Company registration number 01523678 (England and Wales)
CHARLES FELLOWS SUPPLIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CHARLES FELLOWS SUPPLIES LIMITED
COMPANY INFORMATION
Directors
Mr A M Cope
Mrs D Cope
Mr M Rogers
Mr I Cope
Ms P Bayston
Secretary
Mr A M Cope
Company number
01523678
Registered office
Unit 1 Lanesford Industrial Estate
Ham Lane
Kingswinford
West Midlands
DY6 7JU
Auditor
Sumer Auditco Limited
The Beehive
Beehive Ring Road
London Gatwick Airport
Gatwick
United Kingdom
RH6 0PA
CHARLES FELLOWS SUPPLIES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
CHARLES FELLOWS SUPPLIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
655,550
576,801
Investment property
5
425,430
190,000
1,080,980
766,801
Current assets
Stocks
6
727,922
954,647
Debtors
7
1,302,350
1,241,831
Investments
8
1,724,177
1,534,356
Cash at bank and in hand
1,641,248
527,582
5,395,697
4,258,416
Creditors: amounts falling due within one year
9
(712,562)
(443,775)
Net current assets
4,683,135
3,814,641
Total assets less current liabilities
5,764,115
4,581,442
Provisions for liabilities
(117,740)
(103,336)
Net assets
5,646,375
4,478,106
Capital and reserves
Called up share capital
10
70
70
Revaluation reserve
11
45,723
45,723
Capital redemption reserve
50
50
Profit and loss reserves
5,600,532
4,432,263
Total equity
5,646,375
4,478,106

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr A M Cope
Director
Company registration number 01523678 (England and Wales)
CHARLES FELLOWS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Charles Fellows Supplies 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 Company Information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The Board acknowledges that the Covid-19 Pandemic and Brexit have had an impact on company trading. The Directors have considered the ongoing disruption to the economy and the consequential uncertainty and accordingly, the generation of sufficient operating cash flows will remain a risk.

 

The Directors have formed a judgement that, as at the date of approving the financial statements, there is a reasonable expectation that the Company has adequate resources to continue in existence for at least the next twelve-month period. In making this assessment, the Board has considered the Company's ability to generate sufficient cash and current asset investments to enable it to operate and meet its liabilities as they fall due for payment.

 

The financial statement have been prepared on a going concern basis.

Significant judgement and estimates

Critical accounting judgements and 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.

 

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below:

 

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

 

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing of debtors and historical experience.

1.2
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

CHARLES FELLOWS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.3
Intangible fixed assets other than goodwill

Computer software is being amortised evenly over its estimated useful life of 5 years from the date the asset is brought into use.

Software
20% straight line
1.4
Tangible fixed assets

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

 

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

Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives.

 

Depreciation is provided on the following basis:

Improvements to property
10% on cost
Plant and machinery
20% on cost
Fixtures, fittings and equipment
10% on cost
Computer equipment and tills
20% on cost
Motor vehicles
20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

1.5
Investment property

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

1.6
Stocks

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

1.7
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Current tax
CHARLES FELLOWS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the 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 differences.

 

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.

1.8
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.9
Leases

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

1.10
Government grants

Grants are recognised against the expenditure to which they relate. Where government grants relate to capital expenditure, they are written off over the life of the asset.

1.11
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

1.12

Current asset investments

Current asset investments are shown at their market value at the balance sheet date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
14
CHARLES FELLOWS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
8,258
Amortisation and impairment
At 1 January 2023 and 31 December 2023
8,258
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
4
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures, fittings and equipment
Computer equipment and tills
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
372,102
28,084
147,961
16,650
329,974
894,771
Additions
-
0
-
0
23,045
2,323
244,531
269,899
Disposals
-
0
-
0
-
0
-
0
(164,450)
(164,450)
At 31 December 2023
372,102
28,084
171,006
18,973
410,055
1,000,220
Depreciation and impairment
At 1 January 2023
100,643
12,223
69,040
16,650
119,414
317,970
Depreciation charged in the year
37,210
5,617
13,565
256
58,437
115,085
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(88,385)
(88,385)
At 31 December 2023
137,853
17,840
82,605
16,906
89,466
344,670
Carrying amount
At 31 December 2023
234,249
10,244
88,401
2,067
320,589
655,550
At 31 December 2022
271,459
15,861
78,921
-
0
210,560
576,801
5
Investment property
2023
£
Fair value
At 1 January 2023
190,000
Additions
235,430
At 31 December 2023
425,430
CHARLES FELLOWS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Stocks
2023
2022
£
£
Finished goods
727,922
954,647
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
222,730
260,566
Directors' accounts
800,000
800,000
Other debtors
263,750
167,500
Prepayments and accrued income
15,870
13,765
1,302,350
1,241,831
8
Current asset investments
2023
2022
£
£
Listed investments
1,724,177
1,534,356
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
140,717
90,590
Corporation tax
368,332
178,773
Other taxation and social security
125,558
98,353
Government grants
5,150
6,800
Other creditors
60,839
54,379
Accruals and deferred income
11,966
14,880
712,562
443,775
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
50
50
50
50
Non-voting Ordinary B of £1 each
5
5
5
5
Non-voting Ordinary C of £1 each
5
5
5
5
Non-voting Ordinary D of £1 each
10
10
10
10
70
70
70
70
CHARLES FELLOWS SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Fair value reserve
2023
2022
£
£
At the beginning of the year
45,723
49,996
Revaluation surplus arising in the year
-
0
(21,501)
Deferred tax on revaluation of tangible assets
-
4,002
Tax on fair value adjustment to investments
-
(7,214)
Cumulative fair value adjustment transferred to profit or loss on sale of investments
-
0
20,001
Other movements
-
439
At the end of the year
45,723
45,723
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Alan Edward Jones FCCA
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
16 September 2024
13
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
448,000
-
0
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