Registered number: 14768083
FOR THE YEAR ENDED 31 JULY 2025
CHARLIES AG & TURF LIMITED
COMPANY INFORMATION
CHARLIES AG & TURF LIMITED
CONTENTS
CHARLIES AG & TURF LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
Charlies Ag & Turf Limited ('the Company') is principally engaged in the sales, servicing and repair of agricultural and turf machinery.
This is the second year of trading for Charlies Ag & Turf Limited as a separate legal company, wholly owned by Charlies Stores Holdings Limited.
This is the second year of trading for Charlies Ag & Turf Limited as a separate legal company, wholly owned by Charlies Stores Holdings Limited.
The results of the Company are set out in the profit and loss account on page 10. These show a profit on ordinary activities before tax of £350k (2024 £53k).
We increased our overall sales by 11% from £23m in the year to 31 July 2024, to £25.7m in the year to 31 July 2025 across all sectors. The performance of the Company reflects increased market presence in each of our core sectors, Agriculture, Turf, Parts and Service. The key challenge this year has been to increase our profitability across each sector and reduce the reliance on the sale of whole goods which we have used as a flywheel to increase our parts and service business.
This year we built a new 16,748 sq. ft (1556 sq. m) building which includes a new showroom, agricultural workshop and offices to provide room for expansion. Whilst the loan to finance this development is shown under long term liabilities the cost of the building has been transferred to Charlies Stores Holdings.
We increased our overall sales by 11% from £23m in the year to 31 July 2024, to £25.7m in the year to 31 July 2025 across all sectors. The performance of the Company reflects increased market presence in each of our core sectors, Agriculture, Turf, Parts and Service. The key challenge this year has been to increase our profitability across each sector and reduce the reliance on the sale of whole goods which we have used as a flywheel to increase our parts and service business.
This year we built a new 16,748 sq. ft (1556 sq. m) building which includes a new showroom, agricultural workshop and offices to provide room for expansion. Whilst the loan to finance this development is shown under long term liabilities the cost of the building has been transferred to Charlies Stores Holdings.
In all business operations, risk management and process control are a priority, and the Board of Directors is ultimately responsible for considering major risks.
Financial Risk
The business regularly monitors its financial risk to ensure the success of its short, medium and long-term objectives. This risk management includes the preparation of monthly profit, balance sheet and cash flow forecasts and comparison of these with actual results.
Credit Risk
We have credit policies in place to manage risk and monitor risk on an ongoing basis. A key area of credit risk for the business relates to outstanding debts from customers. The agricultural industry is facing challenging and uncertain market conditions, so all outstanding debts are reviewed monthly using an external debt collection company.
As our sales have increased, we have placed increase reliance on John Deere credit which finances the bulk of the deals with our customers. John Deere recently moved the main administration from the UK to Poland and the timeline for the payout of each deal was extended. The result was a significant volume of deals was stuck in review with a consequent increase in outstanding debtors and an increase in debtor days. In the interim we have used stock financing with Novuna to finance our ongoing working capital requirements.
Financial Risk
The business regularly monitors its financial risk to ensure the success of its short, medium and long-term objectives. This risk management includes the preparation of monthly profit, balance sheet and cash flow forecasts and comparison of these with actual results.
Credit Risk
We have credit policies in place to manage risk and monitor risk on an ongoing basis. A key area of credit risk for the business relates to outstanding debts from customers. The agricultural industry is facing challenging and uncertain market conditions, so all outstanding debts are reviewed monthly using an external debt collection company.
As our sales have increased, we have placed increase reliance on John Deere credit which finances the bulk of the deals with our customers. John Deere recently moved the main administration from the UK to Poland and the timeline for the payout of each deal was extended. The result was a significant volume of deals was stuck in review with a consequent increase in outstanding debtors and an increase in debtor days. In the interim we have used stock financing with Novuna to finance our ongoing working capital requirements.
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CHARLIES AG & TURF LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
Decline in customer numbers
Charlies Ag & Turf Limited holds a John Deere franchise which is subject to a fluctuation in customer numbers. We endeavour to ensure customer retention by monitoring the service hours on each tractor to prompt customers to book them in for service and by performing expert checks as part of each service to identify areas where we can offer additional service to our customers.
Charlies Ag & Turf Limited holds a John Deere franchise which is subject to a fluctuation in customer numbers. We endeavour to ensure customer retention by monitoring the service hours on each tractor to prompt customers to book them in for service and by performing expert checks as part of each service to identify areas where we can offer additional service to our customers.
The Company uses a range of KPIs to monitor and measure performance within the business on a regular basis.
This report was approved by the board and signed on its behalf.
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CHARLIES AG & TURF LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
The directors present their report and the financial statements for the year ended 31 July 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £264,395 (2024 - loss £78,543).
During the year, no dividends were declared or paid (2024 - £NIL).
The directors who served during the year were:
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CHARLIES AG & TURF LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
The Company's greenhouse gas emissions and energy consumption are as follows:
We have follows the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2025 and 2024 UK Government's conversion factors for company reporting.
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CHARLIES AG & TURF LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CHARLIES AG & TURF LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES AG & TURF LIMITED
We have audited the financial statements of Charlies Ag & Turf Limited (the 'Company') for the year ended 31 July 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 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.
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CHARLIES AG & TURF LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES AG & TURF LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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CHARLIES AG & TURF LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES AG & TURF LIMITED (CONTINUED)
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.
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CHARLIES AG & TURF LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARLIES AG & TURF LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
Date:
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CHARLIES AG & TURF LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
Page 10
CHARLIES AG & TURF LIMITED
REGISTERED NUMBER: 14768083
BALANCE SHEET
AS AT 31 JULY 2025
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CHARLIES AG & TURF LIMITED
REGISTERED NUMBER: 14768083
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 27 form part of these financial statements.
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CHARLIES AG & TURF LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
The principal activity of Charlies Ag & Turf Limited ('the Company') is that of the wholesale of agricultural machinery, equipment and supplies. The Company operates in the UK and is a private limited company by shares and is incorporated and domiciled in the UK. The address of its registered office is Charlies Ag & Turf, Coed-Y-Dinas, Welshpool, United Kingdom, SY21 8RP.
2.Accounting policies
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:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Charlies Stores Holdings Limited as at 31 July 2025 and these financial statements may be obtained from Companies House or its registered office which is located at Unit 7 Offas Dyke Business Park, Buttington, Welshpool, United Kingdom, SY21 8SS.
The Company's forecasts and projections taking account of reasonable possible changes in trading performance, show that the Company is expected to operate within the levels of its current facilities.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to cntinue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Charlies Stores Holdings Limited, the Company's ultimate parent, has confirmed its commitment to support the Company financially for the foreseeable future.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to cntinue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Charlies Stores Holdings Limited, the Company's ultimate parent, has confirmed its commitment to support the Company financially for the foreseeable future.
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
The company has a fleet of machinery which is financed by John Deere valued at £Nil (2024: £1,400,322). These machines are held in stock and used as demonstrators for a year after which they are sold. These machines are held in stock with a restriction stating that they cannot be sold until the finance liability is settled.
The intention is that these assets do not remain on finance for more than one year after which they are sold as ex demonstrators to customers.
The intention is that these assets do not remain on finance for more than one year after which they are sold as ex demonstrators to customers.
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
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.
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.
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.
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The Company provides a provision for slow moving and obsolete stock, which is calculated using market data for machinery in stock at year-end. The total provision for slow moving and obsolete stock at the balance sheet date is £1,190,636 (2024: £700,326).
The whole of the turnover is attributable to the principal trading activity of the Company.
All turnover arose within the United Kingdom.
All turnover arose within the United Kingdom.
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
There were no factors that may affect future tax charges.
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
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Profit and loss account
A contingent liability exists with the parent Company, Charlies Stores Holdings Limited whereby there is a unlimited inter company composite guarantee between Charlies Stores Holdings Limited, Charlies Stores Limited and Charlies Ag & Turf Limited.
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CHARLIES AG & TURF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,162 (2024: £31,653). Contributions totaling £3,176 (2024: £1,247) were payable to the fund at the balance sheet date and are included in creditors.
The ultimate parent undertaking of the Company is Charlies Stores Holdings Limited, a Company incorporated and domiciled in the United Kingdom. The ultimate parent owns 100% of the issued share capital of the Company.
The Company is included within the consolidated financial statements of Charlies Stores Holdings Limited, which can be located at Companies House or its registered office.
The ultimate controlling party is Mr C K Lloyd by virtue of his majority shareholding in Charlies Stores Holdings Limited.
The Company is included within the consolidated financial statements of Charlies Stores Holdings Limited, which can be located at Companies House or its registered office.
The ultimate controlling party is Mr C K Lloyd by virtue of his majority shareholding in Charlies Stores Holdings Limited.
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