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f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 06758915







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


CHARTERS ESTATE AGENTS LIMITED






































img056d.png                        

 


CHARTERS ESTATE AGENTS LIMITED
 


 
COMPANY INFORMATION


Directors
R Mott 
P Mott (resigned 5 July 2024)
G Price (resigned 11 May 2024)
J Ennis (appointed 5 July 2024)
I Sutherland (appointed 5 July 2024)




Registered number
06758915



Registered office
70 St. Mary Axe

London

England

EC3A 8BE




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


CHARTERS ESTATE AGENTS LIMITED
 



CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Statement of Income and Retained Earnings
10
Statement of Financial Position
11
Statement of Cash Flows
12 - 13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 32


 


CHARTERS ESTATE AGENTS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
Charters Estate Agents Limited (“Charters”) is a private limited company incorporated in England & Wales with registered number 06758915.
Charters operates a network of ten lettings and estate agents throughout Hampshire and Surrey. Our services encompass residential lettings, property management, sales, as well as land and new homes services.

Market and business review
 
The UK property market demonstrated resilience in 2024, exceeding some initial expectations. While there were fluctuations, the overall trend showed positive annual price growth.
Factors like mortgage rate changes and economic conditions significantly influenced market activity.
There were varying levels of house price growth throughout the year, with overall positive growth. For example, reports from sources like the government house price index, and from institutions like Halifax, and Nationwide, show positive annual growth.
Factors like the base rate of the Bank of England, have had a strong influence on the price of property.
Mortgage rate fluctuations played a crucial role in buyer behaviour. Anticipated base rate cuts by the Bank of England influenced market activity.
Economic stability, inflation rates, and employment figures all contributed to market dynamic and buyer confidence has remained relatively strong.
Lettings
The lettings market in 2024 was also affected by economic conditions.
Continued high demand for rental properties, driven by factors like affordability challenges in the sales market, meant that there was a continued upward pressure on rental prices due to high demand and limited supply.
Economic factors that affect the sales market, also have strong effects on the rental market.
In 2024, strategic lettings acquisitions significantly bolstered our business, driving substantial revenue growth and creating a more balanced portfolio alongside our sales division. The consistent, cyclical income generated by these lettings proved particularly valuable.
The business delivered a strong trading performance with turnover at £10.593m (2023 £10.973m) and operating profit of £1.287m (2023 £1.658m). As mentioned earlier, during the year Charters made a number of acquisitions to help deliver future growth, particularly in the residential lettings market.

Principal risks and uncertainties
 
Housing Market 
The UK housing market is cyclical, closely reflecting the overall performance of the UK economy. Fluctuations in house prices and the number of properties sold directly influence business outcomes. 
The property market has demonstrated a notable resurgence in early 2025, marked by several key indicators. January witnessed a substantial 13% year-on-year increase in buyer demand, signalling a release of pent-up interest. This surge coincided with a 11% rise in agreed sales and a 10% expansion in new listings, offering buyers greater choice and fuelling market activity.
Average UK house prices have continued their upward trajectory, recording a 2% annual increase and marking the fifth consecutive month of growth. This sustained price appreciation reflects growing market confidence, driven by a perception of economic stability.
 
Page 1

 


CHARTERS ESTATE AGENTS LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Several factors have contributed to this positive momentum. Firstly, the period leading up to the General Election and the subsequent Labour government's budget announcement created a temporary market slowdown, leading to accumulated demand that is now being realised. Secondly, controlled inflation and increasingly competitive mortgage rates have bolstered buyer confidence. Rightmove's reported 12% annual increase in listings reinforces this trend, suggesting a renewed willingness among homeowners to transact.
The Stamp Duty changes have also boosted activity in the first quarter of 2025.
Increased buyer demand, rising sales and listings, and steady price growth points to a robust start for the UK property market in 2025. This recovery is underpinned by a combination of released pent-up demand, improved economic sentiment, and a more favourable mortgage landscape.
The Board remains optimistic about the medium to long-term outlook for the UK housing market.
To effectively navigate short-term market uncertainties, the Board routinely examines leading indicator KPIs and other macroeconomic data, allowing for timely and appropriate actions. 
Regulatory Compliance
The company operates within regulatory environments that are frequently changing and evolving. Non-compliance with current or future regulatory requirements could lead to regulatory penalties, fines, or enforcement actions, potentially hindering the company’s ability to perform certain activities.
To align with industry best practices, the business consistently enhances its emphasis on conduct risk, customer outcomes, and compliance regarding its regulated operations. The company offers comprehensive training and supervision for its operational teams, backed by a centralized compliance and risk management team. Additionally, there is a strong complaint handling process in place that provides feedback for continuous improvement in operational activities.
Financial misstatement and fraud
Significant financial misstatements resulting from errors or fraud can lead to reputational damage, financial losses, and misguided decision-making.
To mitigate this risk, the company has implemented robust financial controls, including segregation of duties, across its operations. These controls are further enhanced by ongoing monitoring of financial performance against budgets and expectations.
Capital
In common with other businesses in the sector trading performance is sensitive to transaction volumes in the UK residential housing market.  In the short term, certain costs are fixed so that when income falls there is a direct and adverse impact on profits and cash flows.
The company’s policy is to retain sufficient cash reserves and capital resources to allow it to withstand market volatility and achieve its corporate objectives.

Page 2

 


CHARTERS ESTATE AGENTS LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
The company generated revenues at £10.593m (2023 £10.973m) and operating profit of £1.287m (2023 £1.658m). The company monitors its performance through several operational indicators including volume and value of transactions. During the year the company’s net assets reduced from £4.976m to £4.578m.

Future developments
 
The company will continue to seek opportunities to develop the business through both organic growth and acquisition.


This report was approved by the board and signed on its behalf.



R Mott
Director

Date: 17 March 2025

Page 3

 


CHARTERS ESTATE AGENTS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,081,500 (2023 - £1,232,795).

Details of dividends paid during the year can be found in the Statement of Income and Retained Earnings. 

Directors

The directors who served during the year were:

R Mott 
P Mott (resigned 5 July 2024)
G Price (resigned 11 May 2024)

Future developments

Please refer to the Strategic Report.

Disclosure of information to auditors

Each of the persons who are  directors at the time when this Directors' Report is approved has confirmed that:
 • so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
 • the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

For details of post balance sheet events, please refer to note 27.

Page 4

 


CHARTERS ESTATE AGENTS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





R Mott
Director

Date: 17 March 2025

Page 5

 


CHARTERS ESTATE AGENTS LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERS ESTATE AGENTS LIMITED

Opinion


We have audited the financial statements of Charters Estate Agents Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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 31 March 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 


CHARTERS ESTATE AGENTS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERS ESTATE AGENTS LIMITED (CONTINUED)

Opinion 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 financial statements are prepared is consistent with the 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 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, 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 Directors' Responsibilities Statement set out on page 4, 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 is 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.


Page 7

 


CHARTERS ESTATE AGENTS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERS ESTATE AGENTS LIMITED (CONTINUED)

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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety, general data protection regulation and copyright law. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of Board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

°Posting of unusual journals and complex transactions;
°Misappropriation of funds through fraudulent supplier ledger and payroll activity; and 
°Manipulation of amounts subject to significant judgement or estimate.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 


CHARTERS ESTATE AGENTS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERS ESTATE AGENTS LIMITED (CONTINUED)

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 2006Our 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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Hadfield FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

17 March 2025
Page 9

 


CHARTERS ESTATE AGENTS LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,593,260
10,972,918

Cost of sales
  
(7,032,727)
(7,399,073)

Gross profit
  
3,560,533
3,573,845

Administrative expenses
  
(2,318,802)
(1,934,003)

Other operating income
 5 
45,081
17,956

Operating profit
  
1,286,812
1,657,798

Income from fixed assets investments
  
1,281,427
53,865

Interest receivable and similar income
 10 
34,571
2,909

Interest payable and similar expenses
 11 
(91,384)
(74,013)

Profit before tax
  
2,511,426
1,640,559

Tax on profit
 12 
(429,926)
(407,764)

Profit after tax
  
2,081,500
1,232,795

  

  

Retained earnings at the beginning of the year
  
4,975,925
3,975,730

  
4,975,925
3,975,730

Profit for the year
  
2,081,500
1,232,795

Dividends declared and paid
  
(2,479,796)
(232,600)

Retained earnings at the end of the year
  
4,577,629
4,975,925
The notes on pages 15 to 32 form part of these financial statements.

Page 10

 


CHARTERS ESTATE AGENTS LIMITED
REGISTERED NUMBER:06758915



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
3,206,022
2,675,100

Tangible assets
 14 
597,229
645,336

Investments
 15 
1,443,898
1,668,459

  
5,247,149
4,988,895

Current assets
  

Debtors
 16 
908,750
1,733,978

Cash at bank and in hand
  
909,310
2,139,202

  
1,818,060
3,873,180

Creditors: amounts falling due within one year
 17 
(1,791,408)
(2,710,239)

Net current assets
  
 
 
26,652
 
 
1,162,941

Total assets less current liabilities
  
5,273,801
6,151,836

Creditors: amounts falling due after more than one year
 18 
(574,994)
(1,034,996)

Provisions for liabilities
  

Deferred tax
 20 
(121,078)
(140,815)

  
 
 
(121,078)
 
 
(140,815)

Net assets
  
4,577,729
4,976,025


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
 22 
4,577,629
4,975,925

  
4,577,729
4,976,025


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Mott
Director

Date: 17 March 2025

The notes on pages 15 to 32 form part of these financial statements.

Page 11

 


CHARTERS ESTATE AGENTS LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,081,500
1,232,795

Adjustments for:

Amortisation of intangible assets
460,191
307,491

Depreciation of tangible assets
130,630
148,727

Impairments of fixed asset investments
397,127
-

(Profit)/loss on disposal of tangible assets
(31,271)
45,468

Interest paid
91,384
74,014

Interest received
(34,571)
(2,909)

Taxation charge
429,926
407,764

(Increase)/decrease in debtors
(223,886)
717,637

Decrease/(increase) in amounts owed by groups
1,049,113
(242,911)

(Decrease) in creditors
(84,159)
(202,760)

(Decrease)/increase in amounts owed to groups
(870,925)
981,096

Income from investments
(1,281,427)
(53,865)

Corporation tax (paid)
(413,409)
(330,357)

Net cash generated from operating activities

1,700,223
3,082,190


Cash flows from investing activities

Purchase of intangible fixed assets
(185,244)
(184,425)

Purchase of tangible fixed assets
(88,036)
(54,688)

Sale of tangible fixed assets
36,784
51,293

Purchase of fixed asset investments
(1,784,304)
(1,642,191)

Sale of fixed asset investments
805,869
-

Interest received
34,571
2,909

HP interest paid
-
(799)

Income from investments
1,281,427
53,865

Net cash from investing activities

101,067
(1,774,036)
Page 12

 


CHARTERS ESTATE AGENTS LIMITED
 



STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(460,002)
(460,002)

Repayment of/new finance leases
-
(13,815)

Dividends paid
(2,479,796)
(232,600)

Interest paid
(91,384)
(73,214)

Net cash used in financing activities
(3,031,182)
(779,631)

Net (decrease)/increase in cash and cash equivalents
(1,229,892)
528,523

Cash and cash equivalents at beginning of year
2,139,202
1,610,679

Cash and cash equivalents at the end of year
909,310
2,139,202


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
909,310
2,139,202

909,310
2,139,202


The notes on pages 15 to 32 form part of these financial statements.

Page 13

 


CHARTERS ESTATE AGENTS LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
Acquisition and disposal of subsidiaries
At 31 March 2024
£

£

£

£

Cash at bank and in hand

2,139,202

(251,457)

(978,435)

909,310

Debt due after 1 year

(1,034,996)

460,002

-

(574,994)

Debt due within 1 year

(460,000)

-

-

(460,000)


644,206
208,545
(978,435)
(125,684)

The notes on pages 15 to 32 form part of these financial statements.

Page 14

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Charters Estate Agents Limited is a private company, limited by shares and incorporated and domiciled in England & Wales within the United Kingdom. The Company's registered office is disclosed on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 16

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life, which is considered to be ten years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight line or reducing balance method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
straight line
Plant and machinery
-
25%
reducing balance

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

Useful life of Goodwill & Trade Lists
Goodwill & trade lists are amortised straight line over 10 years on the basis that the brands to which they relate are expected to continue to hold value over this period. 
In making this assessment, the Directors have forecast the profitability of related branches and customer bases over a number of years and this supports the recognition of the Goodwill over this period.

Page 18

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Property sales fees
6,314,453
7,765,242

Lettings management fees
4,116,007
3,037,226

Referral fees
162,800
170,450

10,593,260
10,972,918


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
45,081
17,956

45,081
17,956



6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
7,850
7,350

Page 19

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,292,346
5,510,726

Social security costs
555,483
629,927

Cost of defined contribution scheme
218,613
174,590

6,066,442
6,315,243


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3



Employees
130
131

133
134


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
19,723
14,400

Company contributions to defined contribution pension schemes
120,000
80,000

139,723
94,400


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


9.


Income from investments

2024
2023
£
£

Income from fixed asset investments
1,281,427
53,865

1,281,427
53,865






Page 20

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
34,571
2,909

34,571
2,909


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
91,384
73,214

Finance leases and hire purchase contracts
-
799

91,384
74,013


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
449,663
385,698

Adjustments in respect of previous periods
-
(53,432)


449,663
332,266


Total current tax
449,663
332,266

Deferred tax


Origination and reversal of timing differences
(12,133)
90

Adjustment in respect of previous periods
(7,604)
75,408

Total deferred tax
(19,737)
75,498


Taxation on profit on ordinary activities
429,926
407,764
Page 21

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,511,426
1,640,559


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
627,857
305,056

Effects of:


Expenses not deductible for tax purposes
8,993
6,759

Adjustments to deferred tax charge in respect of prior periods
(7,604)
21,660

Permanent differences
121,037
84,801

Dividends from UK group companies
(320,357)
(10,234)

Other differences leading to an increase (decrease) in the tax charge
-
(278)

Total tax charge for the year
429,926
407,764


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Intangible assets




Trade lists
Goodwill
Total

£
£
£



Cost


At 1 April 2023
52,580
5,011,989
5,064,569


Additions
185,244
-
185,244


Transfer from investments on hive up
-
805,869
805,869



At 31 March 2024

237,824
5,817,858
6,055,682



Amortisation


At 1 April 2023
8,325
2,381,144
2,389,469


Charge for the year on owned assets
11,431
448,760
460,191



At 31 March 2024

19,756
2,829,904
2,849,660



Net book value



At 31 March 2024
218,068
2,987,954
3,206,022



At 31 March 2023
44,255
2,630,845
2,675,100



Page 23

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Tangible fixed assets





Leasehold Improve-ments
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 April 2023
731,160
359,581
1,090,741


Additions
15,400
72,636
88,036


Disposals
-
(25,409)
(25,409)



At 31 March 2024

746,560
406,808
1,153,368



Depreciation


At 1 April 2023
237,299
208,106
445,405


Charge for the year on owned assets
76,538
54,092
130,630


Disposals
-
(19,896)
(19,896)



At 31 March 2024

313,837
242,302
556,139



Net book value



At 31 March 2024
432,723
164,506
597,229



At 31 March 2023
493,861
151,475
645,336

Page 24

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
3,629,817


Additions
978,435


Transfer to goodwill on hive up
(805,869)



At 31 March 2024

3,802,383



Impairment


At 1 April 2023
1,961,358


Charge for the period
397,127



At 31 March 2024

2,358,485



Net book value



At 31 March 2024
1,443,898



At 31 March 2023
1,668,459

Page 25

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Mortgage Decisions Limited
Trinity House Winchester Road, Chandler's Ford, Eastleigh, England, SO53 2DR
A Ordinary
100%
Bishops Independent Estate Agents Ltd
13 Oakmount Road, Chandler's Ford, Eastleigh, Hampshire, United Kingdom, SO53 2LG
Ordinary
100%
Knights Porter Limited
13 Oakmount Road, Chandler's Ford, Eastleigh, Hampshire, United Kingdom, SO53 2LG
Ordinary
100%
Charles Powell Estate Agents Limited
13 Oakmount Road, Chandler's Ford, Eastleigh, Hampshire, United Kingdom, SO53 2LG
Ordinary
100%
St. Moores Residential Letting & Property Management Limited
13 Oakmount Road, Chandler's Ford, Eastleigh, Hampshire, United Kingdom, SO53 2LG
Ordinary
100%
Churchills Property Management Limited
70 St. Mary Axe, London, England, EC3A 8BE
Ordinary
100%
Charters Commercial Property Limited
13 Oakmount Road, Chandler's Ford, Eastleigh, Hampshire, United Kingdom, SO53 2LG
Ordinary
100%
Purelet Limited
70 St. Mary Axe, London, England, EC3A 8BE
Ordinary
100%
S P & M Group Limited
70 St. Mary Axe, London, England, EC3A 8BE
A & B Ordinary
100%
Southern Properties & Management Limited
70 St. Mary Axe, London, England, EC3A 8BE
Ordinary
100%

Purelet Limited and SP&M Group Limited (along with subsidiary company Southern Properties & Management Limited) were acquired on the 8th January 2024 and 25th September 2023, respectively.

Page 26

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Mortgage Decisions Limited
67,093
65,622

Bishops Independent Estate Agents Ltd
25,200
-

Knights Porter Limited
3,801
-

Charles Powell Estate Agents Limited
2
-

St. Moores Residential Letting & Property Management Limited
-
(647)

Churchills Property Management Limited
35,757
(12,583)

Charters Commercial Property Limited
1
-

Purelet Limited
101,338
63,890

S P & M Group Limited
2,979
-

Southern Properties & Management Limited
60,974
(5,583)

Since the year end certain entities listed above are no longer owned by Charters Estate Agents Limited. Refer to note 27 for further details.


16.


Debtors

2024
2023
£
£



Trade debtors
757,983
522,683

Amounts owed by group undertakings
18,055
1,067,168

Other debtors
35,513
44,493

Prepayments and accrued income
97,199
99,634

908,750
1,733,978


Page 27

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
460,000
460,000

Trade creditors
96,733
186,491

Amounts owed to group undertakings
111,231
982,156

Corporation tax
38,163
1,909

Other taxation and social security
608,157
537,406

Other creditors
261,083
276,657

Accruals and deferred income
216,041
265,620

1,791,408
2,710,239



18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
574,994
1,034,996

574,994
1,034,996


The following liabilities were secured:

2024
2023
£
£



Bank loans
1,034,994
1,494,996

1,034,994
1,494,996

Details of security provided:

The bank loans are secured by way of a fixed and floating charge in favour of National Westminster Bank PLC over all property and undertakings of the Company.

Page 28

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
460,000
460,000


460,000
460,000

Amounts falling due 1-2 years

Bank loans
574,994
1,034,996


574,994
1,034,996



1,034,994
1,494,996



20.


Deferred taxation




2024


£






At beginning of year
(140,815)


Charged to profit or loss
19,737



At end of year
(121,078)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(125,764)
(142,614)

Pension surplus
4,686
1,799

(121,078)
(140,815)

Page 29

 


CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



35 (2023 - 35) Ordinary A shares of £1.00 each
35
35
5 (2023 - 5) Ordinary B shares of £1.00 each
5
5
25 (2023 - 25) Ordinary C shares of £1.00 each
25
25
5 (2023 - 5) Ordinary D shares of £1.00 each
5
5
25 (2023 - 25) Ordinary E shares of £1.00 each
25
25
5 (2023 - 5) Ordinary F shares of £1.00 each
5
5

100

100

Each ordinary share holds equal voting and dividend rights.



22.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


23.


Share based payments

Options have been granted to certain employees for O shares in the in year parent company CEAL Holdings Limited.
If the options remain unexercised after a period of ten years from the date of grant, the options expire. At the discretion of the Company, options may be forfeited if the employee leaves the company before the options vest. Per the scheme rules, the options are exercisable where the Company is listed or sold at a price above a stated benchmark. 

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

0.01

311

0.01
 
311
 
Forfeited during the year

0.01

(78)

0.01
 
-
 
Outstanding at the end of the year
0.01

233

0.01
 
311
 

All options outstanding at year end were exercised on 5 July 2024.


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CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Pension commitments

The Company operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension expense represents contributions accruing to the fund and amounted to £98,613 (2023 - £94,590).
Contributions due at the balance sheet date amounted to £18,747 (2023 - £17,548). 


25.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
441,424
428,190

Later than 1 year and not later than 5 years
1,175,906
1,343,146

Later than 5 years
343,349
661,198

1,960,679
2,432,534

The expense relating to operating lease commitments for the year was £449,044 (2023 - £487,023)


26.


Related party transactions

Under the provisions of Financial Reporting Standard 102 section 33, the Company is exempt from disclosing transactions or balances with other wholly owned group companies. 
During the year, the Company made sales to Wykeham Homes Limited, a company under common control, of £79,042 (2023 - £17,810), they made purchases from this company of £nil (2023 - nil), and included within aged debtors at the year end is £22 (2023 - £8,223) due from this company.


27.


Post balance sheet events

On 5 July 2024, Lomond Property Lettings Limited acquired full share ownership of Charters Estate Agents Limited. Charters will continue to trade under its current name, providing the same excellent service whilst utilising the benefits and synergies of being a part of a larger group. 
On the same date, the share options outstanding were exercised.
On 1 July 2024, Charters Estate Agents Limited disposed of all shares held in Mortgage Decisions Limited, Bishops Independent Estate Agents Limited, Knights Porter, Limited Charles Powell Estate Agents Limited and Charters Commercial Property Limited. These entities became owned directly by the shareholders who were previously the ultimate owners in the same proportion.
On 8 October 2024, Bishops Independent Estate Agents Limited, Knights Porter Limited, Charles Powell Estate Agents Limited and Charters Commercial Property Limited were dissolved.
There are no other post balance sheet events to report.

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CHARTERS ESTATE AGENTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


Parent company

During the year the Company was a wholly owned subsidiary of CEAL Holdings Limited whose registered office is Drewitt House, 865 Ringwood Road, Bournemouth, Dorset, BH11 8LW. This company entered liquidation on 14 August 2024.
Since the year end, Lomond Property Lettings Limited acquired full share ownership of Charters Estate Agents Limited, as discussed in Note 27.

 
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