Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr C Champion 22/05/2012 Mrs J Champion 22/05/2012 23 October 2023 The principal activity of the company is marine engineering work. 08077683 2023-05-31 08077683 bus:Director1 2023-05-31 08077683 bus:Director2 2023-05-31 08077683 2022-05-31 08077683 core:CurrentFinancialInstruments 2023-05-31 08077683 core:CurrentFinancialInstruments 2022-05-31 08077683 core:ShareCapital 2023-05-31 08077683 core:ShareCapital 2022-05-31 08077683 core:RetainedEarningsAccumulatedLosses 2023-05-31 08077683 core:RetainedEarningsAccumulatedLosses 2022-05-31 08077683 core:Goodwill 2022-05-31 08077683 core:Goodwill 2023-05-31 08077683 core:PlantMachinery 2022-05-31 08077683 core:Vehicles 2022-05-31 08077683 core:PlantMachinery 2023-05-31 08077683 core:Vehicles 2023-05-31 08077683 bus:OrdinaryShareClass1 2023-05-31 08077683 2022-06-01 2023-05-31 08077683 bus:FullAccounts 2022-06-01 2023-05-31 08077683 bus:SmallEntities 2022-06-01 2023-05-31 08077683 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 08077683 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 08077683 bus:Director1 2022-06-01 2023-05-31 08077683 bus:Director2 2022-06-01 2023-05-31 08077683 core:Goodwill core:TopRangeValue 2022-06-01 2023-05-31 08077683 core:PlantMachinery 2022-06-01 2023-05-31 08077683 core:Vehicles 2022-06-01 2023-05-31 08077683 2021-06-01 2022-05-31 08077683 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 08077683 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08077683 (England and Wales)

CHAMPION ENGINEERING (BRIXHAM) LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

CHAMPION ENGINEERING (BRIXHAM) LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

CHAMPION ENGINEERING (BRIXHAM) LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2023
CHAMPION ENGINEERING (BRIXHAM) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2023
DIRECTORS Mr C Champion
Mrs J Champion
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 08077683 (England and Wales)
ACCOUNTANT Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
CHAMPION ENGINEERING (BRIXHAM) LIMITED

BALANCE SHEET

As at 31 May 2023
CHAMPION ENGINEERING (BRIXHAM) LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 39,841 48,291
39,841 48,291
Current assets
Stocks 24,500 28,000
Debtors 5 107,357 134,212
Cash at bank and in hand 155,467 123,668
287,324 285,880
Creditors: amounts falling due within one year 6 ( 49,623) ( 66,207)
Net current assets 237,701 219,673
Total assets less current liabilities 277,542 267,964
Net assets 277,542 267,964
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 277,442 267,864
Total shareholders' funds 277,542 267,964

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Champion Engineering (Brixham) Limited (registered number: 08077683) were approved and authorised for issue by the Board of Directors on 23 October 2023. They were signed on its behalf by:

Mr C Champion
Director
CHAMPION ENGINEERING (BRIXHAM) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
CHAMPION ENGINEERING (BRIXHAM) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Champion Engineering (Brixham) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2022 50,000 50,000
At 31 May 2023 50,000 50,000
Accumulated amortisation
At 01 June 2022 50,000 50,000
At 31 May 2023 50,000 50,000
Net book value
At 31 May 2023 0 0
At 31 May 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 June 2022 19,907 76,948 96,855
Additions 806 0 806
At 31 May 2023 20,713 76,948 97,661
Accumulated depreciation
At 01 June 2022 9,435 39,129 48,564
Charge for the financial year 1,693 7,563 9,256
At 31 May 2023 11,128 46,692 57,820
Net book value
At 31 May 2023 9,585 30,256 39,841
At 31 May 2022 10,472 37,819 48,291

5. Debtors

2023 2022
£ £
Trade debtors 65,026 106,913
Prepayments 15,455 17,519
VAT recoverable 6,944 0
Other debtors 19,932 9,780
107,357 134,212

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 18,961 29,565
Taxation and social security 25,519 30,853
Other creditors 5,143 5,789
49,623 66,207

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each 100 100