Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30true2022-12-01falseNo description of principal activity66trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01028839 2022-12-01 2023-11-30 01028839 2021-12-01 2022-11-30 01028839 2023-11-30 01028839 2022-11-30 01028839 2021-12-01 01028839 c:Director1 2022-12-01 2023-11-30 01028839 d:PlantMachinery 2022-12-01 2023-11-30 01028839 d:FurnitureFittings 2022-12-01 2023-11-30 01028839 d:FurnitureFittings 2023-11-30 01028839 d:FurnitureFittings 2022-11-30 01028839 d:ComputerEquipment 2022-12-01 2023-11-30 01028839 d:FreeholdInvestmentProperty 2022-12-01 2023-11-30 01028839 d:FreeholdInvestmentProperty 2023-11-30 01028839 d:FreeholdInvestmentProperty 2022-11-30 01028839 d:CurrentFinancialInstruments 2023-11-30 01028839 d:CurrentFinancialInstruments 2022-11-30 01028839 d:Non-currentFinancialInstruments 2023-11-30 01028839 d:Non-currentFinancialInstruments 2022-11-30 01028839 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 01028839 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 01028839 d:ShareCapital 2023-11-30 01028839 d:ShareCapital 2022-11-30 01028839 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 01028839 d:RetainedEarningsAccumulatedLosses 2023-11-30 01028839 d:RetainedEarningsAccumulatedLosses 2022-11-30 01028839 c:FRS102 2022-12-01 2023-11-30 01028839 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 01028839 c:FullAccounts 2022-12-01 2023-11-30 01028839 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01028839 d:RetirementBenefitObligationsDeferredTax 2023-11-30 01028839 d:RetirementBenefitObligationsDeferredTax 2022-11-30 01028839 2 2022-12-01 2023-11-30 01028839 6 2022-12-01 2023-11-30 01028839 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure
Registered number: 01028839














CHAMPION & BUSHELL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2023

 
CHAMPION & BUSHELL LIMITED
REGISTERED NUMBER:01028839

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
1
1

Investments
 5 
101
101

Investment property
 6 
4,330,291
4,258,000

  
4,330,393
4,258,102

Current assets
  

Stocks
 7 
3,077,661
3,573,701

Debtors
 8 
5,685,213
2,729,839

Current asset investments
 9 
2,451,309
4,617,771

Cash at bank and in hand
 10 
120,771
461,458

  
11,334,954
11,382,769

Creditors: amounts falling due within one year
 11 
(1,967,736)
(2,016,156)

Net current assets
  
 
 
9,367,218
 
 
9,366,613

Total assets less current liabilities
  
13,697,611
13,624,715

Provisions for liabilities
  

Deferred tax
 12 
(681,071)
(778,550)

  
 
 
(681,071)
 
 
(778,550)

Net assets
  
£13,016,540
£12,846,165


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 13 
13,016,440
12,846,065

  
£13,016,540
£12,846,165


Page 1

 
CHAMPION & BUSHELL LIMITED
REGISTERED NUMBER:01028839

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




___________________________
B G Bushell
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CHAMPION & BUSHELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Champion & Bushell Limited is a private limited company incorporated in England & Wales. The registered office and trading address of the company is Midland House, 98 Cheriton Road, Folkestone, Kent, CT20 2QH

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
CHAMPION & BUSHELL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25% straight line basis
Fixtures and fittings
-
20% straight line basis
Computer equipment
-
33.3% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
CHAMPION & BUSHELL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
CHAMPION & BUSHELL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 December 2022
1



At 30 November 2023

1






Net book value



At 30 November 2023
£1



At 30 November 2022
£1

Page 6

 
CHAMPION & BUSHELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
10,001



At 30 November 2023

10,001



Impairment


At 1 December 2022
9,900



At 30 November 2023

9,900



Net book value



At 30 November 2023
£101



At 30 November 2022
£101

Page 7

 
CHAMPION & BUSHELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
4,258,000


Additions at cost
150,291


Disposals
(78,000)



At 30 November 2023
4,330,291

The 2023 valuations were made by the directors of the company, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
-
545,528

£-
£545,528


7.


Stocks

2023
2022
£
£

Property stock
3,077,661
3,573,701

£3,077,661
£3,573,701


Page 8

 
CHAMPION & BUSHELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Debtors


2023
2022
£
£

Due after more than one year

Other debtors
430,000
300,000

430,000
300,000

Due within one year

Trade debtors
112,676
314,723

Other debtors
5,086,530
2,068,506

Prepayments and accrued income
56,007
46,610

£5,685,213
£2,729,839



9.


Current asset investments

2023
2022
£
£

Listed investments
2,451,309
4,617,771

£2,451,309
£4,617,771



10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
120,771
461,458

£120,771
£461,458



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
8,406
26,749

Amounts owed to group undertakings
1,513,551
1,513,551

Corporation tax
200,520
199,390

Other taxation and social security
1,884
16,615

Other creditors
200,000
200,000

Accruals and deferred income
43,375
59,851

£1,967,736
£2,016,156


Page 9

 
CHAMPION & BUSHELL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Deferred taxation




2023
2022


£

£






At beginning of year
(778,550)
(544,302)


Charged to profit or loss
97,479
(234,248)



At end of year
£(681,071)
£(778,550)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value adjustments
681,071
778,550

£681,071
£778,550


13.


Reserves

Profit and loss account

Included in the profit and loss account is £3,138,452 (2022: £3,138,452) which relates to the fair value adjustment of the investment property and current asset investments. Until the properties and investments are disposed of, this amount is non-distributable.


14.


Related party transactions

During the year the company provided working capital funding totalling £4,750,000 (2022: £2,000,000) and charged interest of £79,282 (2022: £21,507) to BAAT Limited. Mr B G Bushell and Mr A G Willett are directors and shareholders in both companies.
 


15.
Ultimate parent undertaking and controlling party

The ultimate parent undertaking is Champion & Bushell (Holdings) Limited, a company incorporated in England and Wales. 
Mr B G Bushell a director of the company, has control of the company as a result of controlling, directly
or indirectly, 95% of the issued share capital of the ultimate parent undertaking.
 


Page 10