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312023-03-012024-02-29
REGISTERED NUMBER: 00915223 (England and Wales)















CHRIS & SONS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Profit and Loss Account 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17


CHRIS & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr A C Hajivassiliou
Mrs S Hajivassiliou


SECRETARY: Mrs S Hajivassiliou


REGISTERED OFFICE: Unit 2, Enfield Trade City
13 Crown Road
Enfield
Middlesex
EN1 1TX


REGISTERED NUMBER: 00915223 (England and Wales)


SENIOR STATUTORY AUDITOR: Mr Andreas Yiannis Kounnis BA, FCCA


AUDITORS: Kounnis And Partners Ltd
Chartered Certified Accountants
& Statutory Auditors
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE


BANKERS: Barclays Bank Plc
1 Church Hill Place
Canary Wharf
E13 5BH


SOLICITORS: Edwin Coe LLP
2 Stone Buildings, Lincoln's Inn,
London, WC2A 3TH

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their strategic report with the financial statements of the company for the year ended 29th February 2024.
The principal activity of Chris & Sons Limited in the period under review continues to be that of wholesale and retail supply of hairdressing and beauty products together with hairdressers' furniture and electrical equipment.

REVIEW OF BUSINESS
The results of the company for the period are set out on page 10 and show a profit for the year of £573,018 (2023: £723,236). The shareholders' funds total £11,125,990 (2023: £10,825,619).

The performance of the company for the year has produced encouraging results. The beauty and care products continue to sell strongly and furniture and electrical equipment sales are increasing.


CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk assessment and risk management is achieved through a framework of policies, procedures and internal controls.

All purchases are subject to assessment and senior management control with ongoing reviews by the directors.

Compliance with regulation, legal and ethical standards is a high priority of the directors who are responsible for satisfying themselves that a proper internal control framework, appropriate to the size and ability of management, exists to manage the possible risk areas of the business.

The possible risk areas arise from competition, pricing and debt control.

The markets in which Chris & Sons limited operates can be impacted by the current economic climate. This uncertainties may impact the company over a period of time and the impact may be unknown.

The director have assessed the main risk facing the Company as being from the increased cost of purchases, Staff costs, intense competition within the market in which company trading and cost of living crisis.

Employee risk - Company's knowledge that shortages of trained staff and loss of key employees can interrupt the effectiveness of its trading operation. To minimise this, the company offers competitive rewards to its staff and has good succession plans in place. The Company's employees are provided with comfortable working environments that comply with all relevant safety regulations.

There is a risk of information and cybersecurity systems malfunction or breakdown, internal or at external third-party providers. Constant technological development and the increasing use of virtual and digital tools increases the risk on business activities. The company follow the IT support provides guideline with regard to the data backup, access and security of its hardware and software systems.

The risks originate from the uncertainties of the current geopolitical and economic environment, in particular, the war in European countries will probably jeopardise economic stability in whole Europe for a long time to come. Higher energy prices, potential gas shortages, lack of skill workers, cost of employment could force a reduction in production, increase cost of sales and changing consumer behaviour as a result of high inflation and dampening purchasing power. This could pose a risk to sales.

Chris & Sons Limited insures against all the risks that it perceives could damage its financial position. This includes employee liability, public liability, business interruption as well as damage to its stocks and buildings.

The Company's management has implemented business continuity plans as a result of current uncertainty, which are operating as designed, and is implementing mitigating actions to minimise the impact on the financial position of the Company.

Although the directors have a reasonable expectation that the Company will remain viable and able to operate, uncertainty still exits over the timeframe over which the UK and wider global economy will emerge from the current epidemic and uncertainty.

BUSINESS ENVIRONMENT
The UK wholesale and retail supplies of hairdressing and beauty products is highly competitive. However, there are a number of companies offering similar coverage, giving rise to aggressive pricing structures. The impact of technology has been enormous and it is essential that the company keeps abreast of advances, not only in distribution channels but also in sales and marketing.


CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

STRATEGY
The company's success is dependent on proper selection of pricing, marketing and ongoing management of the risks it accepts. The company believes it is important to retain a diversified product range in order to achieve maximum profitability in the highly competitive market place.

The company aims to improve efficiency in all areas of our operations through cost reduction, improved computer technology, and an improved website. Customer service remains a top priority.


2024 2023

Gross profit 25.87% 29.78%
Net Profit 3.12% 5.19%
Trade debtor days 20.06 16.11
Employee retention 80.95% 86.96%


The company officials are very conscious of environmental matters. These include usage of paper and disposal of any chemical products. Machinery and electrical equipment are disposed of by specific environmental firms.

The company aims to employ people from all races and background and the company is an equal opportunities employer. No discrimination is made and help is offered to employees should their circumstances warrant it.

FUTURE DEVELOPMENTS
The Company intends to continue adding to its range of products and services and expand in its chosen markets in the UK. In the coming year we aim to continue the company's growth in turnover, whilst at the same time investing in measures to achieve a reduction in its long term cost of sales.

The directors are also looking to improve the company's website to help customers choose the products that they require.

ON BEHALF OF THE BOARD:





Mr A C Hajivassiliou - Director


28 November 2024

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their report with the financial statements of the company for the year ended 29th February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the wholesale and retail supply of hairdressing materials and beauty equipment.

DIVIDENDS
An interim dividend of £10 per share was paid on 30 April 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 29 February 2024 will be £ 100,000 .

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 March 2023 to the date of this report.

Mr A C Hajivassiliou
Mrs S Hajivassiliou

POLITICAL DONATIONS AND EXPENDITURE
The company did not made any political donations and electoral expenditure during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


AUDITORS
The auditors, Kounnis And Partners Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A C Hajivassiliou - Director


28 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
CHRIS & SONS LIMITED


Opinion
We have audited the financial statements of Chris & Sons Limited (the 'company') for the year ended 29 February 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its 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 company 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
CHRIS & SONS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
CHRIS & SONS LIMITED


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

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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector,
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; and
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and noncompliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reviewing correspondence with HMRC; and
- enquiring of management as to actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 SHAREHOLDERS OF
CHRIS & SONS LIMITED


Use of our report
This report is made solely to the company's shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Andreas Yiannis Kounnis BA, FCCA (Senior Statutory Auditor)
for and on behalf of Kounnis And Partners Ltd
Chartered Certified Accountants
& Statutory Auditors
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE

29 November 2024

Note:
The maintenance and integrity of the Chris & Sons Limited website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.


CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

TURNOVER 3 18,340,542 13,942,881

Cost of sales 13,595,720 9,792,138
GROSS PROFIT 4,744,822 4,150,743

Administrative expenses 4,132,177 3,403,160
612,645 747,583

Other operating income 12,000 17,920
OPERATING PROFIT 5 624,645 765,503

Interest receivable and similar income - 5
624,645 765,508

Interest payable and similar expenses 6 51,627 42,272
PROFIT BEFORE TAXATION 573,018 723,236

Tax on profit 7 172,647 164,486
PROFIT FOR THE FINANCIAL YEAR 400,371 558,750

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 400,371 558,750


OTHER COMPREHENSIVE INCOME
Realised through depreciation 58,461 52,461
Movement in deferred tax
Movement in fair value reserve (58,461 ) (288,826 )
Income tax relating to components of other
comprehensive income

-

(265,803

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(502,168

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

400,371

56,582

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,624 714
Tangible assets 10 9,951,141 10,007,822
Investment property 11 300,000 300,000
10,252,765 10,308,536

CURRENT ASSETS
Stocks 12 4,016,449 3,408,904
Debtors 13 1,096,079 707,174
Cash at bank and in hand 1,305,611 1,183,321
6,418,139 5,299,399
CREDITORS
Amounts falling due within one year 14 3,631,483 2,826,582
NET CURRENT ASSETS 2,786,656 2,472,817
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,039,421

12,781,353

CREDITORS
Amounts falling due after more than one
year

15

(622,160

)

(675,612

)

PROVISIONS FOR LIABILITIES 19 (1,291,271 ) (1,280,122 )
NET ASSETS 11,125,990 10,825,619

CAPITAL AND RESERVES
Called up share capital 20 100 100
Fair value reserve 4,760,519 4,818,980
Retained earnings 6,365,371 6,006,539
SHAREHOLDERS' FUNDS 25 11,125,990 10,825,619

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





Mr A C Hajivassiliou - Director


CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 March 2022 100 5,495,328 5,373,609 10,869,037

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 611,211 (554,629 ) 56,582
Balance at 28 February 2023 100 6,006,539 4,818,980 10,825,619

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 458,832 (58,461 ) 400,371
Balance at 29 February 2024 100 6,365,371 4,760,519 11,125,990

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 750,158 796,346
Interest paid (51,627 ) (42,272 )
Tax paid (163,996 ) (125,089 )
Net cash from operating activities 534,535 628,985

Cash flows from investing activities
Purchase of intangible fixed assets (910 ) -
Purchase of tangible fixed assets (64,168 ) (15,990 )
Sale of tangible fixed assets 7,642 -
Interest received - 5
Net cash from investing activities (57,436 ) (15,985 )

Cash flows from financing activities
Loan repayments in year (247,955 ) (88,288 )
Amount introduced by directors 100,000 100,000
Amount withdrawn by directors (106,854 ) (80,235 )
Equity dividends paid (100,000 ) (100,000 )
Net cash from financing activities (354,809 ) (168,523 )

Increase in cash and cash equivalents 122,290 444,477
Cash and cash equivalents at beginning of
year

2

1,183,321

738,844

Cash and cash equivalents at end of year 2 1,305,611 1,183,321

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 573,018 723,236
Depreciation charges 120,849 122,088
Profit on disposal of fixed assets (7,642 ) -
Finance costs 51,627 42,272
Finance income - (5 )
737,852 887,591
Increase in stocks (607,545 ) (403,103 )
(Increase)/decrease in trade and other debtors (388,905 ) 32,293
Increase in trade and other creditors 1,008,756 279,565
Cash generated from operations 750,158 796,346

2. CASH AND CASH EQUIVALENTS

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

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 1,305,611 1,183,321
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 1,183,321 738,844


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 1,183,321 122,290 1,305,611
1,183,321 122,290 1,305,611
Debt
Debts falling due within 1 year (244,058 ) 194,503 (49,555 )
Debts falling due after 1 year (675,612 ) 53,452 (622,160 )
(919,670 ) 247,955 (671,715 )
Total 263,651 370,245 633,896

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The nature of the company's operations and principal activities are that of wholesale and retails supply of hairdressing and beauty products together with hairdresser's furniture and electrical equipment.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standards 102, the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Provision for bad and doubtful debts
The Company reviews its trade and other receivables for evidence of their recoverability. Such evidence includes the customer's payment record and the customer's overall financial position. If indications of irreconcilability exist, the recoverable amount is estimated and a respective provision for bad and doubtful debts is made. The amount of the provision is charged through profit or loss. The review of credit risk is continuous and the methodology and assumptions used for estimating the provision are reviewed regularly and adjusted accordingly.

Stock provisions
Where necessary, a provision is made for obsolete and slow moving inventory. A provision is created on the basis of sales trend showing zero movement, stock almost near to their expiry date, change in fashion and their probable net realised value.
Management has estimated the inventory provisioning for different product categories based on various factors, including losses associated with slow-moving inventory, Stock Obsolescence is creating from the ageing stock schedule, the expected sales profiles of the items, the prevailing sales prices and the item's seasonality pattern.

Fair value of properties
Properties are measured initially at cost. After initial recognition, properties are measured and carried at fair value.
Fair value is based on valuation performed by an expert taking into account factors such as the property growth and market in the surrounding area. The fair value of the investment properties reflects the market conditions at the balance sheet date. Changes in fair values are recorded in the other comprehensive income statement as investment properties fair value adjustment.

Impairment of investments
The Company periodically evaluates the market value of investment properties. Indicators of impairment includes items such as declines in revenues or cash flows or material adverse changes in the property market, which may indicate that the carrying amount of an investment property is excessive. If facts and circumstances indicate that investment property may be impaired, the estimated market value is compared to their carrying amounts to determine if a write down to fair value is necessary.

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable excluding value added tax and net of discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from sale of goods is recognised when significant risks and rewards of ownership of the goods have been transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually when goods are sold or despatched.

Interest receivable
Interest income is recognised using the effective interest method.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings - 1% on building value
Plant machinery and alarms - 15% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost
Computers and equipment - 25% 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.

Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provisions are made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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


CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

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

Debtors receivable and creditors 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.

Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.

Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

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

Provisions
Provisions are recognised when the company has an obligation at the balance sheet 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.

Dividend
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 17,056,259 13,803,688
EU sales 1,233,666 125,534
Rest of the world 50,617 13,659
18,340,542 13,942,881

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,006,651 1,724,182
Social security costs 197,692 169,893
Other pension costs 24,131 20,570
2,228,474 1,914,645

The average number of employees during the year was as follows:
2024 2023

Management 5 5
Administration 3 3
Sales 55 49
63 57

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 261,133 257,692

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 132,159 130,769

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 7,847 6,181
Other operating leases 18,517 18,274
Depreciation - owned assets 120,849 122,088
Profit on disposal of fixed assets (7,642 ) -
Auditors' remuneration 22,000 22,000
Auditors' remuneration for non audit work 20,000 20,000
Foreign exchange differences 109 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 51,627 40,478
Interest on tax - 1,794
51,627 42,272

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 161,498 162,202

Deferred tax 11,149 2,284
Tax on profit 172,647 164,486

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 573,018 723,236
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

143,255

137,415

Effects of:
Expenses not deductible for tax purposes 9,562 4,924
Depreciation in excess of capital allowances 12,032 19,863
Marginal relief (3,351 ) -
Deferred tax 11,149 2,284
Total tax charge 172,647 164,486

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Realised through depreciation 58,461 - 58,461
Movement in deferred tax
Movement in fair value reserve (58,461 ) - (58,461 )
- - -

2023
Gross Tax Net
£    £    £   
Realised through depreciation 52,461 - 52,461
Movement in deferred tax
Movement in fair value reserve (288,826 ) (265,803 ) (554,629 )
(236,365 ) (265,803 ) (502,168 )

8. DIVIDENDS
2024 2023
£    £   
Interim 100,000 100,000

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 March 2023 714
Additions 910
At 29 February 2024 1,624
NET BOOK VALUE
At 29 February 2024 1,624
At 28 February 2023 714

10. TANGIBLE FIXED ASSETS
Plant
Freehold machinery Fixtures
land and and and
buildings alarms fittings
£    £    £   
COST OR VALUATION
At 1 March 2023 11,820,000 34,587 101,884
Additions - - 53,131
Disposals - - -
At 29 February 2024 11,820,000 34,587 155,015
DEPRECIATION
At 1 March 2023 1,889,921 30,300 40,974
Charge for year 94,200 2,544 15,400
Eliminated on disposal - - -
At 29 February 2024 1,984,121 32,844 56,374
NET BOOK VALUE
At 29 February 2024 9,835,879 1,743 98,641
At 28 February 2023 9,930,079 4,287 60,910

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


10. TANGIBLE FIXED ASSETS - continued

Computers
Motor and
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 March 2023 31,985 139,811 12,128,267
Additions - 11,037 64,168
Disposals (31,985 ) - (31,985 )
At 29 February 2024 - 150,848 12,160,450
DEPRECIATION
At 1 March 2023 31,985 127,265 2,120,445
Charge for year - 8,705 120,849
Eliminated on disposal (31,985 ) - (31,985 )
At 29 February 2024 - 135,970 2,209,309
NET BOOK VALUE
At 29 February 2024 - 14,878 9,951,141
At 28 February 2023 - 12,546 10,007,822

Included in cost or valuation of land and buildings is freehold land of £ 2,400,000 (2023 - £ 2,400,000 ) which is not depreciated.

Cost or valuation at 29 February 2024 is represented by:

Plant
Freehold machinery Fixtures Computers
land and and and and
buildings alarms fittings equipment Totals
£    £    £    £    £   
Valuation in 2015 1,286,703 - - - 1,286,703
Valuation in 2016 500,000 - - - 500,000
Valuation in 2017 5,450,000 - - - 5,450,000
Valuation in 2022 86,858 - - - 86,858
Valuation in 2023 (77,509 ) - - - (77,509 )
Cost 4,573,948 34,587 155,015 150,848 4,914,398
11,820,000 34,587 155,015 150,848 12,160,450

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


10. TANGIBLE FIXED ASSETS - continued

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 4,573,948 4,573,948
Aggregate depreciation 903,766 868,027

Value of land in freehold land and buildings 1,000,000 1,000,000

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 300,000
NET BOOK VALUE
At 29 February 2024 300,000
At 28 February 2023 300,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2012 (183,866 )
Valuation in 2020 200,000
Valuation in 2023 (158,856 )
Cost 442,722
300,000

12. STOCKS
2024 2023
£    £   
Finished goods 4,016,449 3,408,904

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,005,296 615,464
Other debtors 5,137 9,336
Prepayments 85,646 82,374
1,096,079 707,174

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 49,555 244,058
Trade creditors 2,791,791 1,971,976
Corporation tax 161,498 163,996
Social security and other taxes 359,960 267,320
Other creditors 113,508 39,803
Directors' current accounts 52,146 59,000
Accruals 103,025 80,429
3,631,483 2,826,582

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 622,160 675,612

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 49,555 244,058

Amounts falling due between one and two years:
Bank loans - 1-2 years 53,931 49,362

Amounts falling due between two and five years:
Bank loans - 2-5 years 568,229 173,575

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 years - 452,675

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 16,461 13,054
Between one and five years 27,354 30,512
43,815 43,566

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 671,715 919,670

The bank loan and overdraft facilities are secured by a first legal charge dated 26th July 2013 over the freehold commercial properties, together with a debenture over the company's assets.

The directors, Mr & Mrs A Hajivassiliou have given personal guarantees dated 10th July 2013 totalling £300,000 in favour of the bank.

The Bank loan was subject to a 5 yearly review on 31 July 2023. On 9th of August 2023, the loan was extended for a further five years till 9th August 2028 at 7.75% fixed interest rate.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,291,271 1,280,122

Deferred
tax
£   
Balance at 1 March 2023 1,280,122
Provided during year 11,149
Balance at 29 February 2024 1,291,271

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary 0.01 100 100

21. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The pension charge £24,131 (2023:£20,570) represents the amounts payable by the company to the fund in respect of the period.

CHRIS & SONS LIMITED (REGISTERED NUMBER: 00915223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr A C Hajivassiliou and Mrs S Hajivassiliou
Balance outstanding at start of year (59,000 ) (39,235 )
Amounts advanced 106,854 80,235
Amounts repaid (100,000 ) (100,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (52,146 ) (59,000 )

23. POST BALANCE SHEET EVENTS

The company's business activities, together with the relevant business risks likely to affect its performance and position are set out in the Strategic report and the Directors' Report. The company is operationally and financially strong with past performance showing that it consistently generates profits and cash.

We considered the impact of the current geopolitical conflict, as well as the cost of living crisis driven by inflation and interest rate increases and their impact on the economy and the consumers.

The company has good knowledge into the ecommerce hair and beauty market, how customers shop online, what product they are looking for and how to provide easy and smooth service. As a result online sales went up significantly.

We are satisfied that our profit will be maintained at a healthy level and there are no significant risks to the cash position. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from approval of the financial statement.

24. ULTIMATE CONTROLLING PARTY

The controlling party is Mr A C Hajivassiliou.

25. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2024 2023
£    £   
Profit for the financial year 400,371 558,750
Dividends (100,000 ) (100,000 )
300,371 458,750
Other comprehensive income relating to the year (net) - (502,168 )
Realised through depreciation 58,641 52,641
Movement on Fair Value reserve (58,641 ) (52,641 )
Net addition/(reduction) to shareholders' funds 300,371 (43,418 )
Opening shareholders' funds 10,825,619 10,869,037
Closing shareholders' funds 11,125,990 10,825,619