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Registered number: 10525902










CHOTTIE LIMITED










DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CHOTTIE LIMITED
 
 
COMPANY INFORMATION


Director
J G Barratt 




Registered number
10525902



Registered office
SNG Barratt
The Heritage Building

Stourbridge Road

Bridgnorth

Shropshire

WV15 6AP




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
CHOTTIE LIMITED
 

CONTENTS



Page
Director's report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Balance sheet
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 18


 
CHOTTIE LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £1,947,734 (2022 - £1,939,885).

During the year the Company declared dividends totalling £2,000,000 (2022: £2,000,000) on ordinary shares.

Director

The director who served during the year was:

J G Barratt 

Future developments

The Company continues to trade in relation to its principal activity and there are no likely future developments which the Director considers relevant.

Page 1

 
CHOTTIE LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events since the year end that have affected the Company.

Auditors

The auditorsWR Partnerswill 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.
 





J G Barratt
Director

Date: 11 July 2024

Page 2

 
CHOTTIE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHOTTIE LIMITED
 

Opinion


We have audited the financial statements of Chottie Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 3

 
CHOTTIE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHOTTIE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The director is 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 4

 
CHOTTIE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHOTTIE LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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, due to the simplistic nature of the Company, the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes where available 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, reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 5

 
CHOTTIE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHOTTIE LIMITED (CONTINUED)


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.


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 2006Our 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.





John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
22 July 2024
Page 6

 
CHOTTIE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
 £
£

  

Administrative expenses
  
(426)
(1,795)

Operating loss
  
(426)
(1,795)

Income from shares in group undertakings
  
2,000,000
2,000,000

Interest payable and similar expenses
 7 
(51,840)
(58,320)

Profit before tax
  
1,947,734
1,939,885

Profit for the financial year
  
1,947,734
1,939,885

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022: £NIL).

The notes on pages 10 to 18 form part of these financial statements.

Page 7

 
CHOTTIE LIMITED
REGISTERED NUMBER: 10525902

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 10 
12,188,010
12,188,010

  
12,188,010
12,188,010

Current assets
  

Debtors: amounts falling due within one year
 11 
722,148
728,874

Cash at bank and in hand
  
6,975
27,414

  
729,123
756,288

Creditors: amounts falling due within one year
 12 
(1,046,348)
(751,247)

Net current (liabilities)/assets
  
 
 
(317,225)
 
 
5,041

Total assets less current liabilities
  
11,870,785
12,193,051

Creditors: amounts falling due after more than one year
 13 
(2,160,000)
(2,430,000)

  

Net assets
  
9,710,785
9,763,051


Capital and reserves
  

Called up share capital 
 14 
7,434,445
7,434,445

Profit and loss account
 15 
2,276,340
2,328,606

  
9,710,785
9,763,051


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J G Barratt
Director

Date: 11 July 2024

The notes on pages 10 to 18 form part of these financial statements.

Page 8

 
CHOTTIE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
7,434,445
2,388,721
9,823,166


Comprehensive income for the year

Profit for the year
-
1,939,885
1,939,885
Total comprehensive income for the year
-
1,939,885
1,939,885


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


Total transactions with owners
-
(2,000,000)
(2,000,000)



At 1 January 2023
7,434,445
2,328,606
9,763,051


Comprehensive income for the year

Profit for the year
-
1,947,734
1,947,734
Total comprehensive income for the year
-
1,947,734
1,947,734


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


Total transactions with owners
-
(2,000,000)
(2,000,000)


At 31 December 2023
7,434,445
2,276,340
9,710,785


The notes on pages 10 to 18 form part of these financial statements.

Page 9

 
CHOTTIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Chottie Limited ("The Company") is a private company limited by shares and is incorporated in England. The address of its registered office is SNG Barratt, The Heritage Building, Stourbridge Road, Bridgnorth, Shropshire, WV15 6AP. The principal activity of the business is that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Olphine Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House or its registered office, which is located at The Heritage Building, Stourbridge Road, Bridgnorth, Shropshire, WV15 6AP.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 10

 
CHOTTIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The Company is part of the Olphine Holdings Limited Group. The Group has considerable financial resources including cash and unutilised banking facilities, which gives the Director confidence that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 11

 
CHOTTIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 12

 
CHOTTIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 13

 
CHOTTIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually elevated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the relates actual results. In the opinion of the director there are no estimates and assumptions that have a significant risk of causing material adjustment to the carrying amount of the assets and liabilities within the next financial year.


4.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
(1,286)
-


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
850
550


6.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


7.


Interest payable and similar expenses

2023
2022
£
£


Preference share dividends
51,840
58,320

51,840
58,320

Page 14

 
CHOTTIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Taxation


2023
2022
£
£



Total current tax
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,947,734
1,939,885


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
457,717
368,578

Effects of:


Expenses not deductible for tax purposes
12,183
11,081

Non-taxable income
(470,000)
(380,000)

Group relief
100
341

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Dividends

2023
2022
£
£


Dividends paid on ordinary share capital
2,000,000
2,000,000


Dividends paid on preference shares
51,840
58,320

2,051,840
2,058,320

Page 15

 
CHOTTIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
12,188,010



At 31 December 2023
12,188,010





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

SNG Group Limited
The Heritage Building, Stourbridge Road, Bridgnorth, WV15 6AP
Ordinary
100%
S.N.G Barratt Limited*
The Heritage Building, Stourbridge Road, Bridgnorth, WV15 6AP
Ordinary
100%
B.A Distributors Inc.*
92 Londonderry Turnpike, Manchester, NH 03104, United States
Ordinary
100%
S.N.G Barratt B.V.*
Sneeuwhaas 4 5236 NX, 's-Hertogenbosch, Noord-Brabant, Netherlands
Ordinary
100%
S.N.G Barratt France EURL*
62 Che du Bois D'Alier, 71850 Charnay-Les-Macon, France
Ordinary
100%
Holden Vintage & Classics Limited*
Unit 1c & 2a Stanmore Business Park, Bridgnorth, England, WV15 5HR
Ordinary
100%

*Indirect subsidiary undertakings

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CHOTTIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
722,148
687,599

Other debtors
-
41,275

722,148
728,874



12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
994,508
692,927

Other creditors
51,840
58,320

1,046,348
751,247


Disclosure of the terms and conditions attached to the non-equity shares is made in note 14.


13.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Share capital treated as debt
2,160,000
2,430,000

2,160,000
2,430,000


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CHOTTIE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



7,434,445 (2022 - 7,434,445) Ordinary Shares shares of £1.00 each
7,434,445
7,434,445

Shares classified as debt

Allotted, called up and fully paid



2,160,000 (2022 - 2,430,000) Preference Shares shares of £1.00 each
2,160,000
2,430,000


The holders of the preference shares are entitled to redeem up to a maximum of 270,000 shares each year from the earliest date of redemption. The earliest date on which the holders could redeem any preference shares was 21 January 2020 and the latest date that they can be redeemed is 21 January 2031. Any redemption is at the discretion of the holder and not the Company. No premium is payable on redemption of these shares.


15.


Reserves

Profit and loss account

The profit and loss account contains all current and prior period profits and losses, net of dividends paid.


16.


Related party transactions

At 31 December 2023 Olphine Holdings Limited, the parent company, owed £722,148 (2022: £687,599) to Chottie Limited.
The Company has taken advantage of the exemption under FRS102 not to disclose transactions with wholly owned group companies.


17.


Controlling party

Olphine Holdings Limited is the ultimate parent company of the Group.
Olphine Holdings Limited is incorporated in the United Kingdom and is the smallest and largest group of which the Company is a member. Copies of the Olphine Holdings Limited Group accounts can be be obtained from Companies House or its registered office, which is located at The Heritage Building, Stourbridge Road, Bridgnorth, England, WV15 6AP.
The Company is ultimately controlled by J G Barratt, the director, by virtue of his shareholding in the parent company.

 
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