| REGISTERED NUMBER: 08088487 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 31 August 2024 |
| for |
| Carpenter Investments Limited |
| REGISTERED NUMBER: 08088487 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 31 August 2024 |
| for |
| Carpenter Investments Limited |
| Carpenter Investments Limited (Registered number: 08088487) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Consolidated Income Statement | 7 |
| Consolidated Other Comprehensive Income | 8 |
| Consolidated Balance Sheet | 9 |
| Company Balance Sheet | 10 |
| Consolidated Statement of Changes in Equity | 11 |
| Company Statement of Changes in Equity | 12 |
| Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Financial Statements | 15 |
| Carpenter Investments Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| and Statutory Auditors |
| Seymour Chambers |
| 92 London Road |
| Liverpool |
| Merseyside |
| L3 5NW |
| Carpenter Investments Limited (Registered number: 08088487) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 August 2024. |
| Carpenter Investments Ltd is the holding company for a group of companies specialising in property investment and development across the northwest of England. We focus on the creation, development, and management of new build to rent communities and purpose build student accommodation. We currently have over 2000 residents living in our PBSA and BTR communities and our average occupancy rate for the year was 98%. In addition we have a commercial portfolio of 85,000 ft2 This is also 97% let, primarily to high quality national retailers and institutions. |
| Our average tenancy length for our 569 BTR homes is now 30 months. We think this reflects our commitment to providing high quality housing at reasonable prices for our tenants. We work hard to ensure that all our tenants have safe, well maintained and well-designed homes. |
| At the heart of our success is that we reinvest from our own resources, control and manage our own construction and manage our completed buildings ourselves. This has allowed us to increase Shareholder Funds from £42.2m in 2019 to £101.9m in 2024. This 20% annual increase in assets is testament to the dedication and hard work of our staff, and the support of our banks as well as to the underlying common sense of our business model. The company now has gross fixed assets of £257million which is 9.46% increase of last year. |
| REVIEW OF BUSINESS |
| 2024 was another challenging year for property and construction. The year began with interest at 5.25% and only decreased to 5% in the final month of the financial year. The group hedges a proportion of its debt, however despite this policy, interest costs in the investment portfolio increased over the year from £5.6 m to £7.4m. This 32% increase was simply the result of the interest rate environment. In addition, the company has had to deal, as with the rest of the economy with very high inflation. Utility costs, which formed a significant part of operating costs remained high for much of the year, only starting to reduce to more normal levels in the second half of the year. |
| During the year we have continued to build. This year we have continued with our Springmount Mill project in Stockport. This 202 home, £50 million development is expected to welcome its firsts residents in the second half of 2025. |
| In addition, we achieved a planning permission in January 2024 for 267 apartments at a freehold site in Kings Dock, Liverpool. This permission has been subsequently revised to 291 apartments and we are expecting to make a start on this extremely exciting development in Q3 2025. |
| Group income has increased by £0.675 million year on year, which is 4.9% increase to £14.6million, the increase has come about mainly by the stabilisation of the final phase of 72 apartments at Old Station Gardens. There has also been some underlying rental growth. We expect this growth to continue over the current financial year and demand for the secure, well appointed, energy efficient homes we offer continues to increase. |
| Cash generated from operations has remained steady at £9.86 million compared to £9.82m in 2023. The very high base rates throughout the year resulted in a significant increase in total interest payments over the year. The group has remained fully covenant compliant at all times and with the recent decrease in interest rates now, together with growth in income and continued tight control of operating costs we are expecting to see continued growth in operating income |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The greatest risk to the groups profitability is increases in The Bank of England base rate of interest. The continuous Bank Of England interest rate rises over the past couple of years have reduced our ability to obtain finance at an affordable rate, which has both slowed down construction on our sites and reduced profitability of completed sites. This will remain a risk and uncertainty to our business to a point where interest rates return to a more reasonable level, but it is clear that interest rates have now peaked and will start to reduce over the coming years which in turn improve our profitability. Construction material costs have been subject to unprecedented inflationary pressure over the past few years which increases our development costs, but there are signs that these pressures are now easing. |
| ON BEHALF OF THE BOARD: |
| 29 May 2025 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024. |
| DIVIDENDS |
| Interim dividends per share were paid as follows: |
| £2,500 | - 31 March 2024 |
| £110,000 | - 31 August 2024 |
| £112,500 |
| The directors recommend that no final dividend be paid. |
| The total distribution of dividends for the year ended 31 August 2024 will be £ 450,000 . |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and 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 directors are 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 each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Douglas Fairless Partnership, 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 |
| Carpenter Investments Limited |
| Opinion |
| We have audited the financial statements of Carpenter Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 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 31 August 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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 directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Carpenter Investments 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 Directors. |
| 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 directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Carpenter Investments 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: |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
| In identifying and assessing risks of material misstatement in the financial statements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| - the nature of the industry and sector, the control environment and the impact of business performance on Directors earnings. |
| - results of our enquiries of management and key finance persons about their own identification and assessment of the risks and irregularities. |
| - any matters we identified after obtaining and reviewing company policies and procedures relating to; identifying, evaluating and complying with laws and regulations. Detecting and responding to risks of fraud. The internal controls in place to mitigate the risks of fraud or non-compliance with laws and regulations. |
| From this assessment, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion. Our procedures to respond to risks identified included the following: |
| - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
| - enquiring of management concerning actual and potential litigation and claims; |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and |
| - in addressing the risk of fraud through management override of controls; we have tested the operational effectiveness of internal controls relevant to the financial statements, tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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. |
| for and on behalf of |
| Chartered Certified Accountants |
| and Statutory Auditors |
| Seymour Chambers |
| 92 London Road |
| Liverpool |
| Merseyside |
| L3 5NW |
| Carpenter Investments Limited (Registered number: 08088487) |
| Consolidated |
| Income Statement |
| for the Year Ended 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| TURNOVER | 3 | 14,597,353 | 13,920,808 |
| Cost of sales | 314,910 | 479,300 |
| GROSS PROFIT | 14,282,443 | 13,441,508 |
| Administrative expenses | 4,825,893 | 5,730,187 |
| 9,456,550 | 7,711,321 |
| Other operating income | 1,110 | 56,157 |
| OPERATING PROFIT | 5 | 9,457,660 | 7,767,478 |
| Interest receivable and similar income | 806,703 | 611,039 |
| 10,264,363 | 8,378,517 |
| Gain/loss on revaluation of investment property |
6,597,915 |
16,939,899 |
| 16,862,278 | 25,318,416 |
| Interest payable and similar expenses | 6 | 9,219,396 | 6,918,439 |
| PROFIT BEFORE TAXATION | 7,642,882 | 18,399,977 |
| Tax on profit | 7 | 1,702,681 | 8,432,536 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 5,950,780 | 9,967,441 |
| Non-controlling interests | (10,579 | ) | - |
| 5,940,201 | 9,967,441 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 5,940,201 | 9,967,441 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
5,940,201 |
9,967,441 |
| Total comprehensive income attributable to: |
| Owners of the parent | 5,940,201 | 9,967,441 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Consolidated Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 491,665 | - |
| Tangible assets | 11 | 1,284,189 | 1,240,910 |
| Investments | 12 |
| Interest in associate | 10,580 | 1 |
| Investment property | 13 | 255,736,696 | 233,601,142 |
| 257,523,130 | 234,842,053 |
| CURRENT ASSETS |
| Debtors | 14 | 17,627,559 | 17,192,239 |
| Cash at bank and in hand | 610,246 | 867,385 |
| 18,237,805 | 18,059,624 |
| CREDITORS |
| Amounts falling due within one year | 15 | 37,814,061 | 26,805,833 |
| NET CURRENT LIABILITIES | (19,576,256 | ) | (8,746,209 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
237,946,874 |
226,095,844 |
| CREDITORS |
| Amounts falling due after more than one year | 16 | (113,017,000 | ) | (108,398,036 | ) |
| PROVISIONS FOR LIABILITIES | 19 | (22,990,287 | ) | (21,287,606 | ) |
| NET ASSETS | 101,939,587 | 96,410,202 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 4 | 4 |
| Non-Dist Reserves | 73,246,347 | 68,297,912 |
| Retained earnings | 28,693,236 | 28,112,286 |
| SHAREHOLDERS' FUNDS | 101,939,587 | 96,410,202 |
| The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by: |
| A J Beer - Director |
| D C Brewitt - Director |
| Carpenter Investments Limited (Registered number: 08088487) |
| Company Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| Investment property | 13 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,790,803 | 2,420,715 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Carpenter Investments Limited (Registered number: 08088487) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Non-Dist | Total |
| capital | earnings | Reserves | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2022 | 4 | 26,692,330 | 60,040,427 | 86,732,761 |
| Changes in equity |
| Dividends | - | (290,000 | ) | - | (290,000 | ) |
| Total comprehensive income | - | 1,709,956 | 8,257,485 | 9,967,441 |
| Balance at 31 August 2023 | 4 | 28,112,286 | 68,297,912 | 96,410,202 |
| Changes in equity |
| Dividends | - | (450,000 | ) | - | (450,000 | ) |
| Total comprehensive income | - | 1,002,344 | 4,948,435 | 5,950,779 |
| Balance at 31 August 2024 | 4 | 28,664,630 | 73,246,347 | 101,910,981 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 9,861,194 | 9,829,723 |
| Interest paid | (9,219,396 | ) | (6,918,439 | ) |
| Tax paid | 3,451 | - |
| Net cash from operating activities | 645,249 | 2,911,284 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (499,998 | ) | - |
| Purchase of tangible fixed assets | (121,625 | ) | (85,820 | ) |
| Purchase of investment property | (15,537,639 | ) | (11,072,844 | ) |
| Interest received | 806,703 | 611,039 |
| Net cash from investing activities | (15,352,559 | ) | (10,547,625 | ) |
| Cash flows from financing activities |
| New loans in year | 19,431,080 | 5,836,512 |
| Loan repayments in year | (4,458,498 | ) | (625,000 | ) |
| Amount withdrawn by directors | (72,411 | ) | (9,599 | ) |
| Equity dividends paid | (450,000 | ) | (290,000 | ) |
| Net cash from financing activities | 14,450,171 | 4,911,913 |
| Decrease in cash and cash equivalents | (257,139 | ) | (2,724,428 | ) |
| Cash and cash equivalents at beginning of year |
2 |
867,385 |
3,591,813 |
| Cash and cash equivalents at end of year | 2 | 610,246 | 867,385 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Profit before taxation | 7,642,882 | 18,399,977 |
| Depreciation charges | 161,135 | 166,301 |
| Loss on disposal of fixed assets | 544 | - |
| Gain on revaluation of fixed assets | (6,597,915 | ) | (16,939,899 | ) |
| Finance costs | 9,219,396 | 6,918,439 |
| Finance income | (806,703 | ) | (611,039 | ) |
| 9,619,339 | 7,933,779 |
| (Increase)/decrease in trade and other debtors | (589,964 | ) | 800,006 |
| Increase in trade and other creditors | 831,819 | 1,095,938 |
| Cash generated from operations | 9,861,194 | 9,829,723 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 610,246 | 867,385 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 867,385 | 3,591,813 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 867,385 | (257,139 | ) | 610,246 |
| 867,385 | (257,139 | ) | 610,246 |
| Debt |
| Debts falling due within 1 year | (4,490,765 | ) | (10,353,618 | ) | (14,844,383 | ) |
| Debts falling due after 1 year | (108,398,036 | ) | (4,618,964 | ) | (113,017,000 | ) |
| (112,888,801 | ) | (14,972,582 | ) | (127,861,383 | ) |
| Total | (112,021,416 | ) | (15,229,721 | ) | (127,251,137 | ) |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Carpenter Investments Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The consolidated financial statements incorporate those of Carpenter Investments Ltd and all of its subsidiaries. Subsidiaries acquired during the year are consolidated using the purchase method. |
| Their results are incorporated from the date that control passes. |
| All financial statements are made up to 31st August each year. where necessary, adjustments are made to the financial statements of the subsidiaries to bring accounting policies in line with those used by the group. |
| All inter-group transactions and balances between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
| Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases. |
| Associates |
| Investments in associates are carried on the group balance sheet using the equity method. |
| Turnover |
| Rental income - The turnover in the profit & loss account represents revenue recognised on rents charged on accrued rental periods during the period exclusive of value added tax. |
| Architect Income - The turnover in the profit & loss account represents revenue recognised on services fully delivered during the period exclusive of value added tax. |
| Car Park Income - The turnover in the profit & loss account represents revenue recognised on services fully delivered during the period exclusive of value added tax. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
| In accordance with FRS 102 (s17.16) depreciation is not provided on the land held in freehold property as it is considered to have an unlimited useful life. |
| Investments in associates |
| Investments in associate undertakings are recognised at cost. |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 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. |
| The Investment Property is initially recognised at cost; cost includes the purchase cost, costs of development to bring the site into use and any other directly attributable expenditure. Subsequently, it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in the profit & loss account. |
| The fair value surplus and deficits recognised in the profit loss account are non-distributable reserves and are shown separately on the face of the balance sheet as non-distributable retained earnings. The amounts held in non-distributable reserves for the fair value adjustments are shown after providing for deferred taxation. |
| Financial instruments |
| The company loan notes are charged out an average interest through the year of 4.8% |
| The group further enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to and from related parties. |
| 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. |
| 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. |
| An analysis of turnover by class of business is given below: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Services | 917,102 | 1,325,359 |
| Rents Received | 13,680,251 | 12,595,449 |
| 14,597,353 | 13,920,808 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Wages and salaries | 1,203,278 | 1,085,648 |
| Social security costs | 111,781 | 105,540 |
| Other pension costs | 29,830 | 28,841 |
| 1,344,889 | 1,220,029 |
| The average number of employees during the year was as follows: |
| 31.8.24 | 31.8.23 |
| Management | 3 | 3 |
| Administration | 31 | 29 |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Directors' remuneration | 15,960 | 15,960 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Depreciation - owned assets | 152,802 | 166,302 |
| Loss on disposal of fixed assets | 544 | - |
| Goodwill amortisation | 8,333 | - |
| Auditors' remuneration | 55,225 | 52,800 |
| Other non- audit services | 26,772 | 28,490 |
| Formation costs | - | 155 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loan interest | 7,422,550 | 5,663,372 |
| Loan interest | 17,563 | 108,143 |
| Development loan interest | 1,779,283 | 1,146,924 |
| 9,219,396 | 6,918,439 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Current tax: |
| Corporation tax adjustment | - | (827 | ) |
| Deferred tax | 1,702,681 | 8,433,363 |
| Tax on profit | 1,702,681 | 8,432,536 |
| UK corporation tax has been charged at 25 % . |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 7. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Profit before tax | 7,642,882 | 18,399,977 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
1,910,721 |
4,599,994 |
| Effects of: |
| Capital allowances in excess of depreciation | (620,917 | ) | (836,517 | ) |
| Revaluation of investment property | (1,649,479 | ) | (4,234,975 | ) |
| Group Relief Utilised | 667,651 | 573,056 |
| Group Relief Not Utilised | (307,976 | ) | (102,385 | ) |
| Deferred Tax Movement | 1,702,681 | 8,433,363 |
| Total tax charge | 1,702,681 | 8,432,536 |
| 8. | 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. |
| 9. | DIVIDENDS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| ordinary shares of £1 each |
| Interim | 450,000 | 290,000 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| Additions | 499,998 |
| At 31 August 2024 | 499,998 |
| AMORTISATION |
| Amortisation for year | 8,333 |
| At 31 August 2024 | 8,333 |
| NET BOOK VALUE |
| At 31 August 2024 | 491,665 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Plant and | and | Computer |
| property | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 | 379,750 | 7,056 | 1,668,148 | 43,314 | 2,098,268 |
| Additions | - | 8,222 | 106,625 | 6,778 | 121,625 |
| Disposals | - | (2,640 | ) | - | (6,609 | ) | (9,249 | ) |
| At 31 August 2024 | 379,750 | 12,638 | 1,774,773 | 43,483 | 2,210,644 |
| DEPRECIATION |
| At 1 September 2023 | - | 2,107 | 745,205 | 35,046 | 782,358 |
| Charge for year | - | 2,634 | 141,697 | 8,471 | 152,802 |
| Eliminated on disposal | - | (2,096 | ) | - | (6,609 | ) | (8,705 | ) |
| At 31 August 2024 | - | 2,645 | 886,902 | 36,908 | 926,455 |
| NET BOOK VALUE |
| At 31 August 2024 | 379,750 | 9,993 | 887,871 | 6,575 | 1,284,189 |
| At 31 August 2023 | 379,750 | 4,949 | 922,943 | 8,268 | 1,315,910 |
| Company |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | FIXED ASSET INVESTMENTS |
| Group |
| Interest |
| in |
| associate |
| £ |
| COST |
| At 1 September 2023 | 1 |
| Share of profit/(loss) | 10,579 |
| At 31 August 2024 | 10,580 |
| NET BOOK VALUE |
| At 31 August 2024 | 10,580 |
| At 31 August 2023 | 1 |
| Company |
| Shares in | Interest |
| group | in |
| undertakings | associate | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 24 |
| NET BOOK VALUE |
| At 31 August 2024 | 24 |
| At 31 August 2023 | 24 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Loss for the year | ( |
) | ( |
) |
| Carpenter Investments Brunswick Park Ltd has claimed exemption from audit in accordance with CA06 S480(1)(b) on the grounds that it has been dormant since its formation. |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Property Development |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Property Development |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| (Loss)/profit for the year | ( |
) |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Carpenter Design Ltd has claimed exemption from audit in accordance with CA06 S480(1)(a) on the grounds that it has been dormant since its formation. |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year/period | ( |
) | ( |
) |
| Carpenter Old Station Gardens Ltd has claimed exemption from audit in accordance with CA06 S480(1)(a) on the grounds that it has been dormant since its formation. |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the period |
| Associated company |
| Registered office: Seymour Chambers, 92 London Road, Liverpool, L3 5NW |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Minority interest has been excluded from the accounts due to being non-material. |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 13. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 September 2023 | 233,601,142 |
| Additions | 15,537,639 |
| Revaluations | 6,597,915 |
| At 31 August 2024 | 255,736,696 |
| NET BOOK VALUE |
| At 31 August 2024 | 255,736,696 |
| At 31 August 2023 | 233,601,142 |
| Fair value at 31 August 2024 is represented by: |
| £ |
| Valuation in 2015 | 5,294,771 |
| Valuation in 2016 | 3,414,086 |
| Valuation in 2017 | 6,876,965 |
| Valuation in 2018 | 13,006,762 |
| Valuation in 2019 | (10,081 | ) |
| Valuation in 2020 | 31,542,262 |
| Valuation in 2021 | 8,650,675 |
| Valuation in 2020 | 5,348,544 |
| Valuation in 2023 | 16,939,899 |
| Valuation in 2024 | 6,597,915 |
| Cost | 158,074,898 |
| 255,736,696 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Cost | 142,537,259 | 142,537,259 |
| Investment property was valued on an open market basis on 31 August 2024 by the directors. . |
| The directors have assessed the market value of the investment property at the end of the reporting period and compared it to the market value at the previous professional valuation. The market value of the investment property has been adjusted to reflect the directors assessment of the change in the fair value . The directors have extensive knowledge and experience in the local property market to enable them to be able to make this assessment. |
| Three of the properties were valued by professional valuers Avison Young on 15 December 2023. |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 14. | DEBTORS |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 3,805,666 | 3,184,941 |
| Other debtors | 584,444 | 810,226 |
| Inter-company | - | - | 26,353,473 | 26,564,071 |
| Directors' current accounts | 134,616 | 62,205 | 134,666 | 62,257 |
| VAT | - | 154,643 |
| Prepayments | 352,833 | 230,224 |
| 4,877,559 | 4,442,239 |
| Amounts falling due after more than one year: |
| Loan notes | 12,750,000 | 12,750,000 | 12,750,000 | 12,750,000 |
| Aggregate amounts | 17,627,559 | 17,192,239 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 17) | 14,844,383 | 3,289,532 |
| Other loans (see note 17) | - | 1,201,233 |
| Payments on account | 556,570 | - |
| Trade creditors | 4,073,654 | 2,078,443 |
| Corporation taxation | 3,451 | - |
| Social security and other taxes | 31,710 | 24,433 |
| VAT | 33,590 | - | - | - |
| Other creditors | 13,246,368 | 13,721,040 |
| Inter-company | - | - | 5,912,589 | 7,843,719 |
| Accruals and deferred income | 3,461,469 | 4,352,365 |
| Accrued expenses | 1,562,866 | 2,138,787 |
| 37,814,061 | 26,805,833 |
| 16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans (see note 17) | 113,017,000 | 108,398,036 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 17. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | - | - |
| Bank loans | 14,844,383 | 3,289,532 |
| Other loans | - | 1,201,233 | - | - |
| 14,844,383 | 4,490,765 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 56,835,000 | 55,216,036 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 56,182,000 | 53,182,000 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans | 127,861,383 | 111,687,568 |
| There are no loans due after more than 5 years. |
| Svenska Handelsbanken have a fixed charge over the property known as the freehold land edged red on plan 1 being land on the west side of grafton street liverpool comprising of all of the land registered under title number MS365750 and part of the land registered under title number MS365742 and registered at land registry under title number MS365750 and MS365742 (part). |
| Svenska Handelsbanken AB (Publ) have a charge over the freehold Land on the south side of Falkner Street,Liverpool edged red on the plan annexed and registered at Land Registry under title number MS582687. |
| Svenska Handelsbanken Ab (Publ) have a charge over the property known as the freehold land being on the north-east side of caryl street, liverpool and registered at land registry under title number MS623611. |
| Charles Street Commercial Investments Limited have a charge over 1 kings dock street liverpool L1 8JS. K Dock Developments Limited have a charge over the freehold property at 1 kings dock street, liverpool, L1 8JS, being the whole of the land registered at the land registry with title number MS267470. |
| Close Brothers have a charge over Freehold property known as land on the south side of brinksway, stockport,unit 11, springmount mill, northgate road, stockport and unit 18, northgate road, stockport. Leasehold property known as land and buildings on the south side of brinksway, and unit 11, springmount mill, northgate road, stockport. |
| Svenska Handelsbanken Ab (Publ) has a charge over the freehold land and buildings on the west side of grafton street, liverpool and registered at land registry under title number MS650077. |
| Handelsbanken PLC have a charge over that freehold property known as 1-3 station road, warrington and land and buildings on the south side (WA4 2AD), registered at land registry under the title number LA229489. |
| Svenska Handelsbaken have a fixed charge over the property known as Apartments 1-31, 6 Vine Street, Liverpool and a floating charge over all of the property of the company. |
| Lloyds Bank PLC have a fixed charge over the property known as Police Station, Copperas Hill, Liverpool L3 5LD and a floating charge over all of the property of the company. |
| Lloyds Bank PLC have a fixed charge over Land and buildings at hardman street, baltimore street, maryland street and south hunter street liverpool comprising the freehold land in title number MS226941(being land and buildings at 15 hardman street liverpool L1 9AS), the freehold land in title number MS666772 (being land and buildings on the south west side of maryland street liverpool), and the leasehold land in title number MS666774 (being land and buildings to the east of 2A maryland street liverpool) |
| Lloyds Bank PLC have a fixed charge over Freehold land and buildings known as myrtle parade, liverpool L7 7EL registered at the land registry with title number MS619063. |
| 19. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Deferred tax | 22,990,287 | 21,287,606 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 19. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 | 21,287,606 |
| Capital Allowance Timing Diffs | 53,202 |
| Revaluation of Property | 1,649,479 |
| Balance at 31 August 2024 | 22,990,287 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
| value: | £ | £ |
| ordinary | £1 | 4 | 4 |
| 21. | PENSION COMMITMENTS |
| The group operates a defined contributions pension scheme.The assets of the scheme are held separately from those of the company in an independently administered fund.The pension cost charge represents contributions payable by the company to the fund and amounted to £29,830 (2023 - £28,841). At the balance sheet date £5,865 (2023 - £1,020) was owing to the fund contained within other creditors. |
| 22. | CAPITAL COMMITMENTS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | 11,600,000 | 19,740,000 |
| Carpenter Investments Stockport Ltd is budgeted to spend a further £11,600,000 on a property development currently contained withing investment property. |
| 23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| A J Beer |
| Balance outstanding at start of year | (5,557 | ) | (12,825 | ) |
| Amounts advanced | 33,572 | 8,268 |
| Amounts repaid | (6,000 | ) | (1,000 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 22,015 | (5,557 | ) |
| D C Brewitt |
| Balance outstanding at start of year | 67,815 | 65,485 |
| Amounts advanced | 50,836 | 3,330 |
| Amounts repaid | (6,000 | ) | (1,000 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 112,651 | 67,815 |
| Carpenter Investments Limited (Registered number: 08088487) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| The loans are unsecured, interest free and repayable on demand. |
| 24. | RELATED PARTY DISCLOSURES |
| Entities over which the entity has control, joint control or significant influence |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Transfers to related parties | 26,112,162 | 16,049,385 |
| Transfers from related parties | 25,626,566 | 14,705,966 |
| Dividends received | 1,271,000 | 2,122,250 |
| Amount due from related party | 26,353,473 | 26,565,071 |
| Amount due to related party | 5,912,589 | 7,843,719 |
| Dividends and amounts due to and from subsidiary companies have been removed on consolidation. |
| Key management personnel of the entity or its parent (in the aggregate) |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Repairs | 252,212 | 1,047,430 |
| Build Costs | 15,641,670 | 10,331,050 |
| Consultancy, IT, Sundries, Rent & Management Fees | 220,392 | 415,709 |
| Rents Received | 55,900 | 74,155 |
| Interest Received | 796,351 | 611,039 |
| Interest Paid | 861,963 | 820,541 |
| Amount due from related party | 12,903,819 | 14,127,617 |
| Amount due to related party | 16,194,010 | 16,557,165 |
| Loans provided by Rittner Investments Ltd which is a company under common control are charged to the company with 8% interest, the loans are unsecured and repayable on demand. An average interest of 4.8% has been charged from Carpenter Investments Ltd to Rittner Investments Ltd through the year for loan notes outstanding. |
| Any loans for all other related parties are unsecured, interest free and repayable on demand. |
| Other related parties |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Loan | - | 400,000 |
| Interest | 17,594 | 3,934 |
| Repayments | 200,000 | 50,000 |
| Amount due to related party | 152,010 | 353,934 |
| The loan has an interest rate of 1.5% over base for the first 12 months and then 3.25% over base for second year, the loan is unsecured and repayable on demand. |
| 25. | DIVIDENDS RECEIVED |
| Carpenter Investments Ltd received dividends of £1,271,000 (2023 - £2,121,250) from it's subsidiary companies. |