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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: R R Ransom



REGISTERED OFFICE: Locks Farm Main Road
Dibden
Southampton
Hampshire
SO45 5TD



REGISTERED NUMBER: 01590744 (England and Wales)



AUDITORS: M. D. Coxey and Co. Limited
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:





R R Ransom - Director


12th May 2025

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:

A K Theobald - resigned 7.8.23
H J Hutchinson - resigned 7.8.23
M Hepburn - resigned 8.8.23

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
R R Ransom 480 480

Ordinary D shares of 0.2p each
R R Ransom 30 30

Ordinary E shares of 0.2p each
R R Ransom 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:





R R Ransom - Director


12th May 2025

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.




Anthony Lewis FCCA ACA (Senior Statutory Auditor)
for and on behalf of M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT

12th May 2025

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

1,453,917

(1,015,629

)
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 4,334,343 9,024,335
Investments 11 487,600 493,700
Investment property 12 5,031,345 4,790,091
9,853,288 14,308,126

CURRENT ASSETS
Debtors 14 2,403,545 2,291,931
Cash at bank 1,356,725 32,470
3,760,270 2,324,401
CREDITORS
Amounts falling due within one year 15 415,428 1,252,211
NET CURRENT ASSETS 3,344,842 1,072,190
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,198,130

15,380,316

CREDITORS
Amounts falling due after more than one
year

16

(21,750

)

(2,098,186

)

PROVISIONS FOR LIABILITIES 20 (4,682,367 ) (5,671,726 )
NET ASSETS 8,494,013 7,610,404

CAPITAL AND RESERVES
Called up share capital 21 2 2
Revaluation reserve 2,085,929 2,085,929
Retained earnings 6,408,082 5,524,473
SHAREHOLDERS' FUNDS 8,494,013 7,610,404

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 12th May 2025 and were signed by:





R R Ransom - Director


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 2 5,984,769 2,085,929 8,070,700

Changes in equity
Total comprehensive income - (460,296 ) - (460,296 )
Balance at 31st March 2023 2 5,524,473 2,085,929 7,610,404

Changes in equity
Total comprehensive income - 883,609 - 883,609
Balance at 31st March 2024 2 6,408,082 2,085,929 8,494,013

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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


2. ACCOUNTING POLICIES

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Nil
Plant and machinery - 25% on cost, 15% on reducing balance and 12.5% - 25% on cost
Motor vehicles - 25% on cost and 25% on reducing balance
Computer equipment - 33% on cost

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
71 83

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 5,679,886 6,585,660 125,379 12,390,925
Disposals (2,705,621 ) (2,366,188 ) (81,975 ) (5,153,784 )
At 31st March 2024 2,974,265 4,219,472 43,404 7,237,141
DEPRECIATION
At 1st April 2023 17,199 3,273,743 75,648 3,366,590
Charge for year - 439,139 4,472 443,611
Eliminated on disposal - (868,354 ) (39,049 ) (907,403 )
At 31st March 2024 17,199 2,844,528 41,071 2,902,798
NET BOOK VALUE
At 31st March 2024 2,957,066 1,374,944 2,333 4,334,343
At 31st March 2023 5,662,687 3,311,917 49,731 9,024,335

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 387,008 3,376,973 68,308 3,832,289
Disposals (387,008 ) (1,074,601 ) (54,308 ) (1,515,917 )
Transfer to ownership - (1,048,258 ) (14,000 ) (1,062,258 )
At 31st March 2024 - 1,254,114 - 1,254,114
DEPRECIATION
At 1st April 2023 - 888,498 33,292 921,790
Charge for year - 207,055 3,500 210,555
Eliminated on disposal - (206,939 ) (25,126 ) (232,065 )
Transfer to ownership - (389,439 ) (11,666 ) (401,105 )
At 31st March 2024 - 499,175 - 499,175
NET BOOK VALUE
At 31st March 2024 - 754,939 - 754,939
At 31st March 2023 387,008 2,488,475 35,016 2,910,499

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 493,700
Disposals (6,100 )
At 31st March 2024 487,600
NET BOOK VALUE
At 31st March 2024 487,600
At 31st March 2023 493,700

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

R&W Environmental Limited
Registered office: Locks Farm Main Road, Dibden, Southampton, Hampshire, SO45 5TD.
Nature of business: Waste transport and disposal
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves (851,873 ) (1,322,905 )
Profit/(loss) for the year 471,032 (890,982 )

CHANTACRE LIMITED (REGISTERED NUMBER: 01590744)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

11. FIXED ASSET INVESTMENTS - continued

R&W Langley Limited
Registered office: Locks Farm Main Road, Dibden, Southampton, Hampshire, SO45 5TD.
Nature of business: Civil Engineering
%
Class of shares: holding
Ordinary 75.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1,355,850 1,256,572
Profit for the year 99,278 335,648


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 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

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 1,416,119 483,728 480
Amounts owed by group undertakings - - 1,336,398 1,749,563
Other debtors 1,130,499 6,051 429,199 -
Directors' current accounts 113,155 356,937 147,929 306,171
Tax 49,800 - - -
VAT 43,093 222,295 6,291 235,717
Prepayments 65,000 112,973 - -
3,854,648 2,114,375 2,403,545 2,291,931

Amounts falling due after more than one year:
Other debtors 345,645 - - -

Aggregate amounts 4,200,293 2,114,375 2,403,545 2,291,931

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 - 84,175
Hire purchase contracts (see note 18) 532,230 1,016,256 251,134 917,693
Trade creditors 823,247 1,022,190 81,552 89,117
Amounts owed to group undertakings - 421,057 - -
Tax 239,792 - 68,742 -
Social security and other taxes 410,297 114,341 - -
Other creditors 1,272,715 314,246 - 40,500
Accrued expenses 434,536 197,280 14,000 120,726
3,712,817 3,169,545 415,428 1,252,211

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 - 1,776,882
Hire purchase contracts (see note 18) 298,502 451,590 21,750 321,304
298,502 2,228,472 21,750 2,098,186

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 - 84,175
Amounts falling due between one and two years:
Bank loans - 1-2 years - 1,776,882 - 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 251,134 917,693
Between one and five years 21,750 321,304
272,884 1,238,997

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 - 1,861,057
Hire purchase contracts 830,732 1,467,846 272,884 1,238,997
830,732 3,328,903 272,884 3,100,054

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 1,583,003 411,050 1,400,409
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 1,988,387 3,683,339
Movement in the year due to:
changes in tax rates
changes in tax allowances (989,359 ) -
Balance at 31st March 2024 999,028 3,683,339

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: £    £   
480 Ordinary A 0.2p 1 1
320 Ordinary B 0.2p 1 1
100 Ordinary C 0.2p - -
100 Ordinary D 0.2p - -
4 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 5,524,473 2,085,929 7,610,402
Profit for the year 883,609 883,609
At 31st March 2024 6,408,082 2,085,929 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.