REGISTERED NUMBER: 13188560 (England and Wales)

CHATTERTONS GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

R R Ludlow

E F Conway

REGISTERED OFFICE:

5 South Street

Horncastle

LN9 6DS

REGISTERED NUMBER:

13188560 (England and Wales)

SENIOR STATUTORY AUDITOR:

Tara Bellamy FCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

The principal activity of the Group (Chattertons) for the year ended 30 April 2025 is the provision of professional services.

Established in 1856, Chattertons is considered to be one of oldest law firms in the UK. Chattertons provides high quality professional services from 8 main offices across the East Midlands, with 2 additional serviced offices in the East Midlands and London. The core services offered by Chattertons are legal services, with further continued expansion of Wealth Management and Corporate Trustee services.

The results for the year and financial position of the group are as shown in the annexed financial statements. The Group considers its key performance indicators include turnover, gross profit, trading profit* and net assets.

Year

Year

ended

ended

30.4.25

30.4.24

£

£

Turnover

15,448,792

14,891,059

Cost of sales

6,364,493

5,690,696

Gross Profit

9,084,299

9,200,363

Gross profit margin %

58.80

61.78

Trading profit

5,035,365

5,327,584

% of trading profit

32.59

35.77

Net assets

18,452,689

14,753,667

Earnings before interest, tax, depreciation and amortisation

5,270,661

5,337,033

*Trading profit and EBITDA includes profit from operating activities and net interest received.

Chattertons continues to pursue its growth strategy to become a significant provider of professional services in the East Midlands and beyond through a combination of organic growth, the recruitment of additional of high-calibre professionals and exploring further acquisition opportunities. The directors completed two acquisitions namely JGQC Solicitors on 31st March 2025 and Page Nelson Limited on 1st April 2025 to further strengthen their Lincoln office. The directors continue to focus on balancing growth with prudent cost management and maintaining a strong cash position.

Chattertons Group Holdings Limited became the controlling party of Chattertons Group Limited on 29 May 2025. Richard Ludlow became the ultimate controlling party as of this date.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors are aware of their responsibilities for managing risk and regularly evaluate the risks and uncertainties that could impact on future performance.

The economy plays a part in the Group's ability to operate profitability. Exposure to negative economic developments in sectors in which the Group operates, either directly or indirectly through the impact on the Group's bankers, suppliers or customers may result in decreased demand, increased operating costs or an inability for the business to meet its full strategic objectives.

The Group operates in a competitive market, failure to compete effectively in terms of quality and price can have an adverse effect on demand and/or margins.

In addition to the uncertainties noted above, other principal risks actively managed by the Group include the risks associated with potential threats to Group and customer data from malicious cyber-attack or hacking.

The Group mitigates these risks by:

- A defined organisational structure with clear lines of responsibility underpinned by a corporate governance framework and a scheme of delegated authority.

- Management and staff across the organisation work closely with customers to operate as effectively as possible, whilst fostering long-term working relationships, innovative working, and good lines of communication.

- Operating a recruitment and selection process to ensure that employees are experienced and competent in their work. There is an established programme of training and development to ensure that colleagues are alert to, and responsive to, customer needs whilst operating in line with the Group's corporate objectives.

- A commitment to ensuring compliance with data protection legislation and best-practice cyber security through investment and continuous improvement in these areas.

FUTURE DEVELOPMENTS

The group remains consistently profitable and there are no planned changes to the principal activities of the group in the next financial year.

ON BEHALF OF THE BOARD:

R R Ludlow - Director

13 January 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of legal and wealth management services.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary A £1 shares

84000

- 1 May 2024

Ordinary B £1 shares

42000

- 5 April 2025

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 30 April 2025 will be £ 126,000 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

R R Ludlow

E F Conway

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:

R R Ludlow - Director

13 January 2026

Opinion

We have audited the financial statements of Chattertons Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the Group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimate and judgemental areas of the financial statements such as depreciation of tangible fixed asset, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in preparation of the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Tara Bellamy FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

14 January 2026

TURNOVER

3

15,448,792

14,891,059

Cost of sales

6,364,493

5,690,696

GROSS PROFIT

9,084,299

9,200,363

Administrative expenses

6,711,580

6,351,356

2,372,719

2,849,007

Other operating income

21,714

25,958

OPERATING PROFIT

5

2,394,433

2,874,965

Exceptional items

6

106,248

-

2,288,185

2,874,965

Interest receivable and similar income

7

4,317,580

3,621,391

6,605,765

6,496,356

Interest payable and similar expenses

8

1,570,400

1,168,772

PROFIT BEFORE TAXATION

5,035,365

5,327,584

Tax on profit

9

1,210,343

1,328,684

PROFIT FOR THE FINANCIAL YEAR

3,825,022

3,998,900

Profit attributable to:

Owners of the parent

3,825,022

3,998,900

PROFIT FOR THE YEAR

3,825,022

3,998,900

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,825,022

3,998,900

Note

Prior year adjustment

12

(566,628

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

3,258,394

Total comprehensive income attributable to:

Owners of the parent

3,258,394

3,998,900

FIXED ASSETS

Intangible assets

13

(373,811

)

(1,030,693

)

(1,169,492

)

Tangible assets

14

2,583,940

1,910,440

1,939,882

Investments

15

-

-

-

2,210,129

879,747

770,390

CURRENT ASSETS

Debtors

16

6,608,438

6,906,900

6,431,822

Cash at bank and in hand

13,168,583

10,347,572

6,157,918

19,777,021

17,254,472

12,589,740

CREDITORS

Amounts falling due within one year

17

(3,350,173

)

(2,907,294

)

(1,885,824

)

NET CURRENT ASSETS

16,426,848

14,347,178

10,703,916

TOTAL ASSETS LESS CURRENT LIABILITIES

18,636,977

15,226,925

11,474,306

CREDITORS

Amounts falling due after more than one year

18

(89,000

)

(363,037

)

(110,777

)

PROVISIONS FOR LIABILITIES

20

(95,288

)

(110,221

)

(107,762

)

NET ASSETS

18,452,689

14,753,667

11,255,767

CAPITAL AND RESERVES

Called up share capital

21

100,000

100,000

100,000

Other reserves

22

2,210,392

2,210,392

2,210,392

Retained earnings

22

16,142,297

12,443,275

8,945,375

SHAREHOLDERS' FUNDS

18,452,689

14,753,667

11,255,767

The financial statements were approved by the Board of Directors and authorised for issue on 13 January 2026 and were signed on its behalf by:

R R Ludlow - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

-

-

Investments

15

4,906,669

4,906,670

4,906,669

4,906,670

CURRENT ASSETS

Debtors

16

1,960,071

1,976,289

Cash at bank

5,219,252

2,254,490

7,179,323

4,230,779

CREDITORS

Amounts falling due within one year

17

840,675

669,407

NET CURRENT ASSETS

6,338,648

3,561,372

TOTAL ASSETS LESS CURRENT LIABILITIES

11,245,317

8,468,042

CAPITAL AND RESERVES

Called up share capital

21

100,000

100,000

100,000

Other reserves

22

2,210,392

2,210,392

2,210,392

Retained earnings

22

8,934,925

6,157,650

4,621,436

SHAREHOLDERS' FUNDS

11,245,317

8,468,042

6,931,828

Company's profit for the financial year

2,903,275

2,037,214

The financial statements were approved by the Board of Directors and authorised for issue on 13 January 2026 and were signed on its behalf by:

R R Ludlow - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 May 2023

100,000

8,945,375

2,210,392

11,255,767

Changes in equity

Dividends

-

(501,000

)

-

(501,000

)

Total comprehensive income

-

4,565,528

-

4,565,528

Balance at 30 April 2024

100,000

13,009,903

2,210,392

15,320,295

Prior year adjustment

-

(566,628

)

-

(566,628

)

As restated

100,000

12,443,275

2,210,392

14,753,667

Changes in equity

Dividends

-

(126,000

)

-

(126,000

)

Total comprehensive income

-

3,825,022

-

3,825,022

Balance at 30 April 2025

100,000

16,142,297

2,210,392

18,452,689

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 May 2023

100,000

4,621,436

2,210,392

6,931,828

Changes in equity

Dividends

-

(501,000

)

-

(501,000

)

Total comprehensive income

-

2,037,214

-

2,037,214

Balance at 30 April 2024

100,000

6,157,650

2,210,392

8,468,042

Changes in equity

Dividends

-

(126,000

)

-

(126,000

)

Total comprehensive income

-

2,903,275

-

2,903,275

Balance at 30 April 2025

100,000

8,934,925

2,210,392

11,245,317

Cash flows from operating activities

Cash generated from operations

1

3,387,104

3,203,938

Interest paid

(1,570,400

)

(1,168,772

)

Tax paid

(1,875,108

)

(1,242,741

)

Net cash from operating activities

(58,404

)

792,425

Cash flows from investing activities

Purchase of intangible fixed assets

(462,287

)

-

Purchase of tangible fixed assets

(779,677

)

(50,433

)

Cash acquired with subsidiaries

271,393

-

Interest received

4,317,580

3,621,391

Net cash from investing activities

3,347,009

3,570,958

Cash flows from financing activities

Amount withdrawn by directors

(467,594

)

(173,729

)

Net cash from financing activities

(467,594

)

(173,729

)

Increase in cash and cash equivalents

2,821,011

4,189,654

Cash and cash equivalents at beginning of year

2

10,347,572

6,157,918

Cash and cash equivalents at end of year

2

13,168,583

10,347,572

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

2025

2024

as restated

£

£

Profit before taxation

5,035,365

5,327,584

Depreciation charges

140,611

79,875

Amortisation charges

(133,773

)

(138,799

)

Finance costs

1,570,400

1,168,772

Finance income

(4,317,580

)

(3,621,391

)

2,295,023

2,816,041

Decrease/(increase) in trade and other debtors

298,462

(475,078

)

Increase in trade and other creditors

793,619

862,975

Cash generated from operations

3,387,104

3,203,938

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

13,168,583

10,347,572

Year ended 30 April 2024

30.4.24

1.5.23

as restated

£

£

Cash and cash equivalents

10,347,572

6,157,918

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.24

Cash flow

At 30.4.25

£

£

£

Net cash

Cash at bank and in hand

10,347,572

2,821,011

13,168,583

10,347,572

2,821,011

13,168,583

Total

10,347,572

2,821,011

13,168,583

1.	STATUTORY INFORMATION

Chattertons Group 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 group financial statements consolidate the financial statements of Chattertons Group Limited and all its subsidiary undertakings drawn up to 30 April each year.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group’s interest in the entity.

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Income Statement in these financial statements.

One entity included within the group financial statements, Page Nelson Limited, is entitled to the exemption from audit under Section 479A of the Companies Act 2006 relating to the year ended 30 April 2025.

Significant judgements and estimates

In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 and are covered within the accounting policies:

(i) The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and accounting policy note for the usual economic lives of each class of assets.

(ii) The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile of debtors and historical experience. See note 15 for the net carrying amount of the debtors and associated impairment provision.

(iii) The group has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the statement of financial position. The assumptions reflect historical experience and current trends. See note 22 for the disclosures relating to the defined contribution pension scheme.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects.