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REGISTERED NUMBER: 10833237 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

Charlton & Jenrick Holdings Limited

Charlton & Jenrick Holdings Limited (Registered number: 10833237)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Profit and Loss Account 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


Charlton & Jenrick Holdings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B G Charlton
W J Jenrick
P Mintoft



REGISTERED OFFICE: Unit D Stafford Park 2
Telford
Shropshire
TF3 3AR



REGISTERED NUMBER: 10833237 (England and Wales)



SENIOR STATUTORY AUDITOR: Geoffrey Hopwood BCOM FCA



AUDITORS: Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Group Strategic Report
for the Year Ended 31 December 2023

REVIEW OF BUSINESS
There were no changes to the main business of the group which remains in design, development and manufacture of domestic secondary heating appliances and fireplaces.

Sales in 2023 returned to something approaching normality in the second half, resulting in a consolidation year for the group. We were able to continue to operate relatively efficiently and retain creditable net profit levels. Subsequently trading has continued to be satisfactory.

Economic and competitive pressures, notably effects of inflation, rising interest rates, appliance over-supply and falling consumer confidence, influenced all areas of the group. Turnover reduced to £20.9M for the year, a 2.4% decrease to prior year. Operating profit also decreased to £2.52M, down 24.6% at 12% of sales. Despite again seeing increases in almost all business input costs, gross margin remained acceptable, cash resources were well managed and expenses controlled as far as possible. The directors regard this as a satisfactory outcome in the circumstances. Turnover and EBITDA for the last four years is set out below:

Year 2020 2021 2022 2023
Turnover £12,360,389 £17,669,025 £21,429,030 £20,916,152
EBITDA £1,842,463 £2,985,083 £3,963,459 £3,223,408

There was continued flux throughout the business areas we operate in following some unwinding of energy market instability. The UK endured fast rising interest rates and the media widely reported a cost-of-living crisis to which the group was not immune. These and other factors affected our businesses and our management teams responded promptly and vigorously to strive for the best response to each challenge. C&J continued the stock build plan in certain areas to capitalise on opportunities for increasing and retaining sales, a policy that saw finished goods inventory once again reach historic highs at the year-end. The group continued to experience positive benefits from this investment policy and hopes to see further gains as opportunities present themselves.

Gas fire sales improved during the year as gas prices reduced and consumers realised that gas remains a very efficient and cost-effective heating solution. We maintain a very strong commitment to R&D, new gas fire technology and gas fire manufacturing for the future. We hope that the national need for energy security will see phasing out of Natural Gas taking place over a longer timescale than previously thought. Government continues to focus on reducing carbon by working towards 20% hydrogen blending in the gas grid and our product range is now tested and ready for this. Some 100% hydrogen appliance trials have been delayed or cancelled but hydrogen is still being pursued as a zero-carbon objective for the gas network, so we continue R&D work in this field. Even motor manufacturers once fixated on battery electric cars are now seeing Hydrogen as part of the solution in low carbon fuels. We look to Government for stronger and more consistent leadership on hydrogen initiatives because electric Heat Pumps are certainly not a panacea for all future domestic heating needs.

The solid fuel stove market returned to some normality as gas, oil and electricity prices reduced. There is considerable stock and excess production capacity after the market rapidly cooled, leading to some heavy discounting of stoves. Grossly inaccurate and exaggerated stories about stove pollution from extreme groups are still circulating which impacts negatively on public perception. This has grown to proportions in areas such as London that it appears to prevent the public making a fair and balanced judgement of current wood combustion technology. Modern wood burning stoves produce a fraction of the emissions of an open fire or older stove and can contribute to lowering overall domestic emissions drastically when replacing older technology. This fact is being lost in the misinformation which is hampering positive change. The Stove Industry Association is continuing its hard work in correcting grossly inaccurate reporting and partial truths. Strong representations to Government, Trading Standards and Advertising Standards are being made on behalf of the industry. Our entire product range achieves clearSkies level 4 or 5 accreditation and we invest continuously in R&D to regularly launch new products based on new scientific and technological combustion developments.

Electric fire markets performed solidly, although some oversupply of appliances remains. This fuel type retains good potential for the future thanks to strong renewable and sustainable generation in the electricity grid coupled with vastly improved, easy to use appliances. We continue to invest substantial sums in additional R&D, launching regular new products including an LCD technology flame effect in two formats during 2023. We again enjoyed a good outturn during the year.

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Group Strategic Report
for the Year Ended 31 December 2023


Katell Ltd suffered another difficult year of disappointing sales and pernicious cost inflation offsetting hard won efficiencies and sales price increases leading to a loss. Accordingly, C&J Ltd wrote down the carrying value of its investment by £153k. The group remains committed to the success of Katell and the directors are optimistic that fresh 2024 plans will deliver improved prospects for the business.

Sustained export effort resulted in growing sales to existing distributors and further new territories brought on stream that helped consolidate overall sales and profitability. Global shipping costs returned to more rational levels and exchange rates were stable.

Global warming, war in Ukraine and the middle east, political changes in the UK and EU together with advances in low carbon electricity generation has created a very unpredictable market for domestic secondary heating. Looking forward even one year in trying to make reasonably firm predictions is almost impossible. This is creating one of the most difficult periods to navigate that we have experienced for many years.

We continue our very large group commitment to R&D to feed unique, specialist new products using the latest scientific and technological advances into our markets and will respond actively to energy market developments as they arise. Bearing in mind all the circumstances the directors remain very confident about the future.


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks affecting the company and the group are considered to be fire (or other similar sudden unforeseen events) leading to a reduction in production capacity and product availability, the impact of significant exchange rate fluctuations on purchases, overall market and economic conditions.

The company and the group mitigates these risks in a number of ways, including the use of a disaster recovery plan covering potential disruptions to its business, the maintenance of strategic stocks, the specific identification of alternate suppliers and the use of relevant financial instruments.

The company and the group operates in a very competitive market with continuing rapid and progressive product development which is a continuing risk and may result in sales being lost to competitors. The company and the group manages this risk by providing excellent service in all its activities, continued product development and a proactive approach to design and innovation.

The company and the group has reviewed its position, in the light of the present economic outlook, as part of its normal budgetary process. The directors believe that the company and the group has satisfactory financial resources. The company and the group is expected to continue to trade profitably, even in the event of uncertainties in the global economy. However, not all future events or conditions can be predicted.

After making appropriate enquiries, the directors are of the opinion that the company and the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the report and accounts.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company and the group's operations expose it to a variety of financial risks that include the effects of credit risk and investment risk.
The company and the group monitors and takes action in each of these areas as follows:

CREDIT RISK
The company and the group has implemented policies that require appropriate credit checks on potential customers before sales are made in addition, credit checks are made on those customers who are deemed to be a significant credit risk to the company and the group.The company and the group also monitors all court judgements made against its customers and makes appropriate adjustments in the light of this information.

LIQUIDITY RISK
The company and the group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.

KEY PERFORMANCE INDICATORS
The directors use a number of KPIs in measuring the performance of the business. Key indicators used by the company cover margins, debtor and stock ratios, and cash generation. As these KPIs are derived from figures disclosed in this report, no additional KPIs are disclosed.

ON BEHALF OF THE BOARD:





P Mintoft - Director


18 September 2024

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the design, development and manufacture of secondary heating appliances and fireplaces.

DIVIDENDS
Interim dividends per share on the Ordinary £1 shares were paid as follows:
£0.1739 - 23 May 2023
£0.0167 - 5 December 2023
£0.1906

The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Non-redeemable preference £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2023 will be £ 640,103 .

RESEARCH AND DEVELOPMENT
Research and development expenditure is written off in the year in which it is incurred.
The company continues to recognise the importance of ongoing Research and Development in respect of its products and will maintain this investment as part of its operations and future strategies.

FUTURE DEVELOPMENTS
The group has reviewed its position, in the light of the present economic outlook, as part of its normal budgetary process. The directors believe that the group has adequate financial resources, as demonstrated by the net assets position at 31 December 2022.

After making appropriate enquiries, the directors are of the opinion that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the report and accounts.

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

B G Charlton
W J Jenrick
P Mintoft

DISCLOSURE IN THE STRATEGIC REPORT
The company and the group has chosen, in accordance with s414C(11) of the Companies Act, to set out in the group's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company and the group.


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Report of the Directors
for the Year Ended 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





P Mintoft - Director


18 September 2024

Report of the Independent Auditors to the Members of
Charlton & Jenrick Holdings Limited

Opinion
We have audited the financial statements of Charlton & Jenrick Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 group's and the parent 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 Group 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.

Report of the Independent Auditors to the Members of
Charlton & Jenrick Holdings Limited


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 Group 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 Group Strategic Report and the Report of the Directors have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 seven, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Charlton & Jenrick Holdings 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Identifying and obtaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and made enquiry of the Company's management to understand the Company's compliance with that framework;

- Obtaining an understanding of the internal controls established to mitigate risks relating to fraud or other error which could affect the financial reporting process;

- Making enquiries of management to determine whether they have knowledge of any actual or suspected fraud;

- Reviewing assumptions and judgements made by the management in its significant accounting estimates;

- In addition to transaction-based testing, on a sample basis, of sales, purchases and payroll costs, we have undertaken a review of accounting journals and non-routine payments and receipts;

We did not identify any key audit matters relating to irregularities, including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect irregularities, including those leading to 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 occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or mispresentation.

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.

Report of the Independent Auditors to the Members of
Charlton & Jenrick Holdings Limited


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.




Geoffrey Hopwood BCOM FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

20 September 2024

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Consolidated Profit and Loss Account
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 20,916,152 21,430,730

Cost of sales 13,604,596 14,343,303
GROSS PROFIT 7,311,556 7,087,427

Distribution costs 330,810 360,074
Administrative expenses 4,468,234 3,483,391
4,799,044 3,843,465
2,512,512 3,243,962

Other operating income 4 8,250 99,915
OPERATING PROFIT 6 2,520,762 3,343,877

Income from shares in group undertakings - 3
Interest receivable and similar income 21,244 1,209
21,244 1,212
2,542,006 3,345,089

Interest payable and similar expenses 7 102,317 65,945
PROFIT BEFORE TAXATION 2,439,689 3,279,144

Tax on profit 8 81,102 520,100
PROFIT FOR THE FINANCIAL YEAR 2,358,587 2,759,044

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 2,203,245 2,753,245
Tangible assets 12 1,486,657 1,551,954
Investments 13 - -
3,689,902 4,305,199

CURRENT ASSETS
Stocks 14 7,676,098 6,663,455
Debtors 15 3,770,964 4,345,728
Cash at bank and in hand 1,602,329 1,350,079
13,049,391 12,359,262
CREDITORS
Amounts falling due within one year 16 3,357,379 4,322,305
NET CURRENT ASSETS 9,692,012 8,036,957
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,381,914

12,342,156

CREDITORS
Amounts falling due after more than one
year

17

(651,500

)

(970,794

)

PROVISIONS FOR LIABILITIES 21 (100,292 ) (149,137 )
NET ASSETS 12,630,122 11,222,225

CAPITAL AND RESERVES
Called up share capital 22 6,805,410 6,905,064
Capital redemption reserve 23 99,654 -
Retained earnings 23 5,725,058 4,317,161
SHAREHOLDERS' FUNDS 12,630,122 11,222,225

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





P Mintoft - Director


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 10,050,015 10,050,015
10,050,015 10,050,015

CURRENT ASSETS
Cash at bank 3,411 2,042

CREDITORS
Amounts falling due within one year 16 720 720
NET CURRENT ASSETS 2,691 1,322
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,052,706

10,051,337

CREDITORS
Amounts falling due after more than one
year

17

3,145,967

3,146,015
NET ASSETS 6,906,739 6,905,322

CAPITAL AND RESERVES
Called up share capital 22 6,805,410 6,905,064
Capital redemption reserve 23 99,654 -
Retained earnings 23 1,675 258
SHAREHOLDERS' FUNDS 6,906,739 6,905,322

Company's profit for the financial year 952,107 436,302

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





P Mintoft - Director


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 6,905,064 1,690,921 - 8,595,985

Changes in equity
Total comprehensive income - 2,759,044 - 2,759,044
Dividends - (132,804 ) - (132,804 )
Balance at 31 December 2022 6,905,064 4,317,161 - 11,222,225

Changes in equity
Total comprehensive income - 2,048,000 99,654 2,147,654
Dividends - (640,103 ) - (640,103 )
Purchase of own shares (99,654 ) - - (99,654 )
Balance at 31 December 2023 6,805,410 5,725,058 99,654 12,630,122

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 6,905,064 (303,240 ) - 6,601,824

Changes in equity
Dividends - (132,804 ) - (132,804 )
Total comprehensive income - 436,302 - 436,302
Balance at 31 December 2022 6,905,064 258 - 6,905,322

Changes in equity
Purchase of own shares (99,654 ) - - (99,654 )
Dividends - (640,103 ) - (640,103 )
Total comprehensive income - 641,520 99,654 741,174
Balance at 31 December 2023 6,805,410 1,675 99,654 6,906,739

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,364,711 1,450,177
Interest paid (102,072 ) (64,160 )
Interest element of hire purchase
payments paid

(245

)

(1,785

)
Tax paid (631,573 ) (369,442 )
Net cash from operating activities 1,630,821 1,014,790

Cash flows from investing activities
Purchase of tangible fixed assets (97,514 ) (298,688 )
Sale of tangible fixed assets 1,916 5,643
Interest received 21,244 1,209
Dividends received - 3
Net cash from investing activities (74,354 ) (291,833 )

Cash flows from financing activities
Loan repayments in year (328,084 ) (336,450 )
Capital repayments in year (27,427 ) (42,703 )
Amount withdrawn by directors - (1,249,976 )
Share buyback (310,587 ) -
Equity dividends paid (640,103 ) (132,804 )
Net cash from financing activities (1,306,201 ) (1,761,933 )

Increase/(decrease) in cash and cash equivalents 250,266 (1,038,976 )
Cash and cash equivalents at
beginning of year

2

1,346,992

2,385,968

Cash and cash equivalents at end of
year

2

1,597,258

1,346,992

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 2,439,689 3,279,144
Depreciation charges 712,812 724,192
Profit on disposal of fixed assets (1,916 ) (4,699 )
Finance costs 102,317 65,945
Finance income (21,244 ) (1,212 )
3,231,658 4,063,370
Increase in stocks (1,012,643 ) (3,639,628 )
Decrease/(increase) in trade and other debtors 664,560 (348,778 )
(Decrease)/increase in trade and other creditors (518,864 ) 1,375,213
Cash generated from operations 2,364,711 1,450,177

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 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,602,329 1,350,079
Bank overdrafts (5,071 ) (3,087 )
1,597,258 1,346,992
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,350,079 2,389,188
Bank overdrafts (3,087 ) (3,220 )
1,346,992 2,385,968


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,350,079 252,250 1,602,329
Bank overdrafts (3,087 ) (1,984 ) (5,071 )
1,346,992 250,266 1,597,258
Debt
Finance leases (52,825 ) 27,427 (25,398 )
Debts falling due within 1 year (329,103 ) 36,711 (292,392 )
Debts falling due after 1 year (942,873 ) 291,373 (651,500 )
(1,324,801 ) 355,511 (969,290 )
Total 22,191 605,777 627,968

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Charlton & Jenrick Holdings 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 General 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.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over its estimated useful life. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements and estimates are:

Provisions against the carrying value of stocks
The company reviews the market value and demand for its stock on a periodic basis to ensure that stock is stated at the lower of cost and estimated selling price less costs to sell. In assessing the ultimate realisation of stocks, the company is required to make estimates as to future demand requirements and to compare these with the current or committed stock levels. Assumptions have been made relating to the timing and success of product ranges, which could impact estimated demand and selling prices.

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
The turnover shown in the profit and loss account is the amount receivable for the provision of goods and services falling within the Group's/Company's activities, net of Value Added Tax, rebates and trade discounts. Turnover from the provision of goods and services are recognised in the accounting period in which the Group/Company obtains the right to consideration in exchange for its performance and when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of 10 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - Over 10 years
Patents - 20% straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Long leasehold - not provided
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance and 10% on cost
Office and Computer Equipment - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance and 25% on cost
Tooling and Equipment - 20% on cost and 20 - 33% on cost

The directors consider that freehold and long leasehold properties are maintained in such a state that their residual value is at least equal to their net book values. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

The directors perform annual impairment reviews in accordance with the requirements of FRS102 to ensure that the recoverable amount is not lower than the carrying value.

Stocks
Stock has been valued at the lower of cost and estimated selling price less costs to sell.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Stock provisions have been made for any slow moving or obsolete stocks.


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Invoice discounting
The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Investments in subsidiaries
The investment has been valued by the directors taking account of underlying financial and market information.

3. TURNOVER

Turnover is wholly attributable to the principal activity of the group.

The analysis of turnover by geographical market has not been disclosed.

4. OTHER OPERATING INCOME
2023 2022
£    £   
Rent receivable 8,250 8,250
Sundry receipts - 91,665
8,250 99,915

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,394,981 2,931,588
Social security costs 77,136 75,798
Other pension costs 300,735 83,496
3,772,852 3,090,882

The average number of employees during the year was as follows:
2023 2022

Employees 87 87
Directors 3 3
90 90

The average number of employees of the parent company was 3 (2022 - 3).


Key management compensation

The only key management are the directors.

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

5. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 347,903 254,621
Directors' pension contributions to money purchase schemes 281,850 65,679

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 149,096 109,858
Pension contributions to money purchase schemes 160,000 39,539

6. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 308 -
Depreciation - owned assets 162,811 169,685
Depreciation - assets on hire purchase contracts - 4,507
Profit on disposal of fixed assets (1,916 ) (4,699 )
Goodwill amortisation 550,000 550,000
Auditors' remuneration 41,630 30,070
Auditors' remuneration for non audit work 5,998 300
Foreign exchange differences 13,989 11,203
Operating leases 185,691 187,364

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest and factoring 25,676 12,310
Bank loan interest 1,800 1,800
Loan interest 74,596 50,050
Hire purchase 245 1,785
102,317 65,945

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 369,462 561,841
Over/under provision in prior years (239,515 ) (97,395 )
Total current tax 129,947 464,446

Deferred tax (48,845 ) 55,654
Tax on profit 81,102 520,100

UK corporation tax has been charged at 23.50 % (2022 - 19 %).

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

2023 2022
£    £   
Profit before tax 2,439,689 3,279,144
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2022 - 19 %)

609,922

623,037

Effects of:
Expenses not deductible for tax purposes 7,588 (690 )
Capital allowances in excess of depreciation - (41,525 )
Depreciation in excess of capital allowances 14,231 -
Adjustments to tax charge in respect of previous periods (239,515 ) (97,395 )
Research & Development claims (173,323 ) (123,500 )
Amortisation of goodwill 137,500 104,500
Unused Losses b/f (48,943 ) (37,178 )
Unused Losses c/f 48,943 37,197
Change in standard rate of tax during the year (226,456 ) -
Deferred tax (48,845 ) 55,654
Total tax charge 81,102 520,100

9. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 640,103 132,804

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 5,503,245
AMORTISATION
At 1 January 2023 2,750,000
Amortisation for year 550,000
At 31 December 2023 3,300,000
NET BOOK VALUE
At 31 December 2023 2,203,245
At 31 December 2022 2,753,245

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Long to Plant and
property leasehold property machinery
£    £    £    £   
COST
At 1 January 2023 486,062 433,185 95,393 1,385,737
Additions - - - 40,903
Disposals - - - -
At 31 December 2023 486,062 433,185 95,393 1,426,640
DEPRECIATION
At 1 January 2023 - - 73,397 933,192
Charge for year - - 7,323 81,632
Eliminated on disposal - - - -
At 31 December 2023 - - 80,720 1,014,824
NET BOOK VALUE
At 31 December 2023 486,062 433,185 14,673 411,816
At 31 December 2022 486,062 433,185 21,996 452,545

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Office
and Tooling
Computer Motor and
Equipment vehicles Equipment Totals
£    £    £    £   
COST
At 1 January 2023 209,004 211,120 229,185 3,049,686
Additions 25,845 25,344 5,422 97,514
Disposals (1,710 ) (11,555 ) - (13,265 )
At 31 December 2023 233,139 224,909 234,607 3,133,935
DEPRECIATION
At 1 January 2023 179,167 130,582 181,394 1,497,732
Charge for year 19,109 35,894 18,853 162,811
Eliminated on disposal (1,710 ) (11,555 ) - (13,265 )
At 31 December 2023 196,566 154,921 200,247 1,647,278
NET BOOK VALUE
At 31 December 2023 36,573 69,988 34,360 1,486,657
At 31 December 2022 29,837 80,538 47,791 1,551,954

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023 21,500
Transfer to ownership (21,500 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 6,988
Transfer to ownership (6,988 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 14,512

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakin
£   
COST
At 1 January 2023
and 31 December 2023 10,050,015
NET BOOK VALUE
At 31 December 2023 10,050,015
At 31 December 2022 10,050,015

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Charlton & Jenrick Limited
Registered office: Unit D Stafford park 2, Telford, Shropshire, TF3 3AR.
Nature of business: The manufacture and sale of heating appliances.
%
Class of shares: holding
Ordinary £1 100.00
2023 2022
£    £   
Aggregate capital and reserves 13,402,541 11,608,977
Profit for the year 2,745,670 2,806,068

Katell Limited
Registered office: 478-480 Durham Way North, Aycliffe Industrial Park, Newton Aycliffe, Co Durham, DL4 6HP.
Nature of business: The manufacture and sale of heating appliances.
%
Class of shares: holding
Ordinary £1 100.00
2023 2022
£    £   
Aggregate capital and reserves 665,135 824,013
Loss for the year (158,878 ) (183,518 )

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. FIXED ASSET INVESTMENTS - continued

Fireline UK Limited
Registered office: Unit D Stafford park 2, Telford, Shropshire, TF3 3AR.
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 100.00
2023 2022
£    £   
Aggregate capital and reserves 100,000 100,000

Charlton & Jenrick China
This is a business in China that sells domestic fires.
The aggregate capital and reserves were £19,885, (2022 £(1,967)).
The profit/(loss) for the year was £21,852, (2022 - £12,520).


14. STOCKS

Group
2023 2022
£    £   
Raw materials 2,066,848 2,547,057
Work-in-progress 14,326 348
Finished goods 5,594,924 4,116,050
7,676,098 6,663,455

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 2,564,449 2,927,323
Other debtors 924,347 1,323,586
Tax 89,796 -
Prepayments and accrued income 192,372 94,819
3,770,964 4,345,728

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 297,463 332,190 - -
Hire purchase contracts (see note 19) 25,398 24,904 - -
Trade creditors 1,757,002 2,089,369 - -
Corporation tax - 411,830 - -
Social security and other taxes 202,653 217,531 - -
VAT 345,937 638,234 - -
Other creditors 81,143 125,318 - -
Accruals and deferred income 647,783 482,929 720 720
3,357,379 4,322,305 720 720

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 651,500 942,873 - -
Hire purchase contracts (see note 19) - 27,921 - -
Amounts owed to group undertakings - - 3,145,967 3,146,015
651,500 970,794 3,145,967 3,146,015

The directors have reviewed the loans from group undertakings, and are now of the opinion that they will not be repaid within one year from the balance sheet date and should therefore be classed as long term.

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

18. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 5,071 3,087
Bank loans 292,392 329,103
297,463 332,190
Amounts falling due between one and two years:
Bank loans - 1-2 years 286,064 322,775
Amounts falling due between two and five years:
Bank loans - 2-5 years 183,722 494,538
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 181,714 125,560

Included within bank loans is a CBILS loan of £695,782 with interest payable at 2.25% over base rate.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 25,398 24,904
Between one and five years - 27,921
25,398 52,825

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

19. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 206,525 240,274
Between one and five years 713,104 745,873
In more than five years - 95,400
919,629 1,081,547

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 943,892 1,271,976
Hire purchase contracts 25,398 52,825
969,290 1,324,801

The hire purchase contracts are secured on the assets to which it relates.

The company has a bank guarantee of £550,000 dated 18/06/15 relating to the mortgage granted to Katell Ltd, its subsidiary. There is also a debenture dated 27/07/1989 against all assets of the company.

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 100,292 149,137

Group
Deferred
tax
£   
Balance at 1 January 2023 149,137
Credit to Profit and Loss Account during year (48,845 )
Balance at 31 December 2023 100,292

The deferred tax provision is due to accelerated capital allowances.

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3,358,416 Ordinary £1 3,358,416 3,458,070
3,446,994 Non-redeemable preference £1 3,446,994 3,446,994
6,805,410 6,905,064

Ordinary shares have been allotted, issued and fully paid for the following classes:


Number

Class
Nominal
value


2023

2022
££

943,665Ordinary A£1943,665943,665
216,934Ordinary B£1216,934216,934
940,000Ordinary C£1940,000940,000
3,665Ordinary D£13,6653,665
474,000Ordinary E£1474,000474,000
544Ordinary F£1544544
-Ordinary G£1-99,000
-Ordinary H£1-654
474,000Ordinary I£1474,000474,000
544Ordinary J£1544544
305,064Ordinary K£1305,064305,064
3,358,4163,358,4163,458,070


The Company repurchased ordinary class G and class H shares with a nominal value of £99,654 at a total cost of £310,587.

23. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 4,317,161 - 4,317,161
Profit for the year 2,358,587 2,358,587
Dividends (640,103 ) (640,103 )
Purchase of own shares (310,587 ) 99,654 (210,933 )
At 31 December 2023 5,725,058 99,654 5,824,712

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

23. RESERVES - continued

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 258 - 258
Profit for the year 952,107 952,107
Dividends (640,103 ) (640,103 )
Purchase of own shares (310,587 ) 99,654 (210,933 )
At 31 December 2023 1,675 99,654 101,329


24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the group made a short-term loan to a director of £250,000. The loan was repaid during the year and the amount outstanding at the year end was £nil. The loan was interest free and repayable on demand.

25. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year, the company repurchased ordinary shares with a nominal value of £99,654 at a total cost of £310,587 including professional fees.
The purchase price of the shares was £298,962 and was paid to a director of one of its subsidiary undertakings.

26. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors who between them own 68% of the issued share capital.