REGISTERED NUMBER: 10833237 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 December 2023 |
for |
Charlton & Jenrick Holdings Limited |
REGISTERED NUMBER: 10833237 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 December 2023 |
for |
Charlton & Jenrick Holdings Limited |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Consolidated Profit and Loss Account | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 20 |
Charlton & Jenrick Holdings Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Geoffrey Hopwood BCOM FCA |
AUDITORS: |
Statutory Auditors |
Keepers Lane |
The Wergs |
Wolverhampton |
West Midlands |
WV6 8UA |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
REVIEW OF BUSINESS |
There were no changes to the main business of the group which remains in design, development and manufacture of domestic secondary heating appliances and fireplaces. |
Sales in 2023 returned to something approaching normality in the second half, resulting in a consolidation year for the group. We were able to continue to operate relatively efficiently and retain creditable net profit levels. Subsequently trading has continued to be satisfactory. |
Economic and competitive pressures, notably effects of inflation, rising interest rates, appliance over-supply and falling consumer confidence, influenced all areas of the group. Turnover reduced to £20.9M for the year, a 2.4% decrease to prior year. Operating profit also decreased to £2.52M, down 24.6% at 12% of sales. Despite again seeing increases in almost all business input costs, gross margin remained acceptable, cash resources were well managed and expenses controlled as far as possible. The directors regard this as a satisfactory outcome in the circumstances. Turnover and EBITDA for the last four years is set out below: |
Year | 2020 | 2021 | 2022 | 2023 |
Turnover | £12,360,389 | £17,669,025 | £21,429,030 | £20,916,152 |
EBITDA | £1,842,463 | £2,985,083 | £3,963,459 | £3,223,408 |
There was continued flux throughout the business areas we operate in following some unwinding of energy market instability. The UK endured fast rising interest rates and the media widely reported a cost-of-living crisis to which the group was not immune. These and other factors affected our businesses and our management teams responded promptly and vigorously to strive for the best response to each challenge. C&J continued the stock build plan in certain areas to capitalise on opportunities for increasing and retaining sales, a policy that saw finished goods inventory once again reach historic highs at the year-end. The group continued to experience positive benefits from this investment policy and hopes to see further gains as opportunities present themselves. |
Gas fire sales improved during the year as gas prices reduced and consumers realised that gas remains a very efficient and cost-effective heating solution. We maintain a very strong commitment to R&D, new gas fire technology and gas fire manufacturing for the future. We hope that the national need for energy security will see phasing out of Natural Gas taking place over a longer timescale than previously thought. Government continues to focus on reducing carbon by working towards 20% hydrogen blending in the gas grid and our product range is now tested and ready for this. Some 100% hydrogen appliance trials have been delayed or cancelled but hydrogen is still being pursued as a zero-carbon objective for the gas network, so we continue R&D work in this field. Even motor manufacturers once fixated on battery electric cars are now seeing Hydrogen as part of the solution in low carbon fuels. We look to Government for stronger and more consistent leadership on hydrogen initiatives because electric Heat Pumps are certainly not a panacea for all future domestic heating needs. |
The solid fuel stove market returned to some normality as gas, oil and electricity prices reduced. There is considerable stock and excess production capacity after the market rapidly cooled, leading to some heavy discounting of stoves. Grossly inaccurate and exaggerated stories about stove pollution from extreme groups are still circulating which impacts negatively on public perception. This has grown to proportions in areas such as London that it appears to prevent the public making a fair and balanced judgement of current wood combustion technology. Modern wood burning stoves produce a fraction of the emissions of an open fire or older stove and can contribute to lowering overall domestic emissions drastically when replacing older technology. This fact is being lost in the misinformation which is hampering positive change. The Stove Industry Association is continuing its hard work in correcting grossly inaccurate reporting and partial truths. Strong representations to Government, Trading Standards and Advertising Standards are being made on behalf of the industry. Our entire product range achieves clearSkies level 4 or 5 accreditation and we invest continuously in R&D to regularly launch new products based on new scientific and technological combustion developments. |
Electric fire markets performed solidly, although some oversupply of appliances remains. This fuel type retains good potential for the future thanks to strong renewable and sustainable generation in the electricity grid coupled with vastly improved, easy to use appliances. We continue to invest substantial sums in additional R&D, launching regular new products including an LCD technology flame effect in two formats during 2023. We again enjoyed a good outturn during the year. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
Katell Ltd suffered another difficult year of disappointing sales and pernicious cost inflation offsetting hard won efficiencies and sales price increases leading to a loss. Accordingly, C&J Ltd wrote down the carrying value of its investment by £153k. The group remains committed to the success of Katell and the directors are optimistic that fresh 2024 plans will deliver improved prospects for the business. |
Sustained export effort resulted in growing sales to existing distributors and further new territories brought on stream that helped consolidate overall sales and profitability. Global shipping costs returned to more rational levels and exchange rates were stable. |
Global warming, war in Ukraine and the middle east, political changes in the UK and EU together with advances in low carbon electricity generation has created a very unpredictable market for domestic secondary heating. Looking forward even one year in trying to make reasonably firm predictions is almost impossible. This is creating one of the most difficult periods to navigate that we have experienced for many years. |
We continue our very large group commitment to R&D to feed unique, specialist new products using the latest scientific and technological advances into our markets and will respond actively to energy market developments as they arise. Bearing in mind all the circumstances the directors remain very confident about the future. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key business risks affecting the company and the group are considered to be fire (or other similar sudden unforeseen events) leading to a reduction in production capacity and product availability, the impact of significant exchange rate fluctuations on purchases, overall market and economic conditions. |
The company and the group mitigates these risks in a number of ways, including the use of a disaster recovery plan covering potential disruptions to its business, the maintenance of strategic stocks, the specific identification of alternate suppliers and the use of relevant financial instruments. |
The company and the group operates in a very competitive market with continuing rapid and progressive product development which is a continuing risk and may result in sales being lost to competitors. The company and the group manages this risk by providing excellent service in all its activities, continued product development and a proactive approach to design and innovation. |
The company and the group has reviewed its position, in the light of the present economic outlook, as part of its normal budgetary process. The directors believe that the company and the group has satisfactory financial resources. The company and the group is expected to continue to trade profitably, even in the event of uncertainties in the global economy. However, not all future events or conditions can be predicted. |
After making appropriate enquiries, the directors are of the opinion that the company and the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the report and accounts. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The company and the group's operations expose it to a variety of financial risks that include the effects of credit risk and investment risk. |
The company and the group monitors and takes action in each of these areas as follows: |
CREDIT RISK |
The company and the group has implemented policies that require appropriate credit checks on potential customers before sales are made in addition, credit checks are made on those customers who are deemed to be a significant credit risk to the company and the group.The company and the group also monitors all court judgements made against its customers and makes appropriate adjustments in the light of this information. |
LIQUIDITY RISK |
The company and the group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. |
KEY PERFORMANCE INDICATORS |
The directors use a number of KPIs in measuring the performance of the business. Key indicators used by the company cover margins, debtor and stock ratios, and cash generation. As these KPIs are derived from figures disclosed in this report, no additional KPIs are disclosed. |
ON BEHALF OF THE BOARD: |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the design, development and manufacture of secondary heating appliances and fireplaces. |
DIVIDENDS |
Interim dividends per share on the Ordinary £1 shares were paid as follows: |
£0.1739 | - 23 May 2023 |
£0.0167 | - 5 December 2023 |
£0.1906 |
The directors recommend that no final dividend be paid on these shares. |
No interim dividend was paid on the Non-redeemable preference £1 shares. The directors recommend that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 31 December 2023 will be £ 640,103 . |
RESEARCH AND DEVELOPMENT |
Research and development expenditure is written off in the year in which it is incurred. |
The company continues to recognise the importance of ongoing Research and Development in respect of its products and will maintain this investment as part of its operations and future strategies. |
FUTURE DEVELOPMENTS |
The group has reviewed its position, in the light of the present economic outlook, as part of its normal budgetary process. The directors believe that the group has adequate financial resources, as demonstrated by the net assets position at 31 December 2022. |
After making appropriate enquiries, the directors are of the opinion that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the report and accounts. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company and the group has chosen, in accordance with s414C(11) of the Companies Act, to set out in the group's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company and the group. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Report of the Directors |
for the Year Ended 31 December 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Charlton & Jenrick Holdings Limited |
Opinion |
We have audited the financial statements of Charlton & Jenrick Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Charlton & Jenrick Holdings Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Charlton & Jenrick Holdings Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- Identifying and obtaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and made enquiry of the Company's management to understand the Company's compliance with that framework; |
- Obtaining an understanding of the internal controls established to mitigate risks relating to fraud or other error which could affect the financial reporting process; |
- Making enquiries of management to determine whether they have knowledge of any actual or suspected fraud; |
- Reviewing assumptions and judgements made by the management in its significant accounting estimates; |
- In addition to transaction-based testing, on a sample basis, of sales, purchases and payroll costs, we have undertaken a review of accounting journals and non-routine payments and receipts; |
We did not identify any key audit matters relating to irregularities, including fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or mispresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Charlton & Jenrick Holdings Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Keepers Lane |
The Wergs |
Wolverhampton |
West Midlands |
WV6 8UA |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Consolidated Profit and Loss Account |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 20,916,152 | 21,430,730 |
Cost of sales | 13,604,596 | 14,343,303 |
GROSS PROFIT | 7,311,556 | 7,087,427 |
Distribution costs | 330,810 | 360,074 |
Administrative expenses | 4,468,234 | 3,483,391 |
4,799,044 | 3,843,465 |
2,512,512 | 3,243,962 |
Other operating income | 4 | 8,250 | 99,915 |
OPERATING PROFIT | 6 | 2,520,762 | 3,343,877 |
Income from shares in group undertakings | - | 3 |
Interest receivable and similar income | 21,244 | 1,209 |
21,244 | 1,212 |
2,542,006 | 3,345,089 |
Interest payable and similar expenses | 7 | 102,317 | 65,945 |
PROFIT BEFORE TAXATION | 2,439,689 | 3,279,144 |
Tax on profit | 8 | 81,102 | 520,100 |
PROFIT FOR THE FINANCIAL YEAR |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Consolidated Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 2,203,245 | 2,753,245 |
Tangible assets | 12 | 1,486,657 | 1,551,954 |
Investments | 13 | - | - |
3,689,902 | 4,305,199 |
CURRENT ASSETS |
Stocks | 14 | 7,676,098 | 6,663,455 |
Debtors | 15 | 3,770,964 | 4,345,728 |
Cash at bank and in hand | 1,602,329 | 1,350,079 |
13,049,391 | 12,359,262 |
CREDITORS |
Amounts falling due within one year | 16 | 3,357,379 | 4,322,305 |
NET CURRENT ASSETS | 9,692,012 | 8,036,957 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
13,381,914 |
12,342,156 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(651,500 |
) |
(970,794 |
) |
PROVISIONS FOR LIABILITIES | 21 | (100,292 | ) | (149,137 | ) |
NET ASSETS | 12,630,122 | 11,222,225 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 6,805,410 | 6,905,064 |
Capital redemption reserve | 23 | 99,654 | - |
Retained earnings | 23 | 5,725,058 | 4,317,161 |
SHAREHOLDERS' FUNDS | 12,630,122 | 11,222,225 |
The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by: |
P Mintoft - Director |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Company Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Capital redemption reserve | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 952,107 | 436,302 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 6,905,064 | 1,690,921 | - | 8,595,985 |
Changes in equity |
Total comprehensive income | - | 2,759,044 | - | 2,759,044 |
Dividends | - | (132,804 | ) | - | (132,804 | ) |
Balance at 31 December 2022 | 6,905,064 | 4,317,161 | - | 11,222,225 |
Changes in equity |
Total comprehensive income | - | 2,048,000 | 99,654 | 2,147,654 |
Dividends | - | (640,103 | ) | - | (640,103 | ) |
Purchase of own shares | (99,654 | ) | - | - | (99,654 | ) |
Balance at 31 December 2023 | 6,805,410 | 5,725,058 | 99,654 | 12,630,122 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Purchase of own shares | (99,654 | ) | - | - | (99,654 | ) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,364,711 | 1,450,177 |
Interest paid | (102,072 | ) | (64,160 | ) |
Interest element of hire purchase payments paid |
(245 |
) |
(1,785 |
) |
Tax paid | (631,573 | ) | (369,442 | ) |
Net cash from operating activities | 1,630,821 | 1,014,790 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (97,514 | ) | (298,688 | ) |
Sale of tangible fixed assets | 1,916 | 5,643 |
Interest received | 21,244 | 1,209 |
Dividends received | - | 3 |
Net cash from investing activities | (74,354 | ) | (291,833 | ) |
Cash flows from financing activities |
Loan repayments in year | (328,084 | ) | (336,450 | ) |
Capital repayments in year | (27,427 | ) | (42,703 | ) |
Amount withdrawn by directors | - | (1,249,976 | ) |
Share buyback | (310,587 | ) | - |
Equity dividends paid | (640,103 | ) | (132,804 | ) |
Net cash from financing activities | (1,306,201 | ) | (1,761,933 | ) |
Increase/(decrease) in cash and cash equivalents | 250,266 | (1,038,976 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,346,992 |
2,385,968 |
Cash and cash equivalents at end of year |
2 |
1,597,258 |
1,346,992 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 2,439,689 | 3,279,144 |
Depreciation charges | 712,812 | 724,192 |
Profit on disposal of fixed assets | (1,916 | ) | (4,699 | ) |
Finance costs | 102,317 | 65,945 |
Finance income | (21,244 | ) | (1,212 | ) |
3,231,658 | 4,063,370 |
Increase in stocks | (1,012,643 | ) | (3,639,628 | ) |
Decrease/(increase) in trade and other debtors | 664,560 | (348,778 | ) |
(Decrease)/increase in trade and other creditors | (518,864 | ) | 1,375,213 |
Cash generated from operations | 2,364,711 | 1,450,177 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 1,602,329 | 1,350,079 |
Bank overdrafts | (5,071 | ) | (3,087 | ) |
1,597,258 | 1,346,992 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,350,079 | 2,389,188 |
Bank overdrafts | (3,087 | ) | (3,220 | ) |
1,346,992 | 2,385,968 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,350,079 | 252,250 | 1,602,329 |
Bank overdrafts | (3,087 | ) | (1,984 | ) | (5,071 | ) |
1,346,992 | 250,266 | 1,597,258 |
Debt |
Finance leases | (52,825 | ) | 27,427 | (25,398 | ) |
Debts falling due within 1 year | (329,103 | ) | 36,711 | (292,392 | ) |
Debts falling due after 1 year | (942,873 | ) | 291,373 | (651,500 | ) |
(1,324,801 | ) | 355,511 | (969,290 | ) |
Total | 22,191 | 605,777 | 627,968 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Charlton & Jenrick Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over its estimated useful life. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Significant judgements and estimates are: |
Provisions against the carrying value of stocks |
The company reviews the market value and demand for its stock on a periodic basis to ensure that stock is stated at the lower of cost and estimated selling price less costs to sell. In assessing the ultimate realisation of stocks, the company is required to make estimates as to future demand requirements and to compare these with the current or committed stock levels. Assumptions have been made relating to the timing and success of product ranges, which could impact estimated demand and selling prices. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
The turnover shown in the profit and loss account is the amount receivable for the provision of goods and services falling within the Group's/Company's activities, net of Value Added Tax, rebates and trade discounts. Turnover from the provision of goods and services are recognised in the accounting period in which the Group/Company obtains the right to consideration in exchange for its performance and when the amounts to be recognised are fixed or determinable and collectability is reasonably assured. |
Goodwill |
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of 10 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable. |
Amortisation |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Goodwill - Over 10 years |
Patents - 20% straight line |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Office and Computer Equipment | - |
Motor vehicles | - |
Tooling and Equipment | - |
The directors consider that freehold and long leasehold properties are maintained in such a state that their residual value is at least equal to their net book values. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. |
The directors perform annual impairment reviews in accordance with the requirements of FRS102 to ensure that the recoverable amount is not lower than the carrying value. |
Stocks |
Stock has been valued at the lower of cost and estimated selling price less costs to sell. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition. |
Stock provisions have been made for any slow moving or obsolete stocks. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Invoice discounting |
The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Investments in subsidiaries |
The investment has been valued by the directors taking account of underlying financial and market information. |
3. | TURNOVER |
Turnover is wholly attributable to the principal activity of the group. |
The analysis of turnover by geographical market has not been disclosed. |
4. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Rent receivable | 8,250 | 8,250 |
Sundry receipts | - | 91,665 |
8,250 | 99,915 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 3,394,981 | 2,931,588 |
Social security costs | 77,136 | 75,798 |
Other pension costs | 300,735 | 83,496 |
3,772,852 | 3,090,882 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Employees | 87 | 87 |
Directors | 3 | 3 |
The average number of employees of the parent company was 3 (2022 - 3). |
Key management compensation |
The only key management are the directors. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Directors' remuneration | 347,903 | 254,621 |
Directors' pension contributions to money purchase schemes | 281,850 | 65,679 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 2 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 149,096 | 109,858 |
Pension contributions to money purchase schemes | 160,000 | 39,539 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 308 | - |
Depreciation - owned assets | 162,811 | 169,685 |
Depreciation - assets on hire purchase contracts | - | 4,507 |
Profit on disposal of fixed assets | (1,916 | ) | (4,699 | ) |
Goodwill amortisation | 550,000 | 550,000 |
Auditors' remuneration | 41,630 | 30,070 |
Auditors' remuneration for non audit work | 5,998 | 300 |
Foreign exchange differences | 13,989 | 11,203 |
Operating leases | 185,691 | 187,364 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest and factoring | 25,676 | 12,310 |
Bank loan interest | 1,800 | 1,800 |
Loan interest | 74,596 | 50,050 |
Hire purchase | 245 | 1,785 |
102,317 | 65,945 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 369,462 | 561,841 |
Over/under provision in prior years | (239,515 | ) | (97,395 | ) |
Total current tax | 129,947 | 464,446 |
Deferred tax | (48,845 | ) | 55,654 |
Tax on profit | 81,102 | 520,100 |
UK corporation tax has been charged at 23.50 % (2022 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 2,439,689 | 3,279,144 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
609,922 |
623,037 |
Effects of: |
Expenses not deductible for tax purposes | 7,588 | (690 | ) |
Capital allowances in excess of depreciation | - | (41,525 | ) |
Depreciation in excess of capital allowances | 14,231 | - |
Adjustments to tax charge in respect of previous periods | (239,515 | ) | (97,395 | ) |
Research & Development claims | (173,323 | ) | (123,500 | ) |
Amortisation of goodwill | 137,500 | 104,500 |
Unused Losses b/f | (48,943 | ) | (37,178 | ) |
Unused Losses c/f | 48,943 | 37,197 |
Change in standard rate of tax during the year | (226,456 | ) | - |
Deferred tax | (48,845 | ) | 55,654 |
Total tax charge | 81,102 | 520,100 |
9. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 640,103 | 132,804 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 5,503,245 |
AMORTISATION |
At 1 January 2023 | 2,750,000 |
Amortisation for year | 550,000 |
At 31 December 2023 | 3,300,000 |
NET BOOK VALUE |
At 31 December 2023 | 2,203,245 |
At 31 December 2022 | 2,753,245 |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Long | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 486,062 | 433,185 | 95,393 | 1,385,737 |
Additions | - | - | - | 40,903 |
Disposals | - | - | - | - |
At 31 December 2023 | 486,062 | 433,185 | 95,393 | 1,426,640 |
DEPRECIATION |
At 1 January 2023 | - | - | 73,397 | 933,192 |
Charge for year | - | - | 7,323 | 81,632 |
Eliminated on disposal | - | - | - | - |
At 31 December 2023 | - | - | 80,720 | 1,014,824 |
NET BOOK VALUE |
At 31 December 2023 | 486,062 | 433,185 | 14,673 | 411,816 |
At 31 December 2022 | 486,062 | 433,185 | 21,996 | 452,545 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Office |
and | Tooling |
Computer | Motor | and |
Equipment | vehicles | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 209,004 | 211,120 | 229,185 | 3,049,686 |
Additions | 25,845 | 25,344 | 5,422 | 97,514 |
Disposals | (1,710 | ) | (11,555 | ) | - | (13,265 | ) |
At 31 December 2023 | 233,139 | 224,909 | 234,607 | 3,133,935 |
DEPRECIATION |
At 1 January 2023 | 179,167 | 130,582 | 181,394 | 1,497,732 |
Charge for year | 19,109 | 35,894 | 18,853 | 162,811 |
Eliminated on disposal | (1,710 | ) | (11,555 | ) | - | (13,265 | ) |
At 31 December 2023 | 196,566 | 154,921 | 200,247 | 1,647,278 |
NET BOOK VALUE |
At 31 December 2023 | 36,573 | 69,988 | 34,360 | 1,486,657 |
At 31 December 2022 | 29,837 | 80,538 | 47,791 | 1,551,954 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 | 21,500 |
Transfer to ownership | (21,500 | ) |
At 31 December 2023 | - |
DEPRECIATION |
At 1 January 2023 | 6,988 |
Transfer to ownership | (6,988 | ) |
At 31 December 2023 | - |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | 14,512 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakin |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Unit D Stafford park 2, Telford, Shropshire, TF3 3AR. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Katell Limited |
Registered office: 478-480 Durham Way North, Aycliffe Industrial Park, Newton Aycliffe, Co Durham, DL4 6HP. |
Nature of business: The manufacture and sale of heating appliances. |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 665,135 | 824,013 |
Loss for the year | (158,878 | ) | (183,518 | ) |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Fireline UK Limited |
Registered office: Unit D Stafford park 2, Telford, Shropshire, TF3 3AR. |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary £1 | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 100,000 | 100,000 |
Charlton & Jenrick China |
This is a business in China that sells domestic fires. |
The aggregate capital and reserves were £19,885, (2022 £(1,967)). |
The profit/(loss) for the year was £21,852, (2022 - £12,520). |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials | 2,066,848 | 2,547,057 |
Work-in-progress | 14,326 | 348 |
Finished goods | 5,594,924 | 4,116,050 |
7,676,098 | 6,663,455 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 2,564,449 | 2,927,323 |
Other debtors | 924,347 | 1,323,586 |
Tax | 89,796 | - |
Prepayments and accrued income | 192,372 | 94,819 |
3,770,964 | 4,345,728 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 297,463 | 332,190 |
Hire purchase contracts (see note 19) | 25,398 | 24,904 |
Trade creditors | 1,757,002 | 2,089,369 |
Corporation tax | - | 411,830 |
Social security and other taxes | 202,653 | 217,531 |
VAT | 345,937 | 638,234 | - | - |
Other creditors | 81,143 | 125,318 |
Accruals and deferred income | 647,783 | 482,929 |
3,357,379 | 4,322,305 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 18) | 651,500 | 942,873 |
Hire purchase contracts (see note 19) | - | 27,921 |
Amounts owed to group undertakings | - | - | 3,145,967 | 3,146,015 |
651,500 | 970,794 |
The directors have reviewed the loans from group undertakings, and are now of the opinion that they will not be repaid within one year from the balance sheet date and should therefore be classed as long term. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 5,071 | 3,087 |
Bank loans | 292,392 | 329,103 |
297,463 | 332,190 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 286,064 | 322,775 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 183,722 | 494,538 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 181,714 | 125,560 |
Included within bank loans is a CBILS loan of £695,782 with interest payable at 2.25% over base rate. |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 25,398 | 24,904 |
Between one and five years | - | 27,921 |
25,398 | 52,825 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 206,525 | 240,274 |
Between one and five years | 713,104 | 745,873 |
In more than five years | - | 95,400 |
919,629 | 1,081,547 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank loans | 943,892 | 1,271,976 |
Hire purchase contracts | 25,398 | 52,825 |
969,290 | 1,324,801 |
The hire purchase contracts are secured on the assets to which it relates. |
The company has a bank guarantee of £550,000 dated 18/06/15 relating to the mortgage granted to Katell Ltd, its subsidiary. There is also a debenture dated 27/07/1989 against all assets of the company. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 100,292 | 149,137 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 149,137 |
Credit to Profit and Loss Account during year | (48,845 | ) |
Balance at 31 December 2023 | 100,292 |
The deferred tax provision is due to accelerated capital allowances. |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 3,358,416 | 3,458,070 |
Non-redeemable preference | £1 | 3,446,994 | 3,446,994 |
6,805,410 | 6,905,064 |
Ordinary shares have been allotted, issued and fully paid for the following classes: |
Number | Class | Nominal value | 2023 | 2022 |
£ | £ |
943,665 | Ordinary A | £1 | 943,665 | 943,665 |
216,934 | Ordinary B | £1 | 216,934 | 216,934 |
940,000 | Ordinary C | £1 | 940,000 | 940,000 |
3,665 | Ordinary D | £1 | 3,665 | 3,665 |
474,000 | Ordinary E | £1 | 474,000 | 474,000 |
544 | Ordinary F | £1 | 544 | 544 |
- | Ordinary G | £1 | - | 99,000 |
- | Ordinary H | £1 | - | 654 |
474,000 | Ordinary I | £1 | 474,000 | 474,000 |
544 | Ordinary J | £1 | 544 | 544 |
305,064 | Ordinary K | £1 | 305,064 | 305,064 |
3,358,416 | 3,358,416 | 3,458,070 |
The Company repurchased ordinary class G and class H shares with a nominal value of £99,654 at a total cost of £310,587. |
23. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 4,317,161 | - | 4,317,161 |
Profit for the year | 2,358,587 | 2,358,587 |
Dividends | (640,103 | ) | (640,103 | ) |
Purchase of own shares | (310,587 | ) | 99,654 | (210,933 | ) |
At 31 December 2023 | 5,725,058 | 99,654 | 5,824,712 |
Charlton & Jenrick Holdings Limited (Registered number: 10833237) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
23. | RESERVES - continued |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 258 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Purchase of own shares | (310,587 | ) | 99,654 | (210,933 | ) |
At 31 December 2023 | 101,329 |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year, the group made a short-term loan to a director of £250,000. The loan was repaid during the year and the amount outstanding at the year end was £nil. The loan was interest free and repayable on demand. |
25. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, the company repurchased ordinary shares with a nominal value of £99,654 at a total cost of £310,587 including professional fees. |
The purchase price of the shares was £298,962 and was paid to a director of one of its subsidiary undertakings. |
26. | ULTIMATE CONTROLLING PARTY |
The company is under the control of the directors who between them own 68% of the issued share capital. |