Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
COMPANY INFORMATION
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CHALLS INTERNATIONAL GROUP LIMITED
CONTENTS
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CHALLS INTERNATIONAL GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors have pleasure in presenting their report and the financial statements of the Group for the year ended 31 December 2023.
The principal activity of the Group is the distribution of household cleaning products.
Following the pandemic and subsequent inflationary periods, the Group has embarked on a three-year plan to stabilise, strengthen and then ultimately grow the business. This first year has seen a number of additions to the senior management team, with both internal promotions and external appointments.
The Directors continually monitor the financial health and performance of the business by reviewing monthly management accounts and key performance indicators. These include turnover, stockholding and turnover, cashflow and debtors and creditors.
The principal risks and uncertainties facing the Group are as follows: Liquidity Risk The Group has arranged its borrowings over a period of time so as to ensure that it has sufficient liquid resources to meet the operating needs of the business. Credit Risk Receivable Balances are continually monitored, and appropriate action is taken to recover them. Price Risk The Group carefully monitors the price of raw materials and componentry, as well as transport and labour costs. This is essential as all these costs are under continuous inflationary pressure.
The Directors monitor the progress of the Group by reference to the following KPIs. During the year, the Group has maintained performance under these KPIs through the management strategies in place.
Gross Profit Margin: 33.89% (2022: 32.89%) Operating Profit Margin: 1.88% (2022: -3.78%) Stock Turnover Days: 53 (2022: 82) Trade Debtor Days: 71 (2022: 60) Trade Creditor Days: 43 (2022: 53)
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CHALLS INTERNATIONAL GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group recognises that its employees are critical to its success. The Directors therefore strive to develop its people so that they have long term, fulfilling careers. The Group promotes openness and has regular meetings to allow information to flow freely. Business updates are delivered to all staff twice a year.
Engagement levels are measured and show that staff are well motivated and feel valued. Staff levels have not changed significantly in the period.
This report was approved by the board and signed on its behalf.
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CHALLS INTERNATIONAL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.
The loss for the year, after taxation, amounted to £223,698 (2022 - loss £533,148).
During the year the company paid dividends of £200,000 (2022: £220,000) to the directors.
The directors who served during the year were:
The broad strategic direction for the Group remains the same as in prior years and that is to consolidate the
current already strong market position through continued investment in new products, salesforce training and enhancements to the service model for the Group.
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CHALLS INTERNATIONAL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Group since the year end.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CHALLS INTERNATIONAL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHALLS INTERNATIONAL GROUP LIMITED
We have audited the financial statements of Challs International Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
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CHALLS INTERNATIONAL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHALLS INTERNATIONAL GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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CHALLS INTERNATIONAL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHALLS INTERNATIONAL GROUP LIMITED (CONTINUED)
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 an Auditors' Report 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 Group financial statements.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Discussions held with management and those charged with governance around any legal claim, frauds or breach of laws during the year which they are aware of; • Audit work performed over key risks areas identified such as management override of controls and reviewing accounting estimates for bias. • Review of financial statement disclosures to ensure accounting policies have been correctly followed.
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 Auditors' Report.
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CHALLS INTERNATIONAL GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHALLS INTERNATIONAL GROUP LIMITED (CONTINUED)
This report is made solely to the Company's directors, 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 directors those matters we are required to state to them in an Auditors' Report 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
Milton Keynes, United Kingdom
Date:
MHA is the trading name if MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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CHALLS INTERNATIONAL GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
REGISTERED NUMBER: 11716061
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 35 form part of these financial statements.
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CHALLS INTERNATIONAL GROUP LIMITED
REGISTERED NUMBER: 11716061
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 35 form part of these financial statements.
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CHALLS INTERNATIONAL GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Challs International Group Limited is a private company limited by shares in England and Wales. The principal place of business and registered office is Unit 46, Lady Lane Industrial Estate, Hadleigh, Ipswich, IP7 6BQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have completed an analysis surrounding the companies future expected performance.
Based on the review of the assessments and forecasts and having regard to the resources available to the company and the wider group, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual reports and accounts.
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods.
Depreciation is provided on the following basis:
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 profit or loss.
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
i) Debtors An allowance for doubtful debts is maintained for potential credit losses based upon managements assessment of expected collectability of all accounts receivable. The allowance for doubtful accounts is reviewed periodically to access the adequacy of the allowance. In making this assessment, management takes into consideration any circumstances of which they are aware regarding a customers inability to meet its financial obligations. ii) Useful economic lives of tangible fixed assets The useful economic lives used by the company in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of tangible fixed assets as at 31 December 2023 was £8,162,888 after a depreciation charge in the period of £529,051. iii) Provision for slow moving and obsolete stock Provisions are made in accordance with the Company's guidelines and are based on past experiences. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Challs International Limited
Has a bank loan secured over the freehold property. HSBC Bank PLC has a legal charge over the properties at 45 & 46 Lady Lane Industrial Estate, Hadleigh, Ipswich. Obligations under finance leases and hire purchase contracts are secured on the assets concerned. The invoice discounting facility is secured. HSBC Invoice Finance (UK) Limited has a fixed charge on all purchased debts and a floating charge over the Company assets. HSBC Bank PLC has a fixed and floating charge over all assets of the Company. Primo Manufacturing Limited Has a bank loan secured over the freehold property. HSBC Bank PLC has a legal charge over the property at 5/6 Lady Lane Industrial Estate, Hadleigh, Ipswich. Obligations under finance leases and hire purchase contracts are secured on the assets concerned. The invoice discounting facility is secured. HSBC Invoice Finance (UK) Limited has a fixed charge on all purchased debts and a floating charge over the company assets. HSBC Bank PLC has a fixed and floating charge over all assets of the company.
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Challs International Limited
The bank loans are secured by legal mortgage over the freehold properties known as Unit 45 and Unit 46, Lady Lane Industrial Estate, Suffolk. There is also a fixed and floating charge over all assets of the company. Primo Manufacturing Limited Has a bank loan secured over the freehold property. HSBC Bank PLC has a legal charge over the property at 5/6 Lady Lane Industrial Estate, Hadleigh, Ipswich. Obligations under finance leases and hire purchase contracts are secured on the assets concerned. The invoice discounting facility is secured. HSBC Invoice Finance (UK) Limited has a fixed charge on all purchased debts and a floating charge over the company assets. HSBC Bank PLC has a fixed and floating charge over all assets of the company
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
22.Deferred taxation (continued)
Merger Reserve
Profit and loss account
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CHALLS INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
26.Financial commitments, guarantees and contingent liabilities
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £113,150 (2022 - £88,250) and £Nil (2022 - £nil) in respect of capital commitments.
The ultimate controlling party of the Group is Graham and Edwina Burchell by virtue of their shareholdings.
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