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REGISTERED NUMBER: 14938085 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

15TH JUNE 2023 TO 31ST JANUARY 2024

FOR

CHARLES TRENT LIMITED

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


CHARLES TRENT LIMITED

COMPANY INFORMATION
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024







DIRECTORS: J Trent
M J Trent
N Trent





REGISTERED OFFICE: 8 St. Georges Avenue
Avenue Parkstone
Poole
Dorset
BH12 4ND





REGISTERED NUMBER: 14938085 (England and Wales)





AUDITORS: Cook & Partners Limited
Statutory Auditor
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

STRATEGIC REPORT
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

The directors present their strategic report for the period 15th June 2023 to 31st January 2024.

REVIEW OF BUSINESS
October 2023 to 31st January 2024 - 4 Months
To support our long-term strategy, and following the advice of Ernst & Young, we decided to create this new company, Charles Trent Newco. This entity is separating the operating company from the existing Group which includes a property portfolio. This will allow it to focus on core activities and future growth of the dismantling and salvage operations.

Following the transfer of all trade and assets from Oldco to Charles Trent Limited Newco on 29th September 2023, we have continued to build upon the substantial progress made in transforming our operations. The establishment of reverse production lines in August 2022 has fundamentally redefined our business model, moving us from traditional car dismantling and recycling to a more advanced, digital approach. This evolution has enabled us to process up to twenty times more vehicles annually.

During this four-month period, Newco focused on refining and optimising the operational changes initiated under Oldco. We have deepened our understanding of the reverse production lines, acquiring valuable intellectual property that will guide the expansion of additional facilities. Our innovation and technology team, formed to enhance the efficiency of our digital operations, remains pivotal in scaling the business more rapidly and effectively.

The costs associated with these advancements were significant but necessary for achieving long-term growth. As a testament to our strategic direction, combined turnover increased from £41.29 million in 2022/2023 to £46.39 million in 2023/2024.

The formation of Newco represents a critical step in our strategy to eventually operate independently, positioning us for continued success in the evolving market landscape.

PRINCIPAL RISKS AND UNCERTAINTIES
It has been deemed that the following items listed below are the principal risks and uncertainties looking forwards:
Scrap commodity prices
Salvage returns can be affected by used car prices/ fixed price contracts
Cost of fuel
Wage costs
Staffing
Energy prices

ON BEHALF OF THE BOARD:





M J Trent - Director


19th August 2024

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

REPORT OF THE DIRECTORS
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

The directors present their report with the financial statements of the company for the period 15th June 2023 to 31st January 2024.

INCORPORATION
The company was incorporated on 15th June 2023 and commenced trading on the same date.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of vehicle recycling.

DIVIDENDS
No dividends will be distributed for the period ended 31st January 2024.

DIRECTORS
The directors who have held office during the period from 15th June 2023 to the date of this report are as follows:

J Trent - appointed 15th June 2023
M J Trent - appointed 15th June 2023
N Trent - appointed 15th June 2023

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

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.

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

REPORT OF THE DIRECTORS
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024


AUDITORS
The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Trent - Director


19th August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARLES TRENT LIMITED

Opinion
We have audited the financial statements of Charles Trent Limited (the 'company') for the period ended 31st January 2024 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st January 2024 and of its loss for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the 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
CHARLES TRENT LIMITED


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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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
CHARLES TRENT 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including Fraud.

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:

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.
Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

Financial reporting Standard 102
Companies Act 2006
UK General Data Protection Regulation
Environmental Agency

We assessed the risks of material misstatement in respect of fraud as follows:

Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.
Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.
Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.
We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.
Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.
Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting.
Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.
Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.
The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.
Further, at both the planning and completion stage of the audit enquiries where made of management any known instances of fraud or non-compliance with laws and regulations
These representations were corroborated where possible through the review of board minutes. No contradictory evidence was noted.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARLES TRENT LIMITED

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

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.




Jeffrey Oliver (Senior Statutory Auditor)
for and on behalf of Cook & Partners Limited
Statutory Auditor
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

19th August 2024

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

Notes £   

TURNOVER 14,110,418

Cost of sales 11,490,443
GROSS PROFIT 2,619,975

Administrative expenses 3,396,754
OPERATING LOSS 4 (776,779 )


Interest payable and similar expenses 5 127,490
LOSS BEFORE TAXATION (904,269 )

Tax on loss 6 (191,140 )
LOSS FOR THE FINANCIAL PERIOD (713,129 )

OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(713,129

)

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

BALANCE SHEET
31ST JANUARY 2024

Notes £    £   
FIXED ASSETS
Intangible assets 7 190,390
Tangible assets 8 5,751,521
5,941,911

CURRENT ASSETS
Stocks 9 4,246,946
Debtors 10 1,476,285
Cash in hand 126,499
5,849,730
CREDITORS
Amounts falling due within one year 11 10,558,870
NET CURRENT LIABILITIES (4,709,140 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,232,771

CREDITORS
Amounts falling due after more than one
year

12

1,945,800
NET LIABILITIES (713,029 )

CAPITAL AND RESERVES
Called up share capital 16 100
Retained earnings 17 (713,129 )
SHAREHOLDERS' FUNDS (713,029 )

The financial statements were approved by the Board of Directors and authorised for issue on 19th August 2024 and were signed on its behalf by:





M J Trent - Director


CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 100 - 100
Total comprehensive income - (713,129 ) (713,129 )
Balance at 31st January 2024 100 (713,129 ) (713,029 )

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

CASH FLOW STATEMENT
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

Notes £   
Cash flows from operating activities
Cash generated from operations 1 (190,342 )
Interest paid (127,490 )
Net cash from operating activities (317,832 )

Cash flows from investing activities
Purchase of tangible fixed assets (486,832 )
Sale of tangible fixed assets 173,806
Net cash from investing activities (313,026 )

Cash flows from financing activities
Loan repayments in year (79,545 )
Intercompany loan movements (133,471 )
New hire purchase in year 315,616
Capital repayments in year (366,781 )
Amount withdrawn by directors 547
Share issue 100
Bank overdraft transferred from group (1,749,359 )
Cash balances transferred from group 16,135
Net cash from financing activities (1,996,758 )

Decrease in cash and cash equivalents (2,627,616 )
Cash and cash equivalents at beginning of
period

2

-

Cash and cash equivalents at end of
period

2

(2,627,616

)

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
£   
Loss before taxation (904,269 )
Depreciation charges 520,144
Profit on disposal of fixed assets (82,877 )
Finance costs 127,490
(339,512 )
Increase in stocks (708,778 )
Decrease in trade and other debtors 721,005
Increase in trade and other creditors 136,943
Cash generated from operations (190,342 )

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:

Period ended 31st January 2024
31.1.24 15.6.23
£    £   
Cash and cash equivalents 126,499 -
Bank overdrafts (2,754,115 ) -
(2,627,616 ) -


3. ANALYSIS OF CHANGES IN NET DEBT

Acquisition
of trade
from fellow
At 15.6.23 Cash flow subsidiary At 31.1.24
£    £    £    £   
Net cash
Cash at bank
and in hand - 110,364 16,135 126,499
Bank overdrafts - (1,004,756 ) (1,749,359 ) (2,754,115 )
- (894,392 ) (1,733,224 ) (2,627,616 )
Debt
Finance leases - 51,165 (2,329,557 ) (2,278,392 )
Debts falling due
within 1 year - 53,028 (318,180 ) (265,152 )
Debts falling due
after 1 year - 26,517 (503,789 ) (477,272 )
- 130,710 (3,151,526 ) (3,020,816 )
Total - (763,682 ) (4,884,750 ) (5,648,432 )

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

4. MAJOR NON-CASH TRANSACTIONS

On the 29th September 2023 the trade, assets and liabilities of Charles Trent Oldco Limited (Formally Charles Trent Limited) were transferred at no gain no loss to the company the net value of the trading assets at 29th September 2023 was £1,804,382.

Included within the transfer of assets and liabilities was a bank overdraft of £1,749,359 and cash or cash equivalent balances of £16,135 as reflected in the cash flow statement.

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

1. STATUTORY INFORMATION

Charles Trent 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.

2. ACCOUNTING POLICIES

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

The directors expect 2025 year end to be more profitable as the new reverse car production facility will become more and more efficient.

The directors review budgets, cash flow forecasts, and management accounts on a regular basis and act on the results accordingly to ensure that the company can continue to trade and meet its liabilities as they fall due.

Given the above factors the accounts have been prepared on a going concern basis.

On the 29th September 2023 the company acquired the trade, assets and liabilities of a fellow subsidiary company Charles Trent Oldco Limited on a no gain no loss basis.

The profit and loss account therefore only reflects 4 months of trading at 31st January 2024.

For the previous 8 months profit and loss, comparative profit and loss and balance sheet information please refer to the financial statements of Charles Trent Oldco Limited (Registered number: 02121148) or the consolidated accounts of Charles Trent Holdings Limited (Registered number: 12215966)

On the 29th September 2023 the assets and liabilities acquired from Charles Trent Oldco Limited (formerly Charles Trent Limited) were as follows:

Intangible assets £210,665
Tangible assets £5,855,487
Stock £3,538,168
Debtors £1,693,045
Taxation assets £110,001
Cash and cash equivalents £16,135
Creditors (£3,343,240 )
Social security and other taxes (£1,374,993 )
Bank overdraft (£1,749,359 )
Bank loans (£821,969 )
Hire purchase liabilities (£2,329,557 )
Net assets acquired via
intercompany loan

£1,804,382

Turnover
Turnover represents amounts invoiced, excluding VAT, in respect of the sale of goods and services to customers, excepting third party storage and recovery charges. These charges represent amounts paid by Charles Trent Limited on behalf of their insurance company clients to compensate those third parties for the recovery and storage of the insured vehicle. These charges are charged, at cost, to the respective insurance company by Charles Trent Limited. The directors believe that such recharges do not constitute turnover, and to include them separately would distort the reporting of business performance. This policy is generally accepted by the sector.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

2. ACCOUNTING POLICIES - continued

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.
Land and buildingsland is not depreciated and buildings are depreciated over 20 years
Long leaseholdStraight line over 20 years
Plant and machinery15% on cost
Motor vehicles20% on cost
Office equipment20% on cost

Stocks
Salvage vehicle stock is valued at the lower of cost and net realisable value, after due regards for obsolete and slow moving stock. Net realisable value is based on selling price.

Stock of parts from the breaking of vehicles are included at selling price less an estimated profit margin in line with FRS 102 Section 13.16 Inventories.

Taxation
Taxation for the period 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 period 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
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.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

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.

3. EMPLOYEES AND DIRECTORS
£   
Wages and salaries 2,335,708
Social security costs 222,904
Other pension costs 79,407
2,638,019

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

Admin and support 66
Production 154
220

£   
Directors' remuneration -

4. OPERATING LOSS

The operating loss is stated after charging/(crediting):

£   
Hire of plant and machinery 3,121
Depreciation - owned assets 426,090
Depreciation - assets on hire purchase contracts 73,779
Profit on disposal of fixed assets (82,877 )
Computer software amortisation 20,275
Auditors remuneration 2,640
Auditors remuneration for non audit services 1,760

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
£   
Bank overdraft interest 54,529
Bank loan interest 22,246
Hire purchase interest 50,715
127,490

6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the period was as follows:
£   
Deferred tax (191,140 )
Tax on loss (191,140 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

£   
Loss before tax (904,269 )
Loss multiplied by the standard rate of corporation tax in the UK of 25% (226,067 )

Effects of:
Expenses not deductible for tax purposes 11,813
Losses surrendered to group 105,929
Deferred tax transferred with transfer of trade from fellow subsidiary (82,480 )
Super deduction claimed (335 )
Total tax credit (191,140 )

7. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 210,665
At 31st January 2024 210,665
AMORTISATION
Amortisation for period 20,275
At 31st January 2024 20,275
NET BOOK VALUE
At 31st January 2024 190,390

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

8. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
Additions 36,413 1,122,846 4,182,668
Disposals - - (86,466 )
At 31st January 2024 36,413 1,122,846 4,096,202
DEPRECIATION
Charge for period 965 15,409 318,879
At 31st January 2024 965 15,409 318,879
NET BOOK VALUE
At 31st January 2024 35,448 1,107,437 3,777,323

Motor Computer
vehicles equipment Totals
£    £    £   
COST
Additions 844,546 155,846 6,342,319
Disposals (4,463 ) - (90,929 )
At 31st January 2024 840,083 155,846 6,251,390
DEPRECIATION
Charge for period 148,748 15,868 499,869
At 31st January 2024 148,748 15,868 499,869
NET BOOK VALUE
At 31st January 2024 691,335 139,978 5,751,521

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
Additions 3,149,182 482,412 3,631,594
At 31st January 2024 3,149,182 482,412 3,631,594
DEPRECIATION
Charge for period 61,123 12,656 73,779
At 31st January 2024 61,123 12,656 73,779
NET BOOK VALUE
At 31st January 2024 3,088,059 469,756 3,557,815

9. STOCKS
£   
Stocks 4,246,946

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 765,213
Amounts owed by group undertakings 203,104
Other debtors 29,971
Tax 38,201
Deferred tax asset 262,940
Prepayments and accrued income 176,856
1,476,285

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts (see note 13) 3,019,267
Hire purchase contracts (see note 14) 809,864
Trade creditors 1,386,872
Amounts owed to group undertakings 1,874,016
Social security and other taxes 198,204
VAT 1,802,974
Other creditors 157,292
Directors' current accounts 547
Accruals and deferred income 1,309,834
10,558,870

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Bank loans (see note 13) 477,272
Hire purchase contracts (see note 14) 1,468,528
1,945,800

13. LOANS

An analysis of the maturity of loans is given below:

£   
Amounts falling due within one year or on demand:
Bank overdrafts 2,754,115
Bank loans 265,152
3,019,267

Amounts falling due between one and two years:
Bank loans - 1-2 years 318,182

Amounts falling due between two and five years:
Bank loans - 2-5 years 159,090

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

£   
Net obligations repayable:
Within one year 809,864
Between one and five years 1,468,528
2,278,392

15. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank overdraft 2,754,115
Bank loans 742,424
3,496,539

There is debenture and charge dated 14 February 2020 in favour of Lloyds Bank Plc, that was transferred to the company on the 26 September 2023 and is over the assets of the company.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
100 Ordinary £1 100

100 Ordinary shares of £1 were issued during the period for cash of £ 100 .

17. RESERVES
Retained
earnings
£   

Deficit for the period (713,129 )
At 31st January 2024 (713,129 )

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost for the year represents contributions payable by the company to the scheme and amounted to £74,906 (2023: £Nil). At the year end contributions of £38,054 (2023: £Nil) remained unpaid.

19. ULTIMATE PARENT COMPANY

Charles Trent Holdings Limited is regarded by the directors as being the company's ultimate parent company.

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

20. CAPITAL COMMITMENTS
£   
Contracted but not provided for in the
financial statements 450,096

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024

21. RELATED PARTY DISCLOSURES

Charles Trent Limited (RBS)
Retirement Benefit Scheme

During the year the company was charged £107,029 (2023: £Nil) for rental of property by Charles Trent Limited (RBS).

M Trent, J Trent and N Trent
Company Directors

During the year the company was charged £31,090 (2023: £Nil) for rental of property by its Directors.

Motorwise Online Services Limited
Common Directors and Shareholders.

During the year the company was charged £126,503 (2023: £Nil) by Motorwise Online Services Limited for services provided.

During the year the company charged £11,829 (2023; £Nil) to Motorwise Online Services Limited for expenses, rent and management fees.

Included in Trade Debtors is £899 (2023: £Nil) owed by Motorwise Online Services Limited.

Included in Trade Creditors is £397,764 (2023: £Nil) owed by the company to Motorwise Online
Services Limited.

TT Industries LLP
Partnership under common control

During the year the company charged £1,482 (2023: £Nil) to TT Industries LLP for expenses.

Included in Trade Debtors is £9,245 (2023: £Nil) due from TT Industries LLP.

MNJ 2018 Limited
Common directors and share holders.

Included in Other Debtors is £2,551 (2023: £Nil) owed to the company by MNJ 2018 Limited.

Charles Trent Holdings Limited
Parent of Group.

An intercompany balance exists at the year end whereby £203,104 (2023: £Nil) is owed to the company by Charles Trent Holdings Limited.

Charles Trent Property Limited
Fellow subsidiary of Group.

During the year the company was charged £428,865 (2023: £Nil) by Charles Trent Property Limited for rent.

During the year the company was charged management charges of £239,000 (2023: £Nil) by Charles Trent Property Limited.

Included in trade creditors is £23,942 (2023: £Nil) owed by the company to Charles Trent Property Limited.

An intercompany balance exists at the year end whereby £45,692 (2023: £Nil) is owed by the company by Charles Trent Property Limited.

Charles Trent Oldco Limited

CHARLES TRENT LIMITED (REGISTERED NUMBER: 14938085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 15TH JUNE 2023 TO 31ST JANUARY 2024
Fellow subsidiary of Group.

An intercompany balance exists at the year end whereby £1,804,382 (2023: £Nil) is owed by the company to Charles Trent Oldco Limited. See note 1- basis of preparation for detail regarding the transfer of trade, assets and liabilities that created this loan.