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REGISTERED NUMBER: 02037946 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Charlton & Jenrick Ltd

Charlton & Jenrick Ltd (Registered number: 02037946)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Profit and Loss Account 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15


Charlton & Jenrick Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: B G Charlton
W J Jenrick
P Mintoft
D M Beckett



REGISTERED OFFICE: Unit D
Stafford Park 2
Telford
Shropshire
TF3 3AR



REGISTERED NUMBER: 02037946 (England and Wales)



SENIOR STATUTORY AUDITOR: Geoffrey Hopwood BCOM FCA



AUDITORS: Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Charlton & Jenrick Ltd (Registered number: 02037946)

Strategic Report
for the Year Ended 31 December 2024

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

REVIEW OF BUSINESS
There were no changes to the main business of the company which remains in research, design, development and manufacture of domestic secondary heating appliances and fireplaces.

Overall sales during 2024 declined more than expected. In particular, the stove market contracted substantially. Concurrently, poor consumer confidence, intense competition, political elections and increased cost of living hampered progress in other areas. Retailers and end customers held back, competition stiffened and there was heavy discounting by some to try to maintain volumes. Despite the market decline, we continue to operate relatively efficiently and retain creditable profit levels. Subsequent trading continues to be satisfactory.

Turnover was £15.45M for the year, a 11.6% decrease to 2023. Operating profit at £2.52M was down 21.2% at 16.3% of sales. Despite increases in almost all business input costs, gross margin remained acceptable, cash resources were well managed, and expenses controlled as far as possible - largely by efficiency improvements. The directors consider this a satisfactory outcome in the circumstances.
Turnover and EBITDA for the last four years is set out below:

Year 2021 2022 2023 2024
Turnover £13,738,846 £18,093,957 £17,483,122 £15,447,646
EBITDA £2,788,959 £4,045,692 £3,293,863 £2,609,065

We explained last year that global warming, war in Ukraine and the middle east, political changes in the UK and EU together with advances in low carbon electricity generation has created a very unpredictable market for domestic secondary heating. Now compounded by seismic political manoeuvring by the USA, this has certainly proved to be the case. Looking forward even one year to make reliable forecasts is now almost impossible. This backdrop has created one of the most difficult periods to navigate that we have ever seen.

The UK and EU experienced weak consumer confidence, political uncertainty, mild weather and the media compounding a consumer cost-of-living crisis. Stability in energy prices would normally be welcome for gas and electricity markets except that household bills remain relatively high compared to historical norms and international comparators. This is unlikely to change any time soon. Our experienced and motivated management team acted promptly and vigorously to strive for the best response to each challenge.

Gas fire sales continued to improve as gas prices stabilised. The public have eventually realised that gas remains a very efficient and cost-effective heating solution - as it always has been. We maintain a very strong commitment to R&D, new gas fire technology and gas fire manufacturing for the future with several new introductions planned. There seems to be a dawning realisation that pure electric Heat Pumps are not a panacea for all future domestic heating needs, so hybrid systems are being developed - retaining some gas to meet rapid demand - which is a more realistic transition offer. We hope that the essential national need for energy security will see phasing out of Natural Gas taking place over a longer timescale than previously thought. We look to Government for stronger and more consistent leadership for 20% hydrogen blending and 100% hydrogen initiatives alongside new heat pump systems. Carbon free Hydrogen can potentially fully replace natural gas for domestic heating.

The solid fuel stove market performed badly as we saw considerable retailer over-stocking and excess production capacity at manufacturers. This led to sluggish sales and heavy discounting by competitors to move stock. Serious consumer misinformation continues to affect the industry, although the Stove Industry Association (SIA) are making a positive impact to combat the worst of it. Blatant misinformation about renewable wood fuel and stove emissions influenced a dreadful Scottish regulation decision effectively introducing a back-door ban of stoves in new build houses - which SIA and others converted into a complete 180-degree policy reversal by the Scottish Government. Modern wood stoves produce a fraction of the emissions of an open fire or older stove and contribute to lowering overall domestic emissions drastically when replacing older polluting appliances. This positive advance is being lost in falsehoods being promulgated which is clearly stymying positive change. Strong representations to Government, Trading Standards and Advertising Standards are being made by SIA on behalf of the industry. Our entire product range achieves clearSkies level 4 or 5 accreditation and we invest continuously in R&D to launch new products using scientific and technological combustion developments, emissions mitigation and control system innovation.

Charlton & Jenrick Ltd (Registered number: 02037946)

Strategic Report
for the Year Ended 31 December 2024


Electric fire markets performed reasonably well, although the proliferation of cut-price, low-spec, low-quality appliances are affecting the market. At the year-end one of our previously very prominent competitors went into liquidation, illustrating the rapidly changing nature of the electric fire scene. However, this fuel type has good potential for the future thanks to strong renewable and sustainable generation feeding the electricity grid coupled with vastly improved, easy to use appliances. We continue to invest substantial sums in additional scientific and technological R&D, launching regular new products, with new additions planned for 2025.

Katell Ltd suffered another difficult year of disappointing sales, again trading at a loss. New product introductions were very successful but did not make up for the decline in other areas combined with further rising costs. Accordingly, we wrote down the carrying value of the investment by a further £122k. Economies have already been implemented and a fresh root and branch review to inform plans for the business is underway.

Sustained export effort resulted in growing sales to existing distributors and further new territories brought on stream that helped consolidate overall sales and profitability. Global shipping costs remained at relatively rational levels and exchange rates were stable.

The company has always invested a great deal of its earnings in R&D for future product developments so as to provide a solid platform for growth. As exemplified by the current year, the very mature markets we work in - often affected by outside influences - can hold us back from achieving the sales growth we expect from this programme. However, the directors firmly believe that as a leading manufacturer in our industry, the continued investment is essential. We therefore continue our very substantial group commitment to R&D to feed unique, specialist new products using the latest scientific and technological advances into our markets and will respond actively to energy market developments as they arise.

Bearing in mind all the circumstances the directors remain very confident about the future.

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks affecting the company are considered to be fire (or other similar sudden unforeseen events) leading to a reduction in production capacity and product availability, the impact of significant exchange rate fluctuations on purchases, and overall market and economic conditions.

The company mitigates these risks in a number of ways, including the use of a disaster recovery plan covering potential disruptions to its business, the maintenance of strategic stocks, the specific identification of alternate suppliers and the use of relevant financial instruments.

The company operates in a very competitive market with continuing rapid and progressive product development which is a continuing risk and may result in sales being lost to competitors. The company manages this risk by providing excellent service in all its activities, continued product development and a proactive approach to design and innovation.

The company has reviewed its position, in the light of the present economic outlook, as part of its normal budgetary process. The directors believe that the company has satisfactory financial resources. The company is expected to continue to trade profitably, even in the event of uncertainties in the global economy. However, not all future events or conditions can be predicted.

After making appropriate enquiries, the directors are of the opinion that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the report and accounts.


Charlton & Jenrick Ltd (Registered number: 02037946)

Strategic Report
for the Year Ended 31 December 2024

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company's operations expose it to a variety of financial risks that include the effects of credit risk and investment risk.
The company monitors and takes action in each of these areas as follows:

CREDIT RISK
The company has implemented policies that require appropriate credit checks on potential customers before sales are made in addition, credit checks are made on those customers who are deemed to be a significant credit risk to the company. The company also monitors all court judgements made against its customers and makes appropriate adjustments in the light of this information.

LIQUIDITY RISK
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.

KEY PERFORMANCE INDICATORS
The directors use a number of KPIs in measuring the performance of the business. Key indicators used by the company cover margins, debtor and stock ratios, and cash generation. As these KPIs are derived from figures disclosed in this report, no additional KPIs are disclosed.

ON BEHALF OF THE BOARD:





P Mintoft - Director


10 July 2025

Charlton & Jenrick Ltd (Registered number: 02037946)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the design, development and manufacture of secondary heating appliances and fireplaces.

DIVIDENDS
Interim dividends per share were paid as follows:
£32.54 - 23 February 2024
£1.78 - 28 June 2024
£5.05 - 29 November 2024
£39.37

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 580,808 .

RESEARCH AND DEVELOPMENT
Research and development expenditure is written off in the year in which it is incurred.
The company continues to recognise the importance of ongoing Research and Development in respect of its products and will maintain this investment as part of its operations and future strategies.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

B G Charlton
W J Jenrick
P Mintoft
D M Beckett

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 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.

Charlton & Jenrick Ltd (Registered number: 02037946)

Report of the Directors
for the Year Ended 31 December 2024


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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Haines Watts Wolverhampton Limited, are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





P Mintoft - Director


10 July 2025

Report of the Independent Auditors to the Members of
Charlton & Jenrick Ltd

Opinion
We have audited the financial statements of Charlton & Jenrick Ltd (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 December 2024 and of its 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Charlton & Jenrick Ltd


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 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 five, 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 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.

Report of the Independent Auditors to the Members of
Charlton & Jenrick Ltd


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.

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Identifying and obtaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and made enquiry of the Company's management to understand the Company's compliance with that framework;

- Obtaining an understanding of the internal controls established to mitigate risks relating to fraud or other error which could affect the financial reporting process;

- Making enquiries of management to determine whether they have knowledge of any actual or suspected fraud;

- Reviewing assumptions and judgements made by the management in its significant accounting estimates;

- In addition to transaction-based testing, on a sample basis, of sales, purchases and payroll costs, we have undertaken a review of accounting journals and non-routine payments and receipts;

We did not identify any key audit matters relating to irregularities, including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or mispresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Charlton & Jenrick Ltd


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.




Geoffrey Hopwood BCOM FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

10 July 2025

Charlton & Jenrick Ltd (Registered number: 02037946)

Profit and Loss Account
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 3 15,447,646 17,483,122

Cost of sales 10,512,853 11,460,379
GROSS PROFIT 4,934,793 6,022,743

Administrative expenses 2,413,373 2,823,896
OPERATING PROFIT 5 2,521,420 3,198,847

Interest receivable and similar income 32,689 21,244
2,554,109 3,220,091
Amounts written off investments 6 122,033 152,920
2,432,076 3,067,171

Interest payable and similar expenses 7 19,610 66,681
PROFIT BEFORE TAXATION 2,412,466 3,000,490

Tax on profit 8 383,592 124,681
PROFIT FOR THE FINANCIAL YEAR 2,028,874 2,875,809

Charlton & Jenrick Ltd (Registered number: 02037946)

Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,028,874 2,875,809


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,028,874

2,875,809

Charlton & Jenrick Ltd (Registered number: 02037946)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 302,991 337,493
Investments 11 627,197 749,230
930,188 1,086,723

CURRENT ASSETS
Stocks 12 6,712,686 6,904,156
Debtors 13 7,117,890 7,549,623
Cash at bank and in hand 2,755,383 1,496,984
16,585,959 15,950,763
CREDITORS
Amounts falling due within one year 14 2,245,502 2,921,486
NET CURRENT ASSETS 14,340,457 13,029,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,270,645

14,116,000

CREDITORS
Amounts falling due after more than one
year

15

(217,326

)

(503,390

)

PROVISIONS FOR LIABILITIES 19 (72,573 ) (79,930 )
NET ASSETS 14,980,746 13,532,680

CAPITAL AND RESERVES
Called up share capital 20 14,751 14,751
Share premium 21 9,853 9,853
Retained earnings 21 14,956,142 13,508,076
SHAREHOLDERS' FUNDS 14,980,746 13,532,680

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:





P Mintoft - Director


Charlton & Jenrick Ltd (Registered number: 02037946)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 14,751 11,584,373 9,853 11,608,977

Changes in equity
Dividends - (952,106 ) - (952,106 )
Total comprehensive income - 2,875,809 - 2,875,809
Balance at 31 December 2023 14,751 13,508,076 9,853 13,532,680

Changes in equity
Dividends - (580,808 ) - (580,808 )
Total comprehensive income - 2,028,874 - 2,028,874
Balance at 31 December 2024 14,751 14,956,142 9,853 14,980,746

Charlton & Jenrick Ltd (Registered number: 02037946)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Charlton & Jenrick Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Charlton & Jenrick Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Charlton & Jenrick Holdings Ltd, Unit D, Stafford Park 2, Telford, Shropshire, TF3 3AR.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements and estimates are:

Provisions against the carrying value of stocks
The company reviews the market value and demand for its stock on a periodic basis to ensure that stock is stated at the lower of cost and estimated selling price less costs to sell. In assessing the ultimate realisation of stocks, the company is required to make estimates as to future demand requirements and to compare these with the current or committed stock levels. Assumptions have been made relating to the timing and success of product ranges, which could impact estimated demand and selling prices.

Turnover
The turnover shown in the profit and loss account is the amount receivable for the provision of goods and services falling within the Company's activities, net of Value Added Tax, rebates and trade discounts.

Turnover from the provision of goods and services is recognised in the accounting period in which the Company obtains the right to consideration in exchange for its performance and when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Charlton & Jenrick Ltd (Registered number: 02037946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.
Plant and machinery - 10% on cost
Office and Computer Equipment - 33% on cost
Motor vehicles - 25% on cost
Tooling and Equipment - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stock has been valued at the lower of cost and estimated selling price less costs to sell.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Stock provisions have been made for any slow moving or obsolete stocks.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Charlton & Jenrick Ltd (Registered number: 02037946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as the financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.

3. TURNOVER

Turnover is wholly attributable to the principal activity of the company.

The analysis of turnover by geographical market has not been disclosed.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,351,057 2,316,818
Other pension costs 117,204 283,501
2,468,261 2,600,319

The average number of employees during the year was as follows:
2024 2023

Employees 49 49
Directors 4 4
53 53

Key management compensation

The only key management are the directors.

2024 2023
£    £   
Directors' remuneration 439,959 474,466
Directors' pension contributions to money purchase schemes 117,204 283,501

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Charlton & Jenrick Ltd (Registered number: 02037946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 131,567 149,096
Pension contributions to money purchase schemes 54,975 160,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 87,278 96,931
Loss/(profit) on disposal of fixed assets 367 (1,916 )
Auditors' remuneration 22,020 22,075
Auditors' remuneration for non audit work - 5,998
Foreign exchange differences 19,629 9,010
Research and development 61,964 76,547
Operating lease charges 206,525 185,691

6. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£    £   
Amount written off investments 122,033 152,920

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 21,642 25,687
Loan interest (2,032 ) 40,749
Hire purchase - 245
19,610 66,681

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 390,949 369,462
Over/under provision in prior years - (239,515 )
Total current tax 390,949 129,947

Deferred tax (7,357 ) (5,266 )
Tax on profit 383,592 124,681

UK corporation tax has been charged at 25% (2023 - 23.50%).

Charlton & Jenrick Ltd (Registered number: 02037946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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 2,412,466 3,000,490
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

603,117

750,123

Effects of:
Expenses not deductible for tax purposes 6,540 10,699
Depreciation in excess of capital allowances 17,116 7,269
Adjustments to tax charge in respect of previous periods - (239,515 )
Research & development and patent box claims (239,189 ) (376,540 )
Amount written off investments 30,508 38,230
Change in standard rate of tax during the year - (23,239 )
Deferred tax movement (7,357 ) (5,266 )
Group relief (27,143 ) (37,080 )
Total tax charge 383,592 124,681

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 580,808 952,106

10. TANGIBLE FIXED ASSETS
Office
and Tooling
Plant and Computer Motor and
machinery Equipment vehicles Equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 678,131 155,045 147,041 234,607 1,214,824
Additions 36,000 6,609 - 20,834 63,443
Disposals (186,352 ) (51,226 ) (48,632 ) (13,237 ) (299,447 )
At 31 December 2024 527,779 110,428 98,409 242,204 978,820
DEPRECIATION
At 1 January 2024 468,101 127,805 81,178 200,247 877,331
Charge for year 35,481 13,537 23,322 14,938 87,278
Eliminated on disposal (186,352 ) (51,226 ) (37,965 ) (13,237 ) (288,780 )
At 31 December 2024 317,230 90,116 66,535 201,948 675,829
NET BOOK VALUE
At 31 December 2024 210,549 20,312 31,874 40,256 302,991
At 31 December 2023 210,030 27,240 65,863 34,360 337,493

Charlton & Jenrick Ltd (Registered number: 02037946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 4,267,136
PROVISIONS
At 1 January 2024 3,517,906
Provision for year 122,033
At 31 December 2024 3,639,939
NET BOOK VALUE
At 31 December 2024 627,197
At 31 December 2023 749,230

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

Katell Limited
Registered office: 478 - 480 Durham Way North, Aycliffe Industrial Park, Newton Aycliffe, Co Durham, DL5 6HP.
Nature of business: The manufacture and sale of heating appliances.
%
Class of shares: holding
Ordinary £1 100.00
2024 2023
£    £   
Aggregate capital and reserves 527,197 665,135
Loss for the year (137,938 ) (158,878 )

Fireline UK Limited
Registered office: Unit D, Stafford Park 2, Telford, Shropshire, TF3 3AR
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 100.00
2024 2023
£    £   
Aggregate capital and reserves 100,000 100,000

Charlton & Jenrick China
This is a business in China that sells domestic fires.
The aggregate capital and reserves were £28,065, (2023 - (£19,885)).
The profit for the year was £8,180, (2023 - £21,852).

Investments are not listed and are held at cost less impairment as fair value cannot be reliably
determined.
The investment in Katell Ltd is impaired due to the company making losses and its net asset position being less than cost. In the opinion of the directors, the provision in the accounts is a fair reflection of the reduction in the value of the investment.

Charlton & Jenrick Ltd (Registered number: 02037946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. STOCKS
2024 2023
£    £   
Raw materials 1,354,139 1,444,502
Work-in-progress 348 405
Finished goods 5,358,199 5,459,249
6,712,686 6,904,156

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 2,110,734 1,871,464
Amounts owed by group undertakings 102,890 -
Other debtors 341,787 896,491
Corporation tax - 89,796
Prepayments and accrued income 90,062 84,083
2,645,473 2,941,834

Amounts falling due after more than one year:
Amounts owed by group undertakings 4,472,417 4,607,789

Aggregate amounts 7,117,890 7,549,623

The directors have reviewed the loans to group undertakings, and are of the opinion that they will not be repaid within one year from the balance sheet date and should therefore be classed as long term.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 293,455 297,463
Trade creditors 668,621 1,522,381
Corporation tax 90,949 -
Social security and other taxes 84,522 98,318
VAT 567,989 345,937
Other creditors 85,035 58,634
Accruals and deferred income 454,931 598,753
2,245,502 2,921,486

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 117,326 403,390
Amounts owed to group undertakings 100,000 100,000
217,326 503,390

Charlton & Jenrick Ltd (Registered number: 02037946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 7,391 5,071
Bank loans 286,064 292,392
293,455 297,463

Amounts falling due between one and two years:
Bank loans - 1-2 years 117,326 286,064

Amounts falling due between two and five years:
Bank loans - 2-5 years - 117,326

Included within bank loans is a CBILS loan of £403,390 (2023 - £695,782) with interest payable at 2.25% over base rate.

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 216,758 206,525
Between one and five years 480,446 713,104
697,204 919,629

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 403,390 695,782

The hire purchase contracts are secured on the assets to which it relates.

The company has a bank guarantee of £550,000 dated 18/06/15 relating to the mortgage granted to Katell Ltd, its subsidiary. There is also a debenture dated 27/07/1989 against all assets of the company.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 72,573 79,930

Charlton & Jenrick Ltd (Registered number: 02037946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

19. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 79,930
Credit to Profit and Loss Account during year (7,357 )
Balance at 31 December 2024 72,573

The deferred tax provision is due to accelerated capital allowances.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
14,751 Ordinary £1 14,751 14,751

21. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 13,508,076 9,853 13,517,929
Profit for the year 2,028,874 2,028,874
Dividends (580,808 ) (580,808 )
At 31 December 2024 14,956,142 9,853 14,965,995

22. ULTIMATE PARENT COMPANY

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Charlton & Jenrick Holdings Ltd, a company registered in England and Wales whose registered office is Unit D, Stafford Park 2, Telford, Shropshire, TF3 3AR.