| Pension contributions to money purchase schemes | 2,383 |  | - |  |

6. | OPERATING (LOSS)/PROFIT

| The operating loss (2021 - operating profit) is stated after charging/(crediting):

| 2022 |  | 2021

£ | £ |

| Hire of plant and machinery | 171,187 |  | 189,218 |  |

| Depreciation - owned assets | 119,935 |  | 89,053 |  |

| Depreciation - assets on hire purchase contracts | 63,954 |  | 63,917 |  |

| Profit on disposal of fixed assets | (20,015 | ) | - |  |

| Goodwill amortisation | 1,960 |  | 7,000 |  |

| Auditors' remuneration | 28,884 |  | 13,058 |  |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2022 |  | 2021

£ | £ |

| Bank loan interest | 36,387 |  | 34,064 |  |

| Other loan interest | - |  | 575 |  |

| Invoice discounting interest | 7,929 |  | 4,838 |  |

| Hire purchase | 21,509 |  | 15,412 |  |

65,825 |  | 54,889 |  |

8. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 2022 |  | 2021

£ | £ |

| Current tax:

| UK corporation tax | (25,000 | ) | - |  |

| Deferred tax | (45,235 | ) | 73,734 |  |

| Tax on (loss)/profit | (70,235 | ) | 73,734 |  |

| UK corporation tax was charged at 19%) in 2021.

| Reconciliation of total tax (credit)/charge included in profit and loss

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

| 2022 |  | 2021

£ | £ |

| (Loss)/profit before tax | (68,580 | ) | 319,157 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19% (2021 - 19%) | (13,030 | ) | 60,640 |  |

| Effects of:

| Expenses not deductible for tax purposes | (32 | ) | 63 |  |

| Capital allowances in excess of depreciation | (62,701 | ) | (60,200 | ) |

| Utilisation of tax losses | (4,666 | ) | (1,604 | ) |

| Losses held back | 80,429 |  | 1,101 |  |

| Deferred tax timing differences | (45,235 | ) | 73,734 |  |

| Taxation recoverable provision | (25,000 | ) | - |  |

| Total tax (credit)/charge | (70,235 | ) | 73,734 |  |

| The standard rate of corporation tax in the United Kingdom was 19% for the period ended 29 October 2021. Increases to the UK corporation tax rate to variable rates between 19% and 25% from 1 April 2023 were substantively enacted on 24 May 2021.

| For the purposes of deferred tax, the rate changes from 19% to up to 25% had been substantively enacted before the balance sheet date. This will increase the company's future current tax charge and increase the company's deferred tax liability accordingly.

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

9. | DIVIDENDS

| 2022 |  | 2021

£ | £ |

| A Ordinary shares of £1 each |

| Interim | - |  | 11,362 |  |

| B Ordinary shares of £1 each |

| Interim | - |  | 15,149 |  |

| C Ordinary shares of £1 each |

| Interim | - |  | 15,149 |  |

| D Ordinary shares of £1 each |

| Interim | - |  | 15,149 |  |

- |  | 56,809 |  |

10. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 30 October 2021

| and 29 October 2022 | 16,800 |  |

| AMORTISATION

| At 30 October 2021 | 7,000 |  |

| Amortisation for year | 1,960 |  |

| At 29 October 2022 | 8,960 |  |

| NET BOOK VALUE

| At 29 October 2022 | 7,840 |  |

| At 29 October 2021 | 9,800 |  |

11. | TANGIBLE FIXED ASSETS

| Long |

| Short |  | leasehold |  | Plant and |  | Motor |

| leasehold |  | improvements |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 30 October 2021 | 60,000 |  | 492,211 |  | 2,895,407 |  | 649,883 |  | 4,097,501 |  |

| Additions | - |  | 215,345 |  | 275,712 |  | 9,042 |  | 500,099 |  |

| Disposals | - |  | - |  | (32,054 | ) | - |  | (32,054 | ) |

| At 29 October 2022 | 60,000 |  | 707,556 |  | 3,139,065 |  | 658,925 |  | 4,565,546 |  |

| DEPRECIATION

| At 30 October 2021 | 37,000 |  | 36,274 |  | 2,419,068 |  | 447,411 |  | 2,939,753 |  |

| Charge for year | 2,000 |  | 18,673 |  | 110,521 |  | 52,695 |  | 183,889 |  |

| Eliminated on disposal | - |  | - |  | (32,054 | ) | - |  | (32,054 | ) |

| At 29 October 2022 | 39,000 |  | 54,947 |  | 2,497,535 |  | 500,106 |  | 3,091,588 |  |

| NET BOOK VALUE

| At 29 October 2022 | 21,000 |  | 652,609 |  | 641,530 |  | 158,819 |  | 1,473,958 |  |

| At 29 October 2021 | 23,000 |  | 455,937 |  | 476,339 |  | 202,472 |  | 1,157,748 |  |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

11. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Long |

| leasehold |  | Plant and |  | Motor |

| improvements |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 30 October 2021 | - |  | 166,028 |  | 270,305 |  | 436,333 |  |

| Additions | 98,918 |  | 96,911 |  | - |  | 195,829 |  |

| Transfer to ownership | - |  | (166,028 | ) | (72,056 | ) | (238,084 | ) |

| Reclassification/transfer | 239,551 |  | 26,625 |  | - |  | 266,176 |  |

| At 29 October 2022 | 338,469 |  | 123,536 |  | 198,249 |  | 660,254 |  |

| DEPRECIATION

| At 30 October 2021 | - |  | 103,213 |  | 93,255 |  | 196,468 |  |

| Charge for year | 11,282 |  | 15,442 |  | 37,230 |  | 63,954 |  |

| Transfer to ownership | - |  | (103,213 | ) | (44,253 | ) | (147,466 | ) |

| At 29 October 2022 | 11,282 |  | 15,442 |  | 86,232 |  | 112,956 |  |

| NET BOOK VALUE

| At 29 October 2022 | 327,187 |  | 108,094 |  | 112,017 |  | 547,298 |  |

| At 29 October 2021 | - |  | 62,815 |  | 177,050 |  | 239,865 |  |

12. | STOCKS

2022 | 2021 |

£ | £ |

| Raw materials and consumables | 737,075 |  | 988,388 |  |

| Work-in-progress | 322,039 |  | 405,189 |  |

| Finished goods | 1,023,706 |  | 783,662 |  |

2,082,820 |  | 2,177,239 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2022 | 2021 |

£ | £ |

| Trade debtors | 948,081 |  | 1,700,963 |  |

| Other debtors | 26,060 |  | - |  |

| Taxation recoverable | 25,000 |  | - |  |

| Prepayments and accrued income | 288,138 |  | 382,571 |  |

1,287,279 |  | 2,083,534 |  |

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2022 | 2021 |

£ | £ |

| Bank loans and overdrafts (see note 16) | 145,181 |  | 141,020 |  |

| Other loans (see note 16) | 288,132 |  | 219,059 |  |

| Hire purchase contracts (see note 17) | 124,376 |  | 70,261 |  |

| Trade creditors | 873,598 |  | 1,166,307 |  |

| Social security and other taxes | 305,106 |  | 337,016 |  |

| Other creditors | 563,764 |  | 742,975 |  |

| Directors' current accounts | 165,328 |  | 343,781 |  |

| Accrued expenses | 95,468 |  | 314,384 |  |

2,560,953 |  | 3,334,803 |  |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

| Other creditors include £450,491 (2021: £638,239) relating to amounts advanced under an invoice discounting arrangement.

| Other creditors include outstanding pension contributions of £33,319 (2021: £20,451).

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2022 | 2021 |

£ | £ |

| Bank loans (see note 16) | 480,230 |  | 624,624 |  |

| Hire purchase contracts (see note 17) | 294,065 |  | 102,874 |  |

774,295 |  | 727,498 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

2022 | 2021 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 145,181 |  | 141,020 |  |

| Other loans | 288,132 |  | 219,059 |  |

433,313 |  | 360,079 |  |

| Amounts falling due between one and two years:

| Bank loans due 1-2 years | 144,853 |  | 142,900 |  |

| Amounts falling due between two and five years:

| Bank loans due 2-5 years | 319,509 |  | 403,208 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans due in more than

| 5 years | 15,868 |  | 78,516 |  |

15,868 |  | 78,516 |  |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase contracts |

2022 | 2021 |

£ | £ |

| Gross obligations repayable:

| Within one year | 138,805 |  | 75,712 |  |

| Between one and five years | 285,928 |  | 110,285 |  |

| In more than five years | 61,750 |  | - |  |

486,483 |  | 185,997 |  |

| Finance charges repayable:

| Within one year | 14,429 |  | 5,451 |  |

| Between one and five years | 53,613 |  | 7,411 |  |

68,042 |  | 12,862 |  |

| Net obligations repayable:

| Within one year | 124,376 |  | 70,261 |  |

| Between one and five years | 232,315 |  | 102,874 |  |

| In more than five years | 61,750 |  | - |  |

418,441 |  | 173,135 |  |

| Non-cancellable operating | leases |

2022 | 2021 |

£ | £ |

| Within one year | 94,549 |  | 92,074 |  |

| Between one and five years | 366,509 |  | 352,000 |  |

| In more than five years | 616,000 |  | 704,000 |  |

1,077,058 |  | 1,148,074 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

2022 | 2021 |

£ | £ |

| Bank loans | 625,411 |  | 765,644 |  |

| Hire purchase contracts | 418,441 |  | 173,135 |  |

| Invoice discounting loan | 450,491 |  | 638,239 |  |

1,494,343 |  | 1,577,018 |  |

| Bank borrowings are secured by way of a first mortgage over the leasehold property, a fixed charge over book debts and a floating charge over all other assets.

| The invoice discounting loan is secured upon the debts to which it relates.

| Hire purchase contracts are secured upon the assets to which they relate.

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

19. | FINANCIAL INSTRUMENTS

| The carrying value of the financial assets and liabilities are summarised by category below:

|  | 2022 |  |  | 2021 |  |

|  | £ |  |  | £ |  |

| Financial assets |  |

| Measured at undiscounted amount receivable |  |

| - Trade and other debtors and accrued income |  | 1,191,678 |  |  | 2,066,772 |  |

| - Cash at bank and at hand |  | 57,318 |  |  | 251,528 |  |

|  | 1,248,996 |  |  | 2,318,300 |  |

| Financial liabilities |  |

| Measured at amortised cost |  |

| - Bank and other loans |  | (1,331,984 |  |  | (1,157,838) |  |

| Measured at undiscounted amount payable |  |

| - Trade and other creditors and accruals |  | (1,602,689 | ) |  | (2,253,064 | ) |

|  | (2,934,673 | ) |  | (3,410,902 | ) |

20. | PROVISIONS FOR LIABILITIES

2022 | 2021 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 28,499 |  | 73,734 |  |

| Deferred |

| tax |

£ |

| Balance at 30 October 2021 | 73,734 |  |

| Credit to Statement of Comprehensive Income during year | (45,235 | ) |

| Balance at 29 October 2022 | 28,499 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2022 | 2021 |

| value: | £ | £ |

| 33,417 | A Ordinary | £1 | 33,417 |  | 33,417 |  |

| 33,417 | B Ordinary | £1 | 33,417 |  | 33,417 |  |

| 44,556 | C Ordinary | £1 | 44,556 |  | 44,556 |  |

| 44,556 | D Ordinary | £1 | 44,556 |  | 44,556 |  |

| 44,556 | E Ordinary | £1 | 44,556 |  | 44,556 |  |

200,502 |  | 200,502 |  |

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

22. | RESERVES

| Retained

| earnings

£ |

| At 30 October 2021 | 1,343,313 |  |

| Profit for the year | 1,655 |  |

| At 29 October 2022 | 1,344,968 |  |

| Retained earnings - includes all current and prior period retained profits and losses.

23. | RELATED PARTY DISCLOSURES

| Directors

| The company's directors have made the following loans to the company:

|  | 2022 |  | 2021

|  | £ |  | £

| AJ Charlton | 32,124 |  | 32,793 |

| PJ Charlton | 76,152 |  | 142,227 |

| DG Charlton | 9,694 |  | 65,550 |

| AD Charlton | 47,357 |  | 103,211 |

| M Charlton |  | - |  | - |  |

| 165,329 |  | 343,781 |

| The loans currently do not bear an interest charge and are repayable on demand.

| The company's directors owe the company the following:

|  | 2022 |  | 2021

|  | £ |  | £

| AJ Charlton | 948 |  | 948 |

| PJ Charlton | - |  | 5,189 |

| DG Charlton | 3,118 |  | 2,190 |

| AD Charlton | 5,681 |  | 5,478 |

| M Charlton |  | 5,297 |  | - |  |

| 15,045 |  | 18,712 |

| AJ Charlton & Sons Limited Retirement Benefit Scheme ("the Scheme")

| During the year rent of £Nil (2021: £113,485) was payable to the Scheme, of which the directors are beneficiaries.

| Glenavon Timber Services Ltd ("Glenavon")

| During the year management charges of £86,400 (2021: £52,000) have been invoiced to Glenavon and purchases were made of £177,102 (2021: £238,094) a company controlled jointly by PJ Charlton, DG Charlton and AD Charlton.

| At the balance sheet date £Nil (2021: £131,253) was due to the company by Glenavon and £30,531 (2021: £30,438) due from the company to Glenavon.

| Charltons Property Limited ("Charltons")

| At the balance sheet date £9,772 was due to the company by Charltons, (2021: £14,211), a company controlled jointly by PJ Charlton, DG Charlton and AD Charlton.

| Charltons Holdings Limited ("Holdings")

| During the year rent of £131,340 (2021: £60,686) was payable to the Holdings a company controlled jointly by PJ Charlton, DG Charlton and AD Charlton.

| A J Charlton & Sons Limited (Registered number: 01277185) |

Notes to the Financial Statements - continued

for the Year Ended 29 October 2022

24. | DISCONTINUED OPERATIONS

| During the year, the company decided to stop the processing of round timber, which was an operation that previously represented a separate major line of business operations. The Income Statement of the financial statements presents both the company's continuing and discontinuing operations separately for the current and comparative periods.