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REGISTERED NUMBER: 02121148 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

CHARLES TRENT OLDCO LIMITED

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


CHARLES TRENT OLDCO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: J Trent
M J Trent
N Trent



SECRETARY: M J Trent



REGISTERED OFFICE: Trent House
8 St Georges Avenue
Upper Parkstone
Poole
Dorset
BH12 4ND



REGISTERED NUMBER: 02121148 (England and Wales)



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



SOLICITORS: Steele Raymond LLP
Richmond Point
43 Richmond Hill
Bournemouth
BH2 6LR

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST JANUARY 2024

The directors present their strategic report for the year ended 31st January 2024.

REVIEW OF BUSINESS
February 2023 to September 2023 - 9 Months
During the nine-month period from February 2023 to September 2023, Charles Trent Limited made substantial strides in transforming our operations. The introduction of our reverse production lines in August 2022 marked a significant departure from our traditional car dismantling and recycling processes. This shift can be likened to moving from an analogue to a digital system, enabling us to process up to twenty times more vehicles annually.

Throughout this period, we implemented major operational changes and gained valuable intellectual property on optimising the use of these production lines. These insights will be instrumental in rolling out additional facilities in the future. We also established an innovation and technology team dedicated to streamlining the various functions of our digital operations, which will allow us to scale our business more rapidly and efficiently. Although the costs associated with these developments were substantial, they were essential for the company's growth.

To support our long-term strategy, and following the advice of Ernst & Young, we decided to create a new company, Charles Trent Newco Limited This entity, formed during the period, is to separate out 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. On 29th September 2023, all trade and assets were transferred from Oldco to Newco, marking a significant milestone in our evolution.

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 OLDCO LIMITED (REGISTERED NUMBER: 02121148)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST JANUARY 2024

The directors present their report with the financial statements of the company for the year ended 31st January 2024.

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

DIVIDENDS
The total distribution of dividends for the year ended 31st January 2024 will be £ 6,000,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st February 2023 to the date of this report.

J Trent
M J Trent
N Trent

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.

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 OLDCO LIMITED

Opinion
We have audited the financial statements of Charles Trent Oldco Limited (the 'company') for the year 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 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 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 OLDCO 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 OLDCO 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 OLDCO 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.




Jeff 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 OLDCO LIMITED (REGISTERED NUMBER: 02121148)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 32,288,394 41,297,099

Cost of sales 26,456,705 34,852,982
GROSS PROFIT 5,831,689 6,444,117

Administrative expenses 6,334,583 8,118,615
OPERATING LOSS 4 (502,894 ) (1,674,498 )

Interest receivable and similar income 328,277 331,926
(174,617 ) (1,342,572 )

Interest payable and similar expenses 5 155,303 145,475
LOSS BEFORE TAXATION (329,920 ) (1,488,047 )

Tax on loss 6 - (559,387 )
LOSS FOR THE FINANCIAL YEAR (329,920 ) (928,660 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(329,920

)

(928,660

)

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - 247,247
Tangible assets 9 - 6,104,104
- 6,351,351

CURRENT ASSETS
Stocks 10 - 2,281,750
Debtors 11 2,149,747 8,388,437
Cash in hand - 62,528
2,149,747 10,732,715
CREDITORS
Amounts falling due within one year 12 - 6,099,124
NET CURRENT ASSETS 2,149,747 4,633,591
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,149,747

10,984,942

CREDITORS
Amounts falling due after more than one
year

13

-

2,505,275
NET ASSETS 2,149,747 8,479,667

CAPITAL AND RESERVES
Called up share capital 17 75 75
Other reserves 18 28 28
Retained earnings 18 2,149,644 8,479,564
SHAREHOLDERS' FUNDS 2,149,747 8,479,667

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 OLDCO LIMITED (REGISTERED NUMBER: 02121148)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST JANUARY 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1st February 2022 75 9,408,224 28 9,408,327

Changes in equity
Total comprehensive income - (928,660 ) - (928,660 )
Balance at 31st January 2023 75 8,479,564 28 8,479,667

Changes in equity
Dividends - (6,000,000 ) - (6,000,000 )
Total comprehensive income - (329,920 ) - (329,920 )
Balance at 31st January 2024 75 2,149,644 28 2,149,747

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 188,265 (95,917 )
Interest paid (155,303 ) (145,475 )
Tax paid - (200,765 )
Net cash from operating activities 32,962 (442,157 )

Cash flows from investing activities
Purchase of intangible fixed assets (3,000 ) (30,569 )
Purchase of tangible fixed assets (796,527 ) (2,759,031 )
Sale of tangible fixed assets 21,727 46,427
Interest received 328,277 331,926
Net cash from investing activities (449,523 ) (2,411,247 )

Cash flows from financing activities
Loan repayments in year (212,121 ) -
Loan transferred in year - (318,182 )
New hire purchases in year 245,976 2,223,822
Intercompany Loan movements 354,088 (373,160 )
Hire purchase repayments in year (724,057 ) (961,590 )
Amount introduced by directors - 94,573
Amount withdrawn by directors (194,727 ) -
Transfer of overdraft to group 1,749,359 -
Transfer of cash balances to group (16,135 ) -
Net cash from financing activities 1,202,383 665,463

Increase/(decrease) in cash and cash equivalents 785,822 (2,187,941 )
Cash and cash equivalents at beginning of
year

2

(785,822

)

1,402,119

Cash and cash equivalents at end of year 2 - (785,822 )

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Loss before taxation (329,920 ) (1,488,047 )
Depreciation charges 1,079,562 1,447,930
Profit on disposal of fixed assets (16,562 ) (22,139 )
Finance costs 155,303 145,475
Finance income (328,277 ) (331,926 )
560,106 (248,707 )
(Increase)/decrease in stocks (1,256,418 ) 232,231
(Increase)/decrease in trade and other debtors (114,063 ) 147,203
Increase/(decrease) in trade and other creditors 998,640 (226,644 )
Cash generated from operations 188,265 (95,917 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents - 62,528
Bank overdrafts - (848,350 )
- (785,822 )
Year ended 31st January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 62,528 1,402,119
Bank overdrafts (848,350 ) -
(785,822 ) 1,402,119


CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Disposal of
trade to
fellow
At 1.2.23 Cash flow subsidiary At 31.1.24
£    £    £    £   
Net cash
Cash at bank
and in hand 62,528 (46,393 ) (16,135 ) -
Bank overdrafts (848,350 ) (901,009 ) 1,749,359 -
(785,822 ) (947,402 ) 1,733,224 -
Debt
Finance leases (2,807,638 ) 478,081 2,329,557 -
Debts falling due
within 1 year (318,181 ) 1 318,180 -
Debts falling due
after 1 year (715,909 ) 212,120 503,789 -
(3,841,728 ) 690,202 3,151,526 -
Total (4,627,550 ) (257,200 ) 4,884,750 -

4. MAJOR NON-CASH TRANSACTIONS

During the year an intercompany loan balance of £6,000,000 due to the company from Charles Trent Property Limited was reassigned to Charles Trent Holdings Limited via a distribution in specie.

On the 29th September 2023 the trade, assets and liabilities of the company were transferred at no gain and no loss to Charles Trent Limited (Formally Charles Trent NewCo Limited) 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 OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024

1. STATUTORY INFORMATION

Charles Trent Oldco 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 company ceased to trade on 29th September 2023. Its trade, assets and liabilities were transferred to a fellow subsidiary company as per the detailed note below.

The directors intend to keep the company open for the foreseeable future in a dormant state.

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

On the 29th September 2023 the company disposed of its trade, assets and liabilities to a fellow subsidiary company Charles Trent Limited (formerly Charles Trent Newco Limited) on a no gain no loss basis.

The profit and loss account therefore only reflects 8 months of trading at 31st January 2024.

For the remaining 4 months profit and loss and year end balance sheet position please refer to the financial statements of Charles Trent Limited (Registered number: 14938085) or the consolidated accounts of Charles Trent Holdings Limited (Registered number: 12215966)

On the 29th September 2023 the assets and liabilities transferred to Charles Trent Limited (formally Charles Trent Newco 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 disposed of via an
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.

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 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 buildings - land is not depreciated and buildings are depreciated over 20 years
Long leasehold - Straight line over 20 years
Plant and machinery - 15% on cost
Motor vehicles - 20% on cost
Office equipment - 20% 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 year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 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:

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,603,849 6,390,316
Social security costs 425,136 601,816
Other pension costs 141,901 194,260
5,170,886 7,186,392

The average number of employees during the year was as follows:
2024 2023

Administration and support 72 70
Production 150 149
222 219

2024 2023
£    £   
Directors' remuneration 15,360 23,040

4. OPERATING LOSS

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

2024 2023
£    £   
Hire of plant and machinery 7,041 4,193
Depreciation - owned assets 900,665 815,047
Depreciation - assets on hire purchase contracts 139,314 585,166
Profit on disposal of fixed assets (16,562 ) (22,139 )
Computer software amortisation 39,583 48,256
Auditors remuneration 13,200 14,520
Auditors remuneration for non audit services 8,800 9,680

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 47,125 55,967
Hire purchase interest 108,178 89,508
155,303 145,475

6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
Prior period adjustments - (89,084 )

Deferred tax - (470,303 )
Tax on loss - (559,387 )

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

2024 2023
£    £   
Loss before tax (329,920 ) (1,488,047 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

(82,480

)

(282,729

)

Effects of:
Adjustments to tax charge in respect of previous periods - (89,084 )
Depreciation of buildings and leasehold property - 7,944
Losses and capital allowances transferred to group 82,480 -

Assets purchased in year where super deduction used - (178,286 )
Changes in rate of tax - (17,232 )
Total tax credit - (559,387 )

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 6,000,000 -

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

8. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st February 2023 295,503
Additions 3,000
Disposals (298,503 )
At 31st January 2024 -
AMORTISATION
At 1st February 2023 48,256
Amortisation for year 39,583
Eliminated on disposal (87,839 )
At 31st January 2024 -
NET BOOK VALUE
At 31st January 2024 -
At 31st January 2023 247,247

9. TANGIBLE FIXED ASSETS
Land and Long Plant and
buildings leasehold machinery
£    £    £   
COST
At 1st February 2023 56,841 1,190,285 8,078,845
Additions - 231,893 448,838
Disposals (56,841 ) (1,422,178 ) (8,527,683 )
At 31st January 2024 - - -
DEPRECIATION
At 1st February 2023 18,553 299,928 3,762,836
Charge for year 1,877 29,304 668,535
Eliminated on disposal (20,430 ) (329,232 ) (4,431,371 )
At 31st January 2024 - - -
NET BOOK VALUE
At 31st January 2024 - - -
At 31st January 2023 38,288 890,357 4,316,009

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

9. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1st February 2023 3,100,119 634,307 13,060,397
Additions 79,950 35,846 796,527
Disposals (3,180,069 ) (670,153 ) (13,856,924 )
At 31st January 2024 - - -
DEPRECIATION
At 1st February 2023 2,378,816 496,160 6,956,293
Charge for year 310,002 30,261 1,039,979
Eliminated on disposal (2,688,818 ) (526,421 ) (7,996,272 )
At 31st January 2024 - - -
NET BOOK VALUE
At 31st January 2024 - - -
At 31st January 2023 721,303 138,147 6,104,104

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st February 2023 3,394,100 1,459,246 4,853,346
Additions 275,856 - 275,856
Disposals (3,669,956 ) (376,902 ) (4,046,858 )
Transfer to ownership - (1,082,344 ) (1,082,344 )
At 31st January 2024 - - -
DEPRECIATION
At 1st February 2023 398,529 1,034,480 1,433,009
Charge for year 122,246 17,068 139,314
Eliminated on disposal (520,775 ) (245,175 ) (765,950 )
Transfer to ownership - (806,373 ) (806,373 )
At 31st January 2024 - - -
NET BOOK VALUE
At 31st January 2024 - - -
At 31st January 2023 2,995,571 424,766 3,420,337

10. STOCKS
2024 2023
£    £   
Stocks - 2,281,750

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 792,498
Amounts owed by group undertakings 2,149,747 6,699,454
Other debtors - 373,190
Tax recoverable - 38,201
Deferred tax asset - 71,800
Prepayments and accrued income - 413,294
2,149,747 8,388,437

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) - 1,166,531
Hire purchase contracts (see note 15) - 1,018,272
Trade creditors - 1,168,490
Amounts owed to group undertakings - 1
Social security and other taxes - 847,303
Other creditors - 439,017
Directors' current accounts - 194,727
Accruals and deferred income - 1,264,783
- 6,099,124

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) - 715,909
Hire purchase contracts (see note 15) - 1,789,366
- 2,505,275

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 848,350
Bank loans - 318,181
- 1,166,531

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 - 397,727

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year - 1,018,272
Between one and five years - 1,789,366
- 2,807,638

16. DEFERRED TAX
£   
Balance at 1st February 2023 (71,800 )
Provided during year (62,685 )
Change in rate of tax
Transferred to group 134,485
Balance at 31st January 2024 -

The deferred tax asset is made up as follows:



20242023
££


Accelerated capital allowances-(1,030,358)
Losses carried forward-1,105,158
-71,800

The above provisions have not been discounted.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
72 Ordinary £1 72 72
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
75 75

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

18. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1st February 2023 8,479,564 28 8,479,592
Deficit for the year (329,920 ) (329,920 )
Dividends (6,000,000 ) (6,000,000 )
At 31st January 2024 2,149,644 28 2,149,672

19. 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 £141,902 (2023: £194,260). At the year end contributions of £Nil (2023: £33,749) remained unpaid.

20. ULTIMATE PARENT COMPANY

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

21. CAPITAL COMMITMENTS

20242023
£   £   

Capital Commitments-874,349

At the year end it has been confirmed that there are no capital commitments.

The values shown above are those commitments which have been contracted for but delivery/completion is not expected until the next financial year.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st January 2024 and 31st January 2023:

2024 2023
£    £   
M J Trent
Balance outstanding at start of year (747 ) (25,050 )
Amounts advanced 747 332,303
Amounts repaid - (308,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (747 )

J Trent
Balance outstanding at start of year (96,630 ) (37,551 )
Amounts advanced 96,630 170,200
Amounts repaid - (229,279 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (96,630 )

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

N Trent
Balance outstanding at start of year (97,350 ) (37,551 )
Amounts advanced 97,350 170,920
Amounts repaid - (230,719 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (97,350 )

Interest is charged at the rate of 4% per annum on loan balances outstanding.

Interest charged to the directors for the year amounted to £1,742 (2023: £40).

CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

23. RELATED PARTY DISCLOSURES

Charles Trent Limited (RBS)
Retirement Benefit Scheme

During the year the company was charged £203,942 (2023: £303,000) 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 £64,010 (2023: £95,100) for rental of property by its Directors.

Motorwise Online Services Limited
Common Directors and Shareholders.

During the year the company was charged £435,628 (2023: £1,242,046) by Motorwise Online Services Limited for services provided.

During the year the company charged £19,851 (2023; £7,474) to Motorwise Online Services Limited for expenses, rent and management fees.

Included in Trade Debtors is £Nil (2023: £3,175) owed by Motorwise Online Services Limited.

"Included in Trade Creditors is £Nil (2023: £339,690) owed by the company to Motorwise Online
Services Limited."

Included in Accruals is £Nil (2023: £2) owed by the company to Motorwise Online Services Limited.

Included in Other Debtors is £Nil (2023: £126) owed to the company by Motorwise Online Services Limited.

TT Industries LLP
Partnership under common control

During the year the company was charged expenses of £1,100 (2023: £13,650) by TT Industries LLP.

During the year the company charged £3,470 (2023: £4,507) to TT Industries LLP for expenses.

Included in Trade Debtors is £Nil (2023: £8,031) due from TT Industries LLP.

Included in Trade Creditors is £Nil (2023: £1,164) owed by the company to TT Industries LLP

Included in Other Debtors is £Nil (2023: £1,258) owed to the company by TT Industries LLP.

MNJ 2018 Limited
Common directors and share holders.

Included in Other Debtors is £Nil (2023: £2,538) owed to the company by MNJ 2018 Limited.

Charles Trent Holdings Limited
Parent of Group.

An intercompany balance exists at the year end whereby £Nil (2023: £26,339) is owed to the company by Charles Trent Holdings Limited.

Charles Trent Property Limited
Fellow subsidiary of Group.


CHARLES TRENT OLDCO LIMITED (REGISTERED NUMBER: 02121148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024
During the year the company was charged £824,183 (2023: £909,498) by Charles Trent Property Limited for rent.

An intercompany balance exists at the year end whereby £345,364 (2023: £6,673,119) is owed to the company by Charles Trent Property Limited.

During the year interest of £326,535 (2023: £331,926) was charged to Charles Trent Property Limited on the intercompany loan balance.

Charles Trent Limited
Fellow subsidiary of Group.

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