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Company No: 08077683 (England and Wales)

CHAMPION ENGINEERING (BRIXHAM) LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

CHAMPION ENGINEERING (BRIXHAM) LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

CHAMPION ENGINEERING (BRIXHAM) LIMITED

BALANCE SHEET

As at 31 May 2024
CHAMPION ENGINEERING (BRIXHAM) LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 31,838 39,841
31,838 39,841
Current assets
Stocks 24,500 24,500
Debtors 5 127,096 107,357
Cash at bank and in hand 214,837 155,467
366,433 287,324
Creditors: amounts falling due within one year 6 ( 82,231) ( 49,623)
Net current assets 284,202 237,701
Total assets less current liabilities 316,040 277,542
Provision for liabilities ( 7,830) 0
Net assets 308,210 277,542
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 308,110 277,442
Total shareholders' funds 308,210 277,542

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Champion Engineering (Brixham) Limited (registered number: 08077683) were approved and authorised for issue by the Board of Directors on 19 September 2024. They were signed on its behalf by:

Mr C Champion
Director
CHAMPION ENGINEERING (BRIXHAM) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
CHAMPION ENGINEERING (BRIXHAM) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Champion Engineering (Brixham) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 50,000 50,000
At 31 May 2024 50,000 50,000
Accumulated amortisation
At 01 June 2023 50,000 50,000
At 31 May 2024 50,000 50,000
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 June 2023 20,713 76,948 97,661
Additions 696 0 696
Disposals 0 ( 11,495) ( 11,495)
At 31 May 2024 21,409 65,453 86,862
Accumulated depreciation
At 01 June 2023 11,128 46,692 57,820
Charge for the financial year 1,540 5,774 7,314
Disposals 0 ( 10,110) ( 10,110)
At 31 May 2024 12,668 42,356 55,024
Net book value
At 31 May 2024 8,741 23,097 31,838
At 31 May 2023 9,585 30,256 39,841

5. Debtors

2024 2023
£ £
Trade debtors 91,346 65,026
Prepayments 15,368 15,455
VAT recoverable 5,667 6,944
Other debtors 14,715 19,932
127,096 107,357

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 30,774 18,961
Taxation and social security 42,634 25,519
Other creditors 8,823 5,143
82,231 49,623

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each 100 100