Registered number
00854170
Champion Developments Ltd
Filleted Accounts
for the year ended
31 March 2024
Champion Developments Ltd
Registered number: 00854170
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - 1,662
Current assets
Stocks 626,815 626,815
Debtors 4 53,382 52,529
Cash at bank and in hand 1,091 2,140
681,288 681,484
Creditors: amounts falling due within one year 5 (626,019) (602,879)
Net current assets 55,269 78,605
Total assets less current liabilities 55,269 80,267
Creditors: amounts falling due after more than one year 6 (112,360) (114,111)
Net liabilities (57,091) (33,844)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (58,091) (34,844)
Shareholders' funds (57,091) (33,844)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M K Scarborough-Taylor
Director
Approved by the board on 7 October 2024
Champion Developments Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The director has a reasonable expectation that the compnay has adequate resources to continue in operational existence for the foreseeeable future. Thus the going bais of accounting continues to be used in preparing the annual financial statements. The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tools and equipment over 5 years
Motor vehicles over 4 years
Stocks
Stock is valued at the lower of cost and net realisable value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Tools & equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 1,721 8,750 10,471
Disposals - (8,750) (8,750)
At 31 March 2024 1,721 - 1,721
Depreciation
At 1 April 2023 1,721 7,088 8,809
On disposals - (7,088) (7,088)
At 31 March 2024 1,721 - 1,721
Net book value
At 31 March 2024 - - -
At 31 March 2023 - 1,662 1,662
4 Debtors 2024 2023
£ £
Other debtors 53,382 52,529
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 10,912 8,448
Other creditors 615,107 594,431
626,019 602,879
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 112,360 114,111
7 Related party transactions
The company has trading balances with other companies in which the director has an interest. At the balance sheet date the company was owed £38,782 (2023: £38,782) and owed £613,615 (2023: £593,132).
8 Controlling party
M K Scarborough-Taylor is the ultimate controlling party.
9 Other information
Champion Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Samples Farm, Ashfield Green
Wickhambrook
Newmarket
Suffolk
CB8 8UZ
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