| REGISTERED NUMBER: 01590744 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| FOR |
| CHANTACRE LIMITED |
| REGISTERED NUMBER: 01590744 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| FOR |
| CHANTACRE LIMITED |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| CHANTACRE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| 25 Grosvenor Road |
| Wrexham |
| LL11 1BT |
| BANKERS: | National Westminster Bank |
| 68 Above Bar Street |
| Southampton |
| SO14 7DS |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| The director presents his strategic report of the company and the group for the year ended 31st March 2024. |
| REVIEW OF BUSINESS |
| The business of Chantacre Limited ("Chantacre" or "the company") and its operating subsidiaries, R & W Environmental Limited and R & W Langley Limited (together "the group") is in civil engineering and haulage and recycling services across the south of England. Chantacre holds property and plant assets that are, inter alia, employed by its subsidiaries in the operations of the group. |
| In the year two further subsidiaries, R & W Civil Engineering Limited and R & W Limited were placed into administration. Both former subsidiaries have been excluded from the consolidated results for the year ending 31 March 2024 and the comparative year ending 31 March 2023. |
| KEY PERFORMANCE INDICATORS |
| The directors believe that the key performance indicators are those that measure the financial performance of the group. These are turnover, gross profit, overhead levels and cash flow. |
| Group turnover has decreased on the previous year by 10.1%. The gross profit margin has decreased from 33.3% in the previous year to 27.1% in the current year. |
| Profit before tax has increased this year by 24%. |
| Non-financial performance indicators are also key to management's holistic approach to all stakeholders. These include customer satisfaction, staff turnover, health and safety and environmental impact. |
| The average number of employees has decreased from 83 to 71. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors within the group are aware of the inherent risks associated with the industry within the group operates. The market and the wider business environment is kept under close and continuous review to identify potential impacts on current and future trading. |
| Liquidity risks |
| The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet the needs of the group. Fixed assets are financed by means of instalment credit where competitive facilities are available. |
| Credit and commercial risks |
| The directors of the group recognise the importance of risk management and have in place procedures which are designed to ensure that the appropriate checks are undertaken on clients and prospective clients prior to exposing the group to commercial and financial risk. |
| The group's principal financial assets are trade debtors, amounts recoverable on contracts and cash at bank. The risks associated with each are managed according to the nature of the asset concerned. |
| HEALTH, SAFETY AND ENVIRONMENTAL MANAGEMENT |
| The group's health, safety and environmental management policy is formulated to ensure the prevention of work related injuries or illnesses to our employees and other persons that may arise in connection with the activities of the group. These policies also seek to deliver the environmental objectives of the group. |
| ON BEHALF OF THE BOARD: |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 31st March 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of the provision of a range of civil engineering, haulage and recycling services across the south of England. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31st March 2024. |
| FUTURE DEVELOPMENTS |
| We continue to focus on being increasingly competitive with our marketing activity to further grow and taking the business to new heights by building on the success of previous years. |
| DIRECTORS |
| The directors set out in the table below have held office during the whole of the period from 1st April 2023 to the date of this report unless otherwise stated. |
| Other changes in directors holding office are as follows: |
| The beneficial interests of the director holding office at 31st March 2024 in the shares of the company, according to the register of directors' interests, were as follows: |
| 31.3.24 | 1.4.23 |
| Ordinary A shares of 0.2p each |
| 480 | 480 |
| Ordinary D shares of 0.2p each |
| 30 | 30 |
| Ordinary E shares of 0.2p each |
| 1 | 1 |
| He did not hold any beneficial interests in the following: |
| Ordinary B shares of 0.2p each |
| Ordinary C shares of 0.2p each |
| He did not hold any non-beneficial interests in any of the shares of the company. |
| FINANCIAL INSTRUMENTS |
| The group's operations expose it to a variety of financial risks including liquidity risk, credit risk and price risk. |
| The group's principal financial assets are trade debtors, amounts recoverable on contracts and cash at bank. The risks associated with each are managed according to the nature of the asset concerned. |
| POLITICAL DONATIONS AND EXPENDITURE |
| Charitable donations for the year amounted to £5,080 (2023: £6,859). There were no political donations. |
| POST BALANCE SHEET EVENTS |
| There have been no events since the year end which would materially affect the financial statements. |
| GEOGRAPHICAL AREA |
| No branches of the group exist outside the United Kingdom. |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
| AUDITORS |
| The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CHANTACRE LIMITED |
| Opinion |
| We have audited the financial statements of Chantacre Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 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 UK, including the FRC'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 director's 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 and 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 director with respect to going concern are described in the relevant sections of this report. |
| Emphasis of matter |
| We draw attention to Note 26 of the financial statements, which describes the effects of the restatement in prior years. Our opinion is not modified in respect of this matter. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CHANTACRE LIMITED |
| 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 Report of the Director. |
| We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CHANTACRE LIMITED |
| 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including |
| fraud and non-compliance with laws and regulations, was as follows: |
| - the engagement partner ensured that the engagement team collectively had the appropriate competence, |
| capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - we identified the laws and regulations applicable to the company through discussions with directors and other |
| management; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of |
| management and inspecting legal correspondence; and |
| - identified laws and regulations were communicated within the audit team regularly and the team remained alert to |
| instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining |
| an understanding of how fraud might occur, by: |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of |
| actual, suspected and alleged fraud; and |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; |
| To address the risk of fraud through management bias and override of controls, we: |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining accounting estimates were indicative of |
| potential bias; and |
| - investigated the rationale behind significant or unusual transactions; |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| 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 Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CHANTACRE LIMITED |
| 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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| 25 Grosvenor Road |
| Wrexham |
| LL11 1BT |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ |
| TURNOVER | 3 | 13,757,403 | 15,306,022 |
| Cost of sales | 10,030,043 | 10,205,597 |
| GROSS PROFIT | 3,727,360 | 5,100,425 |
| Administrative expenses | 2,781,405 | 6,076,998 |
| 945,955 | (976,573 | ) |
| Other operating income | 4 | 15,000 | 1,678,200 |
| OPERATING PROFIT | 6 | 960,955 | 701,627 |
| Interest receivable and similar income | - | 495 |
| 960,955 | 702,122 |
| Interest payable and similar expenses | 7 | 218,842 | 103,692 |
| PROFIT BEFORE TAXATION | 742,113 | 598,430 |
| Tax on profit | 8 | (711,804 | ) | 1,614,059 |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Profit/(loss) attributable to: |
| Owners of the parent | 1,429,097 | (1,099,541 | ) |
| Non-controlling interests | 24,820 | 83,912 |
| 1,453,917 | (1,015,629 | ) |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ |
| PROFIT/(LOSS) FOR THE YEAR | 1,453,917 | (1,015,629 | ) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,453,917 |
(1,015,629 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,429,097 | (1,099,541 | ) |
| Non-controlling interests | 24,820 | 83,912 |
| 1,453,917 | (1,015,629 | ) |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| CONSOLIDATED BALANCE SHEET |
| 31ST MARCH 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 | 5,424,079 | 10,742,005 |
| Investments | 11 | - | 6,100 |
| Investment property | 12 | 5,031,345 | 4,790,091 |
| 10,455,424 | 15,538,196 |
| CURRENT ASSETS |
| Stocks | 13 | 52,352 | 134,533 |
| Debtors | 14 | 4,200,293 | 2,114,375 |
| Cash at bank | 2,611,751 | 417,093 |
| 6,864,396 | 2,666,001 |
| CREDITORS |
| Amounts falling due within one year | 15 | 3,712,817 | 3,169,545 |
| NET CURRENT ASSETS/(LIABILITIES) | 3,151,579 | (503,544 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
13,607,003 |
15,034,652 |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
(298,502 |
) |
(2,228,472 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (4,798,112 | ) | (5,749,708 | ) |
| NET ASSETS | 8,510,389 | 7,056,472 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 2 | 2 |
| Revaluation reserve | 22 | 2,085,929 | 2,086,664 |
| Retained earnings | 22 | 5,982,869 | 4,553,037 |
| SHAREHOLDERS' FUNDS | 8,068,800 | 6,639,703 |
| NON-CONTROLLING INTERESTS | 441,589 | 416,769 |
| TOTAL EQUITY | 8,510,389 | 7,056,472 |
| The financial statements were approved by the director and authorised for issue on 12th May 2025 and were signed by: |
| R R Ransom - Director |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| COMPANY BALANCE SHEET |
| 31ST MARCH 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investments | 11 |
| Investment property | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Revaluation reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit/(loss) for the financial year | 883,609 | (460,296 | ) |
| The financial statements were approved by the director and authorised for issue on |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| Called up |
| share | Retained | Revaluation |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1st April 2022 | 2 | 5,652,578 | 2,086,664 |
| Changes in equity |
| Total comprehensive income | - | (1,099,541 | ) | - |
| Balance at 31st March 2023 | 2 | 4,553,037 | 2,086,664 |
| Changes in equity |
| Total comprehensive income | - | 1,429,832 | (735 | ) |
| Balance at 31st March 2024 | 2 | 5,982,869 | 2,085,929 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1st April 2022 | 7,739,244 | 332,857 | 8,072,101 |
| Changes in equity |
| Total comprehensive income | (1,099,541 | ) | 83,912 | (1,015,629 | ) |
| Balance at 31st March 2023 | 6,639,703 | 416,769 | 7,056,472 |
| Changes in equity |
| Total comprehensive income | 1,429,097 | 24,820 | 1,453,917 |
| Balance at 31st March 2024 | 8,068,800 | 441,589 | 8,510,389 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1st April 2022 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31st March 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31st March 2024 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | (1,388,980 | ) | 2,382,585 |
| Interest paid | (114,436 | ) | (82,883 | ) |
| Interest element of hire purchase payments paid |
(104,406 |
) |
(20,809 |
) |
| Tax paid | (49,800 | ) | - |
| Net cash from operating activities | (1,657,622 | ) | 2,278,893 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (825,714 | ) | (871,264 | ) |
| Purchase of investment property | (241,254 | ) | (44,389 | ) |
| Sale of tangible fixed assets | 7,173,637 | 375,043 |
| Interest received | - | 495 |
| Net cash from investing activities | 6,106,669 | (540,115 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (1,861,057 | ) | (84,912 | ) |
| Capital repayments in year | (637,114 | ) | (1,155,148 | ) |
| Amount introduced by directors | 448,620 | 2,800 |
| Amount withdrawn by directors | (204,838 | ) | (359,737 | ) |
| Net cash from financing activities | (2,254,389 | ) | (1,596,997 | ) |
| Increase in cash and cash equivalents | 2,194,658 | 141,781 |
| Cash and cash equivalents at beginning of year |
2 |
417,093 |
275,312 |
| Cash and cash equivalents at end of year | 2 | 2,611,751 | 417,093 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Profit before taxation | 742,113 | 598,430 |
| Depreciation charges | 691,333 | 950,499 |
| Profit on disposal of fixed assets | (1,715,230 | ) | (133,276 | ) |
| (Increase)/Decrease in group debtor | - | 697,572 |
| Increase/(Decrease) in group creditor | (421,057 | ) | 421,057 |
| Finance costs | 218,842 | 103,692 |
| Finance income | - | (495 | ) |
| (483,999 | ) | 2,637,479 |
| Decrease/(increase) in stocks | 82,181 | (80,380 | ) |
| (Increase)/decrease in trade and other debtors | (2,279,900 | ) | 350,344 |
| Increase/(decrease) in trade and other creditors | 1,292,738 | (524,858 | ) |
| Cash generated from operations | (1,388,980 | ) | 2,382,585 |
| 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 31st March 2024 |
| 31.3.24 | 1.4.23 |
| £ | £ |
| Cash and cash equivalents | 2,611,751 | 417,093 |
| Year ended 31st March 2023 |
| 31.3.23 | 1.4.22 |
| £ | £ |
| Cash and cash equivalents | 417,093 | 275,312 |
| 3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
| At 1.4.23 | Cash flow | At 31.3.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 417,093 | 2,194,658 | 2,611,751 |
| 417,093 | 2,194,658 | 2,611,751 |
| Debt |
| Finance leases | (1,467,846 | ) | 637,114 | (830,732 | ) |
| Debts falling due within 1 year | (84,175 | ) | 84,175 | - |
| Debts falling due after 1 year | (1,776,882 | ) | 1,776,882 | - |
| (3,328,903 | ) | 2,498,171 | (830,732 | ) |
| Total | (2,911,810 | ) | 4,692,829 | 1,781,019 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 1. | STATUTORY INFORMATION |
| Chantacre Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The group financial statements consolidate the financial statements of Chantacre Limited and its subsidiary undertakings. The results of subsidiary undertakings acquired are consolidated from the date of acquisition using the acquisition method of accounting. Uniform accounting policies are applied across the group. Intra-group transactions have been eliminated. |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: |
| - Estimated useful lives and residual values of fixed assets: |
| The carrying value of fixed assets are reviewed each year end for indicators of impairment triggers. If such triggers exist, management would be required to carry out a formal impairment review using a discounted cash flow model to determine their value in use on a cash-generating unit basis. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a sustainable discount rate in order to calculate the present value. |
| Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods. |
| - Estimated write down of stock to net realisable value: |
| Stock valuation has been based on an estimated useful life and residual value deemed appropriate by the directors. The estimated write down of stock to net realisable value is reviewed annually and revised as appropriate by the directors. |
| - Revenue recognition: |
| In making its judgement, management consider the detailed criteria for the recognition of revenue as set out within Section 23 of FRS 102. The directors are satisfied that the recognition point being typically when the service has taken place is correct. |
| - Provisions |
| Provisions are made where the potential liability is material in the context of the financial statements. Specifically, a provision has been made for the potential liability arising from a claim made by Network Rail against the company under a parental guarantee relating to the obligations of R & W Rail Limited (in liquidation). The specific provision is for the sum claimed by Network Rail of £1,436,963.63 plus a reasonable estimate of costs in defending the claim. A provision has also been made with respect to the potential liability to the company from the parental guarantee arising from the audit waiver signed with respect to two subsidiaries, BPMS and KCM where sums owed to R & W Civil Engineering Limited and R & W Limited (in administration) could potentially be claimed from the parent company by the administrator. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. |
| Cash and cash equivalents: |
| These comprise cash at bank. |
| Debtors: |
| Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. |
| Trade creditors: |
| Trade creditors are not interest bearing and are stated at their nominal value. |
| Intra-group balances (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| The group's turnover arose wholly within the United Kingdom. |
| 4. | OTHER OPERATING INCOME |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Rents received | 15,000 | - |
| Investment proceeds | - | 1,678,200 |
| 15,000 | 1,678,200 |
| 5. | EMPLOYEES AND DIRECTORS |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Wages and salaries | 4,101,408 | 3,726,219 |
| Social security costs | 329,961 | 439,778 |
| Other pension costs | 67,299 | 81,058 |
| 4,498,668 | 4,247,055 |
| The average number of employees during the year was as follows: |
| 31.3.24 | 31.3.23 |
| Director | 1 | 4 |
| Administration | 17 | 14 |
| Operations | 53 | 65 |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Directors' remuneration | 20,000 | 133,692 |
| Key management are also the directors. |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Hire of plant and machinery | 816,228 | 1,656,903 |
| Other operating leases | 137,999 | 440,676 |
| Depreciation - owned assets | 287,622 | 289,694 |
| Depreciation - assets on hire purchase contracts | 403,711 | 660,805 |
| Profit on disposal of fixed assets | (1,715,230 | ) | (133,276 | ) |
| Auditors' remuneration | 55,335 | 42,530 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Mortgage | 114,436 | 82,883 |
| Hire purchase | 104,406 | 20,809 |
| 218,842 | 103,692 |
| 8. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the profit for the year was as follows: |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 239,792 | - |
| Deferred tax | (951,596 | ) | 1,614,059 |
| Tax on profit | (711,804 | ) | 1,614,059 |
| UK corporation tax has been charged at 25 % (2023 - 25 %). |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax (credit)/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 | 742,113 | 598,430 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
185,528 |
149,608 |
| Effects of: |
| Group bad debt provision | (257,468 | ) | 204,634 |
| Property disposal | (655,551 | ) | - |
| Entertaining | 6,805 | 2,076 |
| Superdeduction disposal | 8,874 | - |
| Revaluation reserve | 8 | - |
| Superdeduction adjustment | - | 191,771 |
| Management charge reversal | - | 1,492,500 |
| Tax rate adjustment | - | (424,264 | ) |
| Indexation | - | (2,266 | ) |
| Total tax (credit)/charge | (711,804 | ) | 1,614,059 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1st April 2023 | 6,804,730 | 7,504,933 | 486,587 | 20,218 | 14,816,468 |
| Additions | - | 504,135 | 321,579 | - | 825,714 |
| Disposals | (3,830,465 | ) | (2,450,664 | ) | (157,789 | ) | - | (6,438,918 | ) |
| At 31st March 2024 | 2,974,265 | 5,558,404 | 650,377 | 20,218 | 9,203,264 |
| DEPRECIATION |
| At 1st April 2023 | 17,199 | 3,720,021 | 337,243 | - | 4,074,463 |
| Charge for year | - | 590,025 | 94,569 | 6,739 | 691,333 |
| Eliminated on disposal | - | (919,700 | ) | (66,911 | ) | - | (986,611 | ) |
| At 31st March 2024 | 17,199 | 3,390,346 | 364,901 | 6,739 | 3,779,185 |
| NET BOOK VALUE |
| At 31st March 2024 | 2,957,066 | 2,168,058 | 285,476 | 13,479 | 5,424,079 |
| At 31st March 2023 | 6,787,531 | 3,784,912 | 149,344 | 20,218 | 10,742,005 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st April 2023 | 387,008 | 3,660,648 | 136,222 | 4,183,878 |
| Additions | - | 459,000 | 310,578 | 769,578 |
| Disposals | (387,008 | ) | (1,074,601 | ) | (122,222 | ) | (1,583,831 | ) |
| Transfer to ownership | - | (1,048,258 | ) | (14,000 | ) | (1,062,258 | ) |
| At 31st March 2024 | - | 1,996,789 | 310,578 | 2,307,367 |
| DEPRECIATION |
| At 1st April 2023 | - | 927,980 | 37,537 | 965,517 |
| Charge for year | - | 322,088 | 81,623 | 403,711 |
| Eliminated on disposal | - | (206,939 | ) | (45,288 | ) | (252,227 | ) |
| Transfer to ownership | - | (389,439 | ) | (11,666 | ) | (401,105 | ) |
| At 31st March 2024 | - | 653,690 | 62,206 | 715,896 |
| NET BOOK VALUE |
| At 31st March 2024 | - | 1,343,099 | 248,372 | 1,591,471 |
| At 31st March 2023 | 387,008 | 2,732,668 | 98,685 | 3,218,361 |
| Company |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1st April 2023 |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31st March 2024 |
| DEPRECIATION |
| At 1st April 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31st March 2024 |
| NET BOOK VALUE |
| At 31st March 2024 |
| At 31st March 2023 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Cost or valuation at 31st March 2024 is represented by: |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| Valuation in 2022 | 2,351,911 | - | - | 2,351,911 |
| Cost | 622,354 | 4,219,472 | 43,404 | 4,885,230 |
| 2,974,265 | 4,219,472 | 43,404 | 7,237,141 |
| If freehold properties had not been revalued they would have been included at the following historical cost: |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Cost | 622,354 | 3,327,975 |
| Freehold properties were were valued on an open market basis on 22nd July 2022 by Sam Shaikh MSc MRICS . |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1st April 2023 |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| Transfer to ownership | - | (1,048,258 | ) | (14,000 | ) | (1,062,258 | ) |
| At 31st March 2024 |
| DEPRECIATION |
| At 1st April 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| Transfer to ownership | - | (389,439 | ) | (11,666 | ) | (401,105 | ) |
| At 31st March 2024 |
| NET BOOK VALUE |
| At 31st March 2024 |
| At 31st March 2023 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 11. | FIXED ASSET INVESTMENTS |
| Group |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1st April 2023 | 6,100 |
| Disposals | (6,100 | ) |
| At 31st March 2024 | - |
| NET BOOK VALUE |
| At 31st March 2024 | - |
| At 31st March 2023 | 6,100 |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1st April 2023 |
| Disposals | ( |
) |
| At 31st March 2024 |
| NET BOOK VALUE |
| At 31st March 2024 |
| At 31st March 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Locks Farm Main Road, Dibden, Southampton, Hampshire, SO45 5TD. |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit/(loss) for the year | ( |
) |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 11. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Locks Farm Main Road, Dibden, Southampton, Hampshire, SO45 5TD. |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 12. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1st April 2023 | 4,790,091 |
| Additions | 241,254 |
| At 31st March 2024 | 5,031,345 |
| NET BOOK VALUE |
| At 31st March 2024 | 5,031,345 |
| At 31st March 2023 | 4,790,091 |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1st April 2023 |
| Additions |
| At 31st March 2024 |
| NET BOOK VALUE |
| At 31st March 2024 |
| At 31st March 2023 |
| Fair value at 31st March 2024 is represented by: |
| £ |
| Valuation in 2022 | 2,893,002 |
| Cost | 2,138,343 |
| 5,031,345 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 12. | INVESTMENT PROPERTY - continued |
| Company |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Cost | 2,138,343 | 1,897,089 |
| Investment property was valued on an open market basis on 25th July 2022 by Keygrove Chartered Surveyors . |
| 13. | STOCKS |
| Group |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Stocks | 52,352 | 46,644 |
| Work-in-progress | - | 87,889 |
| 52,352 | 134,533 |
| 14. | DEBTORS |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 2,453,101 | 1,416,119 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 1,130,499 | 6,051 |
| Directors' current accounts | 113,155 | 356,937 | 147,929 | 306,171 |
| Tax | 49,800 | - |
| VAT | 43,093 | 222,295 |
| Prepayments | 65,000 | 112,973 |
| 3,854,648 | 2,114,375 |
| Amounts falling due after more than one | year: |
| Other debtors | 345,645 | - |
| Aggregate amounts | 4,200,293 | 2,114,375 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 17) | - | 84,175 |
| Hire purchase contracts (see note 18) | 532,230 | 1,016,256 |
| Trade creditors | 823,247 | 1,022,190 |
| Amounts owed to group undertakings | - | 421,057 |
| Tax | 239,792 | - |
| Social security and other taxes | 410,297 | 114,341 |
| Other creditors | 1,272,715 | 314,246 |
| Accrued expenses | 434,536 | 197,280 |
| 3,712,817 | 3,169,545 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| £ | £ | £ | £ |
| Bank loans (see note 17) | - | 1,776,882 |
| Hire purchase contracts (see note 18) | 298,502 | 451,590 |
| 298,502 | 2,228,472 |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | - | 84,175 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | - | 1,776,882 |
| 18. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 532,230 | 1,016,256 |
| Between one and five years | 298,502 | 451,590 |
| 830,732 | 1,467,846 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 18. | LEASING AGREEMENTS - continued |
| Company |
| Hire purchase contracts |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 19. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| £ | £ | £ | £ |
| Bank loans | - | 1,861,057 |
| Hire purchase contracts | 830,732 | 1,467,846 | 272,884 | 1,238,997 |
| 830,732 | 3,328,903 |
| 20. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 578,697 | 1,583,003 |
| Tax losses carried forward | (51,902 | ) | (104,795 | ) |
| Other timing differences | 587,978 | 588,161 | 587,978 | 587,978 |
| 1,114,773 | 2,066,369 | 999,028 | 1,988,387 |
| Other provisions | 3,683,339 | 3,683,339 | 3,683,339 | 3,683,339 |
| Aggregate amounts | 4,798,112 | 5,749,708 | 4,682,367 | 5,671,726 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1st April 2023 | 2,066,369 |
| Movement in the year due to: |
| changes in tax allowances | (899,702 | ) |
| changes in tax losses | (51,902 | ) |
| revaluation reserve | 8 |
| Balance at 31st March 2024 | 1,114,773 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 20. | PROVISIONS FOR LIABILITIES - continued |
| Company |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1st April 2023 |
| Movement in the year due to: |
| changes in tax rates |
| changes in tax allowances | (989,359 | ) | - |
| Balance at 31st March 2024 |
| There are two sums for the potential cost of parental guarantees given by the company have been provided for. The guarantees relate to, firstly, contractual obligations with respect to a subsidiary in liquidation and secondly to two non-trading subsidiaries. The quantification of the first guarantee was assessed in large measure on placing the subsidiary into liquidation. The second is based on an assessment of the restated balance sheets of each of the non-trading subsidiaries. |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
| value: | £ | £ |
| Ordinary A | 0.2p | 1 | 1 |
| Ordinary B | 0.2p | 1 | 1 |
| Ordinary C | 0.2p | - | - |
| Ordinary D | 0.2p | - | - |
| Ordinary E | 0.2p | - | - |
| 2 | 2 |
| 22. | RESERVES |
| Group |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1st April 2023 | 4,553,037 | 2,086,664 | 6,639,701 |
| Profit for the year | 1,429,097 | 1,429,097 |
| Disposal of revalued assets | 735 | (735 | ) | - |
| At 31st March 2024 | 5,982,869 | 2,085,929 | 8,068,798 |
| Company |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1st April 2023 | 7,610,402 |
| Profit for the year |
| At 31st March 2024 | 8,494,011 |
| CHANTACRE LIMITED (REGISTERED NUMBER: 01590744) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2024 |
| 23. | CAPITAL COMMITMENTS |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | - | - |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023: |
| 31.3.24 | 31.3.23 |
| £ | £ |
| R R Ransom |
| Balance outstanding at start of year | 128,559 | - |
| Amounts advanced | 19,370 | 128,559 |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 147,929 | 128,559 |
| 25. | ULTIMATE CONTROLLING PARTY |
| The company under the ultimate control of R R Ransom, a director of all of the Chantacre Group of companies. |
| 26. | RESTATEMENT AND CONTINGENT LIABILITIES |
| Following an external review of historic accounting for the company and wider group instigated by the director in 2023 it became clear that over a number of years there had occurred a series of erroneous accounting entries in the company and its group members. These erroneous accounting entries covered the reallocation of management charges properly calculated, charged and paid within each year from one group member to another, in many cases the company, unapproved credits of charges for plant properly made and transfers of intercompany debts, again primarily to the company, where the transfer was without commercial substance or documentation. In each case it appears that the objective was to present the financial statements of, primarily, R & W Civil Engineering Limited in a better light showing a pattern of profits and consequent accumulated net assets which, but for the erroneous entries, would not have been so disclosed. While the accumulated consequence of the erroneous entries was not apparent from the consolidated group position up to the 31 March 2022 the net assets of the company were depleted by a total of £4,593,245. The erroneous entries were corrected by way of a prior year adjustment and the balance sheet restated in the financial statements for the year ending 31 March 2023. In addition, further adjustments occasioned by the erroneous entries resulted in additional provisions against sums due from subsidiaries in administration of £2,022,729 in 2023 and a further £910,023 in 2024. |
| With the appointment of administrators to R & W Civil Engineering Limited and R & W Limited in July 2023 a statement of affairs was produced by its directors which took no account of the restatements detailed above. As a result, the statement records that the company owes a net £6,479,384 to R & W Civil Engineering Limited. The administrators have been informed by the company that the debt is not recognised. At this stage the fact both R & W Civil Engineering Limited and R & W Limited owe substantial sums to the company has not been communicated in detail to the administrators as a final accounting was not completed until the completion of the financial statements to 31 March 2024. A proof of debt will be prepared and submitted before the second anniversary of the administration. The disputing of the sum set out in the statement of affairs by the company is acknowledged in the latest administrators progress report dated 19 February 2025. The administrators further state that they continue to investigate the matter. To date the administrators have taken no steps to recover the sum from the company. |
| The erroneous accounting entries form part of a legal action by the director and the company against former directors of the company. The action is scheduled for trial early in 2026. |