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REGISTERED NUMBER: 13188560 (England and Wales)















CHATTERTONS GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


CHATTERTONS GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: R R Ludlow
E F Conway



REGISTERED OFFICE: 5 South Street
Horncastle
LN9 6DS



REGISTERED NUMBER: 13188560 (England and Wales)



SENIOR STATUTORY AUDITOR: Tara Bellamy FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The principal activity of the Group (Chattertons) for the year ended 30 April 2024 is the provision of professional services.

Established in 1856, Chattertons is considered to be one of oldest law firms in the UK. Chattertons provides high quality professional services from 8 main offices across the East Midlands, with 2 additional serviced offices in the East Midlands and London. The core services offered by Chattertons are legal services, with further continued expansion of Wealth Management and Corporate Trustee services.

The results for the year and financial position of the group are as shown in the annexed financial statements. The Group considers its key performance indicators include turnover, gross profit, trading profit* and net assets.

*Trading profit includes profit from operating activities and net interest received.


Year Year
ended ended
30.4.24 30.4.23
£ £

Turnover 14,891,059 15,536,484
Cost of sales 5,690,696 5,814,722
Gross Profit 9,200,363 9,721,762

Gross profit margin % 61.78 62.57

Trading profit 6,024,165 5,376,754

% of trading profit 40.45 34.61



Net assets 15,320,295 11,255,767


Earnings before interest, tax, depreciation and amortisation 5,763,019 5,401,282

Chattertons continues to pursue its growth strategy to become a significant provider of professional services in the East Midlands and beyond through a combination of organic growth, the recruitment of additional of high-calibre professionals and exploring further acquisition opportunities.


CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors are aware of their responsibilities for managing risk and regularly evaluate the risks and uncertainties that could impact on future performance.

The economy plays a part in the Group's ability to operate profitability. Exposure to negative economic developments in sectors in which the Group operates, either directly or indirectly through the impact on the Group's bankers, suppliers or customers may result in decreased demand, increased operating costs or an inability for the business to meet its full strategic objectives.

The Group operates in a competitive market, failure to compete effectively in terms of quality and price can have an adverse effect on demand and/or margins.

In addition to the uncertainties noted above, other principal risks actively managed by the Group include the risks associated with potential threats to Group and customer data from malicious cyber-attack or hacking.

The Group mitigates these risks by:
- A defined organisational structure with clear lines of responsibility underpinned by a corporate governance framework and a scheme of delegated authority.
- Management and staff across the organisation work closely with customers to operate as effectively as possible, whilst fostering long-term working relationships, innovative working, and good lines of communication.
- Operating a recruitment and selection process to ensure that employees are experienced and competent in their work. There is an established programme of training and development to ensure that colleagues are alert to, and responsive to, customer needs whilst operating in line with the Group's corporate objectives.
- A commitment to ensuring compliance with data protection legislation and best-practice cyber security through investment and continuous improvement in these areas.

ON BEHALF OF THE BOARD:





R R Ludlow - Director


30 September 2024

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of legal and wealth management services.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary A £1 shares £68,000 - 28 March 2024
£345,000 - 6 April 2024
£413,000

Ordinary B £1 shares £88,000 - 24 January 2024



The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 30 April 2024 will be £ 501,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

R R Ludlow
E F Conway

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.

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


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:



R R Ludlow - Director


30 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHATTERTONS GROUP LIMITED

Opinion
We have audited the financial statements of Chattertons Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 30 April 2024 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
CHATTERTONS GROUP 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 four, 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.

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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the Group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimate and judgemental areas of the financial statements such as depreciation of tangible fixed asset, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in preparation of the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
CHATTERTONS GROUP 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.




Tara Bellamy FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

1 October 2024

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   

TURNOVER 3 14,891,059 15,536,484

Cost of sales 5,690,696 5,814,722
GROSS PROFIT 9,200,363 9,721,762

Administrative expenses 6,351,355 5,688,339
2,849,008 4,033,423

Other operating income 25,958 19,860
OPERATING PROFIT 5 2,874,966 4,053,283

Interest receivable and similar income 6 3,621,391 1,576,190
6,496,357 5,629,473

Interest payable and similar expenses 7 413,269 196,308
PROFIT BEFORE TAXATION 6,083,088 5,433,165

Tax on profit 8 1,517,560 1,083,700
PROFIT FOR THE FINANCIAL YEAR 4,565,528 4,349,465
Profit attributable to:
Owners of the parent 4,565,528 4,349,465

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   

PROFIT FOR THE YEAR 4,565,528 4,349,465


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 4,565,528 4,349,465

Total comprehensive income attributable to:
Owners of the parent 4,565,528 4,349,465

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 (1,030,693 ) (1,169,492 )
Tangible assets 12 1,910,440 1,939,882
Investments 13 - -
879,747 770,390

CURRENT ASSETS
Debtors 14 6,906,900 6,431,822
Cash at bank and in hand 10,347,572 6,157,918
17,254,472 12,589,740
CREDITORS
Amounts falling due within one year 15 2,340,666 1,885,824
NET CURRENT ASSETS 14,913,806 10,703,916
TOTAL ASSETS LESS CURRENT LIABILITIES 15,793,553 11,474,306

CREDITORS
Amounts falling due after more than one year 16 (363,037 ) (110,777 )

PROVISIONS FOR LIABILITIES 19 (110,221 ) (107,762 )
NET ASSETS 15,320,295 11,255,767

CAPITAL AND RESERVES
Called up share capital 20 100,000 100,000
Other reserves 21 2,210,392 2,210,392
Retained earnings 21 13,009,903 8,945,375
SHAREHOLDERS' FUNDS 15,320,295 11,255,767

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





R R Ludlow - Director


CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

COMPANY STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 4,906,670 4,906,670
4,906,670 4,906,670

CURRENT ASSETS
Debtors 14 1,976,289 2,186,159
Cash at bank 2,254,490 -
4,230,779 2,186,159
CREDITORS
Amounts falling due within one year 15 669,407 161,001
NET CURRENT ASSETS 3,561,372 2,025,158
TOTAL ASSETS LESS CURRENT LIABILITIES 8,468,042 6,931,828

CAPITAL AND RESERVES
Called up share capital 20 100,000 100,000
Other reserves 21 2,210,392 2,210,392
Retained earnings 21 6,157,650 4,621,436
SHAREHOLDERS' FUNDS 8,468,042 6,931,828

Company's profit for the financial year 2,037,214 2,186,159

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





R R Ludlow - Director


CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 May 2022 100,000 4,651,910 2,210,392 6,962,302

Changes in equity
Dividends - (56,000 ) - (56,000 )
Total comprehensive income - 4,349,465 - 4,349,465
Balance at 30 April 2023 100,000 8,945,375 2,210,392 11,255,767

Changes in equity
Dividends - (501,000 ) - (501,000 )
Total comprehensive income - 4,565,528 - 4,565,528
Balance at 30 April 2024 100,000 13,009,903 2,210,392 15,320,295

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 May 2022 100,000 2,491,277 2,210,392 4,801,669

Changes in equity
Dividends - (56,000 ) - (56,000 )
Total comprehensive income - 2,186,159 - 2,186,159
Balance at 30 April 2023 100,000 4,621,436 2,210,392 6,931,828

Changes in equity
Dividends - (501,000 ) - (501,000 )
Total comprehensive income - 2,037,214 - 2,037,214
Balance at 30 April 2024 100,000 6,157,650 2,210,392 8,468,042

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,448,435 3,279,914
Interest paid (413,269 ) (196,308 )
Tax paid (1,242,741 ) (1,438,455 )
Net cash from operating activities 792,425 1,645,151

Cash flows from investing activities
Purchase of tangible fixed assets (50,433 ) (50,364 )
Interest received 3,621,391 1,576,190
Net cash from investing activities 3,570,958 1,525,826

Cash flows from financing activities
Loan repayments in year - (1,869,827 )
Amount introduced by directors - 215,150
Amount withdrawn by directors (173,729 ) (438,765 )
Net cash from financing activities (173,729 ) (2,093,442 )

Increase in cash and cash equivalents 4,189,654 1,077,535
Cash and cash equivalents at beginning of year 2 6,157,918 5,080,383

Cash and cash equivalents at end of year 2 10,347,572 6,157,918

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.4.24 30.4.23
£    £   
Profit before taxation 6,083,088 5,433,165
Depreciation charges 79,875 82,388
Amortisation charges (138,799 ) (138,799 )
Finance costs 413,269 196,308
Finance income (3,621,391 ) (1,576,190 )
2,816,042 3,996,872
Increase in trade and other debtors (475,078 ) (597,458 )
Increase/(decrease) in trade and other creditors 107,471 (119,500 )
Cash generated from operations 2,448,435 3,279,914

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 10,347,572 6,157,918
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 6,157,918 5,080,383


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 6,157,918 4,189,654 10,347,572
6,157,918 4,189,654 10,347,572
Total 6,157,918 4,189,654 10,347,572

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

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

Basis of consolidation
The group financial statements consolidate the financial statements of Chattertons Group Limited and all its subsidiary undertakings drawn up to 30 April each year.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group’s interest in the entity.

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Income Statement in these financial statements.

One entity included within the group financial statements, Andrew & Co LLP, is entitled to the exemption from audit under Section 479A of the Companies Act 2006 relating to the year ended 30 April 2024 and year ended 30 April 2023.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis and are covered within the accounting policies:

(i) 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. See note 12 for the carrying amount of the property plant and equipment, and accounting policy note for the usual economic lives of each class of assets.

(ii) The group 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, ageing profile of debtors and historical experience. See note 14 for the net carrying amount of the debtors and associated impairment provision.

(iii) The group has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the statement of financial position. The assumptions reflect historical experience and current trends. See note 23 for the disclosures relating to the defined contribution pension scheme.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects.

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts recoverable from clients for professional services provided during the year, excluding value added tax. The group recognises turnover when the amount can be reliably measured and it is probable that economic benefits will flow.

Services provided to clients, which at the financial reporting date have not been billed, are recognised as amounts recoverable on contracts.

Revenue recognised in this manner is based on an assessment of the fair value of the services provided at the financial reporting date reflecting the stage of completion of the service rendered. Stage of completion is measured by reference to the sales value of work done to date multiplied by the historical recovery rate for a portfolio of similar clients.

Rental income is included as the group's right to receive payment is established.

Interest receivable is recognised using the effective interest method

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Negative goodwill arising on consolidation has been capitalised and released over a period of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided on all tangible fixed assets other than freehold land at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:-

Land and buildings- 20% on cost
Long leasehold- 10% on cost
Fixtures and fittings- 10% and 25% on cost
Computer equipment- 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each statement of financial position 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 the income statement unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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 statement of financial position date.

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 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.

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 the income statement in the period to which they relate.

Hire purchase and leasing
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has an obligation at the statement of financial position date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

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:

30.4.24 30.4.23
£    £   
Legal services 13,631,582 14,365,781
Wealth management services 1,259,477 1,170,703
14,891,059 15,536,484

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 7,329,776 7,301,584
Social security costs 744,985 771,392
Other pension costs 316,251 316,401
8,391,012 8,389,377

The average number of employees during the year was as follows:
30.4.24 30.4.23

Fee earners 127 132
Admin 75 76
202 208

30.4.24 30.4.23
£    £   
Directors' remuneration 24,000 24,000
Directors' pension contributions to money purchase schemes 120,000 120,000

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

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.24 30.4.23
£    £   
Depreciation - owned assets 79,875 82,388
Goodwill amortisation (138,799 ) (138,799 )
Auditors' remuneration 37,595 39,806
Operating leases 233,648 270,740

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. INTEREST RECEIVABLE AND SIMILAR INCOME
30.4.24 30.4.23
£    £   
Deposit account interest 3,620,013 1,575,188
HMRC interest received 644 1,002
Interest on director's loan account 734 -
3,621,391 1,576,190

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank interest 381,667 134,726
Bank loan interest - 30,409
HMRC interest 15,762 7,457
Interest payable 15,840 23,716
413,269 196,308

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 1,515,101 1,060,799

Deferred tax 2,459 22,901
Tax on profit 1,517,560 1,083,700

UK corporation tax has been charged at 25 % (2023 - 19.49 %).

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:

30.4.24 30.4.23
£    £   
Profit before tax 6,083,088 5,433,165
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19.493 %)

1,520,772

1,059,087

Effects of:
Expenses not deductible for tax purposes 21,957 23,461
Capital allowances in excess of depreciation (27,339 ) (21,750 )
Marginal relief (289 ) -
Deferred tax 2,459 22,902
Total tax charge 1,517,560 1,083,700

The main rate of corporation tax increased to 25% on 1 April 2023.

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

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
30.4.24 30.4.23
£    £   
Ordinary A shares of £1 each
Interim 433,000 32,000
Ordinary B shares of £1 each
Interim 68,000 24,000
501,000 56,000

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 (1,365,420 )
AMORTISATION
At 1 May 2023 (195,928 )
Amortisation for year (138,799 )
At 30 April 2024 (334,727 )
NET BOOK VALUE
At 30 April 2024 (1,030,693 )
At 30 April 2023 (1,169,492 )

Included in goodwill is negative goodwill which arose on the acquisition of Chattertons Holdings Limited.

12. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 May 2023 1,769,342 27,855 11,100
Additions - - -
At 30 April 2024 1,769,342 27,855 11,100
DEPRECIATION
At 1 May 2023 209,859 16,715 6,660
Charge for year 35,387 2,785 1,110
At 30 April 2024 245,246 19,500 7,770
NET BOOK VALUE
At 30 April 2024 1,524,096 8,355 3,330
At 30 April 2023 1,559,483 11,140 4,440

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 May 2023 157,679 385,905 2,351,881
Additions 12,256 38,177 50,433
At 30 April 2024 169,935 424,082 2,402,314
DEPRECIATION
At 1 May 2023 22,139 156,626 411,999
Charge for year 5,664 34,929 79,875
At 30 April 2024 27,803 191,555 491,874
NET BOOK VALUE
At 30 April 2024 142,132 232,527 1,910,440
At 30 April 2023 135,540 229,279 1,939,882

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 4,906,670
NET BOOK VALUE
At 30 April 2024 4,906,670
At 30 April 2023 4,906,670

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Chattertons Legal Services Limited
Registered office: 5 South Street, Horncastle, Lincolnshire LN9 6DS
Nature of business: Legal services
%
Class of shares: holding
Ordinary 100.00
30.4.24 30.4.23
£    £   
Aggregate capital and reserves 11,347,747 9,539,709
Profit for the year 3,821,879 3,733,312

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. FIXED ASSET INVESTMENTS - continued

Chattertons Wealth Management Limited
Registered office: 5 South Street, Horncastle, Lincolnshire LN9 6DS
Nature of business: Professional services
%
Class of shares: holding
Ordinary 100.00
30.4.24 30.4.23
£    £   
Aggregate capital and reserves 893,226 505,951
Profit for the year 387,275 303,305

Chattertons Professional Services Limited
Registered office: 5 South Street, Horncastle, Lincolnshire LN9 6DS
Nature of business: Professional services
%
Class of shares: holding
Ordinary 100.00
30.4.24 30.4.23
£    £   
Aggregate capital and reserves 886,298 880,088
Profit for the year 6,210 896

Chattertons Trustee Corporation Limited
Registered office: 5 South Street, Horncastle, Lincolnshire LN9 6DS
Nature of business: Professional services
%
Class of shares: holding
Ordinary 100.00
30.4.24 30.4.23
£    £   
Aggregate capital and reserves 250,207 250,207

Chattertons Holdings Limited
Registered office: 5 South Street, Horncastle, Lincolnshire LN9 6DS
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
30.4.24 30.4.23
£    £   
Aggregate capital and reserves 1 1


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Trade debtors 1,285,806 1,220,485 - -
Amounts owed by group undertakings - - 1,976,289 2,186,159
Amounts recoverable on contract 4,361,120 4,167,094 - -
Other debtors 7,237 6,922 - -
Prepayments and accrued income 1,252,737 1,037,321 - -
6,906,900 6,431,822 1,976,289 2,186,159

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Amounts owed by group undertakings that are due within one year are unsecured, repayable on demand and interest free.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Trade creditors 290,425 323,553 - -
Amounts owed to group undertakings - - 662,001 161,001
Tax 844,930 572,570 7,406 -
Social security and other taxes 649,465 624,738 - -
Other creditors 85,885 68,447 - -
Directors' loan accounts 160,000 84,989 - -
Accrued expenses 309,961 211,527 - -
2,340,666 1,885,824 669,407 161,001

Amounts owed to group undertakings that are due within one year are unsecured, repayable on demand and interest free.

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

Group
30.4.24 30.4.23
£    £   
Directors' loan accounts 363,037 110,777

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 197,725 185,055
Between one and five years 507,777 159,252
705,502 344,307

18. SECURED DEBTS

There is a fixed and floating charge over all the property and undertaking of Chattertons Group Limited held by NatWest Bank Plc dated 30 April 2022.

There is a fixed and floating charge over all the property, intellectual property and licences of Chattertons Legal Services Limited held by NatWest Bank Plc dated 1 November 2016.

There is a fixed and a floating charge over all the property and undertaking of Chattertons Wealth Management Limited held by NatWest Bank Plc dated 13 December 2019.

There are fixed and floating charges over the freehold property of the Chattertons Professional Services Limited held by NatWest Bank Plc dated 28 October 2016, 1 November 2016 and 24 September 2019.

There is a fixed and floating charge over all the property and undertaking of Chattertons Trustee Corporation Limited held by NatWest Bank Plc dated 13 December 2019.

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

19. PROVISIONS FOR LIABILITIES

Group
30.4.24 30.4.23
£    £   
Deferred tax
Accelerated capital allowances 110,221 107,762

Group
Deferred
tax
£   
Balance at 1 May 2023 107,762
Provided during year 2,459
Balance at 30 April 2024 110,221

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
50,000 Ordinary A £1 50,000 50,000
50,000 Ordinary B £1 50,000 50,000
100,000 100,000

21. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 May 2023 8,945,375 2,210,392 11,155,767
Profit for the year 4,565,528 4,565,528
Dividends (501,000 ) (501,000 )
At 30 April 2024 13,009,903 2,210,392 15,220,295

Company
Retained Other
earnings reserves Totals
£    £    £   

At 1 May 2023 4,621,436 2,210,392 6,831,828
Profit for the year 2,037,214 2,037,214
Dividends (501,000 ) (501,000 )
At 30 April 2024 6,157,650 2,210,392 8,368,042

Retained earnings
Includes all retained profits and losses less dividends. All amounts are distributable.

Other reserve
This is a merger reserve that arose on issue of shares for a premium.

CHATTERTONS GROUP LIMITED (REGISTERED NUMBER: 13188560)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

22. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £316,251 (2023 - £316,401). Contributions totalling £181,683 (2023 - £113,584) were payable to the fund at the period end.

23. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 144,000 (2023 - £ 144,000 ) was paid.

24. POST BALANCE SHEET EVENTS

On 28 May 2024, the group exchanged contracts on the purchase of a freehold property. The purchase completed on 7 June 2024.

25. ULTIMATE CONTROLLING PARTY

The directors and shareholders are the controlling party by virtue of their 100% shareholding.