REGISTERED NUMBER: 12219601 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
CHARLIE CHARLIE WINDROSE LIMITED |
REGISTERED NUMBER: 12219601 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
CHARLIE CHARLIE WINDROSE LIMITED |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
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 | 5 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
CHARLIE CHARLIE WINDROSE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
Chartered Certified Accountants |
Dickens House |
Guithavon Street |
Witham |
Essex |
CM8 1BJ |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
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. |
Review of business |
The key financial and other performance indicators during the year were as follows: |
2023 | 2022 |
'000's | '000's | % |
Turnover | 44,029 | 31,943 | +37.84% |
Gross Profit Margin | 24.32% | 18.65% | +30.40% |
Operating Profit | 7,087 | 3,439 | +106.08% |
Employee and Directors Costs | 2,937 | 2,496 | +17.67% |
Profit after Tax | 4,563 | 2,733 | +66.96% |
Equity Shareholders' Funds | 8,122 | 5,430 | +49.58% |
Current Assets as % of current liabilities |
198% |
223% |
-11.21% |
Average number of employees | 43 | 34 | +26.47% |
Turnover increased by 37.84% in the year primarily due to increased contracts undertaken for the group's primary customers. The group's excellent delivery record has also enabled it to successfully deliver larger individual contracts for its key clients. Due to the continued rapid growth in turnover the group has been able to increase its gross profit margin compared to the previous year due to better buying strategies and control of on-site labour costs and the introduction of a development programme for employees. The growth in activity also led to a 17.67% increase in employment costs and a 26.47% increase in the average number of employees. |
Total operating profit increased by 106.08% in the year, with gross profit rising at a much higher nominal rate than overheads. Most of the increases in overheads were also related to the increased activity, such as indirect wages, motor and travel expenses. Profit after tax saw a 66.96% increase, less than at the Operating Profit level, but this has been due to the group's investment in its systems and employees. |
Shareholders' funds increased by 49.58%. The group's 'current asset ratio' has decreased from 223% to 198%. The Company has a very low gearing ratio of 1.02% having very little formal debt. |
The acceleration of turnover and growth has largely been down to the investment in strengthening the overall management team at middle and senior levels, thus enabling the business to demonstrate to major clients that the Fortis Vision method of successfully operating in occupied buildings, particularly in the purpose build student sector (PBSA), gives them market-leading credibility. This has been directly linked to the significant increase in turnover and the investment in the management teams has meant that the group continues to successfully deliver its contracts to clients satisfaction. |
The business has also successfully expanded its delivery model within the hotel leisure sector for a premier brand, engaging with multiple works streams, continuing its theme of successfully delivering in live occupied hotel environments, thus contributing to the overall success and increase in both revenue and profit contribution. |
During the 2022 period, whilst the delivery of the increased turnover was occurring, much progress was being made with preconstruction conversations with another large portfolio PBSA provider that as predicted in the 2022 strategic report, did lead to initial further solid growth within 2023. This has further accelerated to even larger growth with that client in the 2023 period. |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Preconstruction conversations with several new clients in Q4 of 2023 have led to multi-million-pound contract awards for the 2024 period. |
The secured budget for the 2024 period is very healthy and growing. |
The Directors are confident that 2024 will provide a further increase in turnover having secured significant contracts with more than 80% of the budget turnover of £50 million already secured. It will also see Fortis introduction into the Care Home Sector. |
The group continues to invest in its employees and systems with a view to ensuring that the group can deliver on its contractual commitments. |
Fortis Trident saw a fairly inactive year of trading, where the focus was consolidating our position on existing projects. Trident continued to support a difficult development project as main contractor, and significant time was spent rectifying legacy issues, given the contract that was started in uncertain, covid times. Consolidation of these projects will allow Fortis Trident to move in to the next trading period with further clarity of the existing position and the ability to refocus it's future strategy. |
Principal risks and uncertainties |
Competitive Risks |
Whilst there will always be contractors working within the sector looking to deliver "in-occupation" models, Fortis Vision believes our culture and engagement with the supply chain lends itself to minimising this risk. |
The group continues to be upbeat about its establishment within the market and its standing within the industry. |
Financial Risk |
The group does not see any real risk in the 2024 period, with strong financial reserves, minimal debt or credit in place, and a healthy balance sheet of assets. |
The Directors will continue to be selective with their client portfolio, with all client debt underwritten by insurance. |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Risk register activities that are constantly monitored at Board meetings:- |
1. | Health and Safety activity is profiled against client and internal audits, a HSEQ Manager appointed full time within Q1 of 2024. |
2. | Demand/Price Risk, comprehensive, exercises have been taking place with all clients on financial benchmarking and have stood the business in a competitive place. |
3. | Execution Risk, the business has significantly scaled up and established a newly created Senior Leadership Team in Q4 2024, to embrace the planned sustained growth. |
4. | Concentration of work sources, a full review has been carried out by the Operations and Procurement Team to review the supply chain, strengthening it in certain areas and the creation of a new buyer to work with the Procurement head in Q2 2024 is being sought as well as the health pipeline of applications from new sub-contractors, gravitating towards the business. |
5. | Employee turnover risk, Fortis believes making the welfare of all it attracts and retains within the business a foundation and cornerstone to the business, thus reducing this risk. |
6. | Cashflow, liquidity, credit and financing, a complete overview of management accounts have been undertaken and the appointment of a combined team of Consultant Financial Controller and Financial Director to support the existing Team. |
On behalf of the board: |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
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 full service refurbishment contractor. |
Dividends |
The total distribution of dividends for the year ended 31 December 2023 will be £ 1,870,695 . |
Directors |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
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. |
Auditors |
The auditors, Baverstocks Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHARLIE CHARLIE WINDROSE LIMITED |
Opinion |
We have audited the financial statements of Charlie Charlie Windrose Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CHARLIE CHARLIE WINDROSE LIMITED |
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 five, 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 |
CHARLIE CHARLIE WINDROSE 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: |
Our approach to assessing the risks of material misstatement due to fraud and noncompliance with laws and regulations was as follows:- |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to compliance with the Companies Act 2006, Financial Reporting Standard 102, relevant tax legislation, employment legislation and the legislation affecting companies within the construction industry. |
We assessed the risks of material misstatements in respect of fraud and determined that the principal risks were related to posting of journal entries to manipulate the results for the financial year. We made enquiries of management during the audit to determine any instances of fraud, while also discussing the areas of risk in relation to audit as part of our audit team meeting. |
Based upon the results of our risk assessment we designed our audit procedures to identify noncompliance with such laws and regulations identified above and also material misstatements in respect of fraud as follows:- |
- | We obtained an understanding of the legal and regulatory framework in relation to the entity and how it complies with this framework. This included discussions with management, reviews of legal and professional fees and reviews of compliance with the legislation. |
- |
We discussed with the management the entity's policies and procedures including systems and controls. Compliance with these was tested via discussion and walkthrough testing of controls. |
- |
We enquired of management of their policies and procedures in relation to fraud and their knowledge of any actual, suspected, or alleged fraud. |
- |
We ensured compliance with Pay as You Earn, Construction Industry Scheme and Value Added Tax laws via reviewing returns and correspondence. |
- |
We discussed with management to ensure continued compliance with employment and construction industry legislation. |
- |
We considered the risk of fraud through management override, and, in response, we incorporated testing of manual journal entries into our audit approach. This included the testing of journal entries throughout the year as well as year end journals. |
- | We agreed the financial statement disclosures to underlying supporting documentation. |
- | We enquired of management if there were any potential litigation or claims. |
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
CHARLIE CHARLIE WINDROSE 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. |
for and on behalf of |
Statutory Auditor |
Chartered Certified Accountants |
Dickens House |
Guithavon Street |
Witham |
Essex |
CM8 1BJ |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 3 | 44,028,580 | 31,942,597 |
Cost of sales | 33,321,600 | 25,986,889 |
Gross profit | 10,706,980 | 5,955,708 |
Administrative expenses | 3,620,383 | 2,516,659 |
Operating profit | 5 | 7,086,597 | 3,439,049 |
Associated company loan |
write off | 6 | 893,389 | - |
6,193,208 | 3,439,049 |
Interest receivable and similar income | 131,023 | 4,864 |
6,324,231 | 3,443,913 |
Interest payable and similar expenses | 7 | 10,451 | 13,730 |
Profit before taxation | 6,313,780 | 3,430,183 |
Tax on profit | 8 | 1,750,904 | 697,511 |
Profit for the financial year |
Profit attributable to: |
Owners of the parent | 4,562,876 | 2,732,672 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Profit for the year | 4,562,876 | 2,732,672 |
Other comprehensive income | - | - |
Total comprehensive income for the year |
4,562,876 |
2,732,672 |
Total comprehensive income attributable to: |
Owners of the parent | 4,562,876 | 2,732,672 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 11 | 700,801 | 600,657 |
Investments | 12 | - | 20,000 |
700,801 | 620,657 |
Current assets |
Stocks | 13 | 301,986 | 277,503 |
Debtors | 14 | 3,978,807 | 1,593,555 |
Cash at bank and in hand | 11,258,593 | 7,050,379 |
15,539,386 | 8,921,437 |
Creditors |
Amounts falling due within one year | 15 | 7,867,613 | 3,993,215 |
Net current assets | 7,671,773 | 4,928,222 |
Total assets less current liabilities | 8,372,574 | 5,548,879 |
Creditors |
Amounts falling due after more than one year |
16 |
(132,289 |
) |
(26,612 |
) |
Provisions for liabilities | 19 | (118,211 | ) | (92,374 | ) |
Net assets | 8,122,074 | 5,429,893 |
Capital and reserves |
Called up share capital | 20 | 104 | 104 |
Retained earnings | 21 | 8,121,970 | 5,429,789 |
Shareholders' funds | 8,122,074 | 5,429,893 |
The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by: |
D Borthwick - Director |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 11 |
Investments | 12 |
Current assets |
Debtors | 14 |
Cash at bank |
Creditors |
Amounts falling due within one year | 15 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 20 |
Retained earnings | 21 |
Shareholders' funds |
Company's profit for the financial year | 4,943,363 | 1,436,413 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | 100 | 3,731,117 | 3,731,217 |
Changes in equity |
Issue of share capital | 4 | - | 4 |
Dividends | - | (1,034,000 | ) | (1,034,000 | ) |
Total comprehensive income | - | 2,732,672 | 2,732,672 |
Balance at 31 December 2022 | 104 | 5,429,789 | 5,429,893 |
Changes in equity |
Dividends | - | (1,870,695 | ) | (1,870,695 | ) |
Total comprehensive income | - | 4,562,876 | 4,562,876 |
Balance at 31 December 2023 | 104 | 8,121,970 | 8,122,074 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 6,681,406 | 4,183,946 |
Interest paid | (7,385 | ) | (13,730 | ) |
Interest element of hire purchase payments paid |
(3,066 |
) |
- |
Tax paid | (607,415 | ) | (603,895 | ) |
Net cash from operating activities | 6,063,540 | 3,566,321 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (203,176 | ) | (567,273 | ) |
Purchase of fixed asset investments | - | (20,000 | ) |
Sale of tangible fixed assets | 42,400 | - |
Sale of fixed asset investments | 20,000 | - |
Interest received | 131,023 | 4,864 |
Net cash from investing activities | (9,753 | ) | (582,409 | ) |
Cash flows from financing activities |
Loan repayments in year | (9,849 | ) | (9,606 | ) |
Capital repayments in year | 54,971 | - |
Amount introduced by directors | - | 994,000 |
Amount withdrawn by directors | (20,000 | ) | (900,785 | ) |
Share issue | - | 4 |
Equity dividends paid | (1,870,695 | ) | (1,034,000 | ) |
Net cash from financing activities | (1,845,573 | ) | (950,387 | ) |
Increase in cash and cash equivalents | 4,208,214 | 2,033,525 |
Cash and cash equivalents at beginning of year |
2 |
7,050,379 |
5,016,854 |
Cash and cash equivalents at end of year |
2 |
11,258,593 |
7,050,379 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
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 | 6,313,780 | 3,430,183 |
Depreciation charges | 144,543 | 105,743 |
Finance costs | 10,451 | 13,730 |
Finance income | (131,023 | ) | (4,864 | ) |
6,337,751 | 3,544,792 |
Increase in stocks | (24,483 | ) | (130,165 | ) |
(Increase)/decrease in trade and other debtors | (2,385,249 | ) | 1,472,484 |
Increase/(decrease) in trade and other creditors | 2,753,387 | (703,165 | ) |
Cash generated from operations | 6,681,406 | 4,183,946 |
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 | 11,258,593 | 7,050,379 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 7,050,379 | 5,016,854 |
3. | Analysis of changes in net funds |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 7,050,379 | 4,208,214 | 11,258,593 |
7,050,379 | 4,208,214 | 11,258,593 |
Debt |
Finance leases | - | (54,971 | ) | - | (138,881 | ) |
Debts falling due |
within 1 year | (9,849 | ) | (253 | ) | - | (10,102 | ) |
Debts falling due |
after 1 year | (26,612 | ) | 10,098 | - | (16,514 | ) |
(36,461 | ) | (45,126 | ) | - | (165,497 | ) |
Total | 7,013,918 | 4,163,088 | - | 11,093,096 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | Statutory information |
Charlie Charlie Windrose Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 December 2023. The acquisition method of accounting has been adopted. |
Under this method, the results of subsidiary undertakings acquired in the period are included in the consolidated profit and loss account from the date of acquisition. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
There are no estimates and assumptions that have a significant risk of causing material adjustment in the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the |
company and the turnover can be reliably measured. Turnover is measured as the fair value of the |
consideration received or receivable, excluding discounts, rebates, value added tax and other sales |
taxes. |
Turnover from a contract to provide services is recognised in the period in which the services are |
provided in accordance with the stage of completion of the contract when all of the following conditions |
are satisfied:- |
- | the amount of turnover can be measured reliably; |
- | it is probable that the company will receive the consideration due under the contract;the stage of completion of the contract at the end of the reporting period can be measured |
- | reliably; and |
- | the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Motor Vehicles | - |
Office Equipment | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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. |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
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 Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Rendering of services | 44,028,580 | 31,942,597 |
44,028,580 | 31,942,597 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,532,018 | 1,997,563 |
Social security costs | 230,887 | 158,756 |
Other pension costs | 173,874 | 339,708 |
2,936,779 | 2,496,027 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Cost of sales | 30 | 26 |
Administration | 11 | 6 |
Directors | 2 | 2 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 89,821 | 90,893 |
Directors' pension contributions to money purchase schemes | 40,840 | 160,840 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 2 |
5. | Operating profit |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of Plant and Machinery | 283,759 | 317,106 |
Depreciation - owned assets | 134,960 | 105,744 |
Depreciation - assets on hire purchase contracts | 9,582 | - |
Auditors Remuneration | 29,000 | 29,500 |
6. | Exceptional items |
2023 | 2022 |
£ | £ |
Associated company loan |
write off | (893,389 | ) | - |
7. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Bank Loan Interest | 803 | 1,042 |
Other Interest Payable | 6,582 | 4,867 |
HMRC Interest Paid | - | 7,821 |
Hire Purchase Interest | 3,066 | - |
10,451 | 13,730 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
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 | 1,725,067 | 625,554 |
Deferred Taxation | 25,837 | 71,957 |
Tax on profit | 1,750,904 | 697,511 |
Reconciliation of total tax charge 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: |
2023 | 2022 |
£ | £ |
Profit before tax | 6,313,780 | 3,430,183 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
1,578,445 |
651,735 |
Effects of: |
Expenses not deductible for tax purposes | 276,305 | 46,093 |
Super deduction capital allowances claimed | (763 | ) | (19,780 | ) |
Effect of changes of tax rate on deferred tax position | 5,424 | 18,048 |
Trade losses carried forward | - | 1,415 |
Profits chargeable at historical lower rates | (108,507 | ) | - |
Total tax charge | 1,750,904 | 697,511 |
9. | Individual income statement |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | Dividends |
2023 | 2022 |
£ | £ |
Ordinary shares of £1.00 each |
Interim | 300,000 | 679,000 |
A share of £1 |
Interim | 691,349 | 177,500 |
B share of £1 |
Interim | 139,257 | 177,500 |
C share of £1 |
Interim | 53,067 | - |
D share of £1 |
Interim | 687,022 | - |
1,870,695 | 1,034,000 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | Tangible fixed assets |
Group |
Freehold | Motor | Office |
Property | Vehicles | Equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 | 179,694 | 522,454 | 85,628 | 787,776 |
Additions | 2,000 | 244,772 | 40,314 | 287,086 |
Disposals | (42,400 | ) | - | - | (42,400 | ) |
At 31 December 2023 | 139,294 | 767,226 | 125,942 | 1,032,462 |
Depreciation |
At 1 January 2023 | - | 152,588 | 34,531 | 187,119 |
Charge for year | - | 116,262 | 28,280 | 144,542 |
At 31 December 2023 | - | 268,850 | 62,811 | 331,661 |
Net book value |
At 31 December 2023 | 139,294 | 498,376 | 63,131 | 700,801 |
At 31 December 2022 | 179,694 | 369,866 | 51,097 | 600,657 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
Vehicles |
£ |
Cost |
Additions | 136,383 |
At 31 December 2023 | 136,383 |
Depreciation |
Charge for year | 9,582 |
At 31 December 2023 | 9,582 |
Net book value |
At 31 December 2023 | 126,801 |
Company |
Freehold |
Property |
£ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | Fixed asset investments |
Group |
Listed |
Investments |
£ |
Cost |
At 1 January 2023 | 20,000 |
Disposals | (20,000 | ) |
At 31 December 2023 | - |
Net book value |
At 31 December 2023 | - |
At 31 December 2022 | 20,000 |
Company |
Shares in |
Group | Listed |
Undertakings | Investments | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 | 20,200 |
Additions | 100 |
Disposals | ( |
) | (20,000 | ) |
At 31 December 2023 | 300 |
Net book value |
At 31 December 2023 | 300 |
At 31 December 2022 | 20,200 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | Fixed asset investments - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
13. | Stocks |
Group |
2023 | 2022 |
£ | £ |
Work in Progress | 301,986 | 277,503 |
14. | Debtors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade Debtors | 1,427,877 | 1,234,700 |
Amounts owed by group undertakings | - | - |
Amounts owed by participating interests | 1,706,450 | 341,652 | 58,603 | 58,603 |
Other Debtors | 105,023 | 3,025 |
Prepayments and Accrued Income | 739,457 | 14,178 |
3,978,807 | 1,593,555 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | Creditors: amounts falling due within one year |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 10,102 | 9,849 |
Hire purchase contracts (see note 18) | 23,106 | - |
Trade Creditors | 3,105,166 | 1,760,627 |
Amounts owed to group undertakings | - | - |
Corporation Tax | 1,623,496 | 505,844 |
Social Security and Other |
Taxes | 1,076,349 | 605,041 |
Other Creditors | 402,021 | 44,399 |
Directors Current Accounts | 89,190 | 109,190 | 89,190 | 109,190 |
Accruals and Deferred Income | 1,538,183 | 958,265 |
7,867,613 | 3,993,215 |
16. | Creditors: amounts falling due after more than one year |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 17) | 16,514 | 26,612 |
Hire purchase contracts (see note 18) | 115,775 | - |
132,289 | 26,612 |
17. | Loans |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank Loans | 10,102 | 9,849 |
Amounts falling due between two and | five years: |
Bank Loans | 16,514 | 26,612 |
18. | Leasing agreements |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 23,106 | - |
Between one and five years | 115,775 | - |
138,881 | - |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | Leasing agreements - continued |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 54,000 | 54,000 |
Between one and five years | 98,333 | 152,333 |
152,333 | 206,333 |
19. | Provisions for liabilities |
Group |
2023 | 2022 |
£ | £ |
Deferred Taxation - capital |
allowances | 118,211 | 92,374 |
118,211 | 92,374 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 92,374 |
Charge to Income Statement during year | 25,837 |
Balance at 31 December 2023 | 118,211 |
20. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 100 | 100 |
A | £1 | 1 | 1 |
B | £1 | 1 | 1 |
C | £1 | 1 | 1 |
D | £1 | 1 | 1 |
104 | 104 |
CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
21. | Reserves |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 5,429,789 |
Profit for the year | 4,562,876 |
Dividends | (1,870,695 | ) |
At 31 December 2023 | 8,121,970 |
Company |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
22. | Related party disclosures |
Key management personnel of the entity or its parent (in the aggregate) |
2023 | 2022 |
£ | £ |
Amount due from related party | 20,000 | - |
Other related parties |
2023 | 2022 |
£ | £ |
Sales | 2,979,088 | - |
Amount due from related party | 1,706,450 | 341,652 |
During the year, a total of key management personnel compensation of £ 387,467 (2022 - £ 258,617 ) was paid. |
23. | Ultimate controlling party |
The company does not have an ultimate controlling party. |