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Registered number: 00716597









ARTHUR CHATWIN LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ARTHUR CHATWIN LIMITED
 
 
COMPANY INFORMATION


Directors
E R Chatwin 
N J Jenks (resigned 14 July 2025)
S E Cooper (appointed 14 July 2025)




Registered number
00716597



Registered office
4 Market Street
Nantwich

Cheshire

CW5 5DJ




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Drake House

Gadbrook Park

Rudheath

Northwich

Cheshire

CW9 7RA





 
ARTHUR CHATWIN LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Profit and Loss Account
9
Balance Sheet
10 - 11
Statement of Changes in Equity
12
Statement of Cash Flows
13 - 14
Notes to the Financial Statements
15 - 39


 
ARTHUR CHATWIN LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report of the year ended 31st December 2024.

Business review
 
Arthur Chatwin Limited has operated as a family business since 1913 under the trading name “Chatwins”.  A central bakery and Head Office in Nantwich services the retail stores and wholesale customers in Cheshire, Staffordshire, North Wales and Merseyside.
During 2024 turnover increased by 4% to £14.2m. There were no new store openings during the year, and we closed our Chester City Centre store at the end of 2024 when the lease expired. Following this closure the business now has 23 retail outlets.
The performance of the company during the year has produced encouraging results. As a result of controlling costs, operating profit improved by £292,091 to £329,093 this year.
During the year we invested £309,732 in new capital expenditure across the company.

Page 1

 
ARTHUR CHATWIN LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
Liquidity risk:
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs by closely managing cashflow projections. 
The company does finance some of its investments in tangible fixed assets through hire purchase contracts.  The maturity of these obligations is set out in the notes to the financial statements.
Economic Risk:
The company purchases significant volume of wholesale food product and energy costs, both which can have significant volatility and have considerable impact on the cost base.  This risk is mitigated by fixing long term contracts with suppliers and constant review of product pricing.
Trading risk:
The company identifies that there are significant risks complying with legislation in the following areas:-
- Health and Safety
- Food Hygiene
- Employment Law
The company uses external advisors to provide a framework of policies, procedures and internal controls to address risks in all these areas.
Key performance indicators:
The company manages the business through the following key performance indicators:
- Increase/decrease in turnover
- Change in the average transaction value
- Raw ingredient percentage
- Wage percentage
- Waste percentage
- EBITDA

Future Developments
 
The directors do not foresee any changes to the principal activities of the company.  We are actively looking for new shops. With the UK food to go market expected to continue to grow we are in a strong position to expand our number of outlets.

 

This report was approved by the board on 30 July 2025 and signed on its behalf.



___________________________
E R Chatwin
Director

Page 2

 
ARTHUR CHATWIN LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £249,339 (2023 - loss £8,586).

Ordinary dividends were paid amounting to £174,710 (2023: £25,000). The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

E R Chatwin 
N J Jenks (resigned 14 July 2025)


Page 3

 
ARTHUR CHATWIN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Engagement with employees

Disabled persons
The company is responsive to the needs of its employees. As such, should any employee of the company
become disabled during their time with us, we will actively retrain that employee and make reasonable 
adjustments to their working environment where possible, in order to keep the employee with the company. 
It is the policy of the company that the recruitment, training, career development and promotion of disabled 
persons should, as far as possible, be identical to that of other employees.
Employee involvement
The Board maintain regular communication with employees by holding regular staff meetings where free flow 
of information and ideas is encouraged. Through these meetings, informal shop visits and factory floor walks, 
the views of the teams operating in the shops and the bakery are well known.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.


Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 July 2025 and signed on its behalf.
 





E R Chatwin
Director

Page 4

 
ARTHUR CHATWIN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTHUR CHATWIN LIMITED
 

Qualified opinion


We have audited the financial statements of Arthur Chatwin Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 qualified opinion


The company has a defined benefit pension scheme, which, other than the disclosure in note 32 describing the potential scheme liability, is not included in the financial statements in accordance with FRS 102. The directors have not requested an FRS 102 actuarial report on the defined benefit pension scheme at 31 December 2024. For this reason, we were unable to obtain sufficient appropriate audit evidence to be able to verify the value of the defined pension scheme liability at 31 December 2024 or 31 December 2023. In addition, the FRS 102 defined benefit pension scheme disclosures are not included within the financial statements. Were any adjustments to the pension balance to be required, the strategic report and directors report would also need to be amended.


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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
ARTHUR CHATWIN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTHUR CHATWIN LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


As described in the Basis for qualified opinion on other matters prescribed by the Companies Act 2006 section of our report we have concluded that we are unable to determine whether a material mis-statement exists in the other information.

             
Qualified opinion on other matters prescribed by the Companies Act 2006
 

Except for the matter described in the Basis for qualified opinion on other matters prescribed by the Companies Act 2006 section of our report, in our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
 

Matters on which we are required to report by exception
 

Except for the material misstatement described in the Basis for qualified opinion on other matters prescribed by the Companies Act 2006 section of our report, 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 and the Directors' Report.


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


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.


Page 6

 
ARTHUR CHATWIN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTHUR CHATWIN LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


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


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

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the
Company and determined that the most significant are those that relate to the reporting framework (FRS102 
and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety
Regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Company is complying with these frameworks by making enquiries of management
and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any
recorded instances of irregularity or non compliance that might have a material impact on the financial
statements.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how
fraud might occur by meeting with key management to understand where they considered there was
susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and 
those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items 
and the challenge of significant accounting estimates used in preparing the financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a 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 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 
ARTHUR CHATWIN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARTHUR CHATWIN LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Fran Johnson BSc FCA BFP (Senior Statutory Auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Drake House
Gadbrook Park
Rudheath
Northwich
Cheshire
CW9 7RA

1 August 2025
Page 8

 
ARTHUR CHATWIN LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,179,419
13,677,062

Cost of sales
  
(3,296,136)
(3,385,716)

Gross profit
  
10,883,283
10,291,346

Distribution costs
  
(9,750,712)
(9,527,599)

Administrative expenses
  
(807,978)
(731,545)

Other operating income
 5 
4,500
4,800

Operating profit
 6 
329,093
37,002

Income from other fixed asset investments
  
525
300

Amounts written off investments
  
3,837
-

Interest receivable and similar income
 11 
35,011
21,773

Interest payable and similar expenses
 12 
(87,040)
(87,661)

Profit/(loss) before tax
  
281,426
(28,586)

Tax on profit/(loss)
 13 
(32,087)
20,000

Profit/(loss) for the financial year
  
249,339
(8,586)

The notes on pages 15 to 39 form part of these financial statements.

Page 9

 
ARTHUR CHATWIN LIMITED
REGISTERED NUMBER: 00716597

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
112,674
131,286

Tangible assets
 16 
3,870,449
4,011,812

Investments
 17 
-
16,685

Investment property
 18 
-
185,000

  
3,983,123
4,344,783

Current assets
  

Stocks
 19 
167,952
175,081

Debtors: amounts falling due after more than one year
 20 
69,768
101,659

Debtors: amounts falling due within one year
 20 
427,218
679,246

Cash at bank and in hand
 21 
1,437,384
807,733

  
2,102,322
1,763,719

Creditors: amounts falling due within one year
 22 
(1,392,051)
(1,276,852)

Net current assets
  
 
 
710,271
 
 
486,867

Total assets less current liabilities
  
4,693,394
4,831,650

Creditors: amounts falling due after more than one year
 23 
(1,009,623)
(1,143,165)

Provisions for liabilities
  

Deferred tax
 26 
(207,500)
(280,000)

  
 
 
(207,500)
 
 
(280,000)

Net assets
  
3,476,271
3,408,485


Capital and reserves
  

Called up share capital 
 27 
12,355
12,355

Revaluation reserve
 28 
-
6,843

Capital redemption reserve
 28 
20,445
20,445

Profit and loss account
 28 
3,443,471
3,368,842

  
3,476,271
3,408,485


Page 10

 
ARTHUR CHATWIN LIMITED
REGISTERED NUMBER: 00716597
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2025.




___________________________
E R Chatwin
Director

The notes on pages 15 to 39 form part of these financial statements.

Page 11

 
ARTHUR CHATWIN LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2024
12,355
20,445
6,843
3,368,842
3,408,485


Comprehensive income for the year

Profit for the year
-
-
-
249,339
249,339

Release on sale of asset
-
-
(6,843)
-
(6,843)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(174,710)
(174,710)


At 31 December 2024
12,355
20,445
-
3,443,471
3,476,271


The notes on pages 15 to 39 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
12,355
20,445
6,843
3,402,428
3,442,071


Comprehensive income for the year

Loss for the year
-
-
-
(8,586)
(8,586)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(25,000)
(25,000)


At 31 December 2023
12,355
20,445
6,843
3,368,842
3,408,485


The notes on pages 15 to 39 form part of these financial statements.

Page 12

 
ARTHUR CHATWIN LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
249,339
(8,586)

Adjustments for:

Amortisation of intangible assets
18,612
32,573

Depreciation of tangible assets
627,076
636,568

Impairments of fixed assets
-
3,208

Profit/(loss) on disposal of tangible assets
2,300
(718)

Interest paid
87,040
87,661

Interest received
(35,536)
(22,073)

Taxation charge
32,087
(20,000)

Decrease/(increase) in stocks
7,129
(18,854)

Decrease/(increase) in debtors
25,808
(37,046)

Increase/(decrease) in creditors
33,681
(39,394)

Corporation tax received
205,209
-

Net cash generated from operating activities

1,252,745
613,339


Cash flows from investing activities

Purchase of tangible fixed assets
(309,732)
(789,416)

Sale of tangible fixed assets
11,319
1,250

Sale of listed investments
12,848
-

Interest received
35,011
21,773

HP interest paid
(11,039)
(9,129)

Income from investments
525
300

Net cash from investing activities

(261,068)
(775,222)

Cash flows from financing activities

Repayment of loans
(73,334)
(73,333)

Other new loans
-
78,313

Repayment of/new finance leases
(54,407)
45,960

Dividends paid
(158,284)
(25,000)

Interest paid
(76,001)
(78,532)

Net cash used in financing activities
(362,026)
(52,592)

Net increase/(decrease) in cash and cash equivalents
629,651
(214,475)

Cash and cash equivalents at beginning of year
807,733
1,022,208

Cash and cash equivalents at the end of year
1,437,384
807,733

Page 13

 
ARTHUR CHATWIN LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,437,384
807,733

1,437,384
807,733


The notes on pages 15 to 39 form part of these financial statements.

Page 14

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Arthur Chatwin Limited is a private company limited by shares incorporated in England and Wales. The 
registered office is 4 Market Street, Nantwich, Cheshire, CW5 5DJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This includes the ability to meet its obligations as they fall due, including contributions to the defined benefit pension scheme. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income derived from the company's property is recognised when the company becomes entitled to receive the rental income.

Page 15

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 17

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 18

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost
Leasehold improvements
-
10%
on cost or over the period of the lease, if not 10 years
Plant and machinery
-
15%
on cost
Motor vehicles
-
25%
on cost or 33% for assets purchased on 3 year finance agreements.
Fixtures and fittings
-
15%
on cost, excluding laptops & PCs - 20% on cost and mobile phones - 33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include cost of materials.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 19

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expenses to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the epxenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. 
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
 

Page 20

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 21

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. 
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Dilapidations
The directors estimate the value of dilapidation cost for each of the leasehold properties. The cost of dilapidations is based on both historic and recent dilapidations claims on a cost per metre squared adjusted for the period remining on the leases. The dilapidations provision at 31 December 2024 was £244,200 (2023 - £209,212).
In the opinion of the directors, the accounting estimates and judgements made in the course of preparing these financial statements are not difficult, subjective or complex to a degree which would warrant their description as critical.
The directors have made the decision not to include the defined benefit pension balance in the financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Retail sales
12,135,066
11,865,674

Wholesale sales
2,044,353
1,811,388

14,179,419
13,677,062


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
4,500
4,800

4,500
4,800


Page 23

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
585,743
560,691

Depreciation of owned tangible fixed assets
581,633
574,884

Depreciation of tangible fixed assets held under finance agreements
45,443
61,684

Profit on disposal of tangible fixed assets
(2,300)
(718)

Amortisation of intangible fixed assets
18,612
32,573


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,195
16,875


Preparation of financial statements
1,850
4,000

Preparation and submission of the corporation tax return
1,950
1,345
Page 24

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,893,740
5,478,907

Social security costs
445,732
412,283

Cost of defined contribution scheme
130,562
116,306

6,470,034
6,007,496


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Bakery
72
70



Retail
211
206



Management
33
37

316
313


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
210,279
169,967

Company contributions to defined contribution pension schemes
28,919
24,450

239,198
194,417


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

Page 25

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Income from investments

2024
£

Dividends received - listed investments
525

Income from fixed asset investments
525








11.


Interest receivable

2024
2023
£
£


Other interest receivable
35,011
21,773

35,011
21,773


12.


Interest payable and similar expenses

2024
2023
£
£


Mortgage interest payable
76,001
78,532

Finance leases and hire purchase contracts
11,039
9,129

87,040
87,661

Page 26

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
104,587
-


104,587
-


Total current tax
104,587
-

Deferred tax


Origination and reversal of timing differences
16,000
(20,000)

Changes to tax rates
(88,500)
-

Total deferred tax
(72,500)
(20,000)


Taxation on profit/(loss) on ordinary activities
32,087
(20,000)
Page 27

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
281,426
(28,586)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
70,357
(6,723)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
74

Capital allowances for year in excess of depreciation
(40,367)
-

Utilisation of tax losses
(44,018)
-

Increase or decrease in pension fund creditor leading to an increase in tax
173
-

Depreciation on non qualifying assets
41,073
19,949

Capital gains
5,000
-

Dividends from UK companies
(131)
-

Unrelieved tax losses carried forward
-
(33,300)

Total tax charge for the year
32,087
(20,000)

Page 28

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
13.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


14.


Dividends

2024
2023
£
£


Interim dividends
174,710
25,000

174,710
25,000


15.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
369,191



At 31 December 2024

369,191



Amortisation


At 1 January 2024
237,905


Charge for the year on owned assets
18,612



At 31 December 2024

256,517



Net book value



At 31 December 2024
112,674



At 31 December 2023
131,286



Page 29

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Property improvements
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
1,453,956
1,189,308
541,224
3,684,340
1,095,632
7,964,460


Additions
3,474
53,144
49,730
164,771
38,613
309,732


Disposals
-
-
(24,415)
(22,478)
(13,203)
(60,096)


Transfers between classes
185,000
-
-
-
-
185,000



At 31 December 2024

1,642,430
1,242,452
566,539
3,826,633
1,121,042
8,399,096



Depreciation


At 1 January 2024
-
536,779
312,588
2,827,241
276,040
3,952,648


Charge for the year 
-
139,833
90,885
232,028
164,330
627,076


Disposals
-
-
(24,415)
(18,207)
(8,455)
(51,077)



At 31 December 2024

-
676,612
379,058
3,041,062
431,915
4,528,647



Net book value



At 31 December 2024
1,642,430
565,840
187,481
785,571
689,127
3,870,449



At 31 December 2023
1,453,956
652,529
228,636
857,099
819,592
4,011,812

Page 30

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           16.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,642,430
1,453,956

1,642,430
1,453,956


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
16,985
20,374

Motor vehicles
173,590
237,238

190,575
257,612


17.


Fixed asset investments





Listed investments

£





At 1 January 2024
16,685


Disposals
(16,685)



At 31 December 2024
-






Net book value



At 31 December 2024
-



At 31 December 2023
16,685

Page 31

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Investment property


Freehold investment property

£





At 1 January 2024
185,000


Transfers between classes
(185,000)



At 31 December 2024
-

Investment property comprised one property commercially let.
The fair value of the investment property was arrived at on the basis of a valuation carried out at 8 December 2021 by Lamb & Swift. Commercial Property, RICS registered valuers, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. 
During the year the property has been reclassified as freehold property and is now used for trading purposes.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
-
140,000

-
140,000


19.


Stocks

2024
2023
£
£

Equipment and consumables
44,005
46,235

Finished goods and goods for resale
123,947
128,846

167,952
175,081


Page 32

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
69,768
101,659

69,768
101,659


2024
2023
£
£

Due within one year

Trade debtors
171,396
188,707

Other debtors
39,759
71,715

Prepayments and accrued income
216,063
213,615

Tax recoverable
-
205,209

427,218
679,246



21.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,437,384
807,733

1,437,384
807,733



22.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
73,333
73,333

Trade creditors
673,133
689,487

Corporation tax
104,587
-

Other taxation and social security
121,407
100,916

Obligations under finance lease and hire purchase contracts
85,439
94,650

Other creditors
121,131
130,513

Accruals and deferred income
213,021
187,953

1,392,051
1,276,852


Page 33

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
825,000
898,334

Net obligations under finance leases and hire purchase contracts
59,223
104,419

Accruals and deferred income
125,400
140,412

1,009,623
1,143,165


The following liabilities were secured:

2024
2023
£
£



Bank loans
898,333
971,667

HP & finance lease
144,662
199,069

1,042,995
1,170,736

Details of security provided:

At 31 December 2024 the loan from Santander UK plc was secured by charges over the company's 
freehold property located at Market Street, Nantwich.
The defined benefit pension deficit referred to in note 32 is secured by a charges over freehold 
properties located at Bridge Street, Congleton and High Street, Newcastle Under-Lyme.
At 31 December 2024 there was 1 loan from Santander UK plc as follows;
Outstanding balance at 31 December 2024 £898,333 repayable over 5 years ending 3 February 2027 at a rate of 3% above base. At this date there is expected to be a review.
The net obligations under finance lease and HP contracts are secured on the assets to which the finance relates.

Page 34

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
73,333
73,333


73,333
73,333

Amounts falling due 1-2 years

Bank loans
825,000
898,334


825,000
898,334



898,333
971,667



25.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
47,329
94,650

Between 1-5 years
142,187
104,419

189,516
199,069


26.


Deferred taxation




2024


£






At beginning of year
(280,000)


Charged to profit or loss
72,500



At end of year
(207,500)

Page 35

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
26.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(207,500)
(313,300)

Tax losses carried forward
-
33,300

(207,500)
(280,000)


27.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,355 (2023 - 12,355) Ordinary Shares shares of £1 each
6,355
12,355
2,000 (2023 - ) C Ordinary Shares shares of £1 each
2,000
-
2,000 (2023 - ) D Ordinary Shares shares of £1 each
2,000
-
2,000 (2023 - ) E Ordinary Shares shares of £1 each
2,000
-

12,355

12,355

During the year, 6,000 ordinary shares have been reclassified as 2,000 C Ordinary Shares, 2,000 D Ordinary Shares and 2,000 E Ordinary Shares.



28.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative gains arising from the revaluation of an investment property, which has since been reclassified as a tangible fixed asset.

Capital redemption reserve

The capital redemption reserve represents the par value of ordinary shares repurchased and cancelled by the company.

Profit and loss account

The profit and loss reserve represents the accumulated retained earnings of the company, after accounting for dividends paid and the cost of own shares repurchased.

Page 36

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
29.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

807,733

629,651

1,437,384

Debt due after 1 year

(898,334)

73,334

(825,000)

Debt due within 1 year

(108,333)

31,181

(77,152)

Finance leases

(199,069)

54,407

(144,662)


(398,003)
788,573
390,570


30.


Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets 
of the scheme are held separately from those of the company in an independently administered fund.

The charge to the profit and loss account in respect of defined contribution pension schemes was £91,856 (2023: £101,643).
At the balance sheet date, contributions of £18,125 
(2023 - £17,210) were included within current liabilities.


31.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
446,949
563,632

Later than 1 year and not later than 5 years
1,309,230
1,501,069

Later than 5 years
494,733
751,302

2,250,912
2,816,003

Page 37

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

32.Other financial commitments

The company previously operated a defined benefit pension scheme for its members. Contributions to this scheme are made by Arthur Chatwin Limited, the sponsoring employer. The assets of the scheme are held in funds independent of the company and administered by trustees. Contributions to the company's defined benefit scheme are charged to the profit and loss account such that when taken together with expected future benefits the scheme will be able to meet its obligations as they fall due. The pension scheme obligations are determined by a qualified actuary. The pension costs for the period represent pension charges, levies and contributions payable by the company to the fund to spread the cost of pensions over employees working lives with the company. There were no outstanding or prepaid contributions at either the beginning or end of the financial period.
The latest full actuarial valuation / funding update was performed at 5 April 2022 by an independent, professionally qualified actuary. Following the actuarial valuation there were significant changes to defined benefit pension liability resulting from increases in the  the discount rate reducing pension scheme liabilities. The actuarial valuation / funding update as at 31 October 2022 reported a deficit of £785,000. 
The directors acknowledge that in the absence of a Full FRS102 pension disclosures report they have not complied with the disclosure requirements of FRS102 but in view of the deficit have arranged that the scheme hold a legal charge against company property, have earmarked a schedule of shortfall payments and are undertaking to regularly review the asset position to ensure the scheme is adequately funded in order to meet its ongoing liabilities.
During the year the company made pension deficit payments totalling £150,722 (31 December 2023: £143,545). 
Going forward, payments have been set to increase at 5% p.a from the base level of £138,915 set by the scheme actuaries in 2022. 
The scheme is closed to new members with all current employees paying contributions to a defined contribution scheme. 


33.


Transactions with directors

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Page 38

 
ARTHUR CHATWIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

34.


Related party transactions


2024
2023
£
£

Rents paid for properties in which key management personnel have an interest
74,800
74,800
74,800
74,800

During the year the director and main shareholder received dividends of £129,762. At 31.12.24 a loan of £133,550 to the SIPP of a director was owed to the company. In addition, £22,600 was owed to the company in relation to a pension advance payment made to the SIPP.


35.


Controlling party

The company is ultimately controlled by Mr E R Chatwin, who is the majority shareholder.

 
Page 39