Company registration number 00981987 (England and Wales)
CHARTERHOUSE HOLDINGS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CHARTERHOUSE HOLDINGS PLC
COMPANY INFORMATION
Directors
K Clayton
J C Clayton
S W Ellis
M G Carter
R L Hornbuckle
M A Bartlett
Secretary
S W Ellis
Company number
00981987
Registered office
Oakridge Park
Trent Lane
Castle Donington
Derby
DE74 2PY
Auditor
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
Business address
Oakridge Park
Trent Lane
Castle Donington
Derby
DE74 2PY
Bankers
HSBC Plc
Donnington Court
Pegasus Business Park
Herald Way
Castle Donnington
DE74 2BU
Santander Business Banking
Bridle Road
Bootle
L30 4GB
CHARTERHOUSE HOLDINGS PLC
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
CHARTERHOUSE HOLDINGS PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair review of the business

The company turnover decreased by 3% compared to 2023. Both the general market demand and business confidence levels were adversely impacted by the UK General election. Elections inevitably prompt uncertainty beforehand and post-election cautious narrative from the new government had a depressing effect on investment and discretionary spending in the UK. This inventory driven demand reduction led to elevated inventory holdings further slowing the economic activity. On the international scene the continued disruption of shipping routes meant that international logistics rates remained higher than the norm. Whilst there were signs of more stable indicators towards the end of 2024 this was overtaken by narrative coming out the USA whose own elections had significant international influence.

Principal risks and uncertainties

The principal risks and uncertainties reported in previous years remain the same in 2024. Economic uncertainty, currency instability, international freight costs and inflationary effects all represent risk factors that have a bearing on the business and its markets. The company remains confident that product availability, strength of distribution and supply chain relationships and resources will deliver continued success for the company, its staff and stakeholders.

Development and performance

The company’s liquidity position remains healthy. The company has a long and successful history of product development, and this experience continues to be deployed to keep the product portfolio relevant and attractive to today’s markets and customers. As a strategic partner to numerous clients, we remain committed to navigating the current environment and leveraging new opportunities.

Key performance indicators

During the year the turnover decreased to £27.8 million from £28.8 million in 2023. Another key performance indicator is gross margin which improved to 32.5% (2023 : 29.9%).

Other information and explanations

At this time the company continues to see lower levels of demand in the market place. The impact of US government policy is a disrupting factor to 2025 business levels but with no solid long-term view of outcomes this is a fluid and quickly changing situation. Over the past four years, the company has navigated numerous challenges, which are often considered to be among the most volatile business environments. The company has invested in modern systems, has strong financial foundations and experienced staff, and is planning for future growth with customers, partners, and stakeholders.

 

On behalf of the board

M G Carter
Director
19 June 2025
CHARTERHOUSE HOLDINGS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Principal activities

The principal activities during the year continued to be the sale of clothing through the Kustom Kit and Vanilla brands, in addition to systems and support products for the imprinted personalisation industry through the Xpres and Adkins brands.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £85,000 (2023 - £nil). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K Clayton
J C Clayton
S W Ellis
M G Carter
R L Hornbuckle
M A Bartlett
Financial instruments
Financial risk management

Our financial risk management objectives are to ensure sufficient working capital for the company. This is achieved by careful management of our cash balances and, where necessary, by obtaining short term overdraft finance. The company operates a balanced hedging strategy for the forward purchase of US Dollars to assist in cost of sales planning. Other than this, our use of financial instruments is not material for the assessment of the assets, liabilities, financial position and profit of the company.

Auditor

In accordance with the company's articles, a resolution proposing that UHY Hacker Young be reappointed as auditor of the company will be put at a General Meeting.

CHARTERHOUSE HOLDINGS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
M G Carter
Director
19 June 2025
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHARTERHOUSE HOLDINGS PLC
- 4 -
Opinion

We have audited the financial statements of Charterhouse Holdings PLC (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHARTERHOUSE HOLDINGS PLC (CONTINUED)
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

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

 

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHARTERHOUSE HOLDINGS PLC (CONTINUED)
- 6 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit.

 

Audit procedures performed included:

 

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHARTERHOUSE HOLDINGS PLC (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Allum
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
23 June 2025
Chartered Accountants
Statutory Auditor
CHARTERHOUSE HOLDINGS PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£'000
£'000
Turnover
3
27,849
28,845
Cost of sales
(18,791)
(20,223)
Gross profit
9,058
8,622
Distribution costs
(3,174)
(3,505)
Administrative expenses
(5,658)
(10,112)
Operating profit/(loss)
5
226
(4,995)
Interest receivable and similar income
8
317
257
Interest payable and similar expenses
9
(1)
(18)
Profit/(loss) before taxation
542
(4,756)
Tax on profit/(loss)
10
(136)
305
Profit/(loss) for the financial year
406
(4,451)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CHARTERHOUSE HOLDINGS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£'000
£'000
Profit/(loss) for the year
406
(4,451)
Other comprehensive income
Cash flow hedges gain arising in the year
697
184
Tax relating to other comprehensive income
(174)
(46)
Total other comprehensive income for the year
523
138
Total comprehensive income for the year
929
(4,313)
CHARTERHOUSE HOLDINGS PLC
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
12
1,046
-
0
Tangible assets
13
6,873
7,905
Investments
-
0
-
0
7,919
7,905
Current assets
Stocks
15
10,146
9,128
Debtors falling due after one year
16
653
653
Debtors falling due within one year
16
3,311
3,406
Cash at bank and in hand
5,890
6,375
20,000
19,562
Creditors: amounts falling due within one year
17
(2,056)
(2,767)
Net current assets
17,944
16,795
Total assets less current liabilities
25,863
24,700
Provisions for liabilities
18
(238)
81
Net assets
25,625
24,781
Capital and reserves
Called up share capital
20
60
60
Hedging reserve
21
366
(157)
Profit and loss reserves
21
25,199
24,878
Total equity
25,625
24,781
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
M G Carter
Director
Company Registration No. 00981987
CHARTERHOUSE HOLDINGS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Hedging reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 January 2023
60
(295)
29,329
29,094
Year ended 31 December 2023:
Loss for the year
-
-
(4,451)
(4,451)
Other comprehensive income:
Cash flow hedges gains/ (losses)
-
184
-
184
Tax relating to other comprehensive income
-
(46)
-
0
(46)
Total comprehensive income for the year
-
0
138
(4,451)
(4,313)
Balance at 31 December 2023
60
(157)
24,878
24,781
Year ended 31 December 2024:
Profit for the year
-
-
406
406
Other comprehensive income:
Cash flow hedges gains/ (losses)
-
697
-
697
Tax relating to other comprehensive income
-
(174)
-
0
(174)
Total comprehensive income for the year
-
0
523
406
929
Dividends
11
-
-
(85)
(85)
Balance at 31 December 2024
60
366
25,199
25,625
CHARTERHOUSE HOLDINGS PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(444)
1,585
Interest paid
(1)
(18)
Income taxes refunded/(paid)
9
(463)
Net cash (outflow)/inflow from operating activities
(436)
1,104
Investing activities
Purchase of tangible fixed assets
(533)
(633)
Proceeds from disposal of tangible fixed assets
209
32
Interest received
317
257
Net cash used in investing activities
(7)
(344)
Financing activities
Dividends paid
(42)
-
0
Net cash used in financing activities
(42)
-
Net (decrease)/increase in cash and cash equivalents
(485)
760
Cash and cash equivalents at beginning of year
6,375
5,615
Cash and cash equivalents at end of year
5,890
6,375
CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Charterhouse Holdings PLC is a private company limited by shares incorporated in England and Wales. The registered office is Oakridge Park, Trent Lane, Castle Donington, Derby, DE74 2PY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Group accounts have not been prepared as the company's dormant subsidiary is permitted to be excluded from group accounts by virtue of sections 402 and 405 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

 

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings
1% per annum straight line on building element
Plant and machinery
10% - 33% per annum straight line
Motor vehicles
25% per annum straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Hedge accounting

The company has entered into foreign currency forward contracts to manage its exposure to fluctuations in the foreign currency exchange rates. These derivatives are measured at fair value at each reporting date. To the extent the hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the period.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.15
Operating leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors, there are no special disclosures required in respect of judgements and estimation uncertainty.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£'000
£'000
Turnover
Goods sold
27,849
28,845
2024
2023
£'000
£'000
Other revenue
Interest income
317
257

Included in turnover and profit before tax is a level of exported turnover. In the opinion of the directors, the disclosures of separate segmental information in compliance with FRS102 and the Companies Act 2006, would be seriously prejudicial to the interest of the company and has therefore not been disclosed.

4
Exceptional item
2024
2023
£'000
£'000
Expenditure
Directors loan account write off & provision
-
3,183
CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
5
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£'000
£'000
Exchange (gains)/losses
(57)
174
Fees payable to the company's auditor for the audit of the company's financial statements
53
36
Depreciation of owned tangible fixed assets
518
513
Profit on disposal of tangible fixed assets
(208)
(24)
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration, sales and distribution
89
92

Their aggregate remuneration comprised:

2024
2023
£'000
£'000
Wages and salaries
4,585
4,784
Social security costs
498
653
Pension costs
173
163
5,256
5,600
7
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
1,272
1,132
1,272
1,132

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 4)

CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
321
313
Company pension contributions to defined contribution schemes
22
21
8
Interest receivable and similar income
2024
2023
£'000
£'000
Interest income
Interest on bank deposits
317
257
2024
2023
Investment income includes the following:
£'000
£'000
Interest on financial assets not measured at fair value through profit or loss
317
257
9
Interest payable and similar expenses
2024
2023
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts
1
18
10
Taxation
2024
2023
£'000
£'000
Current tax
Adjustments in respect of prior periods
(8)
-
0
Deferred tax
Origination and reversal of timing differences
144
(305)
Total tax charge/(credit)
136
(305)
CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 20 -

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£'000
£'000
Profit/(loss) before taxation
542
(4,756)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
136
(1,119)
Tax effect of expenses that are not deductible in determining taxable profit
1
845
Tax effect of income not taxable in determining taxable profit
-
0
13
Permanent capital allowances in excess of depreciation
(1)
(72)
Under/(over) provided in prior years
(8)
(46)
Deferred tax adjustments in respect of prior years
(7)
-
0
Tax at marginal rate
-
0
50
Other
15
24
Taxation charge/(credit) for the year
136
(305)

In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£'000
£'000
Deferred tax arising on:
Revaluation of financial instruments treated as cash flow hedges
174
46
11
Dividends
2024
2023
£'000
£'000
Final dividend
85
-
0

During the year, certain shareholders waived their rights to received dividends amounting to £1,196,991. This waiver was agreed upon to retain profits for future reinvestment in the company. The waiver applies to dividends declared for the financial year ending 31 December 2024.

CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
12
Intangible fixed assets
Software
£'000
Cost
At 1 January 2024
-
0
Transfers
1,793
At 31 December 2024
1,793
Amortisation and impairment
At 1 January 2024
-
0
Transfers
747
At 31 December 2024
747
Carrying amount
At 31 December 2024
1,046
At 31 December 2023
-
0
13
Tangible fixed assets
Freehold buildings
Plant and machinery
Motor vehicles
Total
£'000
£'000
£'000
£'000
Cost
At 1 January 2024
7,422
3,822
805
12,049
Additions
43
260
230
533
Disposals
-
0
-
0
(487)
(487)
Transfers
(363)
(1,430)
-
0
(1,793)
At 31 December 2024
7,102
2,652
548
10,302
Depreciation and impairment
At 1 January 2024
935
2,550
659
4,144
Depreciation charged in the year
79
294
145
518
Eliminated in respect of disposals
-
0
-
0
(486)
(486)
Transfers
(3)
(744)
-
0
(747)
At 31 December 2024
1,011
2,100
318
3,429
Carrying amount
At 31 December 2024
6,091
552
230
6,873
At 31 December 2023
6,487
1,272
146
7,905
CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
14
Financial instruments
2024
2023
£'000
£'000
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,936
3,534
Instruments measured at fair value
488
-
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
209
Measured at amortised cost
1,770
2,000
15
Stocks
2024
2023
£'000
£'000
Finished goods and goods for resale
10,146
9,128
16
Debtors
2024
2023
Amounts falling due within one year:
£'000
£'000
Trade debtors
2,177
2,421
Derivative financial instruments
488
-
Other debtors
139
518
Prepayments and accrued income
507
467
3,311
3,406
2024
2023
Amounts falling due after more than one year:
£'000
£'000
Other debtors
653
653
Total debtors
3,964
4,059

Derivative financial instruments represent the fair value of foreign exchange contracts in existence but not settled at the balance sheet date.

CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
17
Creditors: amounts falling due within one year
2024
2023
£'000
£'000
Trade creditors
752
1,287
Taxation and social security
286
558
Derivative financial instruments
-
0
209
Other creditors
187
120
Accruals and deferred income
831
593
2,056
2,767

Derivative financial instruments represent the fair value of foreign exchange contracts in existence but not settled at the balance sheet date.

18
Provisions for liabilities
2024
2023
Notes
£'000
£'000
Deferred tax liabilities
19
238
-
0
19
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£'000
£'000
Accelerated capital allowances
389
323
Short term timing differences
115
(34)
Losses
(92)
(324)
Hedging
(174)
(46)
238
(81)
2024
Movements in the year:
£'000
Asset at 1 January 2024
(81)
Charge to profit or loss
145
Charge to other comprehensive income
174
Liability at 31 December 2024
238
CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Deferred taxation
(Continued)
- 24 -

The deferred tax liability set out above is expected to reverse within 2-3 years.

20
Share capital
2024
2023
£'000
£'000
Ordinary share capital
Issued and fully paid
60,329 Ordinary shares of £'0001 each
60
60
21
Reserves
Profit and loss reserves

This compromises of opening retained earnings, the profit or loss for the year and dividends paid as set out in the Statement of Changes in Equity.

Hedging reserve

This compromises the effective portion of the company applying hedge accounting. The amount in reserves relates to gains/losses made on cash flow hedges.

22
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£'000
£'000
Within one year
172
46
Between two and five years
228
47
400
93
Lessor

The operating leases represent leases of printers to third parties. The leases are negotiated over terms of 39 months. There are no options in place for either party to extend the lease terms.

CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Operating lease commitments
(Continued)
- 25 -

At the reporting end date the company had contracted with lessees for the following minimum lease payments:

2024
2023
£'000
£'000
Within one year
56
-
0
Between two and five years
108
-
0
164
-
0
23
Related party transactions
Dividends

£85,000 of dividends were paid out in the current year (2023: £Nil).

Remuneration of key management personnel

The aggregate remuneration of key management personnel, including directors, was £1,607k (2023: £1,733k).

Transactions with related parties

During the year, the company paid £Nil (2023: £262k) to sponsor BeFastr Limited (previously Luke Clayton Racing Limited). The company also were owed £Nil after provisions (2023: £55k) as at the year-end per their aged debtor account, by Befastr Limited.

 

The sponsorship agreement with Befastr has now concluded, but previously as part of this arrangement, three employees of Charterhouse worked exclusively for BeFastr Limited, the wages expense for these employees amounted to £Nil (2023: £73k).

CHARTERHOUSE HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
24
Directors' transactions

Transactions to/(from) directors in the year have been amalgamated in the table below:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£'000
£'000
£'000
£'000
£'000
M A Bartlett - Loan to director
3.00
-
65
1
(66)
-
-
65
1
(66)
-
25
Ultimate controlling party

The company is controlled by the trustees of the Maurice Ford Clayton Discretionary Will Trust and the Maurice Ford Clayton No. 1 Trust, Mrs K Clayton, Mr L F Clayton and Dr J C Clayton.

26
Cash (absorbed by)/generated from operations
2024
2023
£'000
£'000
Profit/(loss) for the year after tax
406
(4,451)
Adjustments for:
Taxation charged/(credited)
136
(305)
Finance costs
1
18
Investment income
(317)
(257)
Gain on disposal of tangible fixed assets
(208)
(24)
Depreciation and impairment of tangible fixed assets
518
513
Movements in working capital:
(Increase)/decrease in stocks
(1,018)
3,113
Decrease in debtors
583
3,377
Decrease in creditors
(545)
(399)
Cash (absorbed by)/generated from operations
(444)
1,585
2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100K ClaytonJ C ClaytonM G CarterR L HornbuckleM A BartlettM A BartlettS W Ellis009819872024-01-012024-12-3100981987bus:Director12024-01-012024-12-3100981987bus:Director22024-01-012024-12-3100981987bus:CompanySecretaryDirector12024-01-012024-12-3100981987bus:Director32024-01-012024-12-3100981987bus:Director42024-01-012024-12-3100981987bus:Director52024-01-012024-12-3100981987bus:CompanySecretary12024-01-012024-12-3100981987bus:Director62024-01-012024-12-3100981987bus:RegisteredOffice2024-01-012024-12-3100981987bus:Agent12024-01-012024-12-31009819872024-12-31009819872023-01-012023-12-3100981987core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100981987core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3100981987core:HedgingReserve2024-01-012024-12-3100981987core:HedgingReserve2023-01-012023-12-3100981987core:RevenueReservesInvestmentFundsOnly2023-01-012023-12-3100981987core:ShareCapital2023-01-012023-12-3100981987core:ShareCapital2024-01-012024-12-3100981987core:OtherResidualIntangibleAssets2024-12-3100981987core:OtherResidualIntangibleAssets2023-12-3100981987core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-12-3100981987core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-31009819872023-12-3100981987core:LandBuildingscore:OwnedOrFreeholdAssets2024-12-3100981987core:PlantMachinery2024-12-3100981987core:MotorVehicles2024-12-3100981987core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3100981987core:PlantMachinery2023-12-3100981987core:MotorVehicles2023-12-3100981987core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3100981987core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3100981987core:WithinOneYear2024-12-3100981987core:WithinOneYear2023-12-3100981987core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3100981987core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100981987core:CurrentFinancialInstruments2024-12-3100981987core:CurrentFinancialInstruments2023-12-3100981987core:ShareCapital2024-12-3100981987core:ShareCapital2023-12-3100981987core:HedgingReserve2024-12-3100981987core:HedgingReserve2023-12-3100981987core:RetainedEarningsAccumulatedLosses2024-12-3100981987core:RetainedEarningsAccumulatedLosses2023-12-3100981987core:ShareCapital2022-12-3100981987core:HedgingReserve2022-12-3100981987core:RetainedEarningsAccumulatedLosses2022-12-31009819872022-12-3100981987core:ShareCapitalOrdinaryShareClass12024-12-3100981987core:ShareCapitalOrdinaryShareClass12023-12-31009819872023-12-3100981987core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3100981987core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3100981987core:PlantMachinery2024-01-012024-12-3100981987core:MotorVehicles2024-01-012024-12-3100981987core:OwnedAssets2024-01-012024-12-3100981987core:OwnedAssets2023-01-012023-12-3100981987core:UKTax2024-01-012024-12-3100981987core:UKTax2023-01-012023-12-310098198712024-01-012024-12-310098198712023-01-012023-12-310098198722024-01-012024-12-310098198722023-01-012023-12-310098198732024-01-012024-12-310098198732023-01-012023-12-3100981987core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3100981987core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-012024-12-3100981987core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3100981987core:PlantMachinery2023-12-3100981987core:MotorVehicles2023-12-3100981987core:Non-currentFinancialInstruments2024-12-3100981987core:Non-currentFinancialInstruments2023-12-3100981987bus:OrdinaryShareClass12024-12-3100981987bus:OrdinaryShareClass12024-01-012024-12-3100981987core:BetweenTwoFiveYears2024-12-3100981987core:BetweenTwoFiveYears2023-12-3100981987bus:PrivateLimitedCompanyLtd2024-01-012024-12-3100981987bus:FRS1022024-01-012024-12-3100981987bus:Audited2024-01-012024-12-3100981987bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP