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COMPANY REGISTRATION NUMBER: 6489298
Chapple & Jenkins Ltd
Group Financial Statements
31 January 2024
Chapple & Jenkins Ltd
Group Financial Statements
Year ended 31 January 2024
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
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 group financial statements
16
Chapple & Jenkins Ltd
Strategic Report
Year ended 31 January 2024
Principal Business Activity The principal activity of the group is the wholesaling and distribution of ambient food and drink to retailers, restaurants and on-trade businesses in the UK. Principal Risks and Uncertainties Over recent years, the main risk to the group has been the cost of living/inflationary pressures. Recent changes to employees national insurance has allowed consumers net pay to increase although we still have higher interest rates in place. Our customers are still reporting positive sales and it seems that consumers will continue to spend on relatively small purchases and eating out. Regarding the supply chain, there is continued pressure on pricing from the manufacturers which cannot all be passed onto our customers. The competition from rival business continues to be a challenge for the business. Fair Review of the Business As we move through 2024, the business continues to perform well and sales are increasing with a loyal customer base, together with a steady stream of new customers. Inflation is reducing and interest rates are forecast to reduce further, which should allow the hospitality sector to continue to thrive. However, the recent budget has increased Employers National insurance contributions which puts pressure on our customer base. Our loyal team of employees continue to be key to our success, with staff turnover being very low and customer service being a top priority. Overall, we are pleased with the continued group performance. Future Developments Chapple & Jenkins continues to grow its market share. Further investment in diversification of our product range will continue together with investment in staff and IT systems.
This report was approved by the board of directors on 31 October 2024 and signed on behalf of the board by:
Mr Kevin Chapple
Director
Registered office:
Chapple & Jenkins Warehouse
Unit 91 Station Road
Kingswood
Bristol
BS15 4NR
Chapple & Jenkins Ltd
Directors' Report
Year ended 31 January 2024
The directors present their report and the group financial statements of the group for the year ended 31 January 2024 .
Directors
The directors who served the company during the year were as follows:
Mr Kevin Chapple
Mr Martin Jenkins
Mr Richard Chapple
Mr Stephen Jenkins
Dividends
Particulars of recommended dividends are detailed in note 13 to the group financial statements.
Disclosure of information in the strategic report
In accordance with section 414c(11) of the Companies Act 2006 information relating to the business review and to the principal risks and uncertainties of the company have been included in the strategic report on page 1.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the group financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare group financial statements for each financial year. Under that law the directors have elected to prepare the group 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 group financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these group financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the group 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the group financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 31 October 2024 and signed on behalf of the board by:
Mr Kevin Chapple
Director
Registered office:
Chapple & Jenkins Warehouse
Unit 91 Station Road
Kingswood
Bristol
BS15 4NR
Chapple & Jenkins Ltd
Independent Auditor's Report to the Members of Chapple & Jenkins Ltd
Year ended 31 January 2024
Opinion
We have audited the financial statements of Chapple & Jenkins Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the consolidated statement of 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 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We were not appointed as auditor of the subsidiary, Lansdell Soft Drinks Limited, until after 28 February 2023 and thus did not observe the counting of physical inventories at the end of that period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held by the subsidiary amounting to £282,638 held at 28 February 2023 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 28 February 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 January 2024.
Conclusions relating to going concern
In auditing the group financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the group 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 group 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 other information comprises the information included in the annual report, other than the group financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the group 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 group financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group 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 there is a material misstatement in the group financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the group financial statements are prepared is consistent with the group financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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 group 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 directors' responsibilities statement, the directors are responsible for the preparation of the group financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of group financial statements that are free from material misstatement, whether due to fraud or error. In preparing the group 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.
Auditor's responsibilities for the audit of the group financial statements
Our objectives are to obtain reasonable assurance about whether the group financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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: Key audit matters: our assessment of risks of material misstatement Key audit matters are those matters that in our professional judgement were of most significance in the audit of the financial statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on the allocation of resources in the audit, and directing the efforts of the engagement team. There are no key areas identified as the audit is very low risk with normal audit procedures adequate in all audit areas. We agreed to report to the board of directors any corrected or uncorrected identified misstatements. Identifying and reporting of risks of material misstatement due to fraud To identify risks of material misstatement due to fraud we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: - Enquiries made of the directors. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. As required by auditing standards, and taking into account possible pressures to meet targets and our overall knowledge of the control environment, we performed procedures to assess the risks of management override of controls. To address the pervasive risk as it related to management override of controls, we reviewed material journal entries and agreed these to supporting documentation where appropriate. Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors. Our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably: - firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting regulation, taxation legislation (payroll and income taxes and VAT) and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures in the audit areas relevant to these items. - secondly, the company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Health and safety laws. Food and hygiene regulations. Employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore, if any breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Limitations to the ability of the audit to detect fraud or breaches of laws and regulation Owing to the inherent limitation 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. For example, 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. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement, and therefore we are not responsible for preventing non-compliance or fraud 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 FRC's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the group financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the group financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the group financial statements, including the disclosures, and whether the group financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated group financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Cridland
(Senior Statutory Auditor)
For and on behalf of
Charlton Baker (Bristol) Ltd
Chartered accountants & statutory auditor
61 Macrae Road, Ham Green, Bristol
BS20 2DD
31 October 2024
Chapple & Jenkins Ltd
Consolidated Statement of Comprehensive Income
Year ended 31 January 2024
2024
2023
Note
£
£
Turnover
4
33,703,933
23,771,278
Cost of sales
25,687,035
17,910,281
-------------
-------------
Gross profit
8,016,898
5,860,997
Distribution costs
1,561,706
1,067,234
Administrative expenses
4,289,211
3,033,018
Other operating income
5
80,000
80,000
------------
------------
Operating profit
6
2,245,981
1,840,745
Other interest receivable and similar income
10
13,476
Interest payable and similar expenses
11
189,950
77,214
------------
------------
Profit before taxation
2,069,507
1,763,531
Tax on profit
12
566,612
400,467
------------
------------
Profit for the financial year and total comprehensive income
1,502,895
1,363,064
------------
------------
Profit for the financial year attributable to:
The owners of the parent company
1,436,669
1,363,064
Non-controlling interests
66,226
------------
------------
1,502,895
1,363,064
------------
------------
All the activities of the group are from continuing operations.
Chapple & Jenkins Ltd
Consolidated Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
295,502
10,000
Tangible assets
15
4,700,826
4,637,242
Investments
16
20,000
20,000
------------
------------
5,016,328
4,667,242
Current assets
Stocks
17
2,262,688
1,641,993
Debtors
18
3,766,474
3,429,700
Cash at bank and in hand
2,318,137
1,034,136
------------
------------
8,347,299
6,105,829
Creditors: amounts falling due within one year
19
4,451,245
2,968,298
------------
------------
Net current assets
3,896,054
3,137,531
------------
------------
Total assets less current liabilities
8,912,382
7,804,773
Creditors: amounts falling due after more than one year
20
1,629,862
2,043,967
Provisions
Taxation including deferred tax
22
297,177
283,464
------------
------------
Net assets
6,985,343
5,477,342
------------
------------
Capital and reserves
Called up share capital
25
125
125
Other reserves, including the fair value reserve
26
618,647
618,647
Profit and loss account
26
6,110,819
4,858,570
------------
------------
Equity attributable to the owners of the parent company
6,729,591
5,477,342
Non-controlling interests
255,752
------------
------------
6,985,343
5,477,342
------------
------------
These group financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
Chapple & Jenkins Ltd
Consolidated Statement of Financial Position (continued)
31 January 2024
These group financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr Kevin Chapple
Director
Company registration number: 6489298
Chapple & Jenkins Ltd
Company Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
8,000
10,000
Tangible assets
15
4,570,276
4,637,242
Investments
16
1,137,482
20,000
------------
------------
5,715,758
4,667,242
Current assets
Stocks
17
1,885,963
1,641,993
Debtors
18
3,204,891
3,429,700
Cash at bank and in hand
1,485,915
1,034,136
------------
------------
6,576,769
6,105,829
Creditors: amounts falling due within one year
19
3,893,575
2,968,298
------------
------------
Net current assets
2,683,194
3,137,531
------------
------------
Total assets less current liabilities
8,398,952
7,804,773
Creditors: amounts falling due after more than one year
20
1,597,260
2,043,967
Provisions
Taxation including deferred tax
22
265,132
283,464
------------
------------
Net assets
6,536,560
5,477,342
------------
------------
Capital and reserves
Called up share capital
25
125
125
Other reserves, including the fair value reserve
26
618,647
618,647
Profit and loss account
26
5,917,788
4,858,570
------------
------------
Members funds
6,536,560
5,477,342
------------
------------
The profit for the financial year of the parent company was £ 1,243,638 (2023: £ 1,363,064 ).
These group financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These group financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr Kevin Chapple
Director
Company registration number: 6489298
Chapple & Jenkins Ltd
Consolidated Statement of Changes in Equity
Year ended 31 January 2024
Called up share capital
Other reserves, including the fair value reserve
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
£
At 1 February 2022
125
618,647
3,721,106
4,339,878
4,339,878
Profit for the year
1,363,064
1,363,064
1,363,064
----
---------
------------
------------
----
------------
Total comprehensive income for the year
1,363,064
1,363,064
1,363,064
Dividends paid and payable
13
( 225,600)
( 225,600)
( 225,600)
----
---------
------------
------------
----
------------
Total investments by and distributions to owners
( 225,600)
( 225,600)
( 225,600)
At 31 January 2023
125
618,647
4,858,570
5,477,342
5,477,342
Profit for the year
1,436,669
1,436,669
66,226
1,502,895
----
---------
------------
------------
--------
------------
Total comprehensive income for the year
1,436,669
1,436,669
66,226
1,502,895
Dividends paid and payable
13
( 184,420)
( 184,420)
( 184,420)
Acquisition of subsidiary with minority interest
189,526
189,526
----
----
---------
---------
---------
---------
Total investments by and distributions to owners
( 184,420)
( 184,420)
189,526
5,106
----
---------
------------
------------
---------
------------
At 31 January 2024
125
618,647
6,110,819
6,729,591
255,752
6,985,343
----
---------
------------
------------
---------
------------
Chapple & Jenkins Ltd
Company Statement of Changes in Equity
Year ended 31 January 2024
Called up share capital
Other reserves, including the fair value reserve
Profit and loss account
Total
£
£
£
£
At 1 February 2022
125
618,647
3,721,106
4,339,878
Profit for the year
1,363,064
1,363,064
----
---------
------------
------------
Total comprehensive income for the year
1,363,064
1,363,064
Dividends paid and payable
13
( 225,600)
( 225,600)
----
---------
------------
------------
Total investments by and distributions to owners
( 225,600)
( 225,600)
At 31 January 2023
125
618,647
4,858,570
5,477,342
Profit for the year
1,243,638
1,243,638
----
---------
------------
------------
Total comprehensive income for the year
1,243,638
1,243,638
Dividends paid and payable
13
( 184,420)
( 184,420)
----
----
---------
---------
Total investments by and distributions to owners
( 184,420)
( 184,420)
----
---------
------------
------------
At 31 January 2024
125
618,647
5,917,788
6,536,560
----
---------
------------
------------
Chapple & Jenkins Ltd
Consolidated Statement of Cash Flows
Year ended 31 January 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,502,895
1,363,064
Adjustments for:
Depreciation of tangible assets
196,016
172,181
Amortisation of intangible assets
73,875
28,402
Other interest receivable and similar income
( 13,476)
Interest payable and similar expenses
189,950
77,214
Loss on disposal of tangible assets
11,067
16,047
Tax on profit
566,612
400,467
Accrued expenses/(income)
167,739
( 83,188)
Changes in:
Stocks
( 620,695)
( 188,075)
Trade and other debtors
( 336,774)
( 144,694)
Trade and other creditors
595,658
( 403,926)
------------
------------
Cash generated from operations
2,332,867
1,237,492
Interest paid
( 189,950)
( 77,214)
Interest received
13,476
Tax paid
( 558,643)
( 322,713)
------------
------------
Net cash from operating activities
1,597,750
837,565
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 127,841)
( 241,660)
Proceeds from sale of tangible assets
20,700
7,000
Purchase of intangible assets
( 359,377)
( 10,000)
Acquisition of subsidiaries
31,744
------------
------------
Net cash used in investing activities
( 434,774)
( 244,660)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
284,070
( 60,415)
Payments of finance lease liabilities
21,375
21,093
Dividends paid
( 184,420)
( 225,600)
------------
------------
Net cash from/(used in) financing activities
121,025
( 264,922)
------------
------------
Net increase in cash and cash equivalents
1,284,001
327,983
Cash and cash equivalents at beginning of year
1,034,136
706,153
------------
------------
Cash and cash equivalents at end of year
2,318,137
1,034,136
------------
------------
Chapple & Jenkins Ltd
Notes to the Group Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chapple & Jenkins Warehouse, Unit 91 Station Road, Kingswood, Bristol, BS15 4NR.
2. Statement of compliance
These group financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The group financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The group financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The group financial statements consolidate the group financial statements of Chapple & Jenkins Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences including any gains or losses on the revaluation of Investment Assets.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land
-
Not depreciated
Plant and equipment
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in subsidiaries accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
33,703,933
23,771,278
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
80,000
80,000
--------
--------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
73,875
28,402
Depreciation of tangible assets
196,016
172,181
Loss on disposal of tangible assets
11,067
16,047
Impairment of trade debtors
11,279
27,394
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the group financial statements
14,200
13,500
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
88
65
Administrative staff
20
15
Management staff
5
4
----
----
113
84
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,103,080
2,251,928
Other pension costs
64,087
33,064
------------
------------
3,167,167
2,284,992
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
93,620
37,920
--------
--------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
13,476
--------
----
11. Interest payable and similar expenses
2024
2023
£
£
Interest on obligations under finance leases and hire purchase contracts
10,504
4,971
Other interest payable and similar charges
179,446
72,243
---------
--------
189,950
77,214
---------
--------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
558,643
322,713
Deferred tax:
Origination and reversal of timing differences
7,969
77,754
---------
---------
Tax on profit
566,612
400,467
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
2,069,507
1,763,531
------------
------------
Profit on ordinary activities by rate of tax
517,377
335,071
Effect of capital allowances and depreciation
49,235
65,396
------------
------------
Tax on profit
566,612
400,467
------------
------------
13. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Equity dividends on A ordinary shares
30,000
52,650
Equity dividends on B ordinary shares
54,000
67,650
Equity dividends on C ordinary shares
68,000
52,650
Equity dividends on D ordinary shares
32,420
52,650
---------
---------
184,420
225,600
---------
---------
14. Intangible assets
Group
Goodwill
£
Cost
At 1 February 2023
157,081
Additions
359,377
Acquisitions through business combinations
10,000
---------
At 31 January 2024
526,458
---------
Amortisation
At 1 February 2023
147,081
Charge for the year
73,875
Acquisitions through business combinations
10,000
---------
At 31 January 2024
230,956
---------
Carrying amount
At 31 January 2024
295,502
---------
At 31 January 2023
10,000
---------
Company
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
157,081
---------
Amortisation
At 1 February 2023
147,081
Charge for the year
2,000
---------
At 31 January 2024
149,081
---------
Carrying amount
At 31 January 2024
8,000
---------
At 31 January 2023
10,000
---------
15. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
3,174,745
269,106
197,847
875,131
1,080,000
5,596,829
Additions
52,982
74,859
127,841
Disposals
( 155,505)
( 155,505)
Acquisitions through business combinations
53,133
110,433
663,111
826,677
------------
---------
---------
------------
------------
------------
At 31 Jan 2024
3,174,745
375,221
308,280
1,457,596
1,080,000
6,395,842
------------
---------
---------
------------
------------
------------
Depreciation
At 1 Feb 2023
136,963
193,184
159,029
470,411
959,587
Charge for the year
20,125
24,096
15,401
136,394
196,016
Disposals
( 123,738)
( 123,738)
Acquisitions through business combinations
53,133
83,007
527,011
663,151
------------
---------
---------
------------
------------
------------
At 31 Jan 2024
157,088
270,413
257,437
1,010,078
1,695,016
------------
---------
---------
------------
------------
------------
Carrying amount
At 31 Jan 2024
3,017,657
104,808
50,843
447,518
1,080,000
4,700,826
------------
---------
---------
------------
------------
------------
At 31 Jan 2023
3,037,782
75,922
38,818
404,720
1,080,000
4,637,242
------------
---------
---------
------------
------------
------------
Company
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
3,174,745
269,106
197,847
875,131
1,080,000
5,596,829
Additions
52,982
74,859
127,841
Disposals
( 155,505)
( 155,505)
------------
---------
---------
---------
------------
------------
At 31 Jan 2024
3,174,745
322,088
197,847
794,485
1,080,000
5,569,165
------------
---------
---------
---------
------------
------------
Depreciation
At 1 Feb 2023
136,963
193,184
159,029
470,411
959,587
Charge for the year
20,125
24,096
9,707
109,111
163,039
Disposals
( 123,737)
( 123,737)
------------
---------
---------
---------
------------
------------
At 31 Jan 2024
157,088
217,280
168,736
455,785
998,889
------------
---------
---------
---------
------------
------------
Carrying amount
At 31 Jan 2024
3,017,657
104,808
29,111
338,700
1,080,000
4,570,276
------------
---------
---------
---------
------------
------------
At 31 Jan 2023
3,037,782
75,922
38,818
404,720
1,080,000
4,637,242
------------
---------
---------
---------
------------
------------
The company's investment property was revalued by Vickery Holman as at 29 September 2022, with an estimated value of £1,080,000, this in their opinion being its fair value based on current industrial property rental yields. In the opinion of the directors this value is not materially different from that at the year end.
Tangible assets held at valuation
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group and company
Investment property
£
At 31 January 2024
Aggregate cost
446,996
Aggregate depreciation
---------
Carrying value
446,996
---------
At 31 January 2023
Aggregate cost
446,996
Aggregate depreciation
---------
Carrying value
446,996
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Motor vehicles
£
At 31 January 2024
288,012
---------
At 31 January 2023
200,771
---------
Company
Motor vehicles
£
At 31 January 2024
201,383
---------
At 31 January 2023
200,771
---------
16. Investments
Group
Other investments other than loans
£
Cost
At 1 February 2023 and 31 January 2024
20,000
--------
Impairment
At 1 February 2023 and 31 January 2024
--------
Carrying amount
At 1 February 2023 and 31 January 2024
20,000
--------
At 31 January 2023
20,000
--------
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 February 2023
20,000
20,000
Additions
1,117,482
1,117,482
------------
--------
------------
At 31 January 2024
1,117,482
20,000
1,137,482
------------
--------
------------
Impairment
At 1 February 2023 and 31 January 2024
------------
--------
------------
Carrying amount
At 31 January 2024
1,117,482
20,000
1,137,482
------------
--------
------------
At 31 January 2023
20,000
20,000
------------
--------
------------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Lansdell Soft Drinks Limited
Unit 91
Ordinary
80
Chapple and Jenkins Warehouse
Station Road
Kingswood
Bristol
BS15 4NR
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,262,688
1,641,993
1,885,963
1,641,993
------------
------------
------------
------------
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
3,302,064
3,296,680
2,753,677
3,296,680
Prepayments and accrued income
105,783
133,020
92,587
133,020
Other debtors
358,627
358,627
------------
------------
------------
------------
3,766,474
3,429,700
3,204,891
3,429,700
------------
------------
------------
------------
Within other debtors an amount of £328,260 is owed by a director at the year end. Interest is charged on the outstanding balance.
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
833,000
140,757
833,000
140,757
Trade creditors
2,192,951
1,675,715
1,744,476
1,675,715
Amounts owed to group undertakings
139,028
Accruals and deferred income
664,488
496,749
646,146
496,749
Social security and other taxes
282,406
198,145
226,331
198,145
Obligations under finance leases and hire purchase contracts
119,725
92,418
79,458
92,418
Refundable deposit
41,800
41,800
41,800
41,800
Corporation tax
316,875
322,714
183,336
322,714
------------
------------
------------
------------
4,451,245
2,968,298
3,893,575
2,968,298
------------
------------
------------
------------
The bank loans are secured by fixed and floating charges over the property of the company, together with personal guarantees by the directors up to an amount of £500,000.
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
1,540,922
1,899,780
1,540,922
1,899,780
Obligations under finance leases and hire purchase contracts
71,456
77,388
38,854
77,388
Director loan accounts
17,484
66,799
17,484
66,799
------------
------------
------------
------------
1,629,862
2,043,967
1,597,260
2,043,967
------------
------------
------------
------------
As detailed above the bank loans are secured on the property of the company and by directors' personal guarantees.
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
119,725
92,418
79,458
92,418
Later than 1 year and not later than 5 years
71,456
77,388
38,854
77,388
---------
---------
---------
---------
191,181
169,806
118,312
169,806
---------
---------
---------
---------
22. Provisions
Group
Deferred tax (note 23)
£
At 1 February 2023
283,464
Additions
26,301
Charge against provision
( 18,332)
Recognised on acquisition through business combination
5,744
---------
At 31 January 2024
297,177
---------
Company
Deferred tax (note 23)
£
At 1 February 2023
283,464
Charge against provision
( 18,332)
---------
At 31 January 2024
265,132
---------
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 22)
297,177
283,464
265,132
283,464
---------
---------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
127,758
114,046
95,713
114,046
Fair value adjustment of investment property
169,419
169,418
169,419
169,418
---------
---------
---------
---------
297,177
283,464
265,132
283,464
---------
---------
---------
---------
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 64,087 (2023: £ 33,064 ).
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
50
50
50
50
Ordinary 'B' shares of £ 1 each
25
25
25
25
Ordinary 'C' shares of £ 1 each
25
25
25
25
Ordinary 'D' shares of £ 1 each
25
25
25
25
----
----
----
----
125
125
125
125
----
----
----
----
The ordinary shares carry full voting rights at general meetings of the company. Dividends will fluctuate according to results.
26. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Other reserves - This reserve represents the uplift to fair value, net of deferred tax, of the company's investment property.
27. Analysis of changes in net debt
At 1 Feb 2023
Cash flows
At 31 Jan 2024
£
£
£
Cash at bank and in hand
1,034,136
1,284,001
2,318,137
Debt due within one year
(233,175)
(719,550)
(952,725)
Debt due after one year
(2,043,967)
414,105
(1,629,862)
------------
------------
------------
( 1,243,006)
978,556
( 264,450)
------------
------------
------------
28. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
58,083
Later than 1 year and not later than 5 years
220,000
---------
----
----
----
278,083
---------
----
----
----
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
80,000
20,000
80,000
20,000
Later than 1 year and not later than 5 years
493,333
493,333
---------
--------
---------
--------
573,333
20,000
573,333
20,000
---------
--------
---------
--------
29. Directors' advances, credits and guarantees
The directors have current accounts with the company. Each director has advanced sums to the company and receives repayments. During the period the directors received dividends as follows: K Chapple: £30,000 M Jenkins: £54,000 R Chapple £32,420 S Jenkins £68,000 At the year-end date the following amounts were due to, or by, the directors as follows: K Chapple: £328,260 due to (2023: £49,475 due by) the company. M Jenkins: £16,451 due by (2023: £16,471) the company. R Chapple: £124 due by (2023: £124) the company. S Jenkins: £909 due by (2023: £729) the company. No interest was charged on amounts due from the company. Interest was charged on amounts due to the company at the HMRC approved rate. The amounts due to the company were repaid within 9 months of the year end.
Chapple & Jenkins Ltd
Notes to the Group Financial Statements (continued)
Year ended 31 January 2024
30. Controlling party
There is no overall controlling party.