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REGISTERED NUMBER: 06895100 (England and Wales)










Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

Chartwell Controls Limited

Chartwell Controls Limited (Registered number: 06895100)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 7

Balance Sheet 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


Chartwell Controls Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: L G Wash
B Freeman
N J Fowler





REGISTERED OFFICE: Swift House, Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU





REGISTERED NUMBER: 06895100 (England and Wales)





AUDITORS: Shorts
Chartered Accountants and Registered Auditors
Cedar House
63 Napier Street
Sheffield
S11 8HA

Chartwell Controls Limited (Registered number: 06895100)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the company is to install building automation control systems and provide service for high performance, mission critical buildings.

The overall growth in 2024 was driven by project installation work primarily in data centres and government market segments. Overall gross margin percentage decline was driven by the increase in revenue mix of project installation work, which is lower margin than our core Service revenue. Our business model generally dictates installing a lower margin building controls solution project, while capturing the higher margin service work post installation and in future calendar years.

During the year the trade of Chartwell Controls (Midlands) Limited and Chartwell Energy Solutions Limited has been transferred to Chartwell Controls Limited.The intention is to transfer the remaining assets and liabilities from these companies to Chartwell Controls Limited in due course.

The company ended the year with net assets of £2,852,313 ( 2023 - £1,926,320).

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk to the business is economic uncertainty due to higher interest rates impacting on commercial and government spending, global economic challenges and the impact of the Russia/Ukraine war.

Additional risks include supply chain disruptions, regulatory changes in tax laws and overall market competition.

The company has taken actions to monitor these risks and has risk mitigation measures in place to offset each risk area

KEY PERFORMANCE INDICATORS (KPI'S)
The Directors and management use a variety of KPI's to monitor performance. The company's main KPI's are as summarised as follows:

2024 2023

Turnover £20,209,485 £10,139,190
Gross Profit Margin (%) 20% 33%
Gross Profit £3,949,730 £3,358,419
Net Profit/(Loss) before tax and dividends £989,794 £1,245,730
Number of employees 94 73


Chartwell Controls Limited (Registered number: 06895100)

Strategic Report
for the Year Ended 31 March 2024

GOING CONCERN
The company's activities, together with the factors likely to affect its future development, performance and profitability are set out in the Business Review above.

The financial position of the company, its cash flows and liquidity position has been assessed.

The Directors believe that despite the higher interest rate environment, the company is well placed to manage its business risks.

The Directors have a reasonable expectation that the company has sufficient resources to continue operational existence for the foreseeable future, the going concern basis of accounting has been adopted in preparing the annual financial statements.

ON BEHALF OF THE BOARD:




N J Fowler - Director


21 March 2025

Chartwell Controls Limited (Registered number: 06895100)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors who have held office during the period from 1 April 2023 to the date of this report are as follows:

P Rogers - resigned 26 March 2024
L G Wash - appointed 15 May 2023
B Freeman - appointed 27 March 2024

N J Fowler was appointed as a director after 31 March 2024 but prior to the date of this report.

P R Coker , I D Morris and A S King ceased to be directors after 31 March 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Shorts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N J Fowler - Director


21 March 2025

Report of the Independent Auditors to the Members of
Chartwell Controls Limited

Disclaimer of opinion

We were engaged to audit the financial statements of Chartwell Controls Limited (the 'company') for the year ended 31 March 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion

Following the acquisition of the company by the Albireo Group in April 2021, the day to day accounting for the company was transferred to the United States in June 2022. At that time the accounting records for the company were merged with the other two Chartwell UK companies (Chartwell Controls (Midlands) Limited and Chartwell Energy Solutions Limited) and overlaid with a number of US GAAP adjustments, including acquisition accounting entries. This has resulted in management being unable to provide detailed supporting information behind significant figures in the financial statements, including work in progress, debtors, creditors, sales and purchases. We were unable to satisfy ourselves via alternative means of the accuracy and integrity of these figures in the financial statements. As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded work in progress, debtors, creditors, sales and purchases and the elements making up the Statement of Income and Retained Earnings and the Balance Sheet.

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 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.

Opinion on other matters prescribed by the Companies Act 2006

Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit:

- the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the directors' report.

Arising from the limitation of our work referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

Report of the Independent Auditors to the Members of
Chartwell Controls Limited


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:

- 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 disclosure of director's remuneration specified by law are not made.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 deem 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 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.

Auditors' responsibilities for the audit of the financial statements

Our responsibility is to conduct an audit of the company's financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor's report.

However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.




Andrew Irvine (Senior Statutory Auditor)
for and on behalf of Shorts
Chartered Accountants and Registered Auditors
Cedar House
63 Napier Street
Sheffield
S11 8HA

27 March 2025

Chartwell Controls Limited (Registered number: 06895100)

Statement of Income and
Retained Earnings
for the Year Ended 31 March 2024

31.3.23 31.3.24
£    Notes £   

10,139,190 TURNOVER 3 20,209,485

6,780,771 Cost of sales 16,259,755
3,358,419 GROSS PROFIT 3,949,730

2,127,421 Administrative expenses 3,013,542
1,230,998 OPERATING PROFIT 6 936,188

20,809 Interest receivable and similar income 64,921
1,251,807 1,001,109

6,077 Interest payable and similar expenses 8 11,315
1,245,730 PROFIT BEFORE TAXATION 989,794

21,642 Tax on profit 9 63,801
1,224,088 PROFIT FOR THE FINANCIAL YEAR 925,993

702,132 Retained earnings at beginning of year 1,926,220

1,926,220 RETAINED EARNINGS AT END OF
YEAR

2,852,213

Chartwell Controls Limited (Registered number: 06895100)

Balance Sheet
31 March 2024

31.3.23 31.3.24
£    £    Notes £    £   
FIXED ASSETS
95,789 Tangible assets 10 74,765

CURRENT ASSETS
1,570,437 Stocks 11 1,702,438
5,186,786 Debtors 12 5,025,148
1,024,425 Cash at bank and in hand 2,295,713
7,781,648 9,023,299
CREDITORS
5,809,461 Amounts falling due within one year 13 6,162,220
1,972,187 NET CURRENT ASSETS 2,861,079
2,067,976 TOTAL ASSETS LESS CURRENT
LIABILITIES

2,935,844

CREDITORS
(120,014 ) Amounts falling due after more than one
year

14

(64,839

)

(21,642 ) PROVISIONS FOR LIABILITIES 17 (18,692 )
1,926,320 NET ASSETS 2,852,313

CAPITAL AND RESERVES
100 Called up share capital 18 100
1,926,220 Retained earnings 19 2,852,213
1,926,320 SHAREHOLDERS' FUNDS 2,852,313

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





N J Fowler - Director


Chartwell Controls Limited (Registered number: 06895100)

Cash Flow Statement
for the Year Ended 31 March 2024

31.3.23 31.3.24
£    Notes £   
Cash flows from operating activities
838,097 Cash generated from operations 1 1,298,953
(4,106 ) Interest paid (3,949 )
(1,971 ) Interest element of hire purchase payments
paid

(7,366

)
832,020 Net cash from operating activities 1,287,638

Cash flows from investing activities
(98,126 ) Purchase of tangible fixed assets (4,778 )
(1 ) Sale of tangible fixed assets -
20,809 Interest received 64,921
(77,318 ) Net cash from investing activities 60,143

Cash flows from financing activities
(21,443 ) Loan repayments in year (63,557 )
86,098 Capital repayments in year (12,936 )
64,655 Net cash from financing activities (76,493 )

819,357 Increase in cash and cash equivalents 1,271,288
205,068 Cash and cash equivalents at beginning of
year

2

1,024,425

1,024,425 Cash and cash equivalents at end of year 2 2,295,713

Chartwell Controls Limited (Registered number: 06895100)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

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

31.3.24 31.3.23
£    £   
Profit before taxation 989,794 1,245,730
Depreciation charges 25,802 14,363
Loss on disposal of fixed assets - 798
Finance costs 11,315 6,077
Finance income (64,921 ) (20,809 )
961,990 1,246,159
Increase in stocks (132,001 ) (1,259,930 )
Decrease/(increase) in trade and other debtors 161,638 (3,961,209 )
Increase in trade and other creditors 307,326 4,813,077
Cash generated from operations 1,298,953 838,097

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 2,295,713 1,024,425
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,024,425 205,068


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,024,425 1,271,288 2,295,713
1,024,425 1,271,288 2,295,713
Debt
Finance leases (89,393 ) 12,936 (76,457 )
Debts falling due within 1 year (20,000 ) 20,000 -
Debts falling due after 1 year (43,557 ) 43,557 -
(152,950 ) 76,493 (76,457 )
Total 871,475 1,347,781 2,219,256

Chartwell Controls Limited (Registered number: 06895100)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Turnover from a contract to provide goods and services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Work in progress
Work in progress comprises costs incurred, excluding any markup, to the extent that no right to consideration
exists at the balance sheet date. Where the right to consideration exists at the balance sheet date, then WIP includes expected profit on a percentage completion basis. Work in progress is valued at the lower of cost or net realisable value. Where costs incurred and expected profit exceed amounts progress billed to date, then this is shown as work in progress. Where amounts progress billed exceed costs incurred and expected profits then these are shown within other creditors.

Financial instruments
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow companies are
initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipt discounted at a market rate.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, Accounts payable are classified as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised costing using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial
instruments.

Derivative are initially recognised at fair value on the date a derivative contract is entered into and are
subsequently re-measured at their fair value. Changes in the fair value are recognised in the financial costs or financial income as appropriate, unless they are included in a hedging arrangement.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


Chartwell Controls Limited (Registered number: 06895100)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

Going concern
The directors have considered the level of funds held and the expected levels of cash inflows and outflows for 12 months from the date of authorising these financial statements. It is on this basis that the directors are of the view that it is appropriate for the financial statements to be prepared on a going concern basis.

3. TURNOVER

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

Chartwell Controls Limited (Registered number: 06895100)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 9,067,068 5,302,524
Social security costs 596,594 464,986
Other pension costs 349,510 231,154
10,013,172 5,998,664

The average number of employees during the year was as follows:
31.3.24 31.3.23

Director 3 3
Admin 21 13
Direct 62 50
Sales 8 7
94 73

5. DIRECTORS' EMOLUMENTS
31.3.24 31.3.23
£    £   
Directors' remuneration 331,998 286,448

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 116,236 106,992

6. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Other operating leases 80,942 96,561
Depreciation - owned assets 4,307 4,365
Depreciation - assets on hire purchase contracts 21,495 9,998
Loss on disposal of fixed assets - 798

7. AUDITORS' REMUNERATION
31.3.24 31.3.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

32,500

-

Chartwell Controls Limited (Registered number: 06895100)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Exchange rate variance - 2,210
Loan interest 3,949 1,896
Hire purchase 7,366 1,971
11,315 6,077

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 66,751 -

Deferred tax (2,950 ) 21,642
Tax on profit 63,801 21,642

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

31.3.24 31.3.23
£    £   
Profit before tax 989,794 1,245,730
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

247,449

236,689

Effects of:
Expenses not deductible for tax purposes 34,812 6,674
Capital allowances in excess of depreciation (521 ) (18,921 )
Utilisation of tax losses (214,989 ) (224,442 )
Deferred tax (2,950 ) 21,642
Total tax charge 63,801 21,642

Chartwell Controls Limited (Registered number: 06895100)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
Totals fittings vehicles equipment
£    £    £    £   
COST
At 1 April 2023 155,581 28,775 121,286 5,520
Additions 4,778 4,778 - -
At 31 March 2024 160,359 33,553 121,286 5,520
DEPRECIATION
At 1 April 2023 59,792 23,428 32,454 3,910
Charge for year 25,802 2,878 22,208 716
At 31 March 2024 85,594 26,306 54,662 4,626
NET BOOK VALUE
At 31 March 2024 74,765 7,247 66,624 894
At 31 March 2023 95,789 5,347 88,832 1,610

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 95,979
DEPRECIATION
At 1 April 2023 9,998
Charge for year 21,495
At 31 March 2024 31,493
NET BOOK VALUE
At 31 March 2024 64,486
At 31 March 2023 85,981

11. STOCKS
31.3.24 31.3.23
£    £   
Work-in-progress 1,702,438 1,570,437

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,547,197 3,330,290
Other debtors 2,477,951 1,856,496
5,025,148 5,186,786

Chartwell Controls Limited (Registered number: 06895100)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 15) - 20,000
Hire purchase contracts (see note 16) 11,618 12,936
Trade creditors 688,967 884,252
Amounts owed to group undertakings 3,211,331 3,390,218
Corporation tax 66,751 -
Social security and other taxes 890,884 309,942
Other creditors 638,320 635,564
Accrued expenses 654,349 556,549
6,162,220 5,809,461

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 15) - 43,557
Hire purchase contracts (see note 16) 64,839 76,457
64,839 120,014

15. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 20,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 43,557

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 11,618 12,936
Between one and five years 64,839 76,457
76,457 89,393

Chartwell Controls Limited (Registered number: 06895100)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 69,550 45,513
Between one and five years 91,701 87,019
161,251 132,532

17. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 18,692 21,642

Deferred
tax
£   
Balance at 1 April 2023 21,642
Credit to Income Statement during year (2,950 )
Balance at 31 March 2024 18,692

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

19. RESERVES
Retained
earnings
£   

At 1 April 2023 1,926,220
Profit for the year 925,993
At 31 March 2024 2,852,213

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Albireo Energy LLC, incorporated in the United States.