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REGISTERED NUMBER: 08197935 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHALLENGE SUPPLY CO. LIMITED

CHALLENGE SUPPLY CO. LIMITED (REGISTERED NUMBER: 08197935)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CHALLENGE SUPPLY CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J Layton
M C Layton





REGISTERED OFFICE: Unit 14
Durham Lane
Armthorpe
Doncaster
South Yorkshire
DN3 3FE





REGISTERED NUMBER: 08197935 (England and Wales)





ACCOUNTANTS: Leesing Marrison Lee & Co
Chartered Certified Accountants
46 Main Street
Mexborough
South Yorkshire
S64 9DU

CHALLENGE SUPPLY CO. LIMITED (REGISTERED NUMBER: 08197935)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 69,775 67,984
69,775 67,984

CURRENT ASSETS
Stocks 401,419 301,717
Debtors 6 162,168 198,258
Cash at bank and in hand 211,246 201,491
774,833 701,466
CREDITORS
Amounts falling due within one year 7 238,047 248,906
NET CURRENT ASSETS 536,786 452,560
TOTAL ASSETS LESS CURRENT
LIABILITIES

606,561

520,544

PROVISIONS FOR LIABILITIES 16,104 10,444
NET ASSETS 590,457 510,100

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 590,257 509,900
SHAREHOLDERS' FUNDS 590,457 510,100

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

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

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by:




M C Layton - Director


CHALLENGE SUPPLY CO. LIMITED (REGISTERED NUMBER: 08197935)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Challenge Supply Co. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CHALLENGE SUPPLY CO. LIMITED (REGISTERED NUMBER: 08197935)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 220,000 196 220,196
AMORTISATION
At 1 January 2023
and 31 December 2023 220,000 196 220,196
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 95,676 21,143 30,239 34,678 181,736
Additions 8,160 1,341 28,996 850 39,347
Disposals (20,000 ) - (14,166 ) - (34,166 )
At 31 December 2023 83,836 22,484 45,069 35,528 186,917
DEPRECIATION
At 1 January 2023 54,476 13,993 19,231 26,052 113,752
Charge for year 10,759 2,123 8,009 2,369 23,260
Eliminated on disposal (13,672 ) - (6,198 ) - (19,870 )
At 31 December 2023 51,563 16,116 21,042 28,421 117,142
NET BOOK VALUE
At 31 December 2023 32,273 6,368 24,027 7,107 69,775
At 31 December 2022 41,200 7,150 11,008 8,626 67,984

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 106,399 79,765
Other debtors 55,769 118,493
162,168 198,258

CHALLENGE SUPPLY CO. LIMITED (REGISTERED NUMBER: 08197935)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 45,048 94,278
Taxation and social security 121,392 81,926
Other creditors 71,607 72,702
238,047 248,906

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors are involved in a partnership which received rent of £54,960; (2022: £24,000) from the company during the year