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Registered number: 00538910
Chandler & Dunn Limited
Annual report and financial statements
For the Year Ended 31 December 2025
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Chandler & Dunn Limited
Company Information
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Chandler & Dunn Limited
Contents
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Independent auditors' report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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Chandler & Dunn Limited
Strategic report
For the Year Ended 31 December 2025
The company has three primary farming enterprises, all operated on an in-hand basis. In order of turnover generation these are fruit, livestock and arable. With the exception of the livestock operation, produce is generally marketed through intermediaries. The livestock operation includes an element of direct sales through the in-house butchery. The business has diversified over the years and other income generating enterprises include property rent and a campsite.
The operation of the three farming enterprises is regularly reviewed to maximise efficiencies, maintain good husbandry standards and minimise or mitigate risks. Sustainability remains at the forefront of decision-making across the business, with the Directors committed to environmentally responsible and regenerative farming practices where practical and economically viable.
The 2025 apple harvest was the largest in the company's history in terms of tonnes picked. Industry-wide reports suggest that most UK growers also achieved high yields, resulting in strong overall domestic apple production. This performance demonstrated the benefits of continued investment in the fruit enterprise and provided a positive contrast to the more challenging conditions experienced in some other agricultural sectors during the year.
Varietal changes and investment in varietal trials continue to be implemented within the fruit enterprise to maximise price, grading outcomes, storage performance and crop quality. In addition, investment in storage infrastructure continues to provide greater marketing flexibility and the opportunity to optimise returns.
The arable enterprise continues to work alongside another arable unit to achieve greater equipment and labour efficiencies, as well as helping to maintain and improve all farmed areas.
The butchery continues to play an important role within the livestock enterprise, providing a valuable outlet for home-grown beef and lamb. By supplying meat directly from the farm to customers, the business aims to capture greater value from its livestock, reduce exposure to commodity market fluctuations and strengthen the connection between producer and consumer. The butchery also provides greater flexibility in marketing livestock, supports the promotion of high-quality local produce and contributes to the resilience of the wider business through diversification of income streams. Demand for locally sourced food remains an important opportunity, and the Directors continue to view the butchery as a key component of the integrated farming operation.
The diversified nature of the business continues to be a strength, helping to spread risk across multiple enterprises and markets. In addition to the three core enterprises, the Board continues to review diversification opportunities and the most effective use of physical assets and resources. This includes the utilisation of residential property no longer required for farm workers and the further establishment of alternative enterprises, including camping and other complementary rural business activities.
During the year, expenditure continued to be incurred on the improvement and maintenance of the property portfolio. The Directors consider the continuation of a rolling property repair and renovation programme to be vital in protecting and enhancing the long-term value and utility of the Company's assets.
Page 1
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Chandler & Dunn Limited
Strategic report (continued)
For the Year Ended 31 December 2025
Principal risks and uncertainties
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The changes in direct and indirect government support continue to have a material impact on the profitability of agricultural businesses and the Company continues to monitor and investigate replacement government schemes and environmental funding opportunities.
Labour availability and cost remain significant considerations, particularly within the fruit enterprise, which requires substantial seasonal labour during key periods of the year.
Input cost inflation and commodity price fluctuations continue to pose risks to all three enterprises, although the diversified nature of the business and the direct selling element of the livestock enterprise provide some mitigation.
Changes to weather patterns during the growing and harvest phases continue to impact yield, quality and ultimately profitability. Increasing climatic variability represents one of the most significant risks facing the business.
Broader economic conditions and world events also remain important risk factors. These external influences can impact input costs, commodity prices, labour availability, supply chains and consumer demand, and are largely outside the control of the Directors.
The Directors continue to monitor key risk areas and implement mitigation measures where practical and economic. However, it is recognised that some of the principal risks facing the business remain largely beyond management control.
Financial key performance indicators
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The Directors use standard financial KPIs to monitor the business, notably gross and operating profit. Direct comparison between the prior and current year figures shown in the accounts isn’t possible at the financial statement level due to the differing period lengths and the seasonality of the business. Although the current financial period (12 months) was shorter than the prior year (15 months), the gross profit was higher in both monetary and percentage terms. A gross profit of £1.991m at 26.3% in 2025 exceeded the 2024 result of £1.753m at 20.3%. Several factors can impact this and the fruit crop in 2025 was significantly higher than in 2024, largely contributing to the higher closing stock balance of £2.235m in 2025 against £1.826m in 2024.
Operating profit in 2025 benefitted from timing, as the additional three months of the 2024 period were cost-heavy months. The 2025 result of £882k (11.7%) was a significant improvement on the previous period result of £380k (4.4%).
Within the management accounts enterprise performance is monitored. Whilst there is crossover between the different enterprises, in particular cost sharing, enterprise performance is analysed. Individual years are assessed but consideration is also given to performance over several years to better reflect the nature of the business.
In addition, analytical review of cost variances and monitoring comparative cash and bank positions help the Directors to understand if the business operations are generating cash.
The Directors continue to place importance on profitability; however, financial performance is considered alongside the long-term sustainability, resilience and stewardship of the business. A well-managed and sustainable operation remains a core objective.
Other key performance indicators
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The Directors continue to monitor operational performance through enterprise-specific production measures and quality indicators. Particular emphasis is placed on crop yields, grading outcomes, livestock performance, sustainable farming practices and the efficient utilisation of resources across the business.
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Chandler & Dunn Limited
Strategic report (continued)
For the Year Ended 31 December 2025
This report was approved by the board and signed on its behalf.
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Chandler & Dunn 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
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The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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 £531,269 (2024 - £1,281,706).
The trading profit for the year includes a payment of £4,000 in relation to dividends paid on the Preference Shares, included as finance costs. Dividends of £5,000 on the "A" & "B" Ordinary Shares have also been paid. Other comprehensive income was recognised of £355,000, leaving a profit of £881,269 to be added to the retained profits brought forward, resulting in retained profits of £12,190,259 to be carried forward to future accounting periods.
The directors who served during the year were:
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R S Dunn (resigned 13 October 2025)
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Additional information regarding directors
P D Chandler, S J Dunn and A E Dunn retire by rotation at the Annual General Meeting, and being eligible, offer themselves for re-election.
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Chandler & Dunn Limited
Directors' report (continued)
For the Year Ended 31 December 2025
The Directors expect the business to focus on strengthening its core operations, ensuring that existing enterprises continue to perform efficiently and sustainably. Planned activity includes targeted improvements to operational processes, optimisation of resource use and continued emphasis on service quality and reliability. The Company also intends to invest further in key assets and infrastructure, supporting long term resilience and enabling future growth opportunities. These developments are aimed at reinforcing the stability of the current business.
The Company’s operations expose it to a low range of financial instrument risks, including credit risk, liquidity risk and market risk arising from interest rate and foreign currency fluctuations. The Board monitors these risks through established policies and regular reporting. Credit risk is managed through ongoing review of customer creditworthiness and the use of credit limits. Liquidity risk is addressed by maintaining adequate cash reserves and committed facilities, supported by regular cash flow forecasting. Market risk is mitigated through selective use of hedging instruments where appropriate. The Directors consider the Group’s overall risk management framework to be proportionate to the scale and complexity of the business.
Research and development activities
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During the year, the Company’s research and development efforts were directed towards trialling new varieties. These trials form part of the Company’s ongoing commitment to innovation and continuous improvement, ensuring that future production remains aligned with customer needs and industry developments.
Matters covered in the Strategic report
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To comply with the Companies Act 2006, the Company provides in the Strategic Report a review of the development and performance of the Company during the year, including key performance indicators and a description of the principal risks and uncertainties facing the Company.
Disclosure of information to auditors
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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.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025.
Under section 487(2) of the Companies Act 2006, Kreston Reeves Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
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Chandler & Dunn Limited
Directors' report (continued)
For the Year Ended 31 December 2025
This report was approved by the board and signed on its behalf.
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Chandler & Dunn Limited
Independent auditors' report to the members of Chandler & Dunn Limited
We have audited the financial statements of Chandler & Dunn Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, 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 profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
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Due to the reasons set out below, we were unable to physically verify the stock of crops as at the year end. The stock recognised in the balance sheet that relates to fruit crops totals £1,619,498 (as disclosed in Note 18 to the financial statements), and is primarily related to picked fruit. Picked fruit is stored in controlled atmosphere stores from picking, until the fruit leaves the farm. The stores are effectively sealed for this period and inspections are not practicable since making the stores accessible for a physical count would involve a direct significant cost in resetting the controlled environment, and would impact the quality and storage life of the fruit, which would impact sales value.
Due to close involvement of the board together with their expertise, the directors are not of the opinion that the cost that would be incurred implementing significant controls and performing a count of the picked fruit in stores at the year end would be beneficial to the Company.
We were unable to satisfy ourselves by alternative means concerning the stock quantity of these crops at 31 December 2025, which are included in the balance sheet at £1,619,498, by using other procedures.
Consequently, we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the stock balance to be required, the strategic report and directors’ report would also need to be amended.
Our auditor’s report for the year ended 31 December 2024 was qualified for the same reason related to stock included in the balance sheet at £1,278,561. Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2024 was necessary, or whether there was any consequential effect on cost of sales for the year ended 31 December 2025.
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 qualified opinion.
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Chandler & Dunn Limited
Independent auditors' report to the members of Chandler & Dunn Limited (continued)
Conclusions relating to going concern
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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.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 section of our report, we were unable to satisfy ourselves concerning the stock quantities of £1,619,498 held at 31 December 2025. We have concluded that where the other information refers to the stock value or related balances such as profit, it may be materially misstated for the same reason.
Opinions on other matters prescribed by the Companies Act 2006
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Except for the possible effects of the matter described in the basis of qualified opinion 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; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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Chandler & Dunn Limited
Independent auditors' report to the members of Chandler & Dunn Limited (continued)
Matters on which we are required to report by exception
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Except for the matter described in the basis for qualified opinion 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.
Arising solely from the limitation on the scope of our work relating to stock, referred to above:
• we have not obtained all the information and explanations that we considered necessary for the purposes of our audit; and
• we were unable to determine whether adequate accounting records have been kept.
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:
• 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
Responsibilities of directors
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As explained more fully in the Directors' responsibilities statement set out on page 4, 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
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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:
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Chandler & Dunn Limited
Independent auditors' report to the members of Chandler & Dunn Limited (continued)
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, agriculture, food hygiene, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Statement of Recommended Practice, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. With the exception of stock, as set out in the basis for qualified opinion section of our report, we evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:
• Discussions with management and assessment of known or suspected instances of non-compliance with
laws and regulations (including health and safety, anti-bribery and employment law) and fraud; and
• Further assessment of the Company's compliance with laws and regulations was undertaken by ensuring the engagement team were made aware of the identified laws and regulations to ensure they remained alert to any indications of non-compliance; and
• Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Reading minutes of meetings of those charged with governance; and
• Performing low level analytical procedures to any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
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.
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Chandler & Dunn Limited
Independent auditors' report to the members of Chandler & Dunn Limited (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
Tracey Becker FCCA (Senior statutory auditor)
for and on behalf of
Kreston Reeves Audit LLP
Statutory Auditor
Canterbury
24 July 2026
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Chandler & Dunn Limited
Statement of comprehensive income
For the Year Ended 31 December 2025
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12 months ended
31 December
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15 months ended
31 December
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Income from fixed assets investments
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Other comprehensive income for the year
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Unrealised surplus on revaluation of tangible fixed assets
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 16 to 34 form part of these financial statements.
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Page 12
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Chandler & Dunn Limited
Registered number: 00538910
Balance sheet
As at 31 December 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2026.
The notes on pages 16 to 34 form part of these financial statements.
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Chandler & Dunn Limited
Statement of changes in equity
For the Year Ended 31 December 2025
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Dividends: Equity capital
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Dividends: Equity capital
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The notes on pages 16 to 34 form part of these financial statements.
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Page 14
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Chandler & Dunn Limited
Statement of cash flows
For the Year Ended 31 December 2025
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Profit on disposal of tangible assets
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(Increase)/decrease in stocks
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(Increase)/decrease in debtors
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Increase/(decrease) in creditors
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Net fair value losses/(gains) recognised in P&L
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Purchase of investment properties
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Net cash from investing activities
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Cash flows from financing activities
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Repayment of finance leases
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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Page 15
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
Chandler & Dunn Limited is a private company limited by shares which was incorporated in England and Wales with registration number 00538910.
The company’s registered office is The Farm Office, Lower Goldstone, Ash, Canterbury, CT3 2DY.
The financial statements are presented in pound Sterling and rounded to the nearest pound.
The financial statements are presented for the year ended 31 December 2025. The accounting reference date was changed in the prior year to align reporting. The comparative period is presented for the 15 months ended 31 December 2024 and therefore the amounts presented (including the related notes) are not entirely comparable.
2.Accounting policies
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Basis of preparation of financial statements
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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:
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.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 16
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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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.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 17
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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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.
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 over five years to the Statement of comprehensive income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 18
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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.
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:
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15 - 30% Reducing balance
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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.
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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 labour and attributable overheads.
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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 19
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
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.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Page 20
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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.
Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. The following judgements have had the most significant impact on amounts recognised in the financial statements:
Investment properties
The company holds investment property with fair value of £5,730,000 (2024 - £5,375,000) at the year end (see note 17). In order to determine the fair value of investment property the directors have used a valuation technique based on comparable market data. The determined fair value of the investment property is most sensitive to fluctuations in the property market.
Fruit stock quantity
The company holds stock of fruit crops with a carrying value of £1,619,497 (2024 - £1,170,884) at the year end. This stock relates primarily to picked fruit held in controlled atmosphere storage facilities. Due to the hazardous nature of the controlled atmosphere, physical verification of the stock is not possible. Opening the stores would involved significant cost and risk to the quality of the fruit. In order to assess the weight of stored fruit, held as at 31 December 2025, the directors have used detailed activity data maintained by the company's fruit marketing agent, relating to post year end sales of stored fruit.
Page 21
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
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An analysis of turnover by class of business is as follows:
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12 months ended
31 December
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15 months ended
31 December
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Contract work, storage and keep
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Analysis of turnover by country of destination:
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12 months ended
31 December
|
15 months ended
31 December
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12 months ended
31 December
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15 months ended
31 December
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Page 22
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
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During the year, the Company obtained the following services from the Company's auditors:
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12 months ended
31 December
|
15 months ended
31 December
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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Staff costs, including directors' remuneration, were as follows:
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12 months ended
31 December
|
15 months ended
31 December
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the year was 65 (2024 - 60).
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12 months ended
31 December
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15 months ended
31 December
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
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In the previous period, the highest paid director received remuneration of £52,602.
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In the previous period, the value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,587.
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Page 23
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
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12 months ended
31 December
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15 months ended
31 December
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Income from fixed asset investments
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12 months ended
31 December
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15 months ended
31 December
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Other interest receivable
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Interest payable and similar expenses
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12 months ended
31 December
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15 months ended
31 December
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Preference share dividends
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Finance leases and hire purchase contracts
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Page 24
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
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12 months ended
31 December
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15 months ended
31 December
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Current tax on profits for the year
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Origination and reversal of timing differences
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Factors affecting tax charge for the year/period
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The tax assessed for the year/period is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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12 months ended
31 December
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15 months ended
31 December
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year/period in excess of depreciation
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Other timing differences leading to an increase (decrease) in taxation
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Total tax charge for the year/period
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Factors that may affect future tax charges
There were no factors that may affect future tax charges.
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Page 25
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
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Charge for the year on owned assets
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Page 26
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
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Transfer to Investment Property
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Page 27
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
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Other fixed asset investments
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Freehold investment property
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Transfer from Freehold Property
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The 2025 valuations were made by the directors, on a fair value basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Page 28
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
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Prepayments and accrued income
|
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Cash and cash equivalents
|
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Creditors: Amounts falling due within one year
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Other taxation and social security
|
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Obligations under finance lease and hire purchase contracts
|
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Accruals and deferred income
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Disclosure of the terms and conditions attached to the non-equity shares is made in note 26.
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Page 29
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
|
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Share capital treated as debt
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The company's bank facilities are secured on various parcels of the company's freehold land.
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Repayable other than by instalments
|
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Page 30
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
|
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Hire purchase and finance leases
|
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Minimum lease payments under hire purchase fall due as follows:
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
|
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Tax losses carried forward
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Revaluation of investment property
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Page 31
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
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Shares classified as equity
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Allotted, called up and fully paid
|
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17,750 (2024 - 17,750) A ordinary shares of £1.00 each
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2,250 (2024 - 2,250) B ordinary shares of £1.00 each
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Shares classified as debt
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Allotted, called up and fully paid
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80,000 (2024 - 80,000) Preference shares shares of £1.00 each
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The preference shares are repayable at par in the event of the company being wound-up.
The rights attached to the preference shares (non-equity interests) are as follows:-
i.The holders of the preference shares are entitled to a fixed dividend of 5% per annum on the capital paid up.
ii.In a winding up the holders are entitled to repayment of capital before any return of capital is made to the holders of any other shares, but have no further right of participation in either profits or assets.
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Profit & loss account
The profit and loss account reserves include non-distributable reserves totalling £3,662,704 (2024 - £3,406,029), which represents the fair value movement of freehold properties and investment properties, less the associated deferred tax liability on this movement.
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £25,331 (2024 - £104,143). Contributions totalling £7,808 (2024 - £4,987) were payable to the fund at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Chandler & Dunn Limited
Notes to the financial statements
For the Year Ended 31 December 2025
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Related party transactions
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During the year the company carried out periodic transactions in the normal course of trade with related parties. The value of the transactions were:-
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Rental income received from directors and close family
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Rental paid to directors and close family
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Rental paid to entities controlled by key management personnel
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Sales to entities controlled by key management personnel
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Purchases from entities controlled by key management personnel
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Amounts due to entities controlled by key management personnel
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Share of profits from entities of which the entity has control
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Key management personnel
All directors who have authority and responsibility for planning, directing and controlling the activities of the entity are considered to be key management personnel.
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There is no ultimate controlling party of the company.
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