Company Registration No. 11464814 (England and Wales)
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
COMPANY INFORMATION
Director
Mr J Eamens
Company number
11464814
Registered office
Communications House
Parkway
Deeside Industrial Park
Flintshire
CH5 2NS
Auditor
Xeinadin Audit Limited
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9QP
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
CONTENTS
Page
Director's report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Group balance sheet
7
Company balance sheet
8
Notes to the financial statements
9 - 23
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The director presents his annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the group continued to be that of telecommunications activities.

Results and dividends

Ordinary dividends were paid amounting to £98,780. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr J Eamens
Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
On behalf of the board
Mr J Eamens
Director
5 August 2024
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
- 3 -
Opinion

We have audited the financial statements of Challenger Mobile Communications (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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 group and parent 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 director's 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 group's and parent 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 director 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 director is responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the director's 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:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has 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:

CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
- 5 -

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. 

Secondly, the group is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the group's license to operate.  Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Alastair Jeffcott BA FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
5 August 2024
Chartered Accountants
Statutory Auditor
2 Hilliards Court
Chester Business Park
Chester
Cheshire
CH4 9QP
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2024
2023
Notes
£
£
Turnover
8,249,066
7,603,718
Cost of sales
(4,591,907)
(4,560,954)
Gross profit
3,657,159
3,042,764
Administrative expenses
(2,898,746)
(3,041,848)
Other operating income
-
475
Operating profit
758,413
1,391
Interest receivable and similar income
5
(9,962)
485
Interest payable and similar expenses
(144,144)
(171,272)
Amounts written off investments
37,183
50,502
Profit/(loss) before taxation
641,490
(118,894)
Tax on profit/(loss)
(302,502)
(99,904)
Profit/(loss) for the financial year
17
338,988
(218,798)
Profit/(loss) for the financial year is all attributable to the owner of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
GROUP BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
6
3,517,766
4,141,115
Tangible assets
7
614,475
638,356
4,132,241
4,779,471
Current assets
Stocks
18,361
24,724
Debtors
10
2,012,143
1,728,227
Cash at bank and in hand
429,232
10,247
2,459,736
1,763,198
Creditors: amounts falling due within one year
11
(3,200,573)
(3,122,119)
Net current liabilities
(740,837)
(1,358,921)
Total assets less current liabilities
3,391,404
3,420,550
Creditors: amounts falling due after more than one year
12
(1,228,708)
(1,942,066)
Provisions for liabilities
(692,231)
(261,254)
Net assets
1,470,465
1,217,230
Capital and reserves
Called up share capital
200
200
Share premium account
15
3,499,900
3,499,900
Revaluation reserve
16
245,170
254,250
Profit and loss reserves
17
(2,274,805)
(2,537,120)
Total equity
1,470,465
1,217,230

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

The financial statements were approved and signed by the director and authorised for issue on 5 August 2024
05 August 2024
Mr J Eamens
Director
Company registration number 11464814 (England and Wales)
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
7,440,022
7,402,839
Current assets
Cash at bank and in hand
7,616
7,600
Creditors: amounts falling due within one year
11
(3,232,084)
(2,686,096)
Net current liabilities
(3,224,468)
(2,678,496)
Total assets less current liabilities
4,215,554
4,724,343
Creditors: amounts falling due after more than one year
12
(715,454)
(1,224,243)
Net assets
3,500,100
3,500,100
Capital and reserves
Called up share capital
200
200
Share premium account
15
3,499,900
3,499,900
Total equity
3,500,100
3,500,100

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £98,780 (2023 - £148,780 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 5 August 2024
05 August 2024
Mr J Eamens
Director
Company registration number 11464814 (England and Wales)
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
1
Accounting policies
Company information

Challenger Mobile Communications (Holdings) Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Communications House, Parkway, Deeside Industrial Park, Flintshire, CH5 2NS.

 

The group consists of Challenger Mobile Communications (Holdings) Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 10 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Challenger Mobile Communications (Holdings) Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All material components financial statements are made up to 31 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
4 years
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 11 -
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Over 50 years
Fixtures and fittings
Between 3 & 10 years straight line
Computers
25% reducing balance
Solar panels
Over 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group 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.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investments

The investment in Challenger Mobile Communications Limited reflects the consideration paid for the company of which an element has been deferred. This consideration has been discounted to net present value and unwinds each year accordingly. The discount factor utilised is based on the company's interest borrowing costs.

CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property revalauations

Freehold properties is held at revalued amounts based on professional valuations. Actual value may differ to estimated value which could result in under or over statement of asset value.

Cashback provision

The cashback provision is held as a provision and is to be claimed by customers based on agreed terms. The provision is unwound monthly and any unclaimed cashback is written off to the profit and loss account to ensure that the provision is not overstated.

Cost of acquisition prepayment

The cost of acquisition prepayment is essentially to release the initial cost to the profit and loss account over the term of the individual contract in relation to hardware, cashback, retail and phone plan.

Useful life of assets

The useful economic lives of tangible fixed assets must be estimated by management to determine the period over which they are depreciated. A change in estimate would result in a change to the depreciation charged to the profit and loss account in the period.

 

In addition, the useful economic lives of intangible fixed assets must be estimated by management to determine the period over which they are amortised. A change in estimate would result in a change to the amortisation charged to the profit and loss account in the period.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Preparation of the financial statements of the group and its subsidiaries
12,195
13,390
Audit of the financial statements of the group and its subsidiaries
15,000
15,000
27,195
28,390
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
38
48
-
0
-
0
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 17 -
5
Interest receivable and similar income
2024
2023
£
£
Income from shares in group undertakings
(10,000)
-
0
Other interest receivable and similar income
38
485
6
Intangible fixed assets
Group
Goodwill
Other
Total
£
£
£
Cost
At 1 February 2023
6,495,172
20,000
6,515,172
Additions
37,183
-
0
37,183
At 31 January 2024
6,532,355
20,000
6,552,355
Amortisation and impairment
At 1 February 2023
2,354,057
20,000
2,374,057
Amortisation charged for the year
660,532
-
0
660,532
At 31 January 2024
3,014,589
20,000
3,034,589
Carrying amount
At 31 January 2024
3,517,766
-
0
3,517,766
At 31 January 2023
4,141,115
-
0
4,141,115
The company had no intangible fixed assets at 31 January 2024 or 31 January 2023.
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
7
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Computers
Solar panels
Total
£
£
£
£
£
Cost or valuation
At 1 February 2023
650,000
109,975
2,444
42,656
805,075
Additions
-
0
31,120
-
0
-
0
31,120
At 31 January 2024
650,000
141,095
2,444
42,656
836,195
Depreciation and impairment
At 1 February 2023
81,251
69,117
719
15,632
166,719
Depreciation charged in the year
20,313
25,791
366
8,531
55,001
At 31 January 2024
101,564
94,908
1,085
24,163
221,720
Carrying amount
At 31 January 2024
548,436
46,187
1,359
18,493
614,475
At 31 January 2023
568,749
40,858
1,725
27,024
638,356
The company had no tangible fixed assets at 31 January 2024 or 31 January 2023.

Land and buildings with a carrying amount of £548,436 were revalued at 28th November 2018 by Beresford Adams Commercial Limitd, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The revaluation surplus is disclosed in note 16.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
2024
2023
£
£
£
£
Group
Cost
820,468
410,234
410,234
-
Accumulated depreciation
(525,136)
(254,363)
(254,363)
-
Carrying value
295,332
155,871
155,871
-
8
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
7,440,022
7,402,839
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
8
Fixed asset investments
(Continued)
- 19 -

 

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023
7,402,839
Valuation changes
37,183
At 31 January 2024
7,440,022
Carrying amount
At 31 January 2024
7,440,022
At 31 January 2023
7,402,839
9
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Challenger Mobile Communications Limited
1
Telecomms company
Ordinary
100.00
-
Challenger Mobile Solutions Limited
1
Dormant company
Ordinary
-
100.00
Synergy Business Consultants Limited
1
Telecomms company
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
Communications House Parkway, Deeside Industrial Park, Deeside, Wales, CH5 2NS
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
10
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
96,613
118,821
-
0
-
0
Corporation tax recoverable
3,871
5,820
-
0
-
0
Amounts owed by group
10,000
-
0
-
0
-
0
Other debtors
1,503,177
1,354,475
-
-
1,613,661
1,479,116
-
-
Amounts falling due after more than one year:
Other debtors
398,482
249,111
-
-
Total debtors
2,012,143
1,728,227
-
0
-
0
11
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
171,542
255,003
-
0
-
0
Trade creditors
951,824
997,125
-
0
-
0
Amounts owed to group undertakings
10,000
-
0
2,720,785
2,163,978
Corporation tax payable
303,572
92,971
-
0
-
0
Other taxation and social security
166,459
184,578
-
0
-
0
Other creditors
1,597,176
1,592,442
511,299
522,118
3,200,573
3,122,119
3,232,084
2,686,096
12
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
391,328
560,983
-
0
-
0
Other creditors
837,380
1,381,083
715,454
1,224,243
1,228,708
1,942,066
715,454
1,224,243
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 21 -
13
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Debenture loans
643,912
855,867
643,912
855,867
Bank loans
562,870
721,730
-
0
-
0
Bank overdrafts
-
0
94,256
-
0
-
0
1,206,782
1,671,853
643,912
855,867
Payable within one year
401,430
466,958
229,888
211,955
Payable after one year
805,352
1,204,895
414,024
643,912

A registration of charge was created on the 4th April 2019 for a debenture over the assets of Challenger Mobile Communications (Holdings) Limited. The registration of charge is entitled to DBW Investments (14) Limited and includes a fixed charge, floating charge and negative pledge that was delivered on the 9th April 2019.

 

A registration of charge was created on the 7th March 2019 over the assets of Challenger Mobile Communications (Holdings) Limited. The registration of charge is entitled to Barclays Security Trustee Limited and includes a fixed charge, floating charge and negative pledge that was delivered on the 12th March 2019.

 

In addition to the debenture security there is also an intercompany guarantee for the assets of Challenger Mobile Communications Limited.

14
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
8,520
7,760
-
0
-
0
In two to five years
9,235
18,515
-
0
-
0
17,755
26,275
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

15
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
3,499,900
3,499,900
3,499,900
3,499,900
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
16
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
254,250
284,397
-
0
-
0
Deferred tax on revaluation of tangible assets
3,027
(18,040)
-
-
Transfer to retained earnings
(12,107)
(12,107)
-
-
At the end of the year
245,170
254,250
-
0
-
17
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
(2,537,120)
(2,181,649)
-
-
Profit/(loss) for the year
338,988
(218,798)
98,780
148,780
Dividends
(88,780)
(148,780)
(98,780)
(148,780)
Transfer to reserves
12,107
12,107
-
-
At the end of the year
(2,274,805)
(2,537,120)
-
0
-
18
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
237,726
37,522
-
-
19
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
164,651
255,716
CHALLENGER MOBILE COMMUNICATIONS (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
19
Related party transactions
(Continued)
- 23 -
Transactions with related parties

During the year the company entered into transactions with Decon's Decontamination & Hygiene Services Ltd which Jeff Eamens is a director of. The total sales during the year were £4,669 (2023: £1,972).

 

In addition to Jeff Eamens being a director, a close family member was remunerated (disclosed as part of key management personnel) and is considered to have influence over the reporting entity. Aside from remuneration, the employee received no other benefits from the company.

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