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Registered number: 00716597 ARTHUR CHATWIN LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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
| 3 Royal Court
| Gadbrook Way
| Gadbrook Park
| Northwich
| Cheshire
| CW9 7UT
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 - 32
ARTHUR CHATWIN LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report of the year ended 31st December 2025.
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 2025 turnover decreased by 6% to £13.3m. Sales were impacted by the closure of 2 stores, Chester City Centre store at the end of 2024 when the lease expired and the Newcastle store in April 2025, following the sale of the freehold . Following these closures the business has 22 retail outlets. The performance of the company during the year has also been impacted by the changes in the national minum wage and changes in national insurance. As a result, the business ended the year with a loss before tax of 35k. During the year we invested £402,070 in new capital equipment across the company.
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 a 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 Page 1
ARTHUR CHATWIN LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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 19 May 2026 and signed on its behalf.
___________________________ E R Chatwin Director
Page 2
ARTHUR CHATWIN LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
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; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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.
Results and dividends
The loss for the year, after taxation, amounted to £117,104 (2024 - profit - £249,339). Ordinary dividends were paid amounting to £160,904 (2024: £174,710). 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)
S E Cooper (appointed 14 July 2025)
Page 3
ARTHUR CHATWIN LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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.
There have been no significant events affecting the Company since the year end.
Auditors
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 on 19 May 2026 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 2025, 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 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 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 2025 and of its loss 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 29 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 2025. 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 2025 or 31 December 2024. 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 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. 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 a material misstatement of the other information exists.
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. ∙The directors report and strategic report have been prepared in accordance with applicable legal requirements
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. Arising solely from the limitations in scope of our work relating to the valuation of the potential pension scheme liability, referred to above: ∙We have not obtained all the information and explanations that we consider necessary for the purpose of our audit; and ∙We were unable to determine whether adequate accounting records have been kept. 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 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. Fran Johnson BSc BFP FCA (Senior Statutory Auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors 3 Royal Court Gadbrook Way Gadbrook Park Northwich Cheshire CW9 7UT 21 May 2026 Page 8
ARTHUR CHATWIN LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 13,283,308 | 14,179,419
Cost of sales |  | (3,174,898) | (3,296,136)
Gross profit |  | 10,108,410 | 10,883,283
Distribution costs |  | (9,286,968) | (9,750,712)
Administrative expenses |  | (811,206) | (807,978)
Other operating income | 5 | 6,000 | 4,500
Operating profit | 6 | 16,236 | 329,093
Income from other fixed asset investments |  | - | 525
Profit on disposal of investments |  | - | 3,837
Interest receivable and similar income | 10 | 18,288 | 35,011
Interest payable and similar expenses | 11 | (69,541) | (87,040)
(Loss)/profit before tax |  | (35,017) | 281,426
Tax on (loss)/profit | 12 | (82,000) | (32,087)
(Loss)/profit for the financial year |  | (117,017) | 249,339
The notes on pages 15 to 32 form part of these financial statements.
Page 9
ARTHUR CHATWIN LIMITED REGISTERED NUMBER: 00716597 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 97,434 |  | 112,674
Tangible assets | 15 |  | 3,533,991 |  | 3,870,449
|  |  | 3,631,425 |  | 3,983,123
Current assets |  |  |  |  |
Stocks | 16 | 191,414 |  | 167,952 |
Debtors: amounts falling due after more than one year | 17 | - |  | 69,768 |
Debtors: amounts falling due within one year | 17 | 421,804 |  | 427,218 |
Cash at bank and in hand | 18 | 1,133,825 |  | 1,437,384 |
|  | 1,747,043 |  | 2,102,322 |
Creditors: amounts falling due within one year | 19 | (1,003,794) |  | (1,392,051) |
Net current assets |  |  | 743,249 |  | 710,271
Total assets less current liabilities |  |  | 4,374,674 |  | 4,693,394
Creditors: amounts falling due after more than one year | 20 |  | (930,070) |  | (1,009,623)
Provisions for liabilities |  |  |  |  |
Deferred tax | 23 | (246,254) |  | (207,500) |
|  |  | (246,254) |  | (207,500)
Net assets |  |  | 3,198,350 |  | 3,476,271
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 12,355 |  | 12,355
Capital redemption reserve | 25 |  | 20,445 |  | 20,445
Profit and loss account | 25 |  | 3,165,550 |  | 3,443,471
|  |  | 3,198,350 |  | 3,476,271
Page 10
ARTHUR CHATWIN LIMITED REGISTERED NUMBER: 00716597 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2026.
___________________________ E R Chatwin
Director
The notes on pages 15 to 32 form part of these financial statements. Page 11
ARTHUR CHATWIN LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2025 | 12,355 | 20,445 | 3,443,471 | 3,476,271
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (117,017) | (117,017)
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (160,904) | (160,904)
At 31 December 2025 | 12,355 | 20,445 | 3,165,550 | 3,198,350
| The notes on pages 15 to 32 form part of these financial statements.
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
Other movement type 1 | - | - | (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 32 form part of these financial statements.
Page 12
ARTHUR CHATWIN LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (117,017) | 249,339
Adjustments for: |  |
Amortisation of intangible assets | 15,240 | 18,612
Depreciation of tangible assets | 583,462 | 627,076
Loss on disposal of tangible assets | 11,414 | 2,300
Interest paid | 69,541 | 87,040
Interest received | (18,288) | (35,536)
Taxation charge | 82,000 | 32,087
(Increase)/decrease in stocks | (23,462) | 7,129
Decrease in debtors | 75,182 | 231,017
(Decrease)/increase in creditors | (342,427) | 33,681
Corporation tax (paid)/received | (104,587) | -
Net cash generated from operating activities | 231,058 | 1,252,745
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (402,070) | (309,732)
Sale of tangible fixed assets | 143,652 | 11,319
Sale of trade investments | - | 12,848
Interest received | 18,288 | 35,011
HP interest paid | (10,862) | (11,039)
Income from investments | - | 525
Net cash from investing activities | (250,992) | (261,068)
Cash flows from financing activities |  |
Repayment of loans | (73,333) | (73,334)
Repayment of/new finance leases | 9,291 | (54,407)
Dividends paid | (160,904) | (158,284)
Interest paid | (58,679) | (76,001)
Net cash used in financing activities | (283,625) | (362,026)
Net (decrease)/increase in cash and cash equivalents | (303,559) | 629,651
Cash and cash equivalents at beginning of year | 1,437,384 | 807,733
Cash and cash equivalents at the end of year | 1,133,825 | 1,437,384
Cash and cash equivalents at the end of year comprise: |  |
Page 13
ARTHUR CHATWIN LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash at bank and in hand | 1,133,825 | 1,437,384
| 1,133,825 | 1,437,384
The notes on pages 15 to 32 form part of these financial statements.
Page 14
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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 2025 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.
| 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 16
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation (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. 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. 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. Page 17
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | 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.
| 2.15 | 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 expenditure 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.
| 2.16 | 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 18
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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 2025 was £214,396 (2024 - £244,200). 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:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Retail sales | 11,296,957 | 12,135,066
| Wholesale sales | 1,986,351 | 2,044,353
|  | 13,283,308 | 14,179,419
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 6,000 | 4,500
|  | 6,000 | 4,500
Page 19
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 446,948 | 585,743
| Depreciation of owned tangible assets | 522,270 | 581,633
| Deprecation of tangible fixed assets held under finance agreements | 61,192 | 45,443
| Profit on disposal of tangible fixed assets | (7,707) | (2,300)
| Amortisation of inangible fixed assets | 15,240 | 18,612
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 13,855 | 13,195
| Preparation of financial statements | 1,942 | 1,850
| Preparation and submission of the corporation tax return | 2,048 | 1,950
Page 20
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 5,656,804 | 5,893,740
| Social security costs | 572,331 | 445,732
| Cost of defined contribution scheme | 125,282 | 130,562
|  | 6,354,417 | 6,470,034
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Bakery | 85 | 72
|  | Retail | 188 | 211
|  | Management | 15 | 33
|  |  | 288 | 316
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 135,965 | 210,279
| Company contributions to defined contribution pension schemes | 25,318 | 28,919
|  | 161,283 | 239,198
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 18,288 | 35,011
|  | 18,288 | 35,011
Page 21
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Mortgage interest payable | 58,679 | 76,001
| Finance leases and hire purchase contracts | 10,862 | 11,039
|  | 69,541 | 87,040
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 43,246 | 104,587
|  | 43,246 | 104,587
| Total current tax | 43,246 | 104,587
| Deferred tax |  |
| Origination and reversal of timing differences | (26,772) | 16,000
| Changes to tax rates | 65,526 | (88,500)
| Total deferred tax | 38,754 | (72,500)
| Tax on (loss)/profit | 82,000 | 32,087
Page 22
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 24.87% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (35,017) | 281,426
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.87% (2024 - 25%) | (8,709) | 70,357
| Effects of: |  |
| Non deductible expenses | 2,184 | -
| Revenue expenditure in capital | (1,670) | -
| Prior period adjustments to capital allowances | 25,914 | 706
| Utilisation of tax losses | - | (44,018)
| Increase or decrease in pension fund creditor leading to an increase in tax | (1,245) | 173
| Capital gains | - | 5,000
| Dividends from UK companies | - | (131)
| Effect of change in tax rate on deferred tax liability | 65,526 | -
| Total tax charge for the year | 82,000 | 32,087
Page 23
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interim dividends | 160,904 | 174,710
|  | 160,904 | 174,710
14. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 January 2025 | 369,191
| At 31 December 2025 | 369,191
| Amortisation |
| At 1 January 2025 | 256,517
| Charge for the year on owned assets | 15,240
| At 31 December 2025 | 271,757
| Net book value |
| At 31 December 2025 | 97,434
| At 31 December 2024 | 112,674
Page 24
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Property improvements | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2025 | 1,642,430 | 1,242,452 | 566,539 | 3,826,633 | 1,121,042 | 8,399,096
| Additions | - | 18,213 | 118,475 | 123,072 | 142,310 | 402,070
| Disposals | (128,745) | (2,600) | (81,046) | (18,537) | (9,200) | (240,128)
| Transfers between classes | (3,475) | - | - | - | 3,475 | -
| At 31 December 2025 | 1,510,210 | 1,258,065 | 603,968 | 3,931,168 | 1,257,627 | 8,561,038
| Depreciation |  |  |  |  |  |
| At 1 January 2025 | - | 676,612 | 379,058 | 3,041,062 | 431,915 | 4,528,647
| Charge for the year | - | 131,834 | 81,956 | 220,905 | 148,767 | 583,462
| Disposals | - | (2,600) | (81,046) | (1,416) | - | (85,062)
| At 31 December 2025 | - | 805,846 | 379,968 | 3,260,551 | 580,682 | 5,027,047
| Net book value |  |  |  |  |  |
| At 31 December 2025 | 1,510,210 | 452,219 | 224,000 | 670,617 | 676,945 | 3,533,991
| At 31 December 2024 | 1,642,430 | 565,840 | 187,481 | 785,571 | 689,127 | 3,870,449
Page 25
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 37,685 | 16,985
| Motor vehicles | 221,700 | 173,590
|  | 259,385 | 190,575
16. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Equipment and consumables | 51,067 | 44,005
| Finished goods and goods for resale | 140,347 | 123,947
|  | 191,414 | 167,952
Page 26
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | - | 69,768
|  | - | 69,768
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 149,834 | 171,396
| Other debtors | 30,463 | 39,759
| Prepayments and accrued income | 241,507 | 216,063
|  | 421,804 | 427,218
18. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,133,825 | 1,437,384
|  | 1,133,825 | 1,437,384
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 73,333 | 73,333
| Trade creditors | 486,307 | 673,133
| Corporation tax | 43,246 | 104,587
| Other taxation and social security | 82,879 | 121,407
| Obligations under finance lease and hire purchase contracts | 88,936 | 85,439
| Other creditors | 99,498 | 121,131
| Accruals and deferred income | 129,595 | 213,021
|  | 1,003,794 | 1,392,051
Page 27
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 751,667 | 825,000
| Net obligations under finance leases and hire purchase contracts | 65,017 | 59,223
| Accruals and deferred income | 113,386 | 125,400
|  | 930,070 | 1,009,623
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 825,000 | 898,333
| HP & finance lease | 153,953 | 144,662
|  | 978,953 | 1,042,995
| Details of security provided:
At 31 December 2025 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 30 is secured by a charges over freehold properties located at Bridge Street, Congleton and High Street, Newcastle Under-Lyme. At 31 December 2025 there was 1 loan from Santander UK plc as follows; Outstanding balance at 31 December 2025 £825,000 repayable over 5 years ending 3 February 2037 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 28
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 73,333 | 73,333
|  | 73,333 | 73,333
| Amounts falling due 1-2 years |  |
| Bank loans | 751,667 | 825,000
|  | 751,667 | 825,000
|  | 825,000 | 898,333
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 88,935 | 47,329
| Between 1-5 years | 65,018 | 142,187
|  | 153,953 | 189,516
23. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (207,500)
| Charged to profit or loss | (38,754)
| At end of year | (246,254)
Page 29
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 23.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (246,254) | (207,500)
|  | (246,254) | (207,500)
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 6,355 (2024 - 6,355) Ordinary Shares shares of £1 each | 6,355 | 6,355
|  | 2,000 (2024 - 2,000) C Ordinary Shares shares of £1 each | 2,000 | 2,000
|  | 2,000 (2024 - 2,000) D Ordinary Shares shares of £1 each | 2,000 | 2,000
|  | 2,000 (2024 - 2,000) E Ordinary Shares shares of £1 each | 2,000 | 2,000
|  |  | 12,355 | 12,355
| There were no movements in the company’s issued share capital during the year.
25. | Reserves
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 30
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
26. | Analysis of net debt
|  | At 1 January 2025 | Cash flows | At 31 December 2025
|  | £ | £ | £
| Cash at bank and in hand | 1,437,384 | (303,559) | 1,133,825
| Debt due after 1 year | (825,000) | - | (825,000)
| Debt due within 1 year | (77,152) | 72,322 | (4,830)
| Finance leases | (144,662) | (9,291) | (153,953)
|  | 390,570 | (240,528) | 150,042
27. | 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 £101,065 (2024: £101,643). At the balance sheet date, contributions of £6,861 (2024 - £18,125) were included within current liabilities.
28. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 407,560 | 446,949
| Later than 1 year and not later than 5 years | 1,174,957 | 1,309,230
| Later than 5 years | 272,167 | 494,733
|  | 1,854,684 | 2,250,912
Page 31
ARTHUR CHATWIN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 29.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 2025 by an independent, professionally qualified actuary. Following the actuarial valuation there were significant changes to defined benefit pension liability resulting from increases in the discount rate reducing pension scheme liabilities. The actuarial valuation / funding update as at 31 October 2025 reported a deficit of £1,071,000. 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 £171,022 (31 December 2024: £150,722). 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.
30. | Related party transactions
|  | 2025 | 2024
|  | £ | £
| Rents paid for properties in which key management personnel have an interest | 64,000 | 74,800
|  | 64,000 | 74,800
| During the year the director and main shareholder received dividends of £51,898. At 31.12.25 a loan of £5,183 was owed to the company in relation to a pension advance payment made to the SIPP.
31. | Controlling party
The company is ultimately controlled by Mr E R Chatwin, who is the majority shareholder.
Page 32