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REGISTERED NUMBER: 13628613 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHARTLEY HOLDINGS LIMITED

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)






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 4

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 19


CHARTLEY HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R Patel
Mrs J Patel





REGISTERED OFFICE: 34 Waterloo Road
Wolverhampton
WV1 4DG





REGISTERED NUMBER: 13628613 (England and Wales)





AUDITORS: Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

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 principal activity of the group is the manufacture and wholesale of household paper products together with property rental

BUSINESS ENVIRONMENT

The group continued to feel the effects of cost pressures including increases in relation to raw materials, transport and energy costs, made more significant by the continued war in Ukraine.

During the year the group continued to invest in new plant and equipment to increase capacity further.

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls.

Credit risk
The assessment of credit risk in the commercial sector is also an underlying uncertainty within the business and the group operates a bad debt insurance policy in order to minimise the risk.

Interest rate risk
The group is vulnerable to changes in interest rates thereby potentially increasing the interest cost. This risk is addressed by planning for repayments of the interest and principal and monitoring the mix of borrowings to ensure the balance between fixed and floating rate instruments is appropriate.

Liquidity risk
The group monitors cash flow, both as part of its day to day control procedures and with regard to longer term planning in order to ensure that adequate liquidity remains available to the group for the short, medium and long term.

SECTION 172(1) STATEMENT
The directors confirm that they have acted in good faith in the way they consider what would be most likely to promote the success of the group and company for the benefit of its stakeholders as a whole. In doing so they have considered, amongst other matters, those set out in section 172(1) (a) to (f) of the Companies Act 2006 as to :

-the likely consequence of any decision in the long term
-the interests of the group's employees
-the need to foster the group's business relationships with suppliers, customers and others
-the impact of the group's operations on the community and the environment
-the desirability of the group to maintain a reputation for high standards of business conduct and
-the need to act fairly as between the members of the group

The stakeholders the directors consider in this regard are primarily its employees and customers but also the wider community. Engagement with all the stakeholders is of fundamental importance across the business and the directors are focused on building these relationships on a continuous basis.

FINANCIAL KEY PERFORMANCE INDICATORS
The key performance indicators used by the directors in assessing the performance of the group revolves around the monthly margin and volume analysis, for each product sector. The performance of the group is reviewed at the monthly director's management meeting, where the results are examined and decisions taken on any corrective action needed to maximize growth in target sectors and enhance profitability. The company have continued to invest in the new machinery which has led to further improvements in production quality and capacity.


CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE DEVELOPMENTS
The performance of tissue and hygiene in the UK is expected to improve with demand set to increase as UK consumers become less cautious than they have been in recent years. This is expected to fuel volume and constant value growth. Macroeconomic factors such as the current baby boom and the increases being recorded in the proportion of the UK population aged over 65 years old are set to fuel demand for many products within tissue and hygiene market. The gradual improvement of the UK economy is also expected to improve the ability of consumers to spend money on tissue and hygiene products.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
The directors recognise the importance of high standards of corporate governance to ensure that the group and company are managed in an efficient, effective and entrepreneurial manner for the benefit of all shareholders over the longer term.

The directors are committed to providing the leadership required to ensure that the culture that is so integral to the success of the business is embedded within it and work hard to engage with employees and other key stakeholders to ensure that this healthy corporate culture continues to be delivered through open and honest dialogue regarding, amongst other things, HR policies, GDPR, gender pay review, health and safety and employee communications

ON BEHALF OF THE BOARD:





R Patel - Director


18 September 2024

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

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.

DIVIDENDS
An interim dividend of £2666.67 per share was paid on 31 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 800,000 .

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

R Patel
Mrs J Patel

STREAMLINED ENERGY AND CARBON REPORTING
Unit 2023 2022

Emissions resulting from the purchase of propane by the group for
ts own use (Scope 1) tCO2e 200 200

Emissions resulting from the purchase of electricity by the group
or its own use (Scope 2) tCO2e 1,070 966

__________________
Total emissions tCO2e 1,270 1,166
___________________

Total energy consumption kWh 5,168,595 4,933,269

Intensity metric (Tonnes per pallet) 0.0020 0.0019

Methodologies for energy and emissions calculations

The directors have followed the Government policy Streamlined Energy & Carbon Reporting (SECR), as implemented by the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.They have also utilised the UK Government's Conversion factors for company reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per pallet of goods produced
which is a valid and comparable ratio for the industry

Measures taken to improve energy efficiency

The group is committed to year on year improvements in its operational efficiency and management are continually reviewing and appraising alternative sources of energy that would be feasible, practical and cost effective.


CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Crombies Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Patel - Director


18 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARTLEY HOLDINGS LIMITED

Opinion
We have audited the financial statements of Chartley Holdings 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
CHARTLEY HOLDINGS 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
CHARTLEY 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:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

-reading the minutes of meetings of those charged with governance;

-enquiring of management as to actual and potential litigation and claims; and

-reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARTLEY HOLDINGS LIMITED

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ian Cattell FCA (Senior Statutory Auditor)
for and on behalf of Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

18 September 2024

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

Period
17.9.21
Year Ended to
31.12.23 31.12.22
Notes £    £   

TURNOVER 3 50,486,719 -

Cost of sales 42,351,576 -
GROSS PROFIT 8,135,143 -

Administrative expenses 3,292,257 -
4,842,886 -

Other operating income 14,223 -
OPERATING PROFIT 5 4,857,109 -

Interest receivable and similar income 11,336 -
4,868,445 -

Interest payable and similar expenses 6 147,235 -
PROFIT BEFORE TAXATION 4,721,210 -

Tax on profit 7 1,111,321 -
PROFIT FOR THE FINANCIAL YEAR 3,609,889 -
Profit attributable to:
Owners of the parent 3,609,889 -

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

Period
17.9.21
Year Ended to
31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 3,609,889 -


OTHER COMPREHENSIVE INCOME
Fair value reserve on acquisition 11,040,361 -
Revenue reserves on acquisition 36,005,311 -
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

47,045,672

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

50,655,561

-

Total comprehensive income attributable to:
Owners of the parent 50,655,561 -

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 17,915,755 -
Investments 11 - -
Investment property 12 29,628,005 -
47,543,760 -

CURRENT ASSETS
Stocks 13 5,355,000 -
Debtors 14 34,938,411 -
Prepayments and accrued income 1,300,684 -
Cash at bank and in hand 4,029,211 100
45,623,306 100
CREDITORS
Amounts falling due within one year 15 36,320,293 -
NET CURRENT ASSETS 9,303,013 100
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,846,773

100

CREDITORS
Amounts falling due after more than one
year

16

(4,803,088

)

-

PROVISIONS FOR LIABILITIES 20 (2,145,153 ) -

ACCRUALS AND DEFERRED INCOME 21 (42,671 ) -
NET ASSETS 49,855,861 100

CAPITAL AND RESERVES
Called up share capital 22 300 100
Revaluation reserve 23 11,040,361 -
Retained earnings 23 38,815,200 -
SHAREHOLDERS' FUNDS 49,855,861 100

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:





R Patel - Director


CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 40,655,961 -
Investment property 12 - -
40,655,961 -

CURRENT ASSETS
Debtors 14 9,200,000 -
Cash at bank 100 100
9,200,100 100
NET CURRENT ASSETS 9,200,100 100
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,856,061

100

CAPITAL AND RESERVES
Called up share capital 22 300 100
Other reserves 40,655,761 -
Retained earnings 9,200,000 -
SHAREHOLDERS' FUNDS 49,856,061 100

Company's profit for the financial year 10,000,000 -

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:





R Patel - Director


CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Changes in equity
Issue of share capital 100 - - 100
Balance at 31 December 2022 100 - - 100

Changes in equity
Issue of share capital 200 - - 200
Dividends - (800,000 ) - (800,000 )
Total comprehensive income - 39,615,200 11,040,361 50,655,561
Balance at 31 December 2023 300 38,815,200 11,040,361 49,855,861

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

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

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   

Changes in equity
Issue of share capital 100 - - 100
Balance at 31 December 2022 100 - - 100

Changes in equity
Issue of share capital 200 - - 200
Dividends - (800,000 ) - (800,000 )
Total comprehensive income - 10,000,000 40,655,761 50,655,761
Balance at 31 December 2023 300 9,200,000 40,655,761 49,856,061

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

Period
17.9.21
Year Ended to
31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,517,631 -
Interest paid (106,267 ) -
Interest element of hire purchase payments
paid

(40,968

)

-
Tax paid 1,914,631 -
Net cash from operating activities 5,285,027 -

Cash flows from investing activities
Purchase of tangible fixed assets (3,330,834 ) -
Interest received 11,336 -
Net cash from investing activities (3,319,498 ) -

Cash flows from financing activities
New loans in year 6,228,284 -
Capital repayments in year 1,315,588 -
Amount introduced by directors 3,914,067 -
Amount withdrawn by directors (8,594,639 ) -
Share issue 200 100
Equity dividends paid (800,000 ) -
Net cash from financing activities 2,063,500 100

Increase in cash and cash equivalents 4,029,029 100
Cash and cash equivalents at beginning of
year

2

100

-

Cash and cash equivalents at end of year 2 4,029,129 100

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

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
Period
17.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Profit before taxation 4,721,210 -
Depreciation charges 944,248 -
Government grants (14,223 ) -
Finance costs 147,235 -
Finance income (11,336 ) -
5,787,134 -
Increase in stocks (5,355,000 ) -
Increase in trade and other debtors (30,257,839 ) -
Increase in trade and other creditors 33,343,336 -
Cash generated from operations 3,517,631 -

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 4,029,211 100
Bank overdrafts (82 ) -
4,029,129 100
Period ended 31 December 2022
31.12.22 17.9.21
£    £   
Cash and cash equivalents 100 -


CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 100 4,029,111 4,029,211
Bank overdrafts - (82 ) (82 )
100 4,029,029 4,029,129
Debt
Finance leases - (1,315,588 ) (1,315,588 )
Debts falling due within 1 year - (376,650 ) (376,650 )
Debts falling due after 1 year - (4,536,324 ) (4,536,324 )
- (6,228,562 ) (6,228,562 )
Total 100 (2,199,533 ) (2,199,433 )

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Chartley 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Basis of consolidation
The accounts consolidate the results of the company and its subsidiaries, Task Consumer Products Limited and Sherborne Paper Limited from the date of their acquisition, being 6 September 2023.

In the accounts of the company the investment in subsidiaries is stated at fair value as at the date of acquisition, less any subsequent distributions received, to the extent that they represent accumulated profits arising prior to the date of acquisition.

Related party exemption
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.

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In preparing these financial statements, the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenditure.

The estimates and associated assumptions are based on historic experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have significant risk of material adjustments to carrying amount of assets and liabilities are:

-Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors, In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.


-Stock provisions

The company has recognised provisions for the impairment of stock. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors. In the case of the provisions for the impairment of stock, this covers obsolescence through technological or customer specific reasons. This provision is based on the assessment of stock value and ageing, quantities on hand, usage, changes in the market, technical developments and warranty periods. The value of stock included in the financial statements is net of the provision for the impairment of stock.


-Bad debt provision

The company has recognised provisions against specific trade debtor balances. The judgements and estimates necessary to calculate these provisions are based on historical experience and other reasonable factors. This provision is based on the age of debt balances and the assessed recoverability. The value of trade debtors in note 11 is stated net of the provision of bad debts.


Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and it 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 is recognised from the sale of goods when the entity has transferred to the buyer the significant risks and rewards of ownership of the goods. This occurs when the buyer takes possession of the goods.

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost and 10% on cost
Motor vehicles - 25% on reducing balance

Tangible assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined by which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the statement of income and retained earnings during the period in which they are incurred.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The group has taken advantage of the transitional exemptions in FRS102 35.10 (d) to use a previous GAAP revaluation as its deemed cost.

No depreciation is charged on investment property as the directors consider the valuation to reflect its fair value at the balance sheet date.

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value. The impairment loss is recognised immediately in the financial statements.

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets

Financial assets comprise cash at bank and in hand, trade debtors, amounts owed by group undertakings and other debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less provisions for impairment. The company considers evidence of impairment for all individual trade and other debtors and amounts owed by group undertakings, and any subsequent impairment is recognised in the statement of income and retained earnings.

Impairment of financial assets

Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment.

Impairment provisions represent the difference between the net carrying amount of a financial asset and the value of the expected future cash receipts from that asset.

Financial liabilities

Financial liabilities comprise trade creditors, other creditors and accruals; these are initially recorded, and subsequently carried, at cost on the date they originate.

Financial liabilities also comprise obligations under finance lease and hire purchase contracts; these are initially recorded at cost on the date they originate and are subsequently carried at amortised cost under the effective interest method.

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.


CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

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
Amounts due in respect of invoice discounting are separately disclosed as current liabilities. The company can use these facilities to draw down a percentage of the value of certain sales invoices. The management and collection of trade receivables remains with the company.

Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Government grants in respect of capital expenditure are credited to a deferred income account and are released as income by equal annual amounts over the expected useful lives of the relevant assets.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Impairment
The group assesses the impairment of assets subject to amortisation or depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Such assessments are carried out annually or more frequently if considered necessary. Factors considered important that could trigger an impairment review of assets include the following:

-Significant underperformance relative to historical or projected future operating results
-Significant changes in the manner of the use of the assets or the strategy for the overall business and
-Significant negative industry or economic trends

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business for the year ended 31 December 2023 is given below:

£   
Sale of goods 50,357,492
Rendering of services 129,227
50,486,719

This analysis is not considered to be applicable to the period ended 31 December 2022.

No analysis of turnover by geographical markets is provided as the directors consider this would be prejudicial to the group's interests.

4. EMPLOYEES AND DIRECTORS
Period
17.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Wages and salaries 1,579,230 -
Social security costs 162,274 -
Other pension costs 72,649 -
1,814,153 -

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
Period
17.9.21
Year Ended to
31.12.23 31.12.22

Production 109 -
Administration 14 -
123 -

The average number of employees by undertakings that were proportionately consolidated during the year was 123 (2022 - NIL ) .

Period
17.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Directors' remuneration 91,566 -
Directors' pension contributions to money purchase schemes 46,667 -

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

Money purchase schemes 4 -

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
17.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Hire of plant and machinery 4,640 -
Other operating leases 110,389 -
Depreciation - owned assets 2,543,805 -
Depreciation - assets on hire purchase contracts 288,941 -
Auditors' remuneration 6,667 -

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
17.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Bank interest 1,482 -
Bank loan interest 81,049 -
Interest on taxation 23,736 -
Hire purchase 40,968 -
147,235 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
17.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 1,063,406 -

Deferred tax 47,915 -
Tax on profit 1,111,321 -

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:



Year Ended
31.12.23
£   
Profit before tax 4,721,210
Profit multiplied by the standard rate of corporation tax in the UK of 25 % 1,180,303

Effects of:
Capital allowances in excess of depreciation (116,897 )
Deferred tax 47,915
Total tax charge 1,111,321

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Fair value reserve on acquisition 11,040,361 - 11,040,361
Revenue reserves on acquisition 36,005,311 - 36,005,311
47,045,672 - 47,045,672

8. 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.


9. DIVIDENDS
Period
17.9.21
Year Ended to
31.12.23 31.12.22
£    £   
Ordinary shares of 1 each
Interim 800,000 -

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
Additions 19,686,287 1,018,819 43,395 20,748,501
At 31 December 2023 19,686,287 1,018,819 43,395 20,748,501
DEPRECIATION
Charge for year 2,614,491 216,808 1,447 2,832,746
At 31 December 2023 2,614,491 216,808 1,447 2,832,746
NET BOOK VALUE
At 31 December 2023 17,071,796 802,011 41,948 17,915,755

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 5,368,637
At 31 December 2023 5,368,637
DEPRECIATION
Charge for year 288,941
At 31 December 2023 288,941
NET BOOK VALUE
At 31 December 2023 5,079,696

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 40,655,961
At 31 December 2023 40,655,961
NET BOOK VALUE
At 31 December 2023 40,655,961

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

Subsidiaries

Task Consumer Products Limited
Registered office: 34 Waterloo Road, Wolverhampton, West Midlands WV1 4DG
Nature of business: Manufacture of household tissue goods
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 19,446,445
Profit for the year 5,077,603

This company became a subsidiary on 6 September 2023

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. FIXED ASSET INVESTMENTS - continued

Sherborne Paper Limited
Registered office: 34 Waterloo Road, Wolverhampton, West Midlands WV1 4DG
Nature of business: Property rental
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 22,809,316
Profit for the year 5,752,066

This company became a subsidiary on 6 September 2023


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 29,628,005
At 31 December 2023 29,628,005
NET BOOK VALUE
At 31 December 2023 29,628,005

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 9,503,482
Valuation in 2022 1,536,879
Cost 18,587,644
29,628,005

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 18,587,644 -

Investment property was valued on an open market basis on 20 February 2023 by BNP Paribas Real Estate .

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. STOCKS

Group
2023 2022
£    £   
Raw materials 2,620,190 -
Finished goods 2,734,810 -
5,355,000 -

There is no material difference between the replacement cost of stocks and the amounts stated above.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 30,102,956 - - -
Amounts owed by group undertakings - - 4,519,429 -
Directors' current accounts 4,680,572 - 4,680,571 -
Prepayments 154,883 - - -
34,938,411 - 9,200,000 -

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Bank loans and overdrafts (see note 17) 376,732 -
Hire purchase contracts (see note 18) 1,048,824 -
Trade creditors 25,373,468 -
Tax 2,978,037 -
Social security and other taxes 170,085 -
Pensions control 6,704 -
VAT 3,152,671 -
Other creditors 2,244,981 -
Wages control 29,882 -
Directors' current accounts 176,009 -
Accrued expenses 762,900 -
36,320,293 -

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

Group
2023 2022
£    £   
Bank loans (see note 17) 4,536,324 -
Hire purchase contracts (see note 18) 266,764 -
4,803,088 -

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

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 overdrafts 82 -
Bank loans 376,650 -
376,732 -
Amounts falling due between one and two years:
Bank loans - 1-2 years 376,650 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,129,949 -
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 3,029,725 -

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,048,824 -
Between one and five years 266,764 -
1,315,588 -

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 4,912,974 -
Hire purchase contracts 1,315,588 -
6,228,562 -

The bank borrowings are secured by a fixed and floating charge over the assets of the group,

Hire purchase liabilities are secured on the assets to which they relate.

CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 2,145,153 -

Group
Deferred
tax
£   
Provided during year 2,145,153
Balance at 31 December 2023 2,145,153

21. ACCRUALS AND DEFERRED INCOME

Group
2023 2022
£    £   
Deferred government grants 42,671 -

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300 Ordinary 1 300 100

200 Ordinary shares of 1 each were allotted and fully paid for cash at par during the year.

The company has one class of ordinary shares which have no restrictions on the distribution of dividends or the repayment of capital.

23. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

Profit for the year 3,609,889 3,609,889
Dividends (800,000 ) (800,000 )
Balance on acquisition 36,005,311 11,040,361 47,045,672
At 31 December 2023 38,815,200 11,040,361 49,855,561


CHARTLEY HOLDINGS LIMITED (REGISTERED NUMBER: 13628613)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2023 and the period ended 31 December 2022:

2023 2022
£    £   
R Patel
Balance outstanding at start of year - -
Amounts advanced 4,680,572 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,680,572 -

The balance shown as outstanding was repaid within nine months of the year end.

25. ULTIMATE CONTROLLING PARTY

The director, Mr R Patel, is the ultimate controlling party by virtue of his shareholding in the company.

26. ACQUISITION OF SUBSIDIARIES

On 6 September 2023 the company acquired the entire share capital of both Task Consumer Products Limited and Sherborne Paper Limited, each by way of a share for share exchange. The book value of the assets and liabilities acquired totalling £40,655,961 are set out below and were considered to be the fair value:

Task Consumer Sherborne
Products Ltd Paper Limited
£ £
Fixed assets 14,993,576 29,918,431
Current assets 51,950,968 5,752,338
Current liabilities (43,865,987 ) (9,660,791 )
Long term liabilities (3,519,601 ) (4,912,973 )

Net assets 19,558,956 21,097,005




Chartley Holdings Limited owns all of the issued share capital of Task Consumer Products Limited and Sherborne Paper Limited directly.