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Registered number: 14761881










CHARLIES STORES HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
CHARLIES STORES HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
W R Holloway 
C K Lloyd 
R A Lloyd 
R G Watkin 




Registered number
14761881



Registered office
Unit 7
Offas Dyke Business Park

Buttington

Welshpool

United Kingdom

SY21 8SS




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
CHARLIES STORES HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 6
Independent auditors' report
 
7 - 10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12 - 13
Company balance sheet
 
14 - 15
Consolidated statement of changes in equity
 
16
Company statement of changes in equity
 
17
Consolidated statement of cash flows
 
18 - 19
Notes to the financial statements
 
20 - 43


 
CHARLIES STORES HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The Directors present their strategic report together with the Directors’ report and audited financial statements of the Company and Group for the year ended 31 July 2024.
The principal activity of the Company is holding and managing the property assets of the Group.

Business review
 
Charlies Stores Holdings Limited was established to act as a holding company for the operational activities of Charlies Stores Limited and Charlies Ag and Turf Limited, a newly formed company into which the trade and assets of Charlies Stores’ workshop operation transferred. Additionally, Charlies Stores Holdings Limited owns and manages the properties of the Group. This significant restructuring took place to optimise Charlies’ corporate structure and enhance operational efficiency.
The year to 31 July 2024 saw ongoing challenges and economic headwinds for the Group. Charlies Ag and Turf Limited’s growth of the John Deere agricultural franchise bolstered the Group’s sales, and Charlies Stores Limited bucked many national retail and consumer spending trends to deliver revenue growth, which is testament to the high quality of products, customer service and in-store experience that they work so hard to provide.

Principal risks and uncertainties
 
In all business operations, risk management and process control are a priority, and the Board of Directors is ultimately responsible for considering major risks.
The following are key risks which can affect the Group’s performance:
Margin Erosion
We take a balanced approach that includes strategic pricing and a focus on maintaining strong relationships with suppliers so that we can remain competitive and protect our margins.
Supply Chain
The current global economic situation is impacting on the supply chain and our customers expect stock to be on hand. Charlies Stores builds strong relationships with suppliers across its large product offering to help ensure product availability. 
Competition in our markets
The Group operates in competitive market environments and the provision of new and great-value products is key to our success. Customer care is a top priority, and the Group maintains strong relationships with customers by seeking to provide great service.
Decline in customer numbers
The Group is subject to fluctuations in customer numbers. We endeavour to ensure customer retention by providing high-quality products at competitive prices, and by backing these up with first-class service and product knowledge.
 
Page 1

 
CHARLIES STORES HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Foreign Exchange
The Group is exposed to currency transaction risk in respect of the purchases it makes in US dollars and Euros. The risk is managed by monitoring markets and where it is considered appropriate, holding cash to transact in these currencies.
Interest Rates
The Group has overdraft and loan facilities and is therefore exposed to interest rate risk. The bank is currently satisfied with the Group’s financial performance and the directors do not think that there is any risk of facilities being withdrawn.
Credit Risk
We have credit policies in place to manage risk and monitor risk on an ongoing basis. The agricultural industry is facing challenging and uncertain market conditions, so all outstanding debts are reviewed monthly using an external debt collection company.

Financial key performance indicators
 
ole5505.png

Other key performance indicators
 
The Company uses a range of KPIs to monitor and measure performance within the business on a regular basis, at both a top-level and division or store-specific level. The KPI’s reported below cover the whole business. The Company’s KPIs cover diverse areas of the business such as wage efficiency, productivity, and energy efficiency, the latter of which has been reported in the Director’s Report.

Directors' statement of compliance with duty to promote the success of the Group
 
The Board of Directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider would most likely be in the best interest of the Group taking into account the requirements of all stakeholders. Further information is included in the Directors’ Report.
Decision making at the Board
All matters which are reserved for decision by the Directors are presented at Board meetings. Directors are briefed on any potential impacts and risks for our customers, employees and other stakeholders including our suppliers, the community and environment and how they are to be managed. The Directors take these factors into account before making a final decision which together they believe is in the best interests of the Group.
Stakeholders
The Group’s key stakeholders are its employees, who are the heart of our purpose and work in service of our customers. We are focused on responding to the needs of, and building long term relationships with, our customers. Other key stakeholders are the producers and suppliers from whom we purchase goods and services, and the communities in which we operate.
 
Page 2

 
CHARLIES STORES HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Long term sustainability
We aim to make sufficient profits to sustain the Group’s commercial viability. This is balanced against the needs of our customers, employees and other stakeholders and the community to ensure we are conducting all our business relationships with integrity. The long-term sustainability of the Group is at the forefront of decision making.
Employees
Our team members are fundamental to the delivery of our plan.  We aim to be a responsible employer in our approach to the pay and benefits our team members receive. As a Group we are committed to improving all diversity, not just diversity of gender.
Customers and suppliers
Engagement with suppliers and customers is key to our success. Customer experience is important to the Group, and it is what keeps our customers coming back time and time again. We work closely with our supply chain and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery, and breaches of competition law. 
Other third parties that are of great importance to the Charlies Group include our professional advisers, bankers and our various regulators.
Financial stakeholders
The Group seeks to make information available to financial stakeholders, including our relationship bank, as part of information provided about and by the Group.
Community and environment
The Group takes all reasonable steps to minimise any detrimental impact that its operations may have on the environment. Directors routinely assess the impact of the Group’s operations on the community and environment and wider social responsibilities, and in particular how we comply with environmental legislation, pursue waste saving opportunities and react promptly to local community concerns. 
As a Board of Directors, our intention is to behave responsibly and ensure that the management operate the Group’s businesses in a responsible manner, operating within the high standards of business conduct and good governance expected. The intention is to nurture our reputation, through the delivery of our objectives, that reflects our responsible behaviour.
Business conduct
The Group aims to conduct all its business relationships with integrity and courtesy, and scrupulously to honour every business agreement.


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



R A Lloyd
Director

Date: 25 March 2025

Page 3

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,095,514 (2023 - £2,379,150).

The Directors have declared a dividend of £Nil (2023: £NIL).

Directors

The directors who served during the year were:

W R Holloway 
C K Lloyd 
R A Lloyd 
R G Watkin 

Page 4

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


Future developments

The Group anticipates a challenging economic climate ahead, but we remain committed to driving growth in turnover and market share throughout 2024-25. We will continue to prioritise delivering excellent service and value by getting the basics right.

Engagement with employees

The Group is committed to the principle of equal opportunity in employment. Our policies for recruitment, selection, training, development and promotion are designed to ensure that no applicant or employee received less favourable treatment on the grounds of race, colour, nationality, ethnic or national origin, religion, political beliefs, disability, sex, gender or marital status. The business is committed to ensuring that all individuals are treated fairly, with respect and are valued.

Business relationships

Delivering our strategy requires strong mutually beneficial relationships with suppliers and customers, and we recognise that developing a strong understanding of our customers’ needs is critical for our business strategy.
Engagement with others
We aim to be a responsible member of our community and minimise our impact on the environment. The Group engages with its local communities, local government, regulators, and others to ensure it fosters positive relationships with them.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group’s greenhouse gas emissions and energy consumption are as follows:

ole468f.png

Page 5

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s conversion factors for company reporting.
We closely monitor energy usage and ensure that infrastructure projects and the replacement of materials and systems consider energy efficiency. We are required to comply with the Governments energy assessment scheme (Energy Savings Opportunity Scheme) and have completed an energy audit to ensure our compliance with Phase III during this financial year. We will use the output from this assessment to help inform energy-efficient decisions and investments within the business.
The Company’s chosen intensity measurement ratios are total gross emissions in metric tonnes CO2e per employee, and total gross emissions in metric tonnes CO2e per £100,000 turnover:
ole0f91.png

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsWR Partnerswill 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.
 





R A Lloyd
Director

Date: 25 March 2025

Page 6

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES STORES HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Charlies Stores Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's 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 Group 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 Group's or the parent 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.


Page 7

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES STORES HOLDINGS LIMITED (CONTINUED)


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.


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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 8

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES STORES HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 Group 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 audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company and Group are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company's and Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Page 9

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES STORES HOLDINGS LIMITED (CONTINUED)


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.


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.





John Fletcher BA(Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
26 March 2025
Page 10

 
CHARLIES STORES HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
84,280,127
73,809,026

Cost of sales
  
(60,883,595)
(51,337,237)

Gross profit
  
23,396,532
22,471,789

Administrative expenses
  
(21,205,507)
(20,139,612)

Other operating income
  
8,874
1,081,286

Operating profit
  
2,199,899
3,413,463

Interest receivable and similar income
  
20,488
48

Interest payable and similar expenses
  
(406,722)
(317,091)

Profit before taxation
  
1,813,665
3,096,420

Tax on profit
 12 
(718,151)
(717,270)

Profit for the financial year
  
1,095,514
2,379,150

Profit for the year attributable to:
  

Owners of the parent Company
  
1,095,514
2,379,150

  
1,095,514
2,379,150

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

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 20 to 43 form part of these financial statements.

Page 11

 
CHARLIES STORES HOLDINGS LIMITED
REGISTERED NUMBER: 14761881

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
13,945,728
14,337,878

Investments
 14 
1,000
1,000

  
13,946,728
14,338,878

Current assets
  

Stocks
 15 
25,327,245
24,619,011

Debtors: amounts falling due within one year
 16 
4,299,616
4,512,680

Cash at bank and in hand
 17 
5,293,119
3,402,251

  
34,919,980
32,533,942

Creditors: amounts falling due within one year
 18 
(14,908,934)
(13,705,473)

Net current assets
  
 
 
20,011,046
 
 
18,828,469

Total assets less current liabilities
  
33,957,774
33,167,347

Creditors: amounts falling due after more than one year
 19 
(5,337,086)
(5,897,122)

Provisions for liabilities
  

Deferred taxation
 22 
(609,907)
(401,767)

Other provisions
 23 
(507,600)
(461,300)

  
 
 
(1,117,507)
 
 
(863,067)

Net assets
  
27,503,181
26,407,158

Page 12

 
CHARLIES STORES HOLDINGS LIMITED
REGISTERED NUMBER: 14761881
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 24 
510
1

Profit and loss account
 25 
27,502,671
26,407,157

  
27,503,181
26,407,158


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




R A Lloyd
Director

Date: 25 March 2025

The notes on pages 20 to 43 form part of these financial statements.

Page 13

 
CHARLIES STORES HOLDINGS LIMITED
REGISTERED NUMBER: 14761881

COMPANY BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
11,252,060
-

Investments
 14 
610
100

  
11,252,670
100

Current assets
  

Debtors: amounts falling due within one year
 16 
291,339
-

Cash at bank and in hand
 17 
12,979
-

  
304,318
-

Creditors: amounts falling due within one year
 18 
(82,635)
(99)

Net current assets/(liabilities)
  
 
 
221,683
 
 
(99)

Total assets less current liabilities
  
11,474,353
1

  

Provisions for liabilities
  

Deferred taxation
  
(79,919)
-

  
 
 
(79,919)
 
 
-

Net assets
  
11,394,434
1

Page 14

 
CHARLIES STORES HOLDINGS LIMITED
REGISTERED NUMBER: 14761881
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 24 
510
1

Profit for the year
  
11,393,924
-

Profit and loss account carried forward
  
11,393,924
-

  
11,394,434
1


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


R A Lloyd
Director

Date: 25 March 2025

The notes on pages 20 to 43 form part of these financial statements.

Page 15

 
CHARLIES STORES HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 27 March 2023
-
24,028,007
24,028,007


Comprehensive income for the period

Profit for the period
-
2,379,150
2,379,150


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
2,379,150
2,379,150


Contributions by and distributions to owners

Shares issued during the period
1
-
1


Total transactions with owners
1
-
1



At 1 August 2023
1
26,407,157
26,407,158


Comprehensive income for the year

Profit for the year
-
1,095,514
1,095,514


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,095,514
1,095,514


Contributions by and distributions to owners

Shares issued during the year
509
-
509


Total transactions with owners
509
-
509


At 31 July 2024
510
27,502,671
27,503,181


The notes on pages 20 to 43 form part of these financial statements.

Page 16

 
CHARLIES STORES HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 27 March 2023
-
-
-
Total comprehensive income for the period
-
-
-


Contributions by and distributions to owners

Shares issued during the period
1
-
1


Total transactions with owners
1
-
1



At 1 August 2023
1
-
1


Comprehensive income for the period

Profit for the year
-
11,393,924
11,393,924


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
11,393,924
11,393,924


Contributions by and distributions to owners

Shares issued during the year
509
-
509


Total transactions with owners
509
-
509


At 31 July 2024
510
11,393,924
11,394,434


The notes on pages 20 to 43 form part of these financial statements.

Page 17

 
CHARLIES STORES HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,095,514
2,379,150

Adjustments for:

Depreciation of tangible assets
922,676
864,963

Loss on disposal of tangible assets
(6,081)
16,460

Interest paid
406,722
317,091

Interest received
(20,488)
(48)

Taxation charge
718,151
717,270

(Increase) in stocks
(708,234)
(4,676,768)

Decrease/(increase) in debtors
213,341
(879,546)

Increase in creditors
326,472
2,761,816

Increase in provisions
46,300
41,965

Corporation tax (paid)
(716,391)
(657,718)

Net cash generated from operating activities

2,277,982
884,635


Cash flows from investing activities

Purchase of tangible fixed assets
(590,061)
(1,786,573)

Sale of tangible fixed assets
65,616
12,652

Interest received
20,488
48

HP interest paid
(420)
(728)

Net cash from investing activities

(504,377)
(1,774,601)
Page 18

 
CHARLIES STORES HOLDINGS LIMITED
 

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


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
509
1

New secured loans
-
2,167,279

Repayment of loans
(548,661)
-

Repayment of/new finance leases
1,071,816
264,689

Interest paid
(406,302)
(316,363)

Net cash used in financing activities
117,362
2,115,606

Net increase in cash and cash equivalents
1,890,967
1,225,640

Cash and cash equivalents at beginning of year
3,402,152
2,176,512

Cash and cash equivalents at the end of year
5,293,119
3,402,152


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,293,119
3,402,251

Bank overdrafts
-
(99)

5,293,119
3,402,152


The notes on pages 20 to 43 form part of these financial statements.

Page 19

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Charlies Stores Holdings Limited (14761881) is a private Company, limited by shares, incorporated and domiciled in the UK and has its registered office and principal place of business at Unit 7, Offa's Dyke Business Park, Buttington, Welshpool, Powys, SY21 8SS.
The principal activity of the Company is that of a holding company. The principal activity of the Group is the retail of general household goods and the wholesale of agricultural equipment, machinery and supplies.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the merger accounting method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their book values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income for the entire financial year in which the combination occurred. They are deconsolidated from the date control ceases.

Page 20

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Page 21

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group 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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 22

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 23

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
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.

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

Depreciation is provided on the following basis:

Freehold property
-
2% on cost straight line
Long-term leasehold property
-
over the period of the lease
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
30% reducing balance and 2% on cost straight line
Computer equipment
-
20% on cost straight line
Improvements to property
-
15% reducing balance and 2% on cost straight line

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 24

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.13

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.

  
2.14

Demonstrators

The Group has a fleet of machinery which is financed by John Deere valued at £1,400,322 (2023: £Nil). These machines are held in stock and used as demonstrators for a year after which they are sold. These machines are held in stock with a restriction stating that they cannot be sold until the finance liability is settled.
The intention is that these assets do not remain on finance for more than one year after which they are sold as ex demonstrators to customers.

 
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.

 
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 Consolidated 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 Group'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.

Page 25

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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.

Page 26

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company and Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company and Group.
All turnover arose within the United Kingdom.

Page 27

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Other operating income

2024
2023
£
£

Other operating income
-
312

Net rents receivable
2,600
138,055

Insurance claims receivable
6,274
942,919

8,874
1,081,286



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
22,466
47,712

Other operating lease rentals
1,376,198
1,449,135

(Profit)/loss on disposal of fixed assets
(6,081)
16,460


7.


Auditors' remuneration

During the year, the Group 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 consolidated and parent Company's financial statements
28,200
17,700

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

All non-audit services not included above
7,800
6,000

Page 28

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
10,850,917
9,885,411

Social security costs
926,470
832,760

Cost of defined contribution scheme
315,904
290,495

12,093,291
11,008,666


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


        2024
        2023
            No.
            No.







Administration
39
38



Retail & Distribution
387
380

426
418

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration

2024
£

Directors' emoluments
324,742

Group contributions to defined contribution pension schemes
25,885

350,627


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £83,758 (2023 - £82,458).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,083 (2023 - £11,083).

Page 29

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
20,488
48

20,488
48


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
406,302
308,405

Finance leases and hire purchase contracts
420
728

Other interest payable
-
7,958

406,722
317,091


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
510,011
647,377


510,011
647,377


Total current tax
510,011
647,377

Deferred tax


Origination and reversal of timing differences
208,140
69,893

Total deferred tax
208,140
69,893


Tax on profit
718,151
717,270
Page 30

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,813,665
3,096,420


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
453,416
650,248

Effects of:


Expenses not deductible for tax purposes
5,981
7,259

Timing differences net of changes in tax rates
260,274
56,306

Book profit on chargeable assets
(1,520)
3,457

Total tax charge for the year/period
718,151
717,270


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 31

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Tangible fixed assets

Group






Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles

£
£
£
£



Cost or valuation


At 1 August 2023
10,251,126
391,298
1,488,722
1,168,641


Additions
-
-
60,105
186,031


Disposals
-
-
(23,690)
(110,845)


Transfers between classes
5,154,707
-
-
-



At 31 July 2024

15,405,833
391,298
1,525,137
1,243,827



Depreciation


At 1 August 2023
1,771,778
141,003
971,025
568,654


Charge for the year on owned assets
273,810
23,354
123,810
110,442


Charge for the year on financed assets
-
-
8,375
120,616


Disposals
-
-
(23,463)
(52,531)


Transfers between classes
2,108,698
-
-
-



At 31 July 2024

4,154,286
164,357
1,079,747
747,181



Net book value



At 31 July 2024
11,251,547
226,941
445,390
496,646



At 31 July 2023
8,479,348
250,295
517,697
599,987
Page 32

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           13.Tangible fixed assets (continued)


Fixtures and fittings
Computer equipment
Property improvements
Total

£
£
£
£



Cost or valuation


At 1 August 2023
3,512,418
881,445
5,489,068
23,182,718


Additions
94,550
249,375
-
590,061


Disposals
(105,142)
(147,790)
-
(387,467)


Transfers between classes
-
-
(5,154,707)
-



At 31 July 2024

3,501,826
983,030
334,361
23,385,312



Depreciation


At 1 August 2023
2,283,608
700,434
2,408,338
8,844,840


Charge for the year on owned assets
146,370
81,916
33,983
793,685


Charge for the year on financed assets
-
-
-
128,991


Disposals
(103,815)
(148,123)
-
(327,932)


Transfers between classes
-
-
(2,108,698)
-



At 31 July 2024

2,326,163
634,227
333,623
9,439,584



Net book value



At 31 July 2024
1,175,663
348,803
738
13,945,728



At 31 July 2023
1,228,810
181,011
3,080,730
14,337,878

Page 33

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           13.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


Transfers intra group
11,525,870



At 31 July 2024

11,525,870



Depreciation


Charge for the year on owned assets
273,810



At 31 July 2024

273,810



Net book value



At 31 July 2024
11,252,060



At 31 July 2023
-







14.


Fixed asset investments

Group





Listed investments

£



Cost or valuation


At 1 August 2023
1,000



At 31 July 2024
1,000




Page 34

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
100


Additions
510



At 31 July 2024
610





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Charlies Stores Limited
Unit 7, Offa's Dyke Business Park, Buttington, Welshpool, Powys,SY21 8SS
Ordinary
100%
Charlies Ag and Turf Limited
Unit 7, Offa's Dyke Business Park, Buttington, Welshpool, Powys,SY21 8SS
Ordinary
100%


15.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
25,327,245
24,619,011

25,327,245
24,619,011


Impairment losses included within the profit and loss account during the year were £249,619 (2023: £125,000).

Page 35

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,154,629
2,760,854
4,399
-

Amounts owed by group undertakings
-
-
286,429
-

Other debtors
2,112
909,576
511
-

Prepayments and accrued income
1,142,875
842,250
-
-

4,299,616
4,512,680
291,339
-



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
5,293,119
3,402,251
12,979
-

Less: bank overdrafts
-
(99)
-
(99)

5,293,119
3,402,152
12,979
(99)


Page 36

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
99
-
99

Bank loans
552,533
551,623
-
-

Trade creditors
9,258,153
8,531,759
-
-

Corporation tax
196,568
402,948
73,927
-

Other taxation and social security
1,412,514
1,416,008
-
-

Obligations under finance lease and hire purchase contracts
1,204,773
122,492
-
-

Other creditors
178,564
479,119
2,708
-

Accruals and deferred income
2,105,829
2,201,425
6,000
-

14,908,934
13,705,473
82,635
99



The following liabilities were secured:
Group
Group
2024
2023
£
£

Bank loans
552,533
551,623

Obligations under finance lease and hire purchase contracts
1,204,773
122,492

1,757,306
674,115

Details of security provided:

The overdraft facility and bank loans are secured with a legal charge over the leasehold property and the following freehold properties:
- Market Street and Back Lane, Newtown, Powys
- Unit 2, Dyffrn Enterprise Park, Newtown, Powys
- Coed-Y-Dinas Enterprise Park, Newtown, Powys
- Unit 7, Offa's Dyke Business Park, Buttington, Welshpool Powys
The interest rates charged on the above loans are disclosed in note 20.
Obligations under finance lease and hire purchase are secured upon the assets to which they relate.

Page 37

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
5,185,938
5,735,509

Net obligations under finance leases and hire purchase contracts
151,148
161,613

5,337,086
5,897,122



The following liabilities were secured:
Group
Group
2024
2023
£
£


Bank Loans
5,185,938
5,735,509

Net obligations under finance leases and hire purchase contracts
151,148
161,613

5,337,086
5,897,122

Details of security provided:

The overdraft facility and bank loans are secured with a legal charge over the leasehold property and the following freehold properties:
- Market Street and Back Lane, Newtown, Powys
- Unit 2, Dyffrn Enterprise Park, Newtown, Powys
- Coed-Y-Dinas Enterprise Park, Newtown, Powys
- Unit 7, Offa's Dyke Business Park, Buttington, Welshpool Powys
The interest rates charged on the above loans are disclosed in note 20.
Obligations under finance lease and hire purchase are secured upon the assets to which they relate.



Page 38

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
552,533
551,623


552,533
551,623

Amounts falling due 1-2 years

Bank loans
3,812,503
552,533


3,812,503
552,533

Amounts falling due 2-5 years

Bank loans
1,373,435
4,209,624


1,373,435
4,209,624

Amounts falling due after more than 5 years

Bank loans
-
973,352

-
973,352

5,738,471
6,287,132


There are two bank loans repayable monthly, with interest charged at 6.85% with final repayment dates of February 2026 and September 2030 respectively.
There is a third bank loan which is also repayable monthly, with interest charged at 6.6% with a final repayment date of January 2026.
The fourth and final bank loan is repayable quarterly, with interest charged at 6% with the final repayment date of December 2024.
The bank loans are secured with a legal charge over the leasehold property and freehold properties held by the Company. Further details of these properties can be found in note 19.

Page 39

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
1,204,773
122,492

Between 1-5 years
151,148
161,613

1,355,921
284,105


22.


Deferred taxation


Group



2024


£






At beginning of year
(401,767)


Charged to profit or loss
(208,140)



At end of year
(609,907)

Company


2024


£






Charged to profit or loss
(79,919)



At end of year
(79,919)

Group
Group
Company
2024
2023
2024
£
£
£

Accelerated capital allowances
(613,133)
(398,853)
(79,919)

Short term timing differences
3,226
(2,914)
-

(609,907)
(401,767)
(79,919)

Page 40

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

23.


Provisions


Group



Dilapidation provision

£





At 1 August 2023
461,300


Charged to profit or loss
46,300



At 31 July 2024
507,600


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



510 (2023 - 1) Ordinary shares of £1.00 each
510
1


During the year 509 Ordinary £1 Shares were issued at par value.


25.


Reserves

Profit and loss account

The profit and loss account represents the cumulative profits of the Company and Group since incorporation less any distributions made.

Page 41

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
26.


Analysis of net debt




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

3,402,251

1,896,889

5,299,140

Bank overdrafts

(99)

(7,002)

(7,101)

Debt due after 1 year

(5,735,509)

568,177

(5,167,332)

Debt due within 1 year

(551,623)

(19,516)

(571,139)

Finance leases

(284,105)

(1,070,666)

(1,354,771)


(3,169,085)
1,367,882
(1,801,203)


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £315,904 (2023 - £290,495). Contributions totaling £12,904 (2023 - £11,657) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
1,387,783
1,387,783

Later than 1 year and not later than 5 years
5,551,132
5,551,132

Later than 5 years
8,341,088
9,728,871

15,280,003
16,667,786
Page 42

 
CHARLIES STORES HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

29.


Related party transactions

The Company is taking the exemption under FRS102 to not disclose related party transactions with wholly owned subsidiaries within the group.
There is a balance within creditors of amounts owed to directors as a result of a property transfer of £98,064 (2023: £263,632). There is an additional balance of £2,422 (2023: £3,456) owed to directors, which is also held within creditors.


30.


Controlling party

The Directors are the controlling party of the Company and Group by virtue of their 100% shareholding in the Company.

 
Page 43