Company registration number:
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
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.
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.
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.
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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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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.
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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the 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 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 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.
The directors who served during the year were:
Please refer to the Strategic Report.
• 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.
For details of post balance sheet events, please refer to note 27.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Under section 487(2) of the Companies Act 2006, Menzies 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERS ESTATE AGENTS LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERS ESTATE AGENTS LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERS ESTATE AGENTS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERS ESTATE AGENTS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 29
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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). 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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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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