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Registered number: 01832939










CHAMBERS RUNFOLD PLC

AUDITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2024
 






 



 






 
CHAMBERS RUNFOLD PLC
 

COMPANY INFORMATION


Directors
Mr P G Chambers 
Mrs E K C Chambers 
Mr Martyn Konig 




Company secretary
Mrs E K C Chambers



Registered number
01832939



Registered office
Home Field Sand Pit
Guildford Road

Farnham

Surrey

GU10 1PG




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
CHAMBERS RUNFOLD PLC
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9 - 10
Balance Sheet
 
 
10
Statement of Cash Flows
 
 
11
Notes to the Financial Statements
 
 
12 - 29


 
CHAMBERS RUNFOLD PLC
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Directors present their strategic report for the Company for the year ended 30 September 2024.

Business review
 
The Company is engaged in the provision of aggregates, sand extraction and tipping facilities primarily through its site in Runfold, Surrey.
The Company has performed well during the year with profits before tax of £2,895,696 (2023 - £2,939,688) on revenues of £8,006,436 (2023 - £8,903,374) have been generated. 
The Company has continued to invest in the business by renewing its technology to maintain and improve efficiency and the Company's service levels to clients.

Principal risks and uncertainties
 
The Board of Directors has the primary responsibility for identifying the major business threats facing the Company and developing appropriate strategies to mitigate them.
From a performance perspective the Company is exposed to fluctuations in the activity of the local construction industry which in turn is impacted by wider economic factors. Management actively monitor the Company's pipeline of work and are comfortable that the business is well placed to manage any resulting volatility. Management actively manage the cash resources of the Company to ensure it has the resources to continue to operate.
The Company is exposed to interest rate risk on its third party finance. Bank loans are financed at a rate of interest which is variable. However, these loans represent a small part of the Company's financing structure and so the associated risks are minimal. Finance loans are at a fixed rate of interest therefore interest rate risk is minimal.
The Company is exposed to credit risk in respect of its client base. To mitigate this risk credit risk assessments are performed in advance of entering into contracts with customers.
The Company recognises and acknowledges its duty of care to its employees and the need to ensure compliance with industry health and safety standards.

Financial key performance indicators
 
Management view revenue and expenditure as the main indicators of the performance of the Company. Revenue has decreased from £8,903,374 to £8,006,436 in the year and there has been an decrease in the gross profit margin from 41% to 38.9%. This is a consequence of the construction industry experiencing a downturn in 2023 and 2024, primarily driven by a decline in output and ongoing labour shortages which also led to a decrease in demand for aggregates and sand.  
Management monitor performance through the preparation of monthly management accounts and close scrutiny of the day to day operations of the business.

Other key performance indicators
 
The Directors do not consider that there is any other key performance indicators to the Company.

Page 1

 
CHAMBERS RUNFOLD PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors of the Company have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, and be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172 of the Companies Act 2006.


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



Mr P G Chambers
Director

Date: 28 January 2025

Page 2

 
CHAMBERS RUNFOLD PLC
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Directors present their report and the financial statements for the year ended 30 September 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Principal activity

The principal activities of the Company in the year under review continued to be that of sand extraction, the sale of aggregates and the operation of tipping facilities.

Results and dividends

The profit for the year, after taxation, amounted to £1,800,646 (2023 - £2,469,286).

Dividends are declared and paid in the current and prior year as set out in note 13.

Directors

The Directors who served during the year were:

Mr P G Chambers 
Mrs E K C Chambers 
Mr Martyn Konig 

Future developments

The Directors do not anticipate any changes in the level or nature of the Company's in the near future. The Directors will continue to develop relationships with customers, generating new business and exploring new opportunities where possible. 

Page 3

 
CHAMBERS RUNFOLD PLC
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWellden Turnbull Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mrs E K C Chambers
Director

Date: 28 January 2025

Page 4

 
CHAMBERS RUNFOLD PLC
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMBERS RUNFOLD PLC
 

Opinion


We have audited the financial statements of Chambers Runfold PLC (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, 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 30 September 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 5

 
CHAMBERS RUNFOLD PLC
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMBERS RUNFOLD PLC (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 3, 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 6

 
CHAMBERS RUNFOLD PLC
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMBERS RUNFOLD PLC (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 procedure sin line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, enviornmental laws and regulations, employee legislation, health and safety legislation, UK Company tax law and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management and those charged with governance as to actual and potential litigation and claims;
 
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
 
Assessing the reasonableness of revenue recognised in the period based on contractual terms and obligations and the requirements of accounting standards and ensuring that sales are recorded in the correct period;
 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
 
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.


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 7

 
CHAMBERS RUNFOLD PLC
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMBERS RUNFOLD PLC (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.





Mark Nelligan FCA (Senior Statutory Auditor)
  
for and on behalf of
Wellden Turnbull Limited
 
Chartered Accountants
Statutory Auditors
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
 

28 January 2025
Page 8

 
CHAMBERS RUNFOLD PLC
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,006,436
8,903,374

Cost of sales
  
(4,894,513)
(5,253,178)

Gross profit
  
3,111,923
3,650,196

Administrative expenses
  
(1,041,822)
(1,262,049)

Other operating income
 5 
398,785
384,000

Operating profit
 6 
2,468,886
2,772,147

Income from fixed assets investments
  
66
251

Interest receivable and similar income
 10 
542,626
250,240

Interest payable and similar expenses
 11 
(115,882)
(82,950)

Profit before tax
  
2,895,696
2,939,688

Tax on profit
 12 
(1,095,050)
(470,402)

Profit after tax
  
1,800,646
2,469,286

  

  

Retained earnings at the beginning of the year
  
18,307,047
16,341,501

Profit for the year
  
1,800,646
2,469,286

Dividends declared and paid
 13 
(752,423)
(503,742)

Retained earnings at the end of the year
  
19,355,270
18,307,045

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

Page 9

 
CHAMBERS RUNFOLD PLC
 

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
7,122
10,466

Tangible assets
 15 
10,556,665
11,001,644

Investments
 16 
1,000
1,000

  
10,564,787
11,013,110

Current assets
  

Stocks
 17 
2,479
9,021

Debtors: amounts falling due after more than one year
 18 
271,613
295,762

Debtors: amounts falling due within one year
 18 
3,609,542
3,089,480

Cash at bank and in hand
 19 
19,845,866
16,061,448

  
23,729,500
19,455,711

Current liabilities
  

Creditors: amounts falling due within one year
 20 
(10,900,968)
(8,706,630)

Net current assets
  
 
 
12,828,532
 
 
10,749,081

Total assets less current liabilities
  
23,393,319
21,762,191

Creditors: amounts falling due after more than one year
 21 
(1,736,676)
(1,693,592)

Provisions for liabilities
  

Deferred tax
 23 
(761,195)
(221,375)

  
 
 
(761,195)
 
 
(221,375)

Net assets
  
20,895,448
19,847,224


Capital and reserves
  

Called up share capital 
 24 
50,000
50,000

Revaluation reserve
 25 
1,490,179
1,490,179

Profit and loss account
 25 
19,355,269
18,307,045

Shareholders' funds
  
20,895,448
19,847,224


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


Mr P G Chambers
Director

Date: 28 January 2025

Page 10

 
CHAMBERS RUNFOLD PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,800,646
2,469,286

Adjustments for:

Amortisation of intangible assets
3,344
4,460

Depreciation of tangible assets
1,079,659
1,080,979

Loss on disposal of tangible assets
(368,965)
(95,090)

Interest paid
115,882
82,950

Interest received
(542,693)
(250,491)

Taxation charge
1,095,050
470,402

Decrease/(increase) in stocks
6,542
(5,603)

Decrease/(increase) in debtors
428,108
(217,544)

Increase in creditors
1,870,637
3,027,976

Corporation tax (paid)
(525,000)
(535,000)

Net cash generated from operating activities

4,963,210
6,032,325


Cash flows from investing activities

Purchase of tangible fixed assets
(594,720)
(2,396,073)

Sale of tangible fixed assets
320,583
569,673

Interest received
491,363
215,727

HP interest paid
(53,050)
(29,608)

Net cash from investing activities

164,176
(1,640,281)

Cash flows from financing activities

Repayment of bank loans
(76,986)
(80,206)

Advance of other loans
(42,000)
-

Repayment of other loans
204,149
204,592

Repayment of/new finance leases
(612,874)
(623,976)

Dividends paid
(752,423)
(503,736)

Interest paid
(62,832)
(53,342)

Net cash used in financing activities
(1,342,966)
(1,056,668)

Net increase in cash and cash equivalents
3,784,420
3,335,376

Cash and cash equivalents at beginning of year
16,061,448
12,726,072

Cash and cash equivalents at the end of year
19,845,868
16,061,448


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
19,845,868
16,061,448


Page 11

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Chambers Runfold PLC is a public company, limited by shares and incorporated in England and Wales, registration number 01832939. The registered office address is Home Field Sand Pit, Guildford Road, Runfold, Farnham, Surrey, GU10 1PG.

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).

These financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 12

 
CHAMBERS RUNFOLD PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
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

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
CHAMBERS RUNFOLD PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.10

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.

 Amortisation is provided on the following bases:

Computer software
-
25%
reducing balance

 
2.11

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 14

 
CHAMBERS RUNFOLD PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold land
-
not depreciated
Freehold buildings
-
4%
reducing balance
Leasehold land and buildings
-
2%
to 4% straight line basis
Plant and machinery
-
4%
and 25% reducing balance
Fixtures and fittings
-
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.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15

 
CHAMBERS RUNFOLD PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. 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.

 
2.18

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.

 
2.19

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 Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 

Page 16

 
CHAMBERS RUNFOLD PLC
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.20

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.

Page 17

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgement or assumptions in preparing these financial statements.


4.


Turnover

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


2024
2023
£
£

Sand extractions, aggregates and tipping facilities
8,006,436
8,903,374


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
98,785
84,000

Management charges
300,000
300,000

398,785
384,000



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
1,079,659
995,679

Amortisation of intangible assets
3,344
-

Other operating lease rentals
112,404
99,853

Defined contribution pension costs
44,049
50,746

Page 18

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
12,300
11,650

Fees payable to the Company's auditors and their associates in respect of:

All other services
23,962
13,465

8.


Employees

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


2024
2023
£
£

Wages and salaries
1,395,573
1,403,283

Social security costs
146,660
147,612

Cost of defined contribution scheme
44,049
50,746

1,586,282
1,601,641


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


        2024
        2023
            No.
            No.







Production staff
18
19



Administrative staff
7
7



Directors
3
3

28
29

Page 19

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
130,969
113,461

Company contributions to defined contribution pension schemes
-
6,908

130,969
120,369


Remuneration in respect of key management personnel was the same as the above Directors' remuneration.
The number of Directors to whom retirement benefits are accruing under defined contribution pensions schemes is 0 (2023 - 1).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
51,330
34,077

Bank interest receivable
491,296
216,163

542,626
250,240


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
62,832
53,342

Finance leases and hire purchase contracts
53,050
29,608

115,882
82,950

Page 20

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
555,230
592,550


Deferred tax


Origination and reversal of timing differences
539,820
(122,148)


Taxation on profit on ordinary activities
1,095,050
470,402

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the effective rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,895,696
2,939,687


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
723,924
643,429

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,716
10,974

Capital allowances for year in excess of depreciation
(182,393)
(61,798)

Other timing differences leading to an increase (decrease) in taxation
539,820
(122,148)

Dividends from UK companies
(17)
(55)

Total tax charge for the year
1,095,050
470,402

Page 21

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Dividends

2024
2023
£
£


Ordinary A
372,907
292,194


Ordinary B
379,516
211,548

752,423
503,742


14.


Intangible assets




Computer software

£



Cost


At 1 October 2023
65,439



At 30 September 2024

65,439



Amortisation


At 1 October 2023
54,973


Charge for the year on owned assets
3,344



At 30 September 2024

58,317



Net book value



At 30 September 2024
7,122



At 30 September 2023
10,466

The amortisation charge for the year is included in administrative expenses in the statement of comprehensive income.



Page 22

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Tangible fixed assets





Freehold  and leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2023
9,463,618
9,220,546
99,823
18,783,987


Additions
37,626
1,598,672
-
1,636,298


Disposals
(958,407)
(966,935)
-
(1,925,342)



At 30 September 2024

8,542,837
9,852,283
99,823
18,494,943



Depreciation


At 1 October 2023
2,113,532
5,593,319
75,491
7,782,342


Charge for the year on owned assets
170,084
375,020
6,152
551,256


Charge for the year on financed assets
-
528,403
-
528,403


Disposals
(130,592)
(793,131)
-
(923,723)



At 30 September 2024

2,153,024
5,703,611
81,643
7,938,278



Net book value



At 30 September 2024
6,389,813
4,148,672
18,180
10,556,665



At 30 September 2023
7,350,085
3,627,227
24,332
11,001,644

Included in "Freehold and leasehold property" is freehold land held at cost of £2,094,037 (2023 - £2,094,037) which is not depreciated. The revaluation reserve of £1,490,179 (2023 - £1,490,179) relates to a historical revaluation of freehold land undertaken prior to the Company transitioning to FRS 102.
The net book value of "Freehold and leasehold property" may be further analysed as follows:
Freehold land & buildings: £3,917,070 (2023 - £3,908,000)
Long term leasehold: £2,329,060 (2023 - £3,295,387)
Short term leasehold: £134,367 (2023 -  £147,798)
 

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,854,464
1,512,949



Page 23

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 October 2023
1,000



At 30 September 2024
1,000





17.


Stocks

2024
2023
£
£

Parts
2,479
9,021



18.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
271,613
295,762


2024
2023
£
£

Due within one year

Trade debtors
1,008,596
1,156,241

Other debtors
2,374,298
1,720,154

Prepayments and accrued income
226,648
213,085

3,609,542
3,089,480


Trade and other debtors due within one year include balances due from related parties the details of which are set out in note 30.


19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
19,845,866
16,061,448


Page 24

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
378,617
487,296

Other creditors
9,147,261
7,159,211

Payments received on account
-
26,358

Accruals and deferred income
53,758
76,912

Other taxation and social security
206,648
181,033

Obligations under finance lease and hire purchase contracts
731,538
422,904

Bank loans
104,833
104,833

Corporation tax
278,313
248,083

10,900,968
8,706,630


Trade creditors and other creditors include balances due to related parties the details of which are set out in note 30.


21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,036,383
1,113,369

Net obligations under finance leases and hire purchase contracts
700,293
580,223

1,736,676
1,693,592


Bank loans are secured by a fixed charge over the assets of the Company.
Bank loans comprise two loans both of which are repayable in instalments. The first loan has an interest rate of 1.96% per annum above the Bank of England base rate and reaches maturity in November 2034. The second loan has an interest rate of 2% above the Bank of England base rate and reaches maturity in May 2033.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
617,050
649,034



Page 25

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
731,538
422,904

Between 1-5 years
700,293
580,223

1,431,831
1,003,127

Obligations under hire purchase and finance lease liabilities are secured over the assets to which they relate.


23.


Deferred taxation




2024


£






At beginning of year
(221,375)


Charged to profit or loss
(539,820)



At end of year
(761,195)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(761,195)
(221,375)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary A shares of £1 each
30,000
30,000
20,000 (2023 - 20,000) Ordinary B shares of £1 each
20,000
20,000

50,000

50,000


Page 26

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


Reserves

Revaluation reserve

The revaluation reserve is a historical revaluation of freehold land undertaken prior to the Company transitioning to FRS 102.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

26.


Analysis of net debt





At 1 October 2023
Cash flows
New finance leases
At 30 September 2024
£

£

£

£

Cash at bank and in hand

16,061,448

3,784,418

-

19,845,866

Debt due after 1 year

(1,113,369)

76,986

-

(1,036,383)

Debt due within 1 year

(104,833)

-

-

(104,833)

Finance leases

(1,003,127)

665,924

(1,094,628)

(1,431,831)


13,840,119
4,527,328
(1,094,628)
17,272,819


27.


Contingent liabilities

The Company has an obligation to restore the operational site to its original state when the Company vacates the premises. No provision has been included in the financial statements as management are unable to reliably estimate the costs of these works. 


28.


Pension commitment

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £44,049 (2023 - £50,746). Contributions totalling £NIL (2023 - £NIL) were payable to the scheme at the balance sheet date.

Page 27

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

29.


Commitments under operating leases

At 30 September 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
153,905
153,905

Later than 1 year and not later than 5 years
493,846
606,251

Later than 5 years
3,451,417
3,492,917

4,099,168
4,253,073

Operating lease payments recognised as an expense in the profit and loss account amounted to £112,404 (2023 - £99,853).
Included within operating lease commitments are leases held in the name of the Company but used in the operations of Chambers Waste Management PLC, a related party under common control. The costs of these leases are incurred by Chambers Waste Management PLC and are charged to its profit and loss account.

Page 28

 
CHAMBERS RUNFOLD PLC
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.


Related party transactions

At the balance sheet date the Directors owed the Company £686 (2023 - £309,872). This amount attracts interest at HMRC's official rate of interest of 2.5%, is repayable on demand and included in other debtors.
During the year, a director was paid £57,896 in relation to consultancy services provided.
 
During the year dividends of £752,423 (2023 - £503,737) were paid to the Directors.
Chambers Waste Management PLC is a company related by common control.
The following amounts due from and to Chambers Waste Management PLC are included in trade debtors and trade creditors respectively:
 Trade debtors    £115,033 (2023 - £178,007)
 Trade creditors    £19,332 (2023 - £25,662)
At the balance sheet date there is a loan due from Chambers Waste Management PLC of £145,750 (2023 - £325,747). This loan attracts interest at 2.5% per annum, is repayable on demand and is presented within other debtors. Interest charged on this loan through the profit and loss in the year amounted to £NIL (2023 - £10,191).
At the balance sheet date there is a loan due from Chambers Waste Management PLC of £302,946 (2023- £327,096) of which £31,333 is due in less than one year. This loan attracts interest at base rate plus a margin of 2% per annum, is repayable by 2033 and is presented within other debtors. The loan interest is recognised in Chambers Waste Management PLC financial statements.
At the balance sheet date there is a loan due to Chambers Waste Management PLC of £9,050,000 (2023 - £7,050,000). This loan is interest free,repayable on demand and is presented within other creditors.
The following transactions took place between Chambers Waste Management PLC and the Company. The transactions are all included in the profit and loss account and are as follows:
Charges to Chambers Waste Management PLC
 Management charges  £300,000 (2023 - £300,000)
 Rent and rates of buildings £278,661 (2023 - £294,764)
 Diesel and tipping charges £252,127 (2023 - £253,585)
 All other recharges   £135,593 (2023 - £158,312)
Charges from Chambers Waste Management PLC
 Diesel and tipping charges £72,633 (2023 - £119,133)
 All other recharges   £182,106 (2023 - £164,606)
Security over the assets of Chambers Waste Management PLC are held in favour of Lloyds Bank in relation to a loan awarded to the Company.
Trinity Investments (Guildford) Limited is a company related by common control.
At the balance sheet date there is a loan due from Trinity Investments (Guildford) Limited of £2,196,531 (2023 - £1,053,201). This loan attracts interest at 2.5% per annum, is repayable on demand and is presented within other debtors. Interest charged on this loan through the profit and loss in the year amounted to £51,330 (2023 - £23,885).


31.


Controlling party

The ultimate controlling party is Mr P G Chambers by virtue of his majority holding of the issued share capital.
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CHAMBERS RUNFOLD PLC
 

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