REGISTERED NUMBER: 12197007 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
CH INVESTMENT HOLDING LIMITED |
REGISTERED NUMBER: 12197007 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
CH INVESTMENT HOLDING LIMITED |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Financial Statements | 13 |
CH INVESTMENT HOLDING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Ridgeland House |
15 Carfax |
Horsham |
West Sussex |
RH12 1DY |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
CH Investment Holdings Limited is the parent holding company of three subsidiaries, JRD Innovations Limited, 8Bella UK Limited and Deep Logistics Limited. |
On 15th March 2023, CH Investment Holding Limited acquired the entire ordinary share capital of JRD Innovation Limited and 8Bella (UK) Limited and 70% of the ordinary share capital of Deep Logistics Limited by means of a share for share exchange at the nominal value of the shares. |
These consolidated financial statements have been prepared using merger accounting rules, permissible under FRS 102 as the ultimate shareholders of the companies and their rights remain unchanged by the transaction and no minority's interest in the net assets of the group has been altered by the transfer. The use of merger accounting is not prohibited by the requirements of company and no adjustments have been required to the accounts to achieve uniformity of accounting policies in the combining entities. |
Under merger accounting these financial statements of the combined entity have been produced by combining the results of the combining entities for the whole of the financial period in which the merger occurred. |
REVIEW OF BUSINESS |
The results for the year as set out in the Income Statement show an operating profit of £1,883,461 (2023 - £2,076,007) from turnover of £30,653,224 (2023 - £28,638,484). |
At year end, net assets were £8,620,176 (2023 - £7,000,472). |
PRINCIPAL RISKS AND UNCERTAINTIES |
In common with all businesses, the company faces risks and uncertainties. The Directors adopt prudent policies to minimise risks and are actively involved in reducing the effects of any adverse circumstances which might arise. |
The group's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations. In respect of these areas, risk is managed as follows: |
- | Managing long-term contracts is essential to maintaining strong profit margins and consistent cash flows. By engaging with suppliers and customers, the director ensures projects are delivered in line with forecasts. |
- | Bank balances liquidity risk: a balance is maintained between the continuity of funding an flexibility through use of money market facilities where funds are available. |
- | Trade debtors credit and cash flow risks: a tight control is maintained on the company's credit control regime. |
- | Trade creditors liquidity risk: it is ensured that sufficient funds are available to meet amounts due. |
In terms of non-financial risk, the group ensures that it is fully appraised of any regulatory or statutory changes and is committed to fulfilling its legal obligations. |
FINANCIAL INSTRUMENTS |
The group had total loans of £26,663 in 2023 in the form of a bank loan, this has been repaid during the financial year. The directors consider the exposure to credit, liquidity and cash flow risk to be limited. |
DEVELOPMENT AND PERFORMANCE |
The results for the financial period were viewed as satisfactory by the company's directors. Over the past two financial years, several measures have been implemented to control costs, enhance marketing efforts, and maintain competitive pricing. While these initiatives have not resulted in an increase in sales orders or a noticeable improvement in trading performance, the directors remain optimistic about the company’s outlook. Despite a decrease in gross profit margins from 14% to 11%, they expect to build on current efforts and drive growth in the year ahead. |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FINANCIAL KEY PERFORMANCE INDICATORS |
Financial indicators include turnover and employment cost. Non-financial indicators include the number of sales orders and customer experience. |
KPI | 2024 £ | 2023 £ | % Change | Commentary |
Turnover | 30,653,224 | 28,638,484 | 7% | The increase in revenue is driven by the increase in online presence particularly in 8Bella UK Limited. |
Gross profit | 3,275,824 | 4,024,914 | (19%) | Gross profit has decreased as a result of the decrease in logistics accross all companies. More stock is now being held as safety stock and there has been a significant increase in merchant fees. This has lead the gross profit margin percentage to decrease by 3%. |
Operating profit | 1,883,461 | 2,076,007 | (9%) | The operating profit margin percentage has decreased by 1% from 7% in the prior year from to 6% in the current year. There is a decrease in operating profit as a reflection from the movements above. |
Net assets | 8,620,176 | 7,000,472 | 23% | The increase in net assets is driven by the profit in the financial year with additional stock being held as safety stock. |
ON BEHALF OF THE BOARD: |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 September will be £40,000 (2023 - £20,104). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
DIRECTORS' INDEMNITIES |
As permitted by the Companies Act 2006, the Company has indemnified the directors in respect of proceedings brought by third parties and qualifying third party indemnity insurance was in place throughout the year and up to the date of approval of the financial statements. |
DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with s414C(11) of the Companies Act, the following information has been contained within the company's strategic report, found on page 1 of these accounts, which would otherwise be required by Schedule 7 of the "Large and Medium-sized Companies and Group Accounts and Reports Regulations 2008" to be included in the directors' report: consideration of important events occurring in the period and future developments. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Galloways Accounting, 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 |
CH INVESTMENT HOLDING LIMITED |
Opinion |
We have audited the financial statements of CH Investment Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of 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 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 30 September 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. |
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 four, 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 |
CH INVESTMENT HOLDING 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. |
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 posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included: |
- | discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
- | reviewing minutes of meetings between those charged with governance; |
- | challenging assumptions and judgements made by management in determining their significant accounting estimates; |
- | reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- | challenging why certain items are excluded or included from the underlying profit and |
- | reviewing journal entries for appropriateness and to identify any unusual accounting entries. |
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 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. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Ridgeland House |
15 Carfax |
Horsham |
West Sussex |
RH12 1DY |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 30,653,224 | 28,638,484 |
Cost of sales | (27,377,401 | ) | (24,613,570 | ) |
GROSS PROFIT | 3,275,823 | 4,024,914 |
Administrative expenses | (1,392,931 | ) | (1,881,728 | ) |
1,882,892 | 2,143,186 |
Other operating income | 569 | (67,179 | ) |
OPERATING PROFIT | 5 | 1,883,461 | 2,076,007 |
Interest receivable and similar income | 6 | 256,865 | 115,965 |
2,140,326 | 2,191,972 |
Interest payable and similar expenses | 7 | (1,574 | ) | (2,499 | ) |
PROFIT BEFORE TAXATION | 2,138,752 | 2,189,473 |
Tax on profit | 8 | (479,048 | ) | (486,124 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,659,704 |
1,703,349 |
Profit attributable to: |
Owners of the parent | 1,464,888 | 1,693,376 |
Non-controlling interests | 194,816 | 9,973 |
1,659,704 | 1,703,349 |
Total comprehensive income attributable to: |
Owners of the parent | 1,464,888 | 1,693,376 |
Non-controlling interests | 194,816 | 9,973 |
1,659,704 | 1,703,349 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
CONSOLIDATED BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 53,677 | 63,341 |
Tangible assets | 12 | 235,844 | 73,736 |
Investments | 13 | 890 | 55,556 |
290,411 | 192,633 |
CURRENT ASSETS |
Stocks | 14 | 1,406,203 | 1,113,029 |
Debtors | 15 | 1,677,742 | 1,652,547 |
Cash at bank | 8,266,305 | 6,683,807 |
11,350,250 | 9,449,383 |
CREDITORS |
Amounts falling due within one year | 16 | (2,837,845 | ) | (2,606,084 | ) |
NET CURRENT ASSETS | 8,512,405 | 6,843,299 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 8,802,816 | 7,035,932 |
CREDITORS |
Amounts falling due after more than one year | 17 | (48,284 | ) | (7,125 | ) |
PROVISIONS FOR LIABILITIES | 20 | (134,356 | ) | (28,335 | ) |
NET ASSETS | 8,620,176 | 7,000,472 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 1,100 | 1,100 |
Other reserves | 22 | 300,000 | 300,000 |
Retained earnings | 22 | 8,029,665 | 6,604,777 |
SHAREHOLDERS' FUNDS | 8,330,765 | 6,905,877 |
NON-CONTROLLING INTERESTS | 23 | 289,411 | 94,595 |
TOTAL EQUITY | 8,620,176 | 7,000,472 |
The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by: |
D He - Director |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
COMPANY BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Other reserves | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (2,660 | ) | 983,531 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Other |
capital | earnings | reserves |
£ | £ | £ |
Balance at 1 October 2022 | 100 | 4,931,505 | - |
Changes in equity |
Total comprehensive income | - | 1,693,376 | - |
Dividends | - | (20,104 | ) | - |
Increase in share capital | 1,000 | - | - |
Share transfer | - | - | 300,000 |
Total transactions with owners, recognised directly in equity |
1,000 |
(20,104 |
) |
300,000 |
Balance at 30 September 2023 | 1,100 | 6,604,777 | 300,000 |
Changes in equity |
Total comprehensive income | - | 1,464,888 | - |
Dividends | - | (40,000 | ) | - |
Total transactions with owners, recognised directly in equity |
- |
(40,000 |
) |
- |
Balance at 30 September 2024 | 1,100 | 8,029,665 | 300,000 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 October 2022 | 4,931,605 | 84,622 | 5,016,227 |
Changes in equity |
Total comprehensive income | 1,693,376 | 9,973 | 1,703,349 |
Dividends | (20,104 | ) | - | (20,104 | ) |
Increase in share capital | 1,000 | - | 1,000 |
Share transfer | 300,000 | - | 300,000 |
Total transactions with owners, recognised directly in equity |
280,896 |
- |
280,896 |
Balance at 30 September 2023 | 6,905,877 | 94,595 | 7,000,472 |
Changes in equity |
Total comprehensive income | 1,464,888 | 194,816 | 1,659,704 |
Dividends | (40,000 | ) | - | (40,000 | ) |
Total transactions with owners, recognised directly in equity |
(40,000 |
) |
- |
(40,000 |
) |
Balance at 30 September 2024 | 8,330,765 | 289,411 | 8,620,176 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Total comprehensive income | - |
Increase in share capital | 1,000 | - | - | 1,000 |
Share transfer | - | - | 300,000 | 300,000 |
Total transactions with owners, recognised directly in equity |
1,000 |
- |
300,000 |
301,000 |
Balance at 30 September 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Total transactions with owners, recognised directly in equity |
- |
(40,000 |
) |
- |
(40,000 |
) |
Balance at 30 September 2024 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 26 | 1,845,394 | 1,867,934 |
Finance costs paid | (1,375 | ) | (415 | ) |
Tax paid | (241,735 | ) | (762,518 | ) |
Net cash from operating activities | 1,602,284 | 1,105,001 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (183,756 | ) | (5,428 | ) |
Sale of tangible fixed assets | 9,251 | - |
Sale of fixed asset investments | - | 30 |
Interest received | 256,865 | 115,965 |
Net cash from investing activities | 82,360 | 110,567 |
Cash flows from financing activities |
Loan repayments in year | (26,663 | ) | (9,921 | ) |
Capital repayments in year | (14,520 | ) | - |
Amount introduced by directors | 9 | 330,188 |
Amount withdrawn by directors | (657 | ) | (343,937 | ) |
Interest paid | (199 | ) | (2,084 | ) |
Equity dividends paid | (40,000 | ) | (84,536 | ) |
Dividends to non-controlling interests | (20,104 | ) | (15,464 | ) |
Net cash from financing activities | (102,134 | ) | (125,754 | ) |
Increase in cash and cash equivalents | 1,582,510 | 1,089,814 |
Cash and cash equivalents at beginning of year |
27 |
6,683,795 |
5,593,981 |
Cash and cash equivalents at end of year | 27 | 8,266,305 | 6,683,795 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
CH Investment Holding Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
On 15th March 2023, CH Investment Holding Limited acquired the entire ordinary share capital of JRD Innovation Limited and 8Bella (UK) Limited and 70% of the ordinary share capital of Deep Logistics Limited by means of a share for share exchange at the nominal value of the shares. |
These consolidated financial statements have been prepared using merger accounting rules, permissible under FRS 102 as the ultimate shareholders of the companies and their rights remain unchanged by the transaction and no minority's interest in the net assets of the group has been altered by the transfer. The use of merger accounting is not prohibited by the requirements of company and no adjustments have been required to the accounts to achieve uniformity of accounting policies in the combining entities. |
Under merger accounting these financial statements of the combined entity have been produced by combining the results of the combining entities for the whole of the financial period in which the merger occurred. |
Going concern |
When preparing the accounts, the directors have made an assessment of the ability of the entity to exist as a going concern for a period of at least 12 months from the date upon which these accounts are filed. A company is a going concern unless management either intends to liquidate the entity or cease trading, or has no realistic alternative but to do so. In assessing whether the going concern assumption is appropriate, management have taken into account all available information about the future, which includes future expected cash flows, financing requirements (and the expectation of obtaining these) and future trading performance. |
At 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. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
In preparing the separate financial statements of CH Investment Holdings Limited, advantage has been taken of the following disclosure exemptions available in FRS 102 on the basis the information is included in the consolidated financial statements: |
• | the requirement to present a statement of cash flows and the related notes; |
• | financial instrument disclosures (except for intercompany balances) including: |
– | categories of financial instruments; |
– | items of income, expenses, gains or losses relating to financial instruments; and |
– | exposure to and management of financial risks; |
• | share-based payment disclosures |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company’s accounting policies, the director is 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. |
Critical judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
(i) Revenue recognition |
Management has exercised judgement in determining the timing of revenue recognition in relation to services provided. The entity recognises revenue when the performance obligation is complete, which is the point at which the customer obtains control of the service and the entity has fulfilled all contractual obligations. This assessment requires consideration of the specific terms of customer contracts and the nature of the services delivered. |
Key sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. |
(i) Dilapidations |
Provision is made for dilapidations of premises used by the company. This required management's best estimate of the expenditure that will be incurred based on contractual requirements. The provision has been calculated using market data for properties of a similar nature. |
(ii) Valuation of share based payments |
On 28th September 2023, the group gifted 30 ordinary shares in 8Bella (UK) Limited to an individual for no consideration. The directors have assessed the cost of this to be £300,000. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is made up of amounts receivable for the sale of goods and provision of delivery, postage and repacking services. |
Sale of goods |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the goods have left the warehouse and are passed to the courier. |
Sale of goods via e-commerce |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the goods have been delivered and confirmation received from the customer. |
Rendering of services |
Turnover from provision of delivery, postage and repacking services and is recognised once the goods have been accepted by couriers and left the company's warehouse. |
Logistics |
Turnover is recognised in these accounts at the point at which the goods arrive at the airport warehouse as this is the point at which the sale cannot be cancelled and therefore the company is certain that it will receive income for the delivery. |
Turnover is recognised net of VAT and sales discounts. |
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. |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Leasehold | - 4 years on a straight line basis |
Plant & Machinery | - 4 years on a straight line basis |
Motor Vehicles | - 5 years on a straight line basis |
Fixtures & Fittings | - 4 years on a straight line basis |
Computer Equipment | - 3-4 years on a straight line basis |
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. |
Fixed asset investments |
Unlisted investments are recognised as financial assets and are initially measured at cost, which is typically the fair value of consideration paid. |
Subsequently, they are measured at fair value through profit or loss where a reliable measure of fair value is available. Changes in fair value are recognised in the profit and loss account. Where a realiable fair value cannot be obtained, the investment is measured at cost less impairment in accordance with FRS 102. |
Investments are reviewed at each reporting date for indicators of impairment. If an impairment loss is identified, it is recognised in the profit and loss account. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
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. |
Cash and cash equivalents |
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. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the |
assets of the company after deducting all of its liabilities. |
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. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
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. |
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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 22,019,644 | 23,182,531 |
Europe | - | 115,574 |
United States of America | 4,313,887 | 3,381,110 |
Asia | 4,319,693 | 1,959,269 |
30,653,224 | 28,638,484 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 644,109 | 885,161 |
Social security costs | 55,867 | 78,072 |
Other pension costs | 10,710 | 14,780 |
710,686 | 978,013 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
The average number of employees by undertakings that were proportionately consolidated during the year was 22 (2023 - 28 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 81,154 | 57,392 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 185,448 | 367,121 |
Depreciation - owned assets | 65,737 | 40,561 |
Loss/(profit) on disposal of fixed assets | 8,365 | (30 | ) |
Computer software amortisation | 9,664 | 8,429 |
Auditors' remuneration | 38,916 | 37,000 |
Foreign exchange differences | 66,193 | 90,980 |
Impairment of Investment | 54,666 | 44,444 |
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest | 243,655 | 115,940 |
HMRC Interest | 13,210 | 25 |
256,865 | 115,965 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 187 | 880 |
Interest payable | 12 | 1,204 |
Fines and penalties | 1,375 | 415 |
1,574 | 2,499 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 534,025 | 534,179 |
Over provision in prior year | (67,656 | ) | (41,829 | ) |
Total current tax | 466,369 | 492,350 |
Deferred tax | 12,679 | (6,226 | ) |
Tax on profit | 479,048 | 486,124 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
8. | 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: |
2024 | 2023 |
£ | £ |
Profit before tax | 2,138,752 | 2,189,473 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
534,688 |
547,368 |
Effects of: |
Expenses not deductible for tax purposes | 19,273 | 11,323 |
Capital allowances in excess of depreciation | (20,601 | ) | - |
Depreciation in excess of capital allowances | - | 14,550 |
Utilisation of tax losses | 665 | 3,181 |
Adjustments to tax charge in respect of previous periods | (67,656 | ) | (76,364 | ) |
Deferred tax movement | 12,679 | (6,226 | ) |
Change in tax rate | - | (82,708 | ) |
Substantial shareholding exemption | - | 75,000 |
Total tax charge | 479,048 | 486,124 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
The total distribution of dividends for the year ended 30 September will be £40,000 (2023 - £20,104). |
11. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 96,638 |
AMORTISATION |
At 1 October 2023 | 33,297 |
Amortisation for year | 9,664 |
At 30 September 2024 | 42,961 |
NET BOOK VALUE |
At 30 September 2024 | 53,677 |
At 30 September 2023 | 63,341 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2023 | 9,011 | 243,257 | 42,349 |
Additions | 92,631 | 88,927 | 1,327 |
Disposals | (3,445 | ) | (19,389 | ) | (10,314 | ) |
At 30 September 2024 | 98,197 | 312,795 | 33,362 |
DEPRECIATION |
At 1 October 2023 | 4,101 | 234,194 | 23,988 |
Charge for year | 23,233 | 15,103 | 7,286 |
Eliminated on disposal | (928 | ) | (18,944 | ) | (8,819 | ) |
At 30 September 2024 | 26,406 | 230,353 | 22,455 |
NET BOOK VALUE |
At 30 September 2024 | 71,791 | 82,442 | 10,907 |
At 30 September 2023 | 4,910 | 9,063 | 18,361 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 | 78,171 | 13,819 | 386,607 |
Additions | 61,705 | 871 | 245,461 |
Disposals | (23,949 | ) | - | (57,097 | ) |
At 30 September 2024 | 115,927 | 14,690 | 574,971 |
DEPRECIATION |
At 1 October 2023 | 40,163 | 10,425 | 312,871 |
Charge for year | 18,086 | 2,029 | 65,737 |
Eliminated on disposal | (10,790 | ) | - | (39,481 | ) |
At 30 September 2024 | 47,459 | 12,454 | 339,127 |
NET BOOK VALUE |
At 30 September 2024 | 68,468 | 2,236 | 235,844 |
At 30 September 2023 | 38,008 | 3,394 | 73,736 |
13. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 100,000 |
PROVISIONS |
At 1 October 2023 | 44,444 |
Impairments | 54,666 |
At 30 September 2024 | 99,110 |
NET BOOK VALUE |
At 30 September 2024 | 890 |
At 30 September 2023 | 55,556 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
JRD Innovations Limited |
Registered office: Unit 5-7 Seven Stars Industrial Estate, Wheler Road, Coventry, England, CV3 4LB |
Nature of business: Wholesale trade, logistics and fulfilment |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 5,311,067 | 4,353,715 |
Profit for the year | 957,352 | 1,236,151 |
8Bella UK Limited |
Registered office: Unit 5-7 Seven Stars Industrial Estate, Wheler Road, Coventry, England, CV3 4LB |
Nature of business: Sale of goods via online platforms |
% |
Class of shares: | holding |
Ordinary | 70.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 1,720,593 | 1,130,384 |
Profit for the year | 590,210 | 386,870 |
Deep Logistics Limited |
Registered office: Unit 5-7 Seven Stars Industrial Estate, Wheler Road, Coventry, England, CV3 4LB |
Nature of business: Cargo handling for air transport activities |
% |
Class of shares: | holding |
Ordinary | 84.50 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 651,696 | 536,895 |
Profit for the year | 114,802 | 189,707 |
On 15 March 2023, the group acquired control of JRD Innovation Limited, 8Bella (UK) Limited and Deep Logistics Limited by virtue of a share for share exchange. As these accounts have been prepared under the merger accounting method of consolidation no fair value adjustments have been made to the assets and liabilities acquired upon acquisition. Goodwill of £NIL arose as a result of the acquisition. |
On 28 September 2023, the group transferred 30% of shares in 8Bella (UK) Limited to an individual. See note 2 for detail. |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 1,406,203 | 1,113,029 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 89,169 | 529,719 |
Amounts owed by group undertakings | - | - |
Other debtors | 406,528 | 584,512 |
Payments on account | 33,751 | 38,356 | - | - |
Directors' current accounts | 196,781 | 191,156 | - | - |
VAT | 52,607 | 44,056 |
Prepayments and accrued income | 898,906 | 264,748 |
1,677,742 | 1,652,547 |
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | - | 12 |
Other loans (see note 18) | - | 26,663 |
Hire purchase contracts (see note 19) | 6,026 | - |
Trade creditors | 1,203,528 | 595,536 |
Amounts owed to group undertakings | - | - |
Corporation tax | 512,251 | 288,618 |
Social security and other taxes | 12,015 | 19,005 |
Other creditors | 61,618 | 243,921 |
Directors' current accounts | - | 8,426 | - | - |
Accruals and deferred income | 1,042,407 | 1,423,903 |
2,837,845 | 2,606,084 |
Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 19) | 41,159 | - |
Other creditors | 7,125 | 7,125 |
48,284 | 7,125 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 12 |
Bank loan | - | 26,663 |
- | 26,675 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 6,026 | - |
Between one and five years | 41,159 | - |
47,185 | - |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 137,000 | 266,451 |
Between one and five years | 331,083 | 204,115 |
In more than five years | - | 221,125 |
468,083 | 691,691 |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | - | 95 |
Deferred tax | 41,013 | 28,240 |
41,013 | 28,335 |
Other provisions | 93,343 | - |
Aggregate amounts | 134,356 | 28,335 |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 October 2023 | 28,335 | - |
Charge to Statement of Comprehensive Income during year | 12,678 | 93,343 |
Balance at 30 September 2024 | 41,013 | 93,343 |
Other provisions comprise the following: |
Dilapidations: A provision has been recognised for the estimated costs associated with restoring leased premises to their original condition at the end of the lease term, in accordance with the terms of the lease agreements. |
Energy dispute: A provision has been made in respect of a dispute relating to historical energy charges. The amount provided represents management's best estimate of the potential settlement based on the information currently available. |
21. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Share capital 1 | £1 | 1,100 | 1,100 |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
22. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 October 2023 | 6,604,777 | 300,000 | 6,904,777 |
Profit for the year | 1,464,888 | - | 1,464,888 |
Dividends | (40,000 | ) | - | (40,000 | ) |
At 30 September 2024 | 8,029,665 | 300,000 | 8,329,665 |
Company |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 October 2023 | 1,283,531 |
Deficit for the year | ( |
) | - | ( |
) |
Dividends | ( |
) | - | ( |
) |
At 30 September 2024 | 1,240,871 |
Other reserves represent a contribution from the parent company. |
23. | NON-CONTROLLING INTERESTS |
Non-controlling interests are for minority shareholders in 8Bella (UK) Limited and Deep Logistics Limited. The movement in non controlling interests is shown in the statement of changes in equity on page 11. |
24. | PENSION COMMITMENTS |
The group operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £12,204 (2023: £16,096). |
25. | RELATED PARTY DISCLOSURES |
During the year the company entered into the following transactions with related parties: |
Sales | Sales | Purchases | Purchases |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other related parties | 34,520 | - | 304,985 | 10,866 |
The following amounts were outstanding at the reporting end date: |
2024 | 2023 |
Amounts due to/(from) related parties | £ | £ |
Individuals with control, joint control or significant influence over the company | (196,781 | ) | (182,731 | ) |
Other related parties | 241,335 | - |
CH INVESTMENT HOLDING LIMITED (REGISTERED NUMBER: 12197007) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
26. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 2,138,752 | 2,189,473 |
Depreciation charges | 75,400 | 48,990 |
Loss on disposal of fixed assets | 8,365 | 8,080 |
Amounts written off on investment | 54,666 | 44,444 |
Share transfer | - | 301,000 |
Increase in other provisions | 92,343 | - |
Finance costs | 1,574 | 2,499 |
Finance income | (256,865 | ) | (115,965 | ) |
2,114,235 | 2,478,521 |
Increase in stocks | (293,174 | ) | (463,163 | ) |
Increase in trade and other debtors | (19,570 | ) | (260,096 | ) |
Increase in trade and other creditors | 43,903 | 112,672 |
Cash generated from operations | 1,845,394 | 1,867,934 |
27. | 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 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 8,266,305 | 6,683,807 |
Bank overdrafts | - | (12 | ) |
8,266,305 | 6,683,795 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 6,683,807 | 5,593,981 |
Bank overdrafts | (12 | ) | - |
6,683,795 | 5,593,981 |
28. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.10.23 | Cash flow | changes | At 30.9.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 6,683,807 | 1,582,498 | 8,266,305 |
Bank overdrafts | (12 | ) | 12 | - |
6,683,795 | 1,582,510 | 8,266,305 |
Debt |
Finance leases | - | 14,520 | (61,705 | ) | (47,185 | ) |
Debts falling due |
within 1 year | (26,663 | ) | 26,663 | - | - |
(26,663 | ) | 41,183 | (61,705 | ) | (47,185 | ) |
Total | 6,657,132 | 1,623,693 | (61,705 | ) | 8,219,120 |