73
false
false
false
false
true
true
false
false
false
false
false
false
true
false
false
true
true
true
true
No description of principal activity
2022-10-01
Sage Accounts Production Advanced 2023 - FRS102_2023
3,056,618
3,112,135
68,089
199,610
267,699
57,440
7,771
65,211
202,488
10,649
400,201
400,000
201
201
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2022-09-30
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2022-10-01
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04247448
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04247448
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04247448
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2023-09-30
04247448
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2022-09-30
04247448
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2023-09-30
04247448
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2022-09-30
04247448
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2023-09-30
04247448
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04247448
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04247448
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COMPANY REGISTRATION NUMBER:
04247448
Year ended 30 September 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
6 |
|
|
Statement of income and retained earnings |
11 |
|
|
Statement of financial position |
12 |
|
|
Notes to the financial statements |
13 |
|
|
Officers and Professional Advisers |
|
The board of directors |
M J Hayes |
|
R J Farthing |
|
S R Reed |
|
D Simms |
|
L J Hayes |
|
J J Hayes |
|
|
Registered office |
Barrington House |
|
Leake Road |
|
Costock |
|
Loughborough |
|
Leicestershire |
|
LE12 6XA |
|
|
Auditor |
Streets Audit LLP |
|
Chartered accountants & statutory auditor |
|
Enterprise House |
|
38 Tyndall Court |
|
Commerce Road |
|
Lynch Wood |
|
Peterborough |
|
Cambridgeshire |
|
PE2 6LR |
|
|
Year ended 30 September 2023
Introduction The Directors present their strategic report for Champions (UK) PLC for the year ended 30 September 2023. Business review The principal activity of the Company during the year was that of business consultancy and marketing services, combined with our ever growing Keynote Speaking, Celebrity, Music and Entertainment and Influencer departments. During the year the board and senior management team continued to focus their efforts on driving controlled, profitable growth across all segments of the Company's activities, as client activity and demand once again remained buoyant and presented ongoing opportunities for the wider business. Because of this clear strategy and careful management, the board are pleased to report that, once again the Company grew and delivered a turnover of £30.1m (2022 £26.9m) at an improved gross profit margin of 27.1% (2022 26.3% ) and thereby generated an operating profit of £4.2m (2022 £3.8m) and a profit before tax of £4.1m (2022 £3.7m) during the year. Allied to this, net current assets were maintained at slightly in excess of £1m with cash balances remaining consistent year on year, at £1.1m, which again reflects the discipline of prudent working capital management and a clear philosophy of retaining significant liquidity within the business. Future Developments The Company is currently continuing to experience steadily increased demand for its service offerings, as the event and talent management divisions fully return to normal, following the uncontrollable disruption of recent years and clients continue to seek support and advice to develop their own marketing and brand strategies, across a broad range of different channels. The business has continued to invest in people, technology and resource to capitalise on this increasing demand and to ensure that it always remains focused on client service and delivery. The breadth and diversity of service offering that the Company can provide, via its various specialist divisions, means that it is well placed to support its clients as their needs grow and evolve. Accordingly, the board are cautiously optimistic about the prospects of the business and are committed to continuing to strategically invest and commit resource to generate sustainable and profitable growth in its core markets. S172 statement During the year ended 30 September 2023 the Board considers that as individuals and collectively it has acted in a way it considers, in good faith is most likely to promote the success of the Company for the benefit of its members as a whole, by having regard, among other matters to the: - Likely long term consequences of any decisions - Interests of the Company's employees - Need to foster the Company's relationships with its clients, suppliers and other business partners- Impact of the Company's operations on the community and environment - Importance of the Company maintaining its reputation for high standards of business conduct and behaviour- Need to act fairly The board considers the interests of a range of stakeholders impacted by the businesses activities and recognises that strong stakeholder engagement underpins its ability to achieve its strategic goals and to be successful. Key stakeholder relationships are regularly reviewed and assessed to see if they can be improved or enhanced, having regard to the relevance of each relationship and with the overarching aim of delivering consistent policy and decision making, such that management of the business and strategy is clear and understandable and guided by the long term strategic goals of the organisation. Principal risks and uncertainties The board will continue to be prudent in its management policy, asset and cash retention and overall strategies and will maintain the rigour and discipline which will substantially mitigate the risks the company faces. Financial key performance indicators The board approves an annual budget for the following year and monitors performance on a monthly basis, both against that budget and a comparison to the prior year. Management accounts are prepared on a monthly basis and these include a detailed profit and loss account, analysed by activity, cashflow statement, balance sheet and appropriate key performance indicators, which include: - Turnover by service line - Operating profit margin - Staff costs and head count - Cash generation and net current assets as a measure of liquidity
This report was approved by the board of directors on 27 March 2024 and signed on behalf of the board by:
Registered office: |
Barrington House |
Leake Road |
Costock |
Loughborough |
Leicestershire |
LE12 6XA |
|
Year ended 30 September 2023
The directors present their report and the financial statements of the company for the year ended
30 September 2023
.
Directors
The directors who served the company during the year were as follows:
M J Hayes |
|
R J Farthing |
|
S R Reed |
|
D Simms |
|
L J Hayes |
|
J J Hayes |
|
|
|
Dividends
Particulars of dividends paid are detailed in note 13 to the financial statements.
Disclosure of information in the strategic report
The company has chosen to set out in the strategic report information about the future developments of the company and the financial instruments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
27 March 2024
and signed on behalf of the board by:
Registered office: |
Barrington House |
Leake Road |
Costock |
Loughborough |
Leicestershire |
LE12 6XA |
|
Independent Auditor's Report to the Members of
Champions UK PLC |
|
Year ended 30 September 2023
Opinion
We have audited the financial statements of Champions UK PLC (the 'company') for the year ended 30 September 2023 which comprise the statement of income and retained earnings, statement of financial position 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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 auditor's 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 UK, including the FRC’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 opinion.
Conclusions relating to going concern
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.
Other information
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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
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.
Matters on which we are required to report by exception
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 or the directors' report. 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: - adequate accounting records have not been kept, or 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; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Auditor's responsibilities for the audit of the financial statements
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 auditor’s 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 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 auditor’s 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 auditor’s 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.
Use of our report
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 auditor's 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.
Jonathan Day |
(Senior Statutory Auditor) |
|
For and on behalf of |
Streets Audit LLP |
Chartered accountants & statutory auditor |
Enterprise House |
38 Tyndall Court |
Commerce Road |
Lynch Wood |
Peterborough |
Cambridgeshire |
PE2 6LR |
|
28 March 2024
Statement of Income and Retained Earnings |
|
Year ended 30 September 2023
|
2023 |
2022 |
Note |
£ |
£ |
Turnover |
4 |
30,113,664 |
26,913,211 |
|
|
|
|
Cost of sales |
21,950,818 |
19,824,858 |
|
------------- |
------------- |
Gross profit |
8,162,846 |
7,088,353 |
|
|
|
Administrative expenses |
3,999,280 |
3,531,136 |
Other operating income |
5 |
20,139 |
250,621 |
|
|
------------ |
------------ |
Operating profit |
6 |
4,183,705 |
3,807,838 |
|
|
|
|
Other interest receivable and similar income |
10 |
5,837 |
10,523 |
Interest payable and similar expenses |
11 |
101,904 |
76,408 |
|
------------ |
------------ |
Profit before taxation |
4,087,638 |
3,741,953 |
|
|
|
|
Tax on profit |
12 |
1,031,020 |
629,818 |
|
------------ |
------------ |
Profit for the financial year and total comprehensive income |
3,056,618 |
3,112,135 |
|
------------ |
------------ |
|
|
|
|
Dividends paid and payable |
13 |
(
3,000,000) |
(
2,588,108) |
|
|
|
|
Retained earnings at the start of the year |
1,025,433 |
501,406 |
|
------------ |
------------ |
Retained earnings at the end of the year |
1,082,051 |
1,025,433 |
|
------------ |
------------ |
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
30 September 2023
Fixed assets
Tangible assets |
14 |
|
202,488 |
10,649 |
Investments |
15 |
|
201 |
201 |
|
|
--------- |
-------- |
|
|
202,689 |
10,850 |
|
|
|
|
|
Current assets
Debtors |
16 |
9,558,147 |
|
9,773,510 |
Cash at bank and in hand |
1,137,146 |
|
1,140,693 |
|
------------- |
|
------------- |
|
10,695,293 |
|
10,914,203 |
|
|
|
|
|
Creditors: amounts falling due within one year |
17 |
9,186,425 |
|
9,158,324 |
|
------------- |
|
------------- |
Net current assets |
|
1,508,868 |
1,755,879 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,711,557 |
1,766,729 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
18 |
|
579,506 |
691,296 |
|
|
------------ |
------------ |
Net assets |
|
1,132,051 |
1,075,433 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
22 |
|
50,000 |
50,000 |
Profit and loss account |
23 |
|
1,082,051 |
1,025,433 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,132,051 |
1,075,433 |
|
|
------------ |
------------ |
|
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
27 March 2024
, and are signed on behalf of the board by:
Company registration number:
04247448
Notes to the Financial Statements |
|
Year ended 30 September 2023
1.
General information
The company is a public company limited by shares, incorporated in the United Kingdom, registered in England and Wales. The address of the registered office is Barrington House, Leake Road, Costock, Loughborough, Leicestershire, LE12 6XA. The principal activity of the Company during the year was that of marketing, PR, sports management and events management.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Champions Group Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel. In addition, the entity is also exempt from preparing consolidated financial statements under s400, Companies Act 2006.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historic experience. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as disclosed in the accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Motor vehicles |
- |
25% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Turnover
Turnover arises from:
|
2023 |
2022 |
|
£ |
£ |
Rendering of services |
30,113,664 |
26,913,211 |
|
------------- |
------------- |
|
|
|
The whole of the turnover is attributable to the principal activity of the company. 100% of the turnover was generated within the United Kingdom (2022 100%).
5.
Other operating income
|
2023 |
2022 |
|
£ |
£ |
Government grant income |
9,844 |
22,284 |
Other operating income |
10,295 |
228,337 |
|
-------- |
--------- |
|
20,139 |
250,621 |
|
-------- |
--------- |
|
|
|
6.
Operating profit
Operating profit or loss is stated after charging/crediting:
|
2023 |
2022 |
|
£ |
£ |
Depreciation of tangible assets |
7,771 |
7,771 |
Impairment of trade debtors |
134,435 |
48,000 |
Foreign exchange differences |
(
32,604) |
(
1,186) |
|
--------- |
-------- |
|
|
|
7.
Auditor's remuneration
|
2023 |
2022 |
|
£ |
£ |
Fees payable for the audit of the financial statements |
15,000 |
9,000 |
|
-------- |
------- |
|
|
|
Fees payable to the company's auditor and its associates for other services:
Other non-audit services |
– |
2,000 |
|
-------- |
------- |
|
|
|
8.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2023 |
2022 |
|
No. |
No. |
Administrative staff |
73 |
65 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2023 |
2022 |
|
£ |
£ |
Wages and salaries |
1,926,530 |
1,691,959 |
Social security costs |
179,009 |
155,886 |
Other pension costs |
345,297 |
239,980 |
|
------------ |
------------ |
|
2,450,836 |
2,087,825 |
|
------------ |
------------ |
|
|
|
9.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
|
2023 |
2022 |
|
£ |
£ |
Remuneration |
65,988 |
71,988 |
Company contributions to defined contribution pension plans |
300,000 |
200,543 |
|
--------- |
--------- |
|
365,988 |
272,531 |
|
--------- |
--------- |
|
|
|
10.
Other interest receivable and similar income
|
2023 |
2022 |
|
£ |
£ |
Interest on cash and cash equivalents |
5,837 |
10,523 |
|
------- |
-------- |
|
|
|
11.
Interest payable and similar expenses
|
2023 |
2022 |
|
£ |
£ |
Interest on banks loans and overdrafts |
96,428 |
66,545 |
Interest on obligations under finance leases and hire purchase contracts |
– |
9,863 |
Other interest payable and similar charges |
5,476 |
– |
|
--------- |
-------- |
|
101,904 |
76,408 |
|
--------- |
-------- |
|
|
|
12.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
941,143 |
702,471 |
Adjustments in respect of prior periods |
89,877 |
(
72,653) |
|
------------ |
--------- |
Total current tax |
1,031,020 |
629,818 |
|
------------ |
--------- |
|
------------ |
--------- |
Tax on profit |
1,031,020 |
629,818 |
|
------------ |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the
standard rate of corporation tax in the UK
of
22.50
% (2022:
19
%).
|
2023 |
2022 |
|
£ |
£ |
Profit on ordinary activities before taxation |
4,087,638 |
3,741,953 |
|
------------ |
------------ |
Profit on ordinary activities by rate of tax |
919,719 |
710,971 |
Adjustment to tax charge in respect of prior periods |
89,877 |
(
72,653) |
Effect of expenses not deductible for tax purposes |
21,424 |
(
8,500) |
|
------------ |
------------ |
Tax on profit |
1,031,020 |
629,818 |
|
------------ |
------------ |
|
|
|
13.
Dividends
|
2023 |
2022 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
3,000,000 |
2,588,108 |
|
------------ |
------------ |
|
|
|
14.
Tangible assets
|
Motor vehicles |
|
£ |
Cost |
|
At 1 October 2022 |
68,089 |
Additions |
199,610 |
|
--------- |
At 30 September 2023 |
267,699 |
|
--------- |
Depreciation |
|
At 1 October 2022 |
57,440 |
Charge for the year |
7,771 |
|
--------- |
At 30 September 2023 |
65,211 |
|
--------- |
Carrying amount |
|
At 30 September 2023 |
202,488 |
|
--------- |
At 30 September 2022 |
10,649 |
|
--------- |
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Motor vehicles |
|
£ |
At 30 September 2023 |
– |
|
---- |
At 30 September 2022 |
2,017 |
|
------- |
|
|
15.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 October 2022 and 30 September 2023 |
400,201 |
|
--------- |
Impairment |
|
At 1 October 2022 and 30 September 2023 |
400,000 |
|
--------- |
|
|
Carrying amount |
|
At 30 September 2023 |
201 |
|
--------- |
At 30 September 2022 |
201 |
|
--------- |
|
|
Subsidiaries, associates and other investments
|
Class of share |
Percentage of shares held |
Subsidiary undertakings |
|
|
Champions Subsidiary 1 Limited (Dormant) |
Ordinary |
99.5 |
|
|
|
16.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
3,756,430 |
3,625,003 |
Amounts owed by group undertakings |
3,613,477 |
3,603,155 |
Prepayments and accrued income |
2,040,423 |
2,219,142 |
Other debtors |
147,817 |
326,210 |
|
------------ |
------------ |
|
9,558,147 |
9,773,510 |
|
------------ |
------------ |
|
|
|
17.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
116,263 |
113,294 |
Trade creditors |
2,273,458 |
2,353,635 |
Accruals and deferred income |
5,586,973 |
5,516,793 |
Corporation tax |
836,854 |
700,380 |
Social security and other taxes |
370,671 |
400,618 |
Obligations under finance leases and hire purchase contracts |
– |
51,641 |
Other creditors |
2,206 |
21,963 |
|
------------ |
------------ |
|
9,186,425 |
9,158,324 |
|
------------ |
------------ |
|
|
|
Bank loans are secured over freehold property owned by the ultimate parent company.
18.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
579,506 |
691,296 |
|
--------- |
--------- |
|
|
|
Included in Bank loans is a loan with amounts totalling £70,661 (2022 £134,077) due after more than five years. Repayments are made monthly and interest is charged at a rate of 2.7%. Included in Bank loans is a loan with amounts totalling £30,998 (2022 £91,810) due after more than five years. Repayments are made monthly and interest is charged at a rate of 2.55%.
Bank loans are secured over freehold property owned by the ultimate parent company.
19.
Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
– |
51,641 |
|
---- |
-------- |
|
|
|
20.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
345,297
(2022: £
239,980
).
21.
Government grants
The amounts recognised in the financial statements for government grants are as follows:
Recognised in other operating income:
Government grants released to profit or loss |
9,844 |
22,284 |
|
------- |
-------- |
|
|
|
22.
Called up share capital
Issued and called up
|
2023 |
2022 |
|
No. |
£000 |
No. |
£000 |
Ordinary Class A shares of £ 1 each |
25,000 |
25 |
25,000 |
25 |
Ordinary Class B shares of £ 1 each |
12,500 |
13 |
12,500 |
13 |
Ordinary Class C shares of £ 1 each |
2,500 |
3 |
2,500 |
3 |
Ordinary Class D shares of £ 1 each |
2,500 |
3 |
2,500 |
3 |
Ordinary Class E shares of £ 1 each |
2,500 |
3 |
2,500 |
3 |
Ordinary Class F shares of £1 each |
2,500 |
3 |
2,500 |
3 |
Ordinary Class G shares of £1 each |
2,500 |
3 |
2,500 |
3 |
|
-------- |
---- |
-------- |
---- |
|
50,000 |
50 |
50,000 |
50 |
|
-------- |
---- |
-------- |
---- |
|
|
|
|
|
Shares issued and partly paid
|
2023 |
2022 |
|
No. |
£000 |
No. |
£000 |
Ordinary Class A shares - £0.25 paid of £ 1 each |
25,000 |
6 |
25,000 |
6 |
Ordinary Class B shares - £0.25 paid of £ 1 each |
12,500 |
3 |
12,500 |
3 |
Ordinary Class C shares - £0.25 paid of £ 1 each |
2,500 |
1 |
2,500 |
1 |
Ordinary Class D shares - £0.25 paid of £ 1 each |
2,500 |
1 |
2,500 |
1 |
Ordinary Class E shares - £0.25 paid of £ 1 each |
2,500 |
1 |
2,500 |
1 |
Ordinary Class F shares - £0.25 paid of £1 each |
2,500 |
1 |
2,500 |
1 |
Ordinary Class G shares - £0.25 paid of £1 each |
2,500 |
1 |
2,500 |
1 |
|
-------- |
---- |
-------- |
---- |
|
50,000 |
13 |
50,000 |
13 |
|
-------- |
---- |
-------- |
---- |
|
|
|
|
|
All shares hold equal rights.
23.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
24.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
128,718 |
127,448 |
Later than 1 year and not later than 5 years |
624,648 |
356,888 |
|
--------- |
--------- |
|
753,366 |
484,336 |
|
--------- |
--------- |
|
|
|
25.
Related party transactions
The company has taken advantage of the exemptions available under FRS1020 relating to the disclosure of related party transactions with other members of the Champions Group Holdings Limited group. During the year the company made the following related party transactions:- Barrington Trust A director is a trustee of the trust. During the year, the company paid rent of £75,000 (2022 £75,000) and pension payments £300,000 (2022 £200,000) to the trust. Cynthia Neal Settlement Trust A shareholder of the parent company is a trustee of the trust. During the year, the company paid rent of £84,754 (2022 £89,722) to the trust. At the year end a balance of £Nil (2022 £12,000) was due to the Trust. British Par 3 Championship Limited This company is controlled by a director. During the year, the company made sales of £50,000(2022 £Nil) to British Par 3 Championship Limited.
D Simms
Director During the year, the company made purchases of £12,479 (2022 £6,000) from S Simms. MM Media Partners Limited This company is controlled by a director. During the year, the company made sales of £50,581 (2022 £50,843) to MM Media Partners Limited. At the end of the year a balance of £7,042 (2022 £Nil) was due to the company. Motivational Speakers Agency Limited This company is controlled by a director. During the year, the company recharged costs of £Nil (2022 £113,211) to Motivational Speakers Agency Limited. Influencer Matchmaker Limited This company is controlled by a director. During the year, the company recharged costs of £Nil (2022 £109,596) to Influencer Matchmaker Limited. Diginius Limited An investment is held in this company by a group company. During the year, the company made sales of £10,710 (2022 £19,466) and purchases of £91,623 (2022 £46,410). At the year end a balance of £4,540 (2022 (£5,795)) was due from the company. Clarity Growth Limited This company is controlled by a director. During the year, the company made purchases of £56,351 (2022 £Nil) to Clarity Growth Limited. At the end of the year a balance of £12,601 (2022 £Nil) was due from the company. The company also made sales of £19,812 (2022 £Nil). At the year end a balance of £600 was due to the company.
26.
Controlling party
The company's immediate and ultimate parent company Champions Group Holdings Limited, a company incorporated in England and Wales. The address of the registered office is Barrington House Leake Road, Costock, Loughborough, England, LE12 6XA. Copies of the consolidated financial statements of Champions Group Holdings Limited are available from Companies House. The Directors do not consider there to be an ultimate controlling party.