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REGISTERED NUMBER: 01277185 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 29 October 2023

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 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


A J Charlton & Sons Limited

Company Information
for the Year Ended 29 October 2023







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)

Balance Sheet
29 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,272 7,840
Tangible assets 5 1,420,099 1,473,958
1,426,371 1,481,798

CURRENT ASSETS
Stocks 1,816,908 2,082,820
Debtors 6 1,476,854 1,287,279
Cash at bank and in hand 56,473 57,320
3,350,235 3,427,419
CREDITORS
Amounts falling due within one year 7 2,690,867 2,560,953
NET CURRENT ASSETS 659,368 866,466
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,085,739

2,348,264

CREDITORS
Amounts falling due after more than one
year

8

(596,219

)

(774,295

)

PROVISIONS FOR LIABILITIES - (28,499 )
NET ASSETS 1,489,520 1,545,470

CAPITAL AND RESERVES
Called up share capital 200,502 200,502
Retained earnings 1,289,018 1,344,968
SHAREHOLDERS' FUNDS 1,489,520 1,545,470

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

Balance Sheet - continued
29 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2024 and were signed on its behalf by:




P J Charlton - Director



B Halford - Director


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

Notes to the Financial Statements
for the Year Ended 29 October 2023

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. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

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.

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

Notes to the Financial Statements - continued
for the Year Ended 29 October 2023

2. ACCOUNTING POLICIES - continued

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.

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
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 80 (2022 - 96 ) .

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

Notes to the Financial Statements - continued
for the Year Ended 29 October 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 30 October 2022
and 29 October 2023 16,800
AMORTISATION
At 30 October 2022 8,960
Amortisation for year 1,568
At 29 October 2023 10,528
NET BOOK VALUE
At 29 October 2023 6,272
At 29 October 2022 7,840

5. TANGIBLE FIXED ASSETS
Long
Short leasehold Plant and Motor
leasehold improvements machinery vehicles Totals
£    £    £    £    £   
COST
At 30 October 2022 60,000 707,556 3,139,065 658,925 4,565,546
Additions - - 40,559 71,747 112,306
Disposals - - (1,154,229 ) - (1,154,229 )
At 29 October 2023 60,000 707,556 2,025,395 730,672 3,523,623
DEPRECIATION
At 30 October 2022 39,000 54,947 2,497,535 500,106 3,091,588
Charge for year 2,000 21,390 85,137 57,638 166,165
Eliminated on disposal - - (1,154,229 ) - (1,154,229 )
At 29 October 2023 41,000 76,337 1,428,443 557,744 2,103,524
NET BOOK VALUE
At 29 October 2023 19,000 631,219 596,952 172,928 1,420,099
At 29 October 2022 21,000 652,609 641,530 158,819 1,473,958


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,016,434 948,081
Other debtors 46,526 26,060
Taxation recoverable 25,000 25,000
Prepayments and accrued income 388,894 288,138
1,476,854 1,287,279

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

Notes to the Financial Statements - continued
for the Year Ended 29 October 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 144,773 145,181
Other loans 172,295 288,132
Hire purchase contracts 91,652 124,376
Trade creditors 1,055,023 873,598
Social security and other taxes 278,904 305,106
Other creditors 657,794 563,764
Directors' current accounts 201,155 165,328
Accruals and deferred income 89,271 95,468
2,690,867 2,560,953

Other creditors include £610,869 (2022: £450,491) relating to amounts advanced under an invoice discounting arrangement.

Other creditors include outstanding pension contributions of £15,957 (2022: £33,319).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans due 1-2 years 146,151 144,853
Bank loans due 2-5 years 171,750 319,509
Bank loans due in more than
5 years 20,533 15,868
Hire purchase contracts 257,785 294,065
596,219 774,295

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than
5 years 20,533 15,868
Hire purchase 8,821 61,750
29,354 77,618

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 483,207 625,411
Hire purchase contracts 349,437 418,441
Invoice discounting loan 610,869 450,491
1,443,513 1,494,343

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 2023

10. RELATED PARTY DISCLOSURES

The company's directors have made loans of £201,155 (2022: £165,327) to the company. The loans do not bear an interest charge and are repayable on demand.

At the balance sheet date, £68,749 was due to the company by related entities (2022: £66,076 due from) held under common control. The amounts due do not bear an interest charge and are repayable on demand.

During the year, management charges of £37,392 (2022: £86,400) were invoiced to related entities held under common control.

During the year, purchases of £140,001 (2022: £177,102) were made from related entities held under common control.

During the year, rent of £129,000 (2022: £129,000) was payable to related entities held under common control.

11. LEASING AGREEMENTS




Non-cancellable operating
leases
2023 2022
£ £
Within one year 135,549 94,549
Between one and five years 517,940 366,509
In more than five years 774,000 616,000
1,427,489 1,077,058

12. DISCONTINUED OPERATIONS

During the prior 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.