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REGISTERED NUMBER: 10833237 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Charlton & Jenrick Holdings Limited

Charlton & Jenrick Holdings Limited (Registered number: 10833237)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Profit and Loss Account 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


Charlton & Jenrick Holdings Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: B G Charlton
W J Jenrick
P Mintoft



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



REGISTERED NUMBER: 10833237 (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 Holdings Limited (Registered number: 10833237)

Group Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
There were no changes to the main business of the group 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 £18.85M for the year, a 9.8% decrease to 2023. Operating profit at £1.9M was down 24.6% at 10.0% 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 £17,669,025 £21,429,030 £20,916,152 £18,855,170
EBITDA £2,985,083 £3,963,459 £3,223,408 £2,590,694

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 exacerbating 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. 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 on 20% hydrogen blending and 100% hydrogen initiatives alongside new heat pump systems. Carbon free Hydrogen can potentially fully replace natural gas for domestic heating.


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Group Strategic Report
for the Year Ended 31 December 2024

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.

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 landscape. 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, C&J Ltd 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 group 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.


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Group Strategic Report
for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks affecting the company and the group 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, overall market and economic conditions.

The company and the group 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 and the group 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 and the group manages this risk by providing excellent service in all its activities, continued product development and a proactive approach to design and innovation.

The company and the group 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 and the group has satisfactory financial resources. The company and the group 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 and the group 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.

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

CREDIT RISK
The company and the group 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 and the group.The company and the group also monitors all court judgements made against its customers and makes appropriate adjustments in the light of this information.

LIQUIDITY RISK
The company and the group 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 Holdings Limited (Registered number: 10833237)

Report of the Directors
for the Year Ended 31 December 2024

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

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

DIVIDENDS
Interim dividends per share on the Ordinary £1 shares were paid as follows:
£0.1429 - 23 February 2024
£0.0078 - 28 June 2024
£0.0222 - 29 November 2024
£0.1729

The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Non-redeemable preference £1 shares. The directors recommend that no final dividend be paid on these shares.

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.

FUTURE DEVELOPMENTS
The group has reviewed its position, in the light of the present economic outlook, as part of its normal budgetary process. The directors believe that the group has adequate financial resources, as demonstrated by the net assets position at 31 December 2024.

After making appropriate enquiries, the directors are of the opinion that the group 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.

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

DISCLOSURE IN THE STRATEGIC REPORT
The company and the group has chosen, in accordance with s414C(11) of the Companies Act, to set out in the group's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company and the group.


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Report of the Directors
for the Year Ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





P Mintoft - Director


10 July 2025

Report of the Independent Auditors to the Members of
Charlton & Jenrick Holdings Limited

Opinion
We have audited the financial statements of Charlton & Jenrick Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Charlton & Jenrick Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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
Charlton & Jenrick Holdings 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.

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 have assessed these areas at group level and at component level where appropriate, we have instructed the component auditors to enquire of the points noted above to ensure a consistent approach. We have been directly involved in the conclusions reached on specific assertions.

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 Holdings Limited


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




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 Holdings Limited (Registered number: 10833237)

Consolidated Profit and Loss Account
for the Year Ended 31 December 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 18,855,170 20,916,152

Cost of sales 12,708,326 13,604,596
GROSS PROFIT 6,146,844 7,311,556

Distribution costs 339,177 330,810
Administrative expenses 3,915,151 4,468,234
4,254,328 4,799,044
1,892,516 2,512,512

Other operating income 4 8,250 8,250
OPERATING PROFIT 6 1,900,766 2,520,762

Interest receivable and similar income 32,689 21,244
1,933,455 2,542,006

Interest payable and similar expenses 7 79,414 102,317
PROFIT BEFORE TAXATION 1,854,041 2,439,689

Tax on profit 8 378,611 81,102
PROFIT FOR THE FINANCIAL YEAR 1,475,430 2,358,587

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Consolidated Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 1,653,245 2,203,245
Tangible assets 12 1,417,023 1,486,657
Investments 13 - -
3,070,268 3,689,902

CURRENT ASSETS
Stocks 14 7,408,670 7,676,098
Debtors 15 3,274,179 3,770,964
Cash at bank and in hand 2,889,768 1,602,329
13,572,617 13,049,391
CREDITORS
Amounts falling due within one year 16 2,695,618 3,357,379
NET CURRENT ASSETS 10,876,999 9,692,012
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,947,267

13,381,914

CREDITORS
Amounts falling due after more than one
year

17

(334,569

)

(651,500

)

PROVISIONS FOR LIABILITIES 21 (87,954 ) (100,292 )
NET ASSETS 13,524,744 12,630,122

CAPITAL AND RESERVES
Called up share capital 22 6,805,410 6,805,410
Capital redemption reserve 23 99,654 99,654
Retained earnings 23 6,619,680 5,725,058
SHAREHOLDERS' FUNDS 13,524,744 12,630,122

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 Holdings Limited (Registered number: 10833237)

Company Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 10,050,015 10,050,015
10,050,015 10,050,015

CURRENT ASSETS
Cash at bank 3,364 3,411

CREDITORS
Amounts falling due within one year 16 720 720
NET CURRENT ASSETS 2,644 2,691
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,052,659

10,052,706

CREDITORS
Amounts falling due after more than one
year

17

3,145,920

3,145,967
NET ASSETS 6,906,739 6,906,739

CAPITAL AND RESERVES
Called up share capital 22 6,805,410 6,805,410
Capital redemption reserve 23 99,654 99,654
Retained earnings 23 1,675 1,675
SHAREHOLDERS' FUNDS 6,906,739 6,906,739

Company's profit for the financial year 580,808 952,107

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 Holdings Limited (Registered number: 10833237)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 6,905,064 4,317,161 - 11,222,225

Changes in equity
Total comprehensive income - 2,048,000 99,654 2,147,654
Dividends - (640,103 ) - (640,103 )
Purchase of own shares (99,654 ) - - (99,654 )
Balance at 31 December 2023 6,805,410 5,725,058 99,654 12,630,122

Changes in equity
Total comprehensive income - 1,475,430 - 1,475,430
Dividends - (580,808 ) - (580,808 )
Balance at 31 December 2024 6,805,410 6,619,680 99,654 13,524,744

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 6,905,064 258 - 6,905,322

Changes in equity
Purchase of own shares (99,654 ) - - (99,654 )
Dividends - (640,103 ) - (640,103 )
Total comprehensive income - 641,520 99,654 741,174
Balance at 31 December 2023 6,805,410 1,675 99,654 6,906,739

Changes in equity
Dividends - (580,808 ) - (580,808 )
Total comprehensive income - 580,808 - 580,808
Balance at 31 December 2024 6,805,410 1,675 99,654 6,906,739

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,550,056 2,364,711
Interest paid (79,414 ) (102,072 )
Interest element of hire purchase
payments paid

-

(245

)
Tax paid (210,204 ) (631,573 )
Net cash from operating activities 2,260,438 1,630,821

Cash flows from investing activities
Purchase of tangible fixed assets (93,443 ) (97,514 )
Sale of tangible fixed assets 14,900 1,916
Interest received 32,689 21,244
Net cash from investing activities (45,854 ) (74,354 )

Cash flows from financing activities
Loan repayments in year (323,259 ) (328,084 )
Capital repayments in year (25,398 ) (27,427 )
Share buyback - (310,587 )
Equity dividends paid (580,808 ) (640,103 )
Net cash from financing activities (929,465 ) (1,306,201 )

Increase in cash and cash equivalents 1,285,119 250,266
Cash and cash equivalents at
beginning of year

2

1,597,258

1,346,992

Cash and cash equivalents at end of
year

2

2,882,377

1,597,258

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,854,041 2,439,689
Depreciation charges 700,785 712,812
Profit on disposal of fixed assets (2,608 ) (1,916 )
Finance costs 79,414 102,317
Finance income (32,689 ) (21,244 )
2,598,943 3,231,658
Decrease/(increase) in stocks 267,428 (1,012,643 )
Decrease in trade and other debtors 406,989 664,560
Decrease in trade and other creditors (723,304 ) (518,864 )
Cash generated from operations 2,550,056 2,364,711

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 2,889,768 1,602,329
Bank overdrafts (7,391 ) (5,071 )
2,882,377 1,597,258
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,602,329 1,350,079
Bank overdrafts (5,071 ) (3,087 )
1,597,258 1,346,992


Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 1,602,329 1,287,439 2,889,768
Bank overdrafts (5,071 ) (2,320 ) (7,391 )
1,597,258 1,285,119 2,882,377
Debt
Finance leases (25,398 ) 25,398 -
Debts falling due within 1 year (292,392 ) 6,328 (286,064 )
Debts falling due after 1 year (651,500 ) 316,931 (334,569 )
(969,290 ) 348,657 (620,633 )
Total 627,968 1,633,776 2,261,744

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over its estimated useful life. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

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 Group's/Company's activities, net of Value Added Tax, rebates and trade discounts. Turnover from the provision of goods and services are recognised in the accounting period in which the Group/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.

Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of 10 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - Over 10 years
Patents - 20% straight line

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

Notes to the Consolidated 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.
Freehold property - not provided
Long leasehold - not provided
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance and 10% on cost
Office and Computer Equipment - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance and 25% on cost
Tooling and Equipment - 20% on cost and 20 - 33% on cost

The directors consider that freehold and long leasehold properties are maintained in such a state that their residual value is at least equal to their net book values. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

The directors perform annual impairment reviews in accordance with the requirements of FRS102 to ensure that the recoverable amount is not lower than the carrying value.

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 Consolidated 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 Holdings Limited (Registered number: 10833237)

Notes to the Consolidated 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Invoice discounting
The invoice discounting creditor represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

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

Investments in subsidiaries
The investment has been valued by the directors taking account of underlying financial and market information.

3. TURNOVER

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

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

4. OTHER OPERATING INCOME
2024 2023
£    £   
Rent receivable 8,250 8,250

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,413,336 3,394,981
Social security costs 78,060 77,136
Other pension costs 133,190 300,735
3,624,586 3,772,852

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

5. EMPLOYEES AND DIRECTORS - continued

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

Employees 87 87
Directors 3 3
90 90

The average number of employees of the parent company was 3 (2023 - 3).


Key management compensation

The only key management are the directors.

2024 2023
£    £   
Directors' remuneration 337,846 347,903
Directors' pension contributions to money purchase schemes 116,213 281,850

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

Money purchase schemes 3 3

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

6. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery - 308
Depreciation - owned assets 150,785 162,811
Profit on disposal of fixed assets (2,608 ) (1,916 )
Goodwill amortisation 550,000 550,000
Auditors' remuneration 38,670 41,630
Auditors' remuneration for non audit work - 5,998
Foreign exchange differences 20,328 13,989
Operating leases 206,525 185,691

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest and factoring 21,624 25,676
Bank loan interest 1,650 1,800
Loan interest 56,140 74,596
Hire purchase - 245
79,414 102,317

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 (12,338 ) (48,845 )
Tax on profit 378,611 81,102

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

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 1,854,041 2,439,689
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

463,510

609,922

Effects of:
Expenses not deductible for tax purposes 5,084 7,588
Depreciation in excess of capital allowances 24,044 14,231
Adjustments to tax charge in respect of previous periods - (239,515 )
Research & Development and patent box claims (239,189 ) (376,540 )
Amortisation of goodwill 137,500 137,500
Unused losses b/f (48,943 ) (48,943 )
Unused losses c/f 48,943 48,943
Change in standard rate of tax during the year - (23,239 )
Deferred tax (12,338 ) (48,845 )
Total tax charge 378,611 81,102

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

9. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 580,808 640,103

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 5,503,245
AMORTISATION
At 1 January 2024 3,300,000
Amortisation for year 550,000
At 31 December 2024 3,850,000
NET BOOK VALUE
At 31 December 2024 1,653,245
At 31 December 2023 2,203,245

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Long to Plant and
property leasehold property machinery
£    £    £    £   
COST
At 1 January 2024 486,062 433,185 95,393 1,426,640
Additions - - - 36,000
Disposals - - - (186,352 )
At 31 December 2024 486,062 433,185 95,393 1,276,288
DEPRECIATION
At 1 January 2024 - - 80,720 1,014,824
Charge for year - - 7,323 73,372
Eliminated on disposal - - - (186,352 )
At 31 December 2024 - - 88,043 901,844
NET BOOK VALUE
At 31 December 2024 486,062 433,185 7,350 374,444
At 31 December 2023 486,062 433,185 14,673 411,816

Office
and Tooling
Computer Motor and
Equipment vehicles Equipment Totals
£    £    £    £   
COST
At 1 January 2024 233,139 224,909 234,607 3,133,935
Additions 10,609 26,000 20,834 93,443
Disposals (51,226 ) (109,249 ) (13,237 ) (360,064 )
At 31 December 2024 192,522 141,660 242,204 2,867,314
DEPRECIATION
At 1 January 2024 196,566 154,921 200,247 1,647,278
Charge for year 22,830 32,322 14,938 150,785
Eliminated on disposal (51,226 ) (96,957 ) (13,237 ) (347,772 )
At 31 December 2024 168,170 90,286 201,948 1,450,291
NET BOOK VALUE
At 31 December 2024 24,352 51,374 40,256 1,417,023
At 31 December 2023 36,573 69,988 34,360 1,486,657

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 10,050,015
NET BOOK VALUE
At 31 December 2024 10,050,015
At 31 December 2023 10,050,015

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

Subsidiary

Charlton & Jenrick Limited
Registered office: Unit D Stafford park 2, Telford, Shropshire, TF3 3AR.
Nature of business: The manufacture and sale of heating appliances.
%
Class of shares: holding
Ordinary £1 100.00
2024 2023
£    £   
Aggregate capital and reserves 14,980,746 13,532,680
Profit for the year 2,028,874 2,875,809

Katell Limited
Registered office: 478-480 Durham Way North, Aycliffe Industrial Park, Newton Aycliffe, Co Durham, DL4 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 532,179 665,135
Loss for the year (132,956 ) (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 Holdings Limited (Registered number: 10833237)

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

13. FIXED ASSET INVESTMENTS - continued

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/(loss) for the year was £8,180, (2023 - £21,852).


14. STOCKS

Group
2024 2023
£    £   
Raw materials 1,957,052 2,066,848
Work-in-progress 3,191 14,326
Finished goods 5,448,427 5,594,924
7,408,670 7,676,098

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 2,737,511 2,564,449
Other debtors 359,519 924,347
Corporation tax - 89,796
Prepayments and accrued income 177,149 192,372
3,274,179 3,770,964

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 293,455 297,463 - -
Hire purchase contracts (see note 19) - 25,398 - -
Trade creditors 889,003 1,757,002 - -
Corporation tax 90,949 - - -
Social security and other taxes 184,050 202,653 - -
VAT 567,989 345,937 - -
Other creditors 175,413 81,143 - -
Accruals and deferred income 494,759 647,783 720 720
2,695,618 3,357,379 720 720

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 334,569 651,500 - -
Amounts owed to group undertakings - - 3,145,920 3,145,967
334,569 651,500 3,145,920 3,145,967

The directors have reviewed the loans from 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.

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 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 - 183,722
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 217,243 181,714

Included within bank loans is a CBILS loan of £695,782 with interest payable at 2.25% over base rate.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 25,398

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

19. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 216,758 206,525
Between one and five years 480,446 713,104
697,204 919,629

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 620,633 943,892
Hire purchase contracts - 25,398
620,633 969,290

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.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 87,954 100,292

Group
Deferred
tax
£   
Balance at 1 January 2024 100,292
Credit to Profit and Loss Account during year (12,338 )
Balance at 31 December 2024 87,954

The deferred tax provision is due to accelerated capital allowances.

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,358,416 Ordinary £1 3,358,416 3,358,416
3,446,994 Non-redeemable preference £1 3,446,994 3,446,994
6,805,410 6,805,410

Ordinary shares have been allotted, issued and fully paid for the following classes:


Number

Class
Nominal
value


2024

2023
££

943,665Ordinary A£1943,665943,665
216,934Ordinary B£1216,934216,934
940,000Ordinary C£1940,000940,000
3,665Ordinary D£13,6653,665
474,000Ordinary E£1474,000474,000
544Ordinary F£1544544
474,000Ordinary I£1474,000474,000
544Ordinary J£1544544
305,064Ordinary K£1305,064305,064
3,358,4163,358,4163,358,416


Ordinary K shares are held in trust in relation to an EMI scheme operated by the company. Beneficiaries of the scheme have the right to acquire these shares for £0.30 each from the trust. The EMI option was granted on 20 December 2024 and shall become exercisable in full 6 years and 8 months following the date of the grant. If not exercised the issued shares held in trust are cancelled (or repurchased by the company).

23. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 5,725,058 99,654 5,824,712
Profit for the year 1,475,430 1,475,430
Dividends (580,808 ) (580,808 )
At 31 December 2024 6,619,680 99,654 6,719,334

Charlton & Jenrick Holdings Limited (Registered number: 10833237)

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

23. RESERVES - continued

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 1,675 99,654 101,329
Profit for the year 580,808 580,808
Dividends (580,808 ) (580,808 )
At 31 December 2024 1,675 99,654 101,329


24. RELATED PARTY DISCLOSURES

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

25. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors who between them own 68% of the issued share capital.