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REGISTERED NUMBER: 12219601 (England and Wales)



















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHARLIE CHARLIE WINDROSE LIMITED

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


CHARLIE CHARLIE WINDROSE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: N Todd
D Borthwick





Registered office: Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ





Registered number: 12219601 (England and Wales)





Auditors: Baverstocks Limited
Statutory Auditor
Chartered Certified Accountants
Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Review of business
The key financial and other performance indicators during the year were as follows:

2023 2022
'000's '000's %

Turnover 44,029 31,943 +37.84%
Gross Profit Margin 24.32% 18.65% +30.40%
Operating Profit 7,087 3,439 +106.08%
Employee and Directors Costs 2,937 2,496 +17.67%
Profit after Tax 4,563 2,733 +66.96%
Equity Shareholders' Funds 8,122 5,430 +49.58%
Current Assets as % of current
liabilities

198%

223%

-11.21%
Average number of employees 43 34 +26.47%

Turnover increased by 37.84% in the year primarily due to increased contracts undertaken for the group's primary customers. The group's excellent delivery record has also enabled it to successfully deliver larger individual contracts for its key clients. Due to the continued rapid growth in turnover the group has been able to increase its gross profit margin compared to the previous year due to better buying strategies and control of on-site labour costs and the introduction of a development programme for employees. The growth in activity also led to a 17.67% increase in employment costs and a 26.47% increase in the average number of employees.

Total operating profit increased by 106.08% in the year, with gross profit rising at a much higher nominal rate than overheads. Most of the increases in overheads were also related to the increased activity, such as indirect wages, motor and travel expenses. Profit after tax saw a 66.96% increase, less than at the Operating Profit level, but this has been due to the group's investment in its systems and employees.

Shareholders' funds increased by 49.58%. The group's 'current asset ratio' has decreased from 223% to 198%. The Company has a very low gearing ratio of 1.02% having very little formal debt.

The acceleration of turnover and growth has largely been down to the investment in strengthening the overall management team at middle and senior levels, thus enabling the business to demonstrate to major clients that the Fortis Vision method of successfully operating in occupied buildings, particularly in the purpose build student sector (PBSA), gives them market-leading credibility. This has been directly linked to the significant increase in turnover and the investment in the management teams has meant that the group continues to successfully deliver its contracts to clients satisfaction.

The business has also successfully expanded its delivery model within the hotel leisure sector for a premier brand, engaging with multiple works streams, continuing its theme of successfully delivering in live occupied hotel environments, thus contributing to the overall success and increase in both revenue and profit contribution.

During the 2022 period, whilst the delivery of the increased turnover was occurring, much progress was being made with preconstruction conversations with another large portfolio PBSA provider that as predicted in the 2022 strategic report, did lead to initial further solid growth within 2023. This has further accelerated to even larger growth with that client in the 2023 period.


CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


Preconstruction conversations with several new clients in Q4 of 2023 have led to multi-million-pound contract awards for the 2024 period.

The secured budget for the 2024 period is very healthy and growing.

The Directors are confident that 2024 will provide a further increase in turnover having secured significant contracts with more than 80% of the budget turnover of £50 million already secured. It will also see Fortis introduction into the Care Home Sector.

The group continues to invest in its employees and systems with a view to ensuring that the group can deliver on its contractual commitments.

Fortis Trident saw a fairly inactive year of trading, where the focus was consolidating our position on existing projects. Trident continued to support a difficult development project as main contractor, and significant time was spent rectifying legacy issues, given the contract that was started in uncertain, covid times. Consolidation of these projects will allow Fortis Trident to move in to the next trading period with further clarity of the existing position and the ability to refocus it's future strategy.

Principal risks and uncertainties
Competitive Risks

Whilst there will always be contractors working within the sector looking to deliver "in-occupation" models, Fortis Vision believes our culture and engagement with the supply chain lends itself to minimising this risk.

The group continues to be upbeat about its establishment within the market and its standing within the industry.

Financial Risk

The group does not see any real risk in the 2024 period, with strong financial reserves, minimal debt or credit in place, and a healthy balance sheet of assets.

The Directors will continue to be selective with their client portfolio, with all client debt underwritten by insurance.

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


Risk register activities that are constantly monitored at Board meetings:-

1. Health and Safety activity is profiled against client and internal audits, a HSEQ Manager appointed
full time within Q1 of 2024.
2. Demand/Price Risk, comprehensive, exercises have been taking place with all clients on financial
benchmarking and have stood the business in a competitive place.
3. Execution Risk, the business has significantly scaled up and established a newly created Senior
Leadership Team in Q4 2024, to embrace the planned sustained growth.
4. Concentration of work sources, a full review has been carried out by the Operations and Procurement
Team to review the supply chain, strengthening it in certain areas and the creation of a new buyer to
work with the Procurement head in Q2 2024 is being sought as well as the health pipeline of
applications from new sub-contractors, gravitating towards the business.
5. Employee turnover risk, Fortis believes making the welfare of all it attracts and retains within the
business a foundation and cornerstone to the business, thus reducing this risk.
6. Cashflow, liquidity, credit and financing, a complete overview of management accounts have been
undertaken and the appointment of a combined team of Consultant Financial Controller and Financial
Director to support the existing Team.

On behalf of the board:





D Borthwick - Director


12 September 2024

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Principal activity
The principal activity of the group in the year under review was that of full service refurbishment contractor.

Dividends
The total distribution of dividends for the year ended 31 December 2023 will be £ 1,870,695 .

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

N Todd
D Borthwick

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors
The auditors, Baverstocks Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





D Borthwick - Director


12 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARLIE CHARLIE WINDROSE LIMITED

Opinion
We have audited the financial statements of Charlie Charlie Windrose Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARLIE CHARLIE WINDROSE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARLIE CHARLIE WINDROSE LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to assessing the risks of material misstatement due to fraud and noncompliance with laws and regulations was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to compliance with the Companies Act 2006, Financial Reporting Standard 102, relevant tax legislation, employment legislation and the legislation affecting companies within the construction industry.

We assessed the risks of material misstatements in respect of fraud and determined that the principal risks were related to posting of journal entries to manipulate the results for the financial year. We made enquiries of management during the audit to determine any instances of fraud, while also discussing the areas of risk in relation to audit as part of our audit team meeting.

Based upon the results of our risk assessment we designed our audit procedures to identify noncompliance with such laws and regulations identified above and also material misstatements in respect of fraud as follows:-

- We obtained an understanding of the legal and regulatory framework in relation to the entity and how
it complies with this framework. This included discussions with management, reviews of legal and
professional fees and reviews of compliance with the legislation.

-
We discussed with the management the entity's policies and procedures including systems and
controls. Compliance with these was tested via discussion and walkthrough testing of controls.

-
We enquired of management of their policies and procedures in relation to fraud and their knowledge
of any actual, suspected, or alleged fraud.

-
We ensured compliance with Pay as You Earn, Construction Industry Scheme and Value Added Tax
laws via reviewing returns and correspondence.

-
We discussed with management to ensure continued compliance with employment and construction
industry legislation.


-
We considered the risk of fraud through management override, and, in response, we incorporated
testing of manual journal entries into our audit approach. This included the testing of journal entries
throughout the year as well as year end journals.
- We agreed the financial statement disclosures to underlying supporting documentation.
- We enquired of management if there were any potential litigation or claims.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARLIE CHARLIE WINDROSE LIMITED


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




Steven Collins (Senior Statutory Auditor)
for and on behalf of Baverstocks Limited
Statutory Auditor
Chartered Certified Accountants
Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ

12 September 2024

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

Turnover 3 44,028,580 31,942,597

Cost of sales 33,321,600 25,986,889
Gross profit 10,706,980 5,955,708

Administrative expenses 3,620,383 2,516,659
Operating profit 5 7,086,597 3,439,049

Associated company loan
write off 6 893,389 -
6,193,208 3,439,049

Interest receivable and similar income 131,023 4,864
6,324,231 3,443,913

Interest payable and similar expenses 7 10,451 13,730
Profit before taxation 6,313,780 3,430,183

Tax on profit 8 1,750,904 697,511
Profit for the financial year 4,562,876 2,732,672
Profit attributable to:
Owners of the parent 4,562,876 2,732,672

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

Profit for the year 4,562,876 2,732,672


Other comprehensive income - -
Total comprehensive income for the
year

4,562,876

2,732,672

Total comprehensive income attributable to:
Owners of the parent 4,562,876 2,732,672

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 11 700,801 600,657
Investments 12 - 20,000
700,801 620,657

Current assets
Stocks 13 301,986 277,503
Debtors 14 3,978,807 1,593,555
Cash at bank and in hand 11,258,593 7,050,379
15,539,386 8,921,437
Creditors
Amounts falling due within one year 15 7,867,613 3,993,215
Net current assets 7,671,773 4,928,222
Total assets less current liabilities 8,372,574 5,548,879

Creditors
Amounts falling due after more than one
year

16

(132,289

)

(26,612

)

Provisions for liabilities 19 (118,211 ) (92,374 )
Net assets 8,122,074 5,429,893

Capital and reserves
Called up share capital 20 104 104
Retained earnings 21 8,121,970 5,429,789
Shareholders' funds 8,122,074 5,429,893

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





D Borthwick - Director


CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 11 139,294 179,694
Investments 12 300 20,200
139,594 199,894

Current assets
Debtors 14 127,203 67,877
Cash at bank 7,036,739 3,023,561
7,163,942 3,091,438
Creditors
Amounts falling due within one year 15 1,739,132 799,596
Net current assets 5,424,810 2,291,842
Total assets less current liabilities 5,564,404 2,491,736

Capital and reserves
Called up share capital 20 104 104
Retained earnings 21 5,564,300 2,491,632
Shareholders' funds 5,564,404 2,491,736

Company's profit for the financial year 4,943,363 1,436,413

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





D Borthwick - Director


CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 3,731,117 3,731,217

Changes in equity
Issue of share capital 4 - 4
Dividends - (1,034,000 ) (1,034,000 )
Total comprehensive income - 2,732,672 2,732,672
Balance at 31 December 2022 104 5,429,789 5,429,893

Changes in equity
Dividends - (1,870,695 ) (1,870,695 )
Total comprehensive income - 4,562,876 4,562,876
Balance at 31 December 2023 104 8,121,970 8,122,074

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 2,089,219 2,089,319

Changes in equity
Issue of share capital 4 - 4
Dividends - (1,034,000 ) (1,034,000 )
Total comprehensive income - 1,436,413 1,436,413
Balance at 31 December 2022 104 2,491,632 2,491,736

Changes in equity
Dividends - (1,870,695 ) (1,870,695 )
Total comprehensive income - 4,943,363 4,943,363
Balance at 31 December 2023 104 5,564,300 5,564,404

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,681,406 4,183,946
Interest paid (7,385 ) (13,730 )
Interest element of hire purchase
payments paid

(3,066

)

-
Tax paid (607,415 ) (603,895 )
Net cash from operating activities 6,063,540 3,566,321

Cash flows from investing activities
Purchase of tangible fixed assets (203,176 ) (567,273 )
Purchase of fixed asset investments - (20,000 )
Sale of tangible fixed assets 42,400 -
Sale of fixed asset investments 20,000 -
Interest received 131,023 4,864
Net cash from investing activities (9,753 ) (582,409 )

Cash flows from financing activities
Loan repayments in year (9,849 ) (9,606 )
Capital repayments in year 54,971 -
Amount introduced by directors - 994,000
Amount withdrawn by directors (20,000 ) (900,785 )
Share issue - 4
Equity dividends paid (1,870,695 ) (1,034,000 )
Net cash from financing activities (1,845,573 ) (950,387 )

Increase in cash and cash equivalents 4,208,214 2,033,525
Cash and cash equivalents at
beginning of year

2

7,050,379

5,016,854

Cash and cash equivalents at end of
year

2

11,258,593

7,050,379

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

1. Reconciliation of profit before taxation to cash generated from operations
2023 2022
£    £   
Profit before taxation 6,313,780 3,430,183
Depreciation charges 144,543 105,743
Finance costs 10,451 13,730
Finance income (131,023 ) (4,864 )
6,337,751 3,544,792
Increase in stocks (24,483 ) (130,165 )
(Increase)/decrease in trade and other debtors (2,385,249 ) 1,472,484
Increase/(decrease) in trade and other creditors 2,753,387 (703,165 )
Cash generated from operations 6,681,406 4,183,946

2. Cash and cash equivalents

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

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 11,258,593 7,050,379
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 7,050,379 5,016,854


3. Analysis of changes in net funds

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank
and in hand 7,050,379 4,208,214 11,258,593
7,050,379 4,208,214 11,258,593
Debt
Finance leases - (54,971 ) - (138,881 )
Debts falling due
within 1 year (9,849 ) (253 ) - (10,102 )
Debts falling due
after 1 year (26,612 ) 10,098 - (16,514 )
(36,461 ) (45,126 ) - (165,497 )
Total 7,013,918 4,163,088 - 11,093,096

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

1. Statutory information

Charlie Charlie Windrose Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 December 2023. The acquisition method of accounting has been adopted.

Under this method, the results of subsidiary undertakings acquired in the period are included in the consolidated profit and loss account from the date of acquisition.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no estimates and assumptions that have a significant risk of causing material adjustment in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the
company and the turnover can be reliably measured. Turnover is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes.

Turnover from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following conditions
are satisfied:-

- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;the stage of
completion of the contract at the end of the reporting period can be measured
- reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
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.
Motor Vehicles - 25% on reducing balance
Office Equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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


CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. Turnover

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

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Rendering of services 44,028,580 31,942,597
44,028,580 31,942,597

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

4. Employees and directors
2023 2022
£    £   
Wages and salaries 2,532,018 1,997,563
Social security costs 230,887 158,756
Other pension costs 173,874 339,708
2,936,779 2,496,027

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

Cost of sales 30 26
Administration 11 6
Directors 2 2
43 34

2023 2022
£    £   
Directors' remuneration 89,821 90,893
Directors' pension contributions to money purchase schemes 40,840 160,840

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

Money purchase schemes 1 2

5. Operating profit

The operating profit is stated after charging:

2023 2022
£    £   
Hire of Plant and Machinery 283,759 317,106
Depreciation - owned assets 134,960 105,744
Depreciation - assets on hire purchase contracts 9,582 -
Auditors Remuneration 29,000 29,500

6. Exceptional items
2023 2022
£    £   
Associated company loan
write off (893,389 ) -

7. Interest payable and similar expenses
2023 2022
£    £   
Bank Loan Interest 803 1,042
Other Interest Payable 6,582 4,867
HMRC Interest Paid - 7,821
Hire Purchase Interest 3,066 -
10,451 13,730

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

8. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,725,067 625,554

Deferred Taxation 25,837 71,957
Tax on profit 1,750,904 697,511

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

2023 2022
£    £   
Profit before tax 6,313,780 3,430,183
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2022 - 19 %)

1,578,445

651,735

Effects of:
Expenses not deductible for tax purposes 276,305 46,093
Super deduction capital allowances claimed (763 ) (19,780 )
Effect of changes of tax rate on deferred tax position 5,424 18,048
Trade losses carried forward - 1,415
Profits chargeable at historical lower rates (108,507 ) -
Total tax charge 1,750,904 697,511

9. Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. Dividends
2023 2022
£    £   
Ordinary shares of £1.00 each
Interim 300,000 679,000
A share of £1
Interim 691,349 177,500
B share of £1
Interim 139,257 177,500
C share of £1
Interim 53,067 -
D share of £1
Interim 687,022 -
1,870,695 1,034,000

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

11. Tangible fixed assets

Group
Freehold Motor Office
Property Vehicles Equipment Totals
£    £    £    £   
Cost
At 1 January 2023 179,694 522,454 85,628 787,776
Additions 2,000 244,772 40,314 287,086
Disposals (42,400 ) - - (42,400 )
At 31 December 2023 139,294 767,226 125,942 1,032,462
Depreciation
At 1 January 2023 - 152,588 34,531 187,119
Charge for year - 116,262 28,280 144,542
At 31 December 2023 - 268,850 62,811 331,661
Net book value
At 31 December 2023 139,294 498,376 63,131 700,801
At 31 December 2022 179,694 369,866 51,097 600,657

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
Vehicles
£   
Cost
Additions 136,383
At 31 December 2023 136,383
Depreciation
Charge for year 9,582
At 31 December 2023 9,582
Net book value
At 31 December 2023 126,801

Company
Freehold
Property
£   
Cost
At 1 January 2023 179,694
Additions 2,000
Disposals (42,400 )
At 31 December 2023 139,294
Net book value
At 31 December 2023 139,294
At 31 December 2022 179,694

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

12. Fixed asset investments

Group
Listed
Investments
£   
Cost
At 1 January 2023 20,000
Disposals (20,000 )
At 31 December 2023 -
Net book value
At 31 December 2023 -
At 31 December 2022 20,000
Company
Shares in
Group Listed
Undertakings Investments Totals
£    £    £   
Cost
At 1 January 2023 200 20,000 20,200
Additions 100 - 100
Disposals - (20,000 ) (20,000 )
At 31 December 2023 300 - 300
Net book value
At 31 December 2023 300 - 300
At 31 December 2022 200 20,000 20,200

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

Subsidiaries

Fortis Vision Limited
Registered office: United Kingdom
Nature of business: full service refurbishment contractor.
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,083,297 2,067,943
Profit for the year 4,215,354 2,418,324

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

12. Fixed asset investments - continued

Fortis Trident Limited
Registered office: United Kingdom
Nature of business: full service refurbishment contractor.
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 480,940 870,414
Profit for the year 290,526 321,935

Fortis Protect Limited
Registered office: United Kingdom
Nature of business: Fire safety door surveyor
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves (6,267 )
Loss for the year (6,367 )


13. Stocks

Group
2023 2022
£    £   
Work in Progress 301,986 277,503

14. Debtors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade Debtors 1,427,877 1,234,700 - -
Amounts owed by group undertakings - - - 9,274
Amounts owed by participating interests 1,706,450 341,652 58,603 58,603
Other Debtors 105,023 3,025 27,400 -
Prepayments and Accrued Income 739,457 14,178 41,200 -
3,978,807 1,593,555 127,203 67,877

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

15. Creditors: amounts falling due within one year

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 10,102 9,849 - -
Hire purchase contracts (see note 18) 23,106 - - -
Trade Creditors 3,105,166 1,760,627 - -
Amounts owed to group undertakings - - 1,370,465 684,006
Corporation Tax 1,623,496 505,844 17,572 -
Social Security and Other
Taxes 1,076,349 605,041 - -
Other Creditors 402,021 44,399 252,005 -
Directors Current Accounts 89,190 109,190 89,190 109,190
Accruals and Deferred Income 1,538,183 958,265 9,900 6,400
7,867,613 3,993,215 1,739,132 799,596

16. Creditors: amounts falling due after more than one year

Group
2023 2022
£    £   
Bank loans (see note 17) 16,514 26,612
Hire purchase contracts (see note 18) 115,775 -
132,289 26,612

17. Loans

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank Loans 10,102 9,849
Amounts falling due between two and five years:
Bank Loans 16,514 26,612

18. Leasing agreements

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 23,106 -
Between one and five years 115,775 -
138,881 -

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

18. Leasing agreements - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 54,000 54,000
Between one and five years 98,333 152,333
152,333 206,333

19. Provisions for liabilities

Group
2023 2022
£    £   
Deferred Taxation - capital
allowances 118,211 92,374
118,211 92,374

Group
Deferred
tax
£   
Balance at 1 January 2023 92,374
Charge to Income Statement during year 25,837
Balance at 31 December 2023 118,211

20. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100
1 A £1 1 1
1 B £1 1 1
1 C £1 1 1
1 D £1 1 1
104 104

CHARLIE CHARLIE WINDROSE LIMITED (REGISTERED NUMBER: 12219601)

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

21. Reserves

Group
Retained
earnings
£   

At 1 January 2023 5,429,789
Profit for the year 4,562,876
Dividends (1,870,695 )
At 31 December 2023 8,121,970

Company
Retained
earnings
£   

At 1 January 2023 2,491,632
Profit for the year 4,943,363
Dividends (1,870,695 )
At 31 December 2023 5,564,300


22. Related party disclosures

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Amount due from related party 20,000 -

Other related parties
2023 2022
£    £   
Sales 2,979,088 -
Amount due from related party 1,706,450 341,652

During the year, a total of key management personnel compensation of £ 387,467 (2022 - £ 258,617 ) was paid.

23. Ultimate controlling party

The company does not have an ultimate controlling party.