Registered number:
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
COMPANY INFORMATION
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CHARLIES STORES LIMITED
CONTENTS
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CHARLIES STORES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
The Directors present their strategic report together with the Directors’ report and audited financial statements of the company for the year ended 31 July 2023.
Principal activities The principal activity of the company continues to be that of an independent family run retailer selling to customers through stores and online. Whilst the company has grown, the passion and values it was founded on remain the same; we only sell products that we would be happy to take home ourselves, and work hard to ensure they are fantastic value for money.
The results for the Company are as shown in the annexed financial statements. This year’s sales were £73.8m, an £1.5m (2%) increase on the prior year, driven by strong store sales and the development of our Groundcare business which has extended into sales and service of Agricultural machines.
Stores turnover was increased compared to the prior year; an excellent result given the slow start to the year driven by factors such as low consumer confidence, the energy crisis and high cost inflation and interest rates. This year the e-commerce operation continued to trade well against strong comparatives. Owing to the pressures in the market, we decided to curtail our marketing spend and instead focus on maximising profitability. Our e-commerce operation therefore decreased its sales by £4.5m (23%) to £15.4m. The Workshop, previously just our Groundcare division, expanded into Agricultural products and as such traded well and increased sales by £5.5m (70%) to £13.4m. Several operating costs returned to pre-covid levels following the conclusion of the various reliefs available throughout the covid pandemic. Other notable increases in operating costs included the increased marketing spend which resulted in the strongest sales year on record, and increased carriage costs as a result of the success of the e-commerce business. The business’ other operating costs were well controlled and remained stable. Despite these cost increases and reduced grants, we were able to achieve a profit after tax of £2.4m, down £1.8m (42%) from last year. Whilst this produced cash, a significant investment has been made in workshop stock over the last 12 months to support the higher sales targets and ensure availability of products. On the other hand, our retail-business warehouse stock has significantly decreased. Due to the investment in the workshop stock, our total inventory holding has increased by £4.7m (23.4%) to £24.6m on 31 July 2023. In addition, the Company purchased a warehouse during the year at a cost of circa £1.0m. We increased our bank borrowing to fund this business expansion but we did not need to take out any government backed loans or defer rent or VAT payments. We finished the year with a cashflow surplus as a result of this. Our gross margin decreased by just under three and a half percentage points, from 33.9% in 2022 to 30.4% this year. Increased costs and the decision to hold prices to remain competitive have influenced this.
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CHARLIES STORES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
On the 1st August 2023, the trade and assets of our workshop operation have transferred to a new business, Charlies Ag and Turf Limited. Both Charlies Stores Limited and Charlies Ag and Turf Limited are now wholly owned subsidiaries of new company Charlies Stores Holdings Limited. These changes are important because the workshop operation sells unique products and services, has its own strategic aims and ambitions, as well as specific working capital, reporting, insurance and financing needs.
These specialised needs can be more effectively serviced by separating the Ag and Turf business into its own legal entity, and this change also provides us with the opportunity to introduce other operational improvements for the workshop.
In all business operations, risk management and process control are a priority, and the Board of Directors is ultimately responsible for considering major risks.
The following are key risks which can affect the company’s net income: Decline in customer numbers Charlies Stores is principally a retail company and as such subject to fluctuations in customer numbers. We endeavour to ensure customer retention by regularly updating our product lines each season and by offering well-known branded products at competitive prices. Wider economic factors including the expectation of a long period of higher interest rates in the UK will likely bring lower consumer spending and reduced consumer financial confidence which will play a large part in customer numbers and spending. To this end, Charlies aims not only to provide good value products but also to sell a wide range of essential and staple products to ensure a strong sales foundation. We expect to see increased pressure on our margin as we maintain competitive prices during the current cost of living crisis. The company will continue to concentrate on its existing stores and online business and would only consider additional large format out of town stores if they were in the right position and at a realistic base rent. Foreign Exchange The company is exposed to currency transaction risk in respect of the purchases it makes in US dollars and Euros. The risk is managed by monitoring markets and where it is considered appropriate, holding cash to transact in these currencies. Interest Rates The company has an overdraft and loan facilities and is therefore exposed to interest rate risk on these borrowings. The bank is currently satisfied with the company’s financial performance and the directors do not think that there is any risk of facilities being withdrawn. Sensitivity analysis has been performed by the company and we believe that we can continue to service our debt in the event of an interest rate rise.
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CHARLIES STORES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
The Company uses a range of KPIs to monitor and measure performance within the business on a regular basis, at both a top-level and division or store-specific level. The KPI’s reported below cover the whole business. The company’s KPIs cover diverse areas of the business such as wage efficiency, productivity, and energy efficiency, the latter of which has been reported in the Director’s Report.
The Board of Directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider would most likely be in the best interest of the Company taking into account the requirements of all stakeholders. Further information is included in the Directors’ Report.
Decision Making at the Board All matters which are reserved for decision by the Directors are presented at Board meetings. Directors are briefed on any potential impacts and risks for our customers, employees and other stakeholders including our suppliers, the community and environment and how they are to be managed. The Directors take these factors into account before making a final decision which together they believe is in the best interests of the Company. Stakeholders Our key stakeholders are our employees, who are the heart of our purpose and work in service of our customers. We are focused on responding to the needs of, and building long term relationships with, our customers. Other key stakeholders are the producers and suppliers from whom we purchase goods and services, and the communities in which we operate. Long term sustainability We aim to make sufficient profits to sustain the Company’s commercial viability. This is balanced against the needs of our customers, employees and other stakeholders and the community to ensure we are conducting all our business relationships with integrity. The long-term sustainability of the Company is at the forefront of decision making, particularly in response to the challenging economic conditions in retail following the Coronavirus pandemic.
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CHARLIES STORES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Employees
Our team members are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our team members receive. The health, safety and wellbeing of our team members is one of our primary considerations in the way we do business, and the business joined the Retail Trust last year to further promote employee health and wellbeing and to further assist the local managers in supporting staff in this area. They supported our colleagues with wellbeing support, counselling services and a financial aid grant in the past 12 months. The Company supports it employees to ensure they understand the Company’s objectives and goals and how they can assist the delivery of this. The Company invests in high levels of employee engagement to enable us to retain, develop and acquire the talent required to continue to grow and remain successful. The Company’s policy is to consult and discuss with employees at meetings those issues most likely to affect employees’ interests. Information on matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the operational, financial and economic factors affecting the Company’s performance. Charlies Gender Pay Gap report can be accessed via our web site: www.charlies.co.uk. As a Company we are committed to improving all diversity, not just diversity of gender. Customers and suppliers We recognise that our biggest exposure to Modern Slavery is in our product supply chain. Charlies Stores stocks predominately third-party brands, and last year we began requiring our suppliers to accept our Modern Slavery Policy at trading agreement stage, which states that they must provide employees with good working conditions, reasonable pay and to fully comply with all applicable laws and to provide evidence of factory audits and standards compliance. Engagement with suppliers and customers is key to our success. We work closely with our supply chain and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery, and breaches of competition law. Financial stakeholders The Company seeks to make information available to financial stakeholders, including our relationship bank, as part of information provided about and by the Company. Community and environment The Company takes all reasonable steps to minimise any detrimental impact that its operations may have on the environment. Directors routinely assess the impact of the Company’s operations on the community and environment and wider social responsibilities, and in particular how we comply with environmental legislation, pursue waste saving opportunities and react promptly to local community concerns. As a Board of Directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected. The intention is to nurture our reputation, through the delivery of our objectives, that reflects our responsible behaviour.
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CHARLIES STORES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Business conduct
The Company aims to conduct all its business relationships with integrity and courtesy, and scrupulously to honour every business agreement.
This report was approved by the board and signed on its behalf.
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CHARLIES STORES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
The Directors present their report and the financial statements for the year ended 31 July 2023.
The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
The profit for the year, after taxation, amounted to £2,379,150 (2022 - £4,130,405).
The Directors have declared a dividend of £NIL (2022: £NIL).
The Directors who served during the year were:
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CHARLIES STORES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
There will be a drive to maintain turnover and market share through 2023-24, as we continue to navigate a difficult economic climate. We will continue to focus on delivering excellent service and value, ensuring we get the basics right and pushing ahead with our e-commerce operation which is continuing to show good year on year growth and potential. There are no immediate plans to look for retail outlets to expand our bricks and mortar stores.
Disabled employees It is our policy to give full and fair consideration to the employment of disabled persons in jobs suited to their individual circumstances and, as appropriate, to consider them for recruitment opportunities, career development and training. Where possible, arrangements are made for the continuing employment of employees who have become disabled whilst in our employment.
The Company is committed to the principle of equal opportunity in employment. Our policies for recruitment, selection, training, development and promotion are designed to ensure that no applicant or employee received less favourable treatment on the grounds of race, colour, nationality, ethnic or national origin, religion, political beliefs, disability, sex, gender or marital status. The business is committed to ensuring that all individuals are treated fairly, with respect and are valued.
Employees are regularly consulted by local managers and kept informed of matters affecting them and the overall development of the Company.
Delivering our strategy requires strong mutually beneficial relationships with suppliers and customers. We continue to strengthen supplier relationships by obtaining supplier agreements signed by both parties before placing orders and to continually improve our products and customer service.
Engagement with customers We recognise that developing a strong understanding of our customers’ needs is critical for our business strategy. Meeting customers’ needs takes many forms, including for instance providing quality products at good value prices, and providing excellent customer service. Engagement with others We aim to be a responsible member of our community and minimise our impact on the environment. Charlies Stores engages with its local communities, local government, regulators, and others to ensure it fosters positive relationships with them
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CHARLIES STORES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
The Company’s greenhouse gas emissions and energy consumption are as follows:
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2022 and 2021 UK Government’s conversion factors for company reporting. We closely monitor energy usage and ensure that infrastructure projects and the replacement of materials and systems consider energy efficiency. This year Charlies has continued installing LED lighting in place of older less efficient lighting types. In addition, we are required to comply with the Governments energy assessment scheme (Energy Savings Opportunity Scheme) and are in the process of having an energy audit to ensure our compliance with Phase III. We will use the output from this assessment to help inform energy-efficient decisions within the business. The Company’s chosen intensity measurement ratios are total gross emissions in metric tonnes CO2e per employee, and total gross emissions in metric tonnes CO2e per £100,000 turnover:
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CHARLIES STORES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
On the 1st August 2023, the trade and assets of our workshop operation have transferred to a new business, Charlies Ag and Turf Limited. Both Charlies Stores Limited and Charlies Ag and Turf Limited are now wholly owned subsidiaries of new company Charlies Stores Holdings Limited.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CHARLIES STORES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES STORES LIMITED
We have audited the financial statements of Charlies Stores Limited (the 'Company') for the year ended 31 July 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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CHARLIES STORES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES STORES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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CHARLIES STORES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES STORES LIMITED (CONTINUED)
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 an Auditors' Report 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:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements
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 Auditors' Report.
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CHARLIES STORES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES STORES LIMITED (CONTINUED)
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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
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CHARLIES STORES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
REGISTERED NUMBER: 01761459
BALANCE SHEET
AS AT 31 JULY 2023
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CHARLIES STORES LIMITED
REGISTERED NUMBER: 01761459
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 38 form part of these financial statements.
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CHARLIES STORES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
The principal activity of the Company is that of the retail of general household goods. The Company operates in the UK and is a private company limited by shares and is incorporated and domiciled in the UK. The address of its registered office is Unit 7, Offa's Dyke Business Park, Buttington, Welshpool, Powys, SY21 8SS.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Functional and presentation currency
Transactions and balances
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods detailed below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
The whole of the turnover is attributable to retailing general household goods.
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
12.Taxation (continued)
From 1 April 2023, the main rate of Corporation Tax increased from 19% to 25% for companies in the United Kingdom with profits exceeding £250,000. As a result, deferred tax balances at 31 July 2023 have been calculated at 25%.
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
13.Tangible fixed assets (continued)
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
The overdraft facility and bank loans are secured with a legal charge over the leasehold property and the following freehold properties:
- Market Street and Back Lane, Newtown, Powys - Unit 2, Dyffryn Enterprise Park, Newtown, Powys - Coed-Y Dinas Farm, Welshpool, Powys The interest rates charged on the above loans are disclosed within note 20. Obligations under finance lease and hire purchase contracts are secured upon the assets to which they relate.
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
The overdraft facility and bank loans are secured with a legal charge over the leasehold property and the following leasehold properties freehold properties:
- Market Street and Back Lane, Newtown, Powys - Unit 2, Dyffryn Enterprise Park, Newtown, Powys - Coed-Y Dinas Farm, Welshpool, Powys - Unit 7, Offa’s Dyke Business Park, Buttington, Welshpool, Powys The interest rates charged on the above loans are disclosed within note 20. Obligations under finance lease and hire purchase contracts are secured upon the assets to which they relate.
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Profit & loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £290,465 (2022: £269,706). At the year end, accrued pension contributions amounted to £11,657 (2022: £10,818). There were no prepaid contributions.
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CHARLIES STORES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
During the year there were drawdowns by a director totalling £NIL (2022: £777,122), with repayments totalling £NIL (2022: £27,827). As at the balance sheet date there are amounts due from directors to the Company totalling £NIL (2022: £749,295). The purchase of a property from a director was used to settle the remaining balance of the loan account.
There is a balance within creditors of amounts owed to directors as a result of the property transfer of £263,632 (2022: £NIL). There is a balance included within creditors of other amounts owed to directors of £3,456 (2022: £5,175). Charlies Stores Limited and Charlies Ag and Turf Limited are both wholly owned subsidiaries of Charlies Stores Holdings Limited. There has been no change to the ultimate controlling party.
The company was controlled throughout the year by Mr C K Lloyd by virtue of his majority shareholding in the company.
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