2023-04-012024-03-312024-03-31false10583973Champ Films 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Champ Films Limited

Registered Number
10583973
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Champ Films Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

HILL, Ailis Maire
KERR, David Cecil

Registered Address

5 Cathcart Street
London
NW5 3BL

Registered Number

10583973 (England and Wales)
Champ Films Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets418,34927,576
18,34927,576
Current assets
Debtors5119119
Cash at bank and on hand273,267289,057
273,386289,176
Creditors amounts falling due within one year6(75,451)(85,995)
Net current assets (liabilities)197,935203,181
Total assets less current liabilities216,284230,757
Provisions for liabilities7(4,587)(6,894)
Net assets211,697223,863
Capital and reserves
Called up share capital100100
Profit and loss account211,597223,763
Shareholders' funds211,697223,863
The financial statements were approved and authorised for issue by the Board of Directors on 30 October 2024, and are signed on its behalf by:
KERR, David Cecil
Director
Registered Company No. 10583973
Champ Films Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
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 policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Vehicles5
Office Equipment3
Trade and other 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.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees
The average number of employees, including directors, employed by the company during the year.

20242023
Average number of employees during the year22
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 April 2328,64225,53954,181
Additions-2,0552,055
At 31 March 2428,64227,59456,236
Depreciation and impairment
At 01 April 2310,97915,62626,605
Charge for year5,7295,55311,282
At 31 March 2416,70821,17937,887
Net book value
At 31 March 2411,9346,41518,349
At 31 March 2317,6639,91327,576
5.Debtors: amounts due within one year

2024

2023

££
Other debtors119119
Total119119
6.Creditors: amounts due within one year

2024

2023

££
Taxation and social security15,25724,486
Other creditors54,99456,509
Accrued liabilities and deferred income5,2005,000
Total75,45185,995
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)4,5876,894
Total4,5876,894