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REGISTERED NUMBER: 11139536 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31st March 2023

for

CHAMPION MOBILE GLOBAL LTD

CHAMPION MOBILE GLOBAL LTD (REGISTERED NUMBER: 11139536)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CHAMPION MOBILE GLOBAL LTD

Company Information
for the year ended 31st March 2023







DIRECTOR: J A Robinson





REGISTERED OFFICE: Suffolk House
George Street
Croydon
Surrey
CR0 0YN





REGISTERED NUMBER: 11139536 (England and Wales)





ACCOUNTANTS: Simpson Wreford & Partners
Chartered Accountants
Suffolk House
George Street
Croydon
Surrey
CR0 0YN

CHAMPION MOBILE GLOBAL LTD (REGISTERED NUMBER: 11139536)

Statement of Financial Position
31st March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,551,509 4,551,509

CURRENT ASSETS
Debtors 5 59,938 2,699,282
Cash at bank 1,164 1,895
61,102 2,701,177
CREDITORS
Amounts falling due within one year 6 12,776 2,714,622
NET CURRENT ASSETS/(LIABILITIES) 48,326 (13,445 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,599,835 4,538,064

CAPITAL AND RESERVES
Called up share capital 76,000 76,000
Other reserves 40,214,391 24,491,571
Retained earnings (35,690,556 ) (20,029,507 )
4,599,835 4,538,064

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 20th February 2024 and were signed by:



J A Robinson - Director


CHAMPION MOBILE GLOBAL LTD (REGISTERED NUMBER: 11139536)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

Champion Mobile Global Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised on an accruals basis.

Intangible assets
Intangible assets represent internally developed intellectual property.

Internal development expenditure is only capitalised if it meets the recognition criteria of FRS 102. Where
management do not consider the criteria to have been met, the expenditure is charged to profit and loss.

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.

When the intangible asset is complete and starts to generate economic benefit to the company, the asset is amortised on a straight line basis over its useful life, which is 10 years. The directors consider this useful life to be appropriate being the estimated minimum period the intellectual property is expected to generate economic benefits.

All research projects are reviewed for impairment on an annual basis.

Debtors
Short-term debtors are measured at transaction price, less any impairment.

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.

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from banks and other third parties.

Financial assets
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

CHAMPION MOBILE GLOBAL LTD (REGISTERED NUMBER: 11139536)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference
between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CHAMPION MOBILE GLOBAL LTD (REGISTERED NUMBER: 11139536)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued

Research and development
Research expenditure is charged to profit and loss in the year in which it is incurred.

Payments for new research and development projects (in process research and development) generally take the form of upfront payments, milestones and royalty payments. Where payments made to third parties represent consideration for future research and development activities, an evaluation is made as to the nature of the payments. Such payments are expensed if they represent compensation for sub-contracted research and development services not resulting in a transfer of intellectual property. By contrast payments are capitalised if they represent compensation for the transfer of identifiable intellectual property developed at the risk of the third party.

Development milestone payments relating to identifiable intellectual property are capitalised as the milestone is triggered. Any upfront payments for research activities where there is no associated identifiable intellectual property are expensed.

Assets capitalised are amortised, on a straight-line basis, over their useful economic lives from the product launch.

Foreign currencies
Functional and presentation currency
Whilst the company's owners and management reside in the UK and direct global operations from the UK, a large proportion of the company's invoicing is in South African Rand. It is in the opinion of the directors that the functional and presentational currency of the company is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non­monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

CHAMPION MOBILE GLOBAL LTD (REGISTERED NUMBER: 11139536)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st April 2022
and 31st March 2023 4,574,309
AMORTISATION
At 1st April 2022
and 31st March 2023 22,800
NET BOOK VALUE
At 31st March 2023 4,551,509
At 31st March 2022 4,551,509

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 2,250 -
Treasury account 57,688 2,699,282
59,938 2,699,282

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors - 414,939
Directors' current accounts 2,776 7,250
Accruals and deferred income 10,000 2,292,433
12,776 2,714,622