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Registration number: 03729138

Champion Real Estate Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

FRS 102 1A Filleted

 

Champion Real Estate Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Financial Statements

6 to 11

 

Champion Real Estate Ltd

Company Information

Directors

A J Champion

S L Champion

A W J Champion

B A Champion

Company secretary

F J D C Champion

Registered office

Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

Bankers

Handlesbanken
Trinity Tower
9 Thomas More Street
London
E1W 1GE

Accountants

Kennedy Legg
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Champion Real Estate Ltd
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Champion Real Estate Ltd for the year ended 31 July 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at:
https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Champion Real Estate Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Champion Real Estate Ltd and state those matters that we have agreed to state to the Board of Directors of Champion Real Estate Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at:
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet-163-
audit-exempt-companies.html.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Champion Real Estate Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Champion Real Estate Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Champion Real Estate Ltd. You consider that Champion Real Estate Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Champion Real Estate Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kennedy Legg
 
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

12 March 2024

 

Champion Real Estate Ltd

(Registration number: 03729138)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,544,075

1,931,325

Current assets

 

Debtors

5

21,883

25,347

Cash at bank and in hand

 

7,947

11,797

 

29,830

37,144

Creditors: Amounts falling due within one year

6

(30,621)

(33,340)

Net current (liabilities)/assets

 

(791)

3,804

Total assets less current liabilities

 

1,543,284

1,935,129

Creditors: Amounts falling due after more than one year

6

(220,000)

(590,000)

Provisions for liabilities

(156,312)

(156,312)

Net assets

 

1,166,972

1,188,817

Capital and reserves

 

Called up share capital

7

100

100

Share premium reserve

1,998

1,998

Retained earnings

1,164,874

1,186,719

Shareholders' funds

 

1,166,972

1,188,817

 

Champion Real Estate Ltd

(Registration number: 03729138)
Balance Sheet as at 31 July 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
A W J Champion
Director

 

Champion Real Estate Ltd

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 August 2022

100

1,998

1,186,719

1,188,817

Loss for the year

-

-

(17,780)

(17,780)

Dividends

-

-

(4,065)

(4,065)

At 31 July 2023

100

1,998

1,164,874

1,166,972

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 August 2021

100

1,998

1,239,874

1,241,972

Loss for the year

-

-

(18,478)

(18,478)

Dividends

-

-

(34,677)

(34,677)

At 31 July 2022

100

1,998

1,186,719

1,188,817

 

Champion Real Estate Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

The principal place of business is:
Summerleaze
The Green
Loves Lane
Farmborough
Bath
BA2 0BA

These financial statements were authorised for issue by the Board on 12 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Champion Real Estate Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Nil

Motor vehicles

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Champion Real Estate Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Champion Real Estate Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

4

tangible assets

Land and buildings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

1,884,245

58,850

1,943,095

Disposals

(377,834)

-

(377,834)

At 31 July 2023

1,506,411

58,850

1,565,261

Depreciation

At 1 August 2022

-

11,770

11,770

Charge for the year

-

9,416

9,416

At 31 July 2023

-

21,186

21,186

Carrying amount

At 31 July 2023

1,506,411

37,664

1,544,075

At 31 July 2022

1,884,245

47,080

1,931,325

Included within the net book value of land and buildings above is £1,506,411 (2022 - £1,884,245) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Investment properties was revalued on 11 February 2021 by an independent valuer. . The name and qualification of the independent valuer are P C Jennings FRICS.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £683,715 (2022 - £1,061,857).

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

2,290

Prepayments

1,100

4,253

Other debtors

20,783

18,804

 

21,883

25,347

 

Champion Real Estate Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,848

2,093

Other creditors

28,773

31,247

30,621

33,340

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

220,000

590,000

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Champion Real Estate Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

220,000

590,000