Company registration number 4921914 (England and Wales)
CAMPION CAPITAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CAMPION CAPITAL LIMITED
COMPANY INFORMATION
Directors
W Campion
W Maydon
E Bradley-Norman
M Graham
T Strange
N Rawdon-Jones
T Richards
(Appointed 28 June 2023)
L Parages Revertera
(Appointed 5 June 2024)
Company number
4921914
Registered office
1 Marylebone High Street
London
W1U 4LZ
Auditor
Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
CAMPION CAPITAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
CAMPION CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Fair review of the business

The group endured a challenging trading year during 2023-24 off the back of the previous year, which was entirely expected. To recap, we saw the ‘perfect storm’ of negative market conditions leading to negative fund performance in absolute terms, further compounded by negative relative performance versus benchmarks in the second half of FY 2022-23. As written about in last year’s report, this led to investor redemptions, further impacting our annualised revenue as we started the year. Though the group revenue was slightly lower this financial year versus last year, the business outlook is far brighter than 12 months ago. The situation has stabilised significantly; there are no more significant redemptions that we expect, fund performance has been strong and we continue find exceptional new managers to partner. We continue to nurture existing – and seek out new – institutional allocations to our managers. Most importantly, our 12-month forward-looking annualised group revenue from March 2023 to March 2024 was +40%, reflecting the substantial improvement in our overall financial health and future outlook. This increase in revenue was before the US entity raised significant new assets early in the 2024-25 financial year, almost doubling its revenue.

 

The Spanish subsidiary continues to grow and its existence is crucial to the long term growth of the group via the opportunity it affords us to raise assets from European investors and also the attractiveness of Campion as a group for potential new funds to partner.

 

The group’s key financial performance indicators during the year were as follows:

 

Unit
2024
2023
Turnover
£000
3,526
3,786
Profit Before Tax
£000
99
309
Principal risks and uncertainties

The group conducts its business in multiple geographic locations, with both funds and investors based in multiple countries. Further, the funds represented by the group run differing strategies to one another by design. Whilst this spreads risk, the performance of funds – as the resultant revenue generated by the group – is somewhat subject to global financial markets and thus out of the company’s control. The group has a high concentration of revenue derived from two funds – we constantly try to diversify our revenue streams further.

 

The UK business has a great exposure to the USDGBP exchange rate, but exposure to this is reduced via transfer pricing and a policy on converting USD to GBP upon receipt, meaning we smooth out the FX risk via four valuation points throughout the year.

Transfer Pricing

We retain the transfer pricing policy introduced two years ago, in line with US Treasury rules and OECD directives. We continue to work closely with Baker Tilly (who formulated the policy for us) on an ongoing basis to ensure that our policy remains up to date. Changes were made to the calculation model with Gavin Shaw’s departure, in line with the policy. The Transfer Pricing Adjustment for the year was $228,600.

 

CAMPION CAPITAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Promoting the success of the company

The Board remains ever aware of its responsibilities to all stakeholders, including but not limited to its employees, clients and suppliers.

 

Aside from its employees, key stakeholders of the firm include its Clients, who can be categorised into two categories; 1) the funds whom the company partners and seeks to raise capital for and whom pay the group for its capital raising services and 2) the institutional investors, upon whose investments into the aforementioned funds drives group revenue.

 

The group thinks of its Clients as partners and operates a relationship-driven business. Transparency and integrity are the bedrock of the group’s operation, working closely with funds for which they seek to raise high quality long-term investment and providing regular updates / feedback / reports to work seamlessly together. With regards the institutional investors, the group is candid regarding the funds represented, highlighting any aspects that could be an issue for investors, being transparent on fund fees and indeed how Campion earns its fees. It is this transparency and long-term partnership generation that fuels the business.

 

The employees of the company are continually invested in and we continue to operate a flexible and nimble working environment, allowing working from home where appropriate (though we prefer an office-based work pattern as the default, given the relatively small team). The group hold 6-monthly staff appraisals which are very much two-way processes which allow and encourage candid feedback and comments from employees. Suppliers are also always treated with the same integrity as all other stakeholders.

 

The Board has embraced the wider ESG drive and sees its genuine participation in this as a key responsibility, balancing socially responsible purpose with profitability. The company retains its B-Corp status, which we worked hard to acquire, and believe it an important part of our identity and ethos as we evolve.

On behalf of the board

T Strange
Director
23 July 2024
CAMPION CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company is to provide specialist capital raising services to asset managers seeking long-term institutional investors.

 

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

W Campion
W Maydon
E Bradley-Norman
M Graham
T Strange
N Rawdon-Jones
T Richards
(Appointed 28 June 2023)
L Parages Revertera
(Appointed 5 June 2024)
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.

On behalf of the board
T Strange
Director
23 July 2024
CAMPION CAPITAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

 

 

The directors are 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. They are 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.

CAMPION CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMPION CAPITAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Campion Capital Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 directors' 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 directors 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 directors are 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:

CAMPION CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAMPION CAPITAL LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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 directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the parent company or to cease operations, or have 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

CAMPION CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAMPION CAPITAL LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Colin Mills (Senior Statutory Auditor)
For and on behalf of Critchleys Audit LLP
23 July 2024
Chartered Accountants
Statutory Auditor
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
CAMPION CAPITAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
3,525,672
3,786,113
Administrative expenses
(3,469,984)
(3,459,210)
Other operating income
28,117
4,134
Operating profit
4
83,805
331,037
Interest receivable and similar income
8
6,192
6,841
Gain/(loss) on investment revaluation
9
9,251
(29,250)
Profit before taxation
99,248
308,628
Tax on profit
10
(43,261)
(118,211)
Profit for the financial year
55,987
190,417
Profit for the financial year is all attributable to the owners of the parent company.

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

CAMPION CAPITAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
£
£
Profit for the year
55,987
190,417
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(15,610)
31,020
Total comprehensive income for the year
40,377
221,437
Total comprehensive income for the year is all attributable to the owners of the parent company.
CAMPION CAPITAL LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
4,039
2,775
Tangible assets
13
14,423
58,102
Investments
14
50,513
50,528
68,975
111,405
Current assets
Debtors
16
1,277,504
1,305,548
Investments
17
40,111
37,860
Cash at bank and in hand
1,044,557
1,037,181
2,362,172
2,380,589
Creditors: amounts falling due within one year
18
(412,707)
(514,250)
Net current assets
1,949,465
1,866,339
Total assets less current liabilities
2,018,440
1,977,744
Provisions for liabilities
Deferred tax liability
19
319
-
0
(319)
-
Net assets
2,018,121
1,977,744
Capital and reserves
Called up share capital
21
1,162
1,162
Share premium account
910,405
910,405
Profit and loss reserves
1,106,554
1,066,177
Total equity
2,018,121
1,977,744
The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
23 July 2024
T Strange
Director
Company Registration No. 4921914
CAMPION CAPITAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
14,423
18,258
Investments
14
2,501,979
2,417,743
2,516,402
2,436,001
Current assets
Debtors
16
898,542
995,287
Investments
17
40,111
37,860
Cash at bank and in hand
819,582
820,035
1,758,235
1,853,182
Creditors: amounts falling due within one year
18
(347,803)
(536,808)
Net current assets
1,410,432
1,316,374
Total assets less current liabilities
3,926,834
3,752,375
Provisions for liabilities
Deferred tax liability
19
319
-
0
(319)
-
Net assets
3,926,515
3,752,375
Capital and reserves
Called up share capital
21
1,162
1,162
Share premium account
910,405
910,405
Profit and loss reserves
3,014,948
2,840,808
Total equity
3,926,515
3,752,375

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 £174,140 (2023 - £331,928 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
23 July 2024
T Strange
Director
Company registration number 4921914 (England and Wales)
CAMPION CAPITAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
1,162
910,405
1,541,940
2,453,507
Year ended 31 March 2023:
Profit for the year
-
-
190,417
190,417
Other comprehensive income:
Currency translation differences
-
-
31,020
31,020
Total comprehensive income
-
-
221,437
221,437
Dividends
11
-
-
(697,200)
(697,200)
Balance at 31 March 2023
1,162
910,405
1,066,177
1,977,744
Year ended 31 March 2024:
Profit for the year
-
-
55,987
55,987
Other comprehensive income:
Currency translation differences
-
-
(15,610)
(15,610)
Total comprehensive income
-
-
40,377
40,377
Balance at 31 March 2024
1,162
910,405
1,106,554
2,018,121
CAMPION CAPITAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
1,162
910,405
3,206,080
4,117,647
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
331,928
331,928
Dividends
11
-
-
(697,200)
(697,200)
Balance at 31 March 2023
1,162
910,405
2,840,808
3,752,375
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
174,140
174,140
Balance at 31 March 2024
1,162
910,405
3,014,948
3,926,515
CAMPION CAPITAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
70,088
603,726
Income taxes paid
(55,722)
(93,412)
Net cash inflow from operating activities
14,366
510,314
Investing activities
Purchase of intangible assets
(4,587)
(3,357)
Purchase of tangible fixed assets
-
(3,321)
(Purchases)/proceeds on disposal of investments
7,015
(27,303)
Interest received
6,192
6,841
Net cash generated from/(used in) investing activities
8,620
(27,140)
Financing activities
Dividends paid to equity shareholders
-
(697,200)
Net cash used in financing activities
-
(697,200)
Net increase/(decrease) in cash and cash equivalents
22,986
(214,026)
Cash and cash equivalents at beginning of year
1,037,181
1,220,187
Effect of foreign exchange rates
(15,610)
31,020
Cash and cash equivalents at end of year
1,044,557
1,037,181
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Campion Capital Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Marylebone High Street, London, W1U 4LZ.

 

The group consists of Campion Capital Limited 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.

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 current asset investments 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
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Campion Capital Limited 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 financial statements are made up to 31 March 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.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern

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

1.4
Turnover

Turnover represents commission receivable in the year.

1.5
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:

Software
3 year straight line
1.6
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:

Leasehold land and buildings
Straight line over length of lease
Fixtures and fittings
3 to 5 years straight line

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.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

1.8
Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.9
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.

Fair value measurement of financial instruments

Forward foreign exchange contracts are included at their fair value at the balance sheet date, only if the fair value at the balance sheet date is material to the overall financial statements.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

 

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

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.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

1.10
Equity instruments

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

1.11
Taxation

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

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Current tax

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

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.

1.12
Retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

1.13
Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

1.14
Foreign exchange

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

 

Monetary assets in the balance sheet of overseas subsidiary undertakings are translated at the rate ruling at the balance sheet date. The profit and loss account of overseas subsidiary undertakings are also translated at the rate ruling at the balance sheet date. All translation differences are taken to other comprehensive income.

 

1.15

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

 

The main judgement made by the directors in preparing these financial statements is whether there has been any impairment in fixed asset investments within the company's own financial statements, and the level of that impairment.

 

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of service
3,525,672
3,786,113
2024
2023
£
£
Turnover analysed by geographical market
UK office
2,610,286
2,835,299
Overseas offices
915,386
950,814
3,525,672
3,786,113
2024
2023
£
£
Other revenue
Interest income
6,192
6,841
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
33,382
(23,200)
Depreciation of owned tangible fixed assets
3,835
11,121
Loss on disposal of tangible fixed assets
39,844
-
Amortisation of intangible assets
3,323
582
Operating lease charges
135,862
242,953
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,689
13,498
For other services
Taxation compliance services
2,436
4,440
All other non-audit services
9,774
4,686
12,210
9,126
6
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
Sales, marketing and distribution
13
13
8
7

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,051,251
1,910,299
1,399,006
1,188,570
Social security costs
248,424
223,048
182,690
167,405
Pension costs
5,019
122,663
5,019
122,663
2,304,694
2,256,010
1,586,715
1,478,638
Redundancy payments made or committed
-
21,000
-
21,000
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,549,633
1,436,353
Company pension contributions to defined contribution schemes
2,311
79,843
1,551,944
1,516,196
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
302,788
289,785
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
6,192
6,841
9
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Amounts written back to/(written off) fair value through profit or loss
9,251
(29,250)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
58,381
108,616
Adjustments in respect of prior periods
(22,255)
-
0
Total UK current tax
36,126
108,616
Foreign current tax on profits for the current period
8,246
-
0
Total current tax
44,372
108,616
Deferred tax
Origination and reversal of timing differences
(1,111)
9,595
Total tax charge
43,261
118,211
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
99,248
308,628
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
24,812
58,639
Tax effect of expenses that are not deductible in determining taxable profit
12,892
18,090
Unutilised tax losses carried forward
12,115
37,546
Adjustments in respect of prior years
(22,255)
-
0
Other differences
-
0
(2,385)
Effect of overseas tax rates
15,697
6,321
Taxation charge
43,261
118,211
11
Dividends
2024
2023
2024
2023
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
-
6.00
-
697,200
12
Intangible fixed assets
Group
Software
£
Cost
At 1 April 2023
3,357
Additions
4,587
At 31 March 2024
7,944
Amortisation and impairment
At 1 April 2023
582
Amortisation charged for the year
3,323
At 31 March 2024
3,905
Carrying amount
At 31 March 2024
4,039
At 31 March 2023
2,775
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
73,658
37,698
111,356
Disposals
(37,605)
(3,321)
(40,926)
At 31 March 2024
36,053
34,377
70,430
Depreciation and impairment
At 1 April 2023
18,490
34,764
53,254
Depreciation charged in the year
3,605
230
3,835
Eliminated in respect of disposals
(465)
(617)
(1,082)
At 31 March 2024
21,630
34,377
56,007
Carrying amount
At 31 March 2024
14,423
-
0
14,423
At 31 March 2023
55,168
2,934
58,102
Company
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
36,053
34,377
70,430
Depreciation and impairment
At 1 April 2023
18,025
34,147
52,172
Depreciation charged in the year
3,605
230
3,835
At 31 March 2024
21,630
34,377
56,007
Carrying amount
At 31 March 2024
14,423
-
0
14,423
At 31 March 2023
18,028
230
18,258
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
2,451,979
2,367,743
Unlisted investments
50,513
50,528
50,000
50,000
50,513
50,528
2,501,979
2,417,743
Movements in fixed asset investments
Group
Other investments
£
Cost or valuation
At 1 April 2023
50,528
Valuation changes
(15)
At 31 March 2024
50,513
Carrying amount
At 31 March 2024
50,513
At 31 March 2023
50,528
Movements in fixed asset investments
Company
Investment in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
2,367,743
50,000
2,417,743
Additions
130,620
-
130,620
Disposals
(46,384)
-
(46,384)
At 31 March 2024
2,451,979
50,000
2,501,979
Carrying amount
At 31 March 2024
2,451,979
50,000
2,501,979
At 31 March 2023
2,367,743
50,000
2,417,743
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
W Campion Capital LLC
USA
broker-dealer
LLC investment
100.00
Campion Capital Iberia SA
Spain
broker-dealer
Ordinary
100.00
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
892,008
738,789
627,028
594,427
Corporation tax recoverable
10,590
-
0
10,590
-
0
Other debtors
156,176
239,313
133,121
154,232
Prepayments and accrued income
38,700
59,875
24,916
45,652
1,097,474
1,037,977
795,655
794,311
Amounts falling due after more than one year:
S455 tax on loans
42,287
66,558
42,287
66,558
Other debtors
60,600
125,300
60,600
125,300
102,887
191,858
102,887
191,858
Deferred tax asset (note 19)
77,143
75,713
-
0
9,118
180,030
267,571
102,887
200,976
Total debtors
1,277,504
1,305,548
898,542
995,287
17
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Other investments
40,111
37,860
40,111
37,860
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Amounts owed to group undertakings
-
0
-
0
-
0
58,993
Corporation tax payable
-
0
25,031
-
0
25,031
Other taxation and social security
296,252
310,530
296,252
310,530
Other creditors
23,077
56,305
23,077
56,305
Accruals and deferred income
93,378
122,384
28,474
85,949
412,707
514,250
347,803
536,808
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
319
-
-
9,118
Tax losses
-
-
77,143
66,595
319
-
77,143
75,713
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
319
-
-
9,118
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(75,713)
(9,118)
(Credit)/charge to profit or loss
(1,111)
9,437
Liability/(Asset) at 31 March 2024
(76,824)
319
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,019
122,663

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
116,200
116,200
1,162
1,162
CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
22
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
79,342
123,976
68,228
102,420
Between two and five years
22,984
91,743
22,984
-
In over five years
-
107,876
-
-
102,326
323,595
91,212
102,420
23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Other operating income
2024
2023
£
£
Group
Other related parties
24,500
-
Company
Other related parties
24,500
-
24
Events after the reporting date

On 8 April 2024, a dividend totalling £232,400 (£2 per share) was declared.

 

Since the year-end £324,743 of loans have been advanced to directors.

CAMPION CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
25
Directors' transactions

Dividends totalling £0 (2023 - £670,076) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
E Bradley-Norman - advance -
-
6,724
(6,724)
-
E Bradley-Norman - loanl -
1.50
19,796
-
19,796
M Graham - loan -
1.50
40,000
(20,000)
20,000
T Strange - loan -
1.50
76,280
(20,320)
55,960
N Rawdon-Jones - loan -
1.50
18,799
(9,400)
9,399
T Richards - loan -
1.50
37,440
(12,480)
24,960
199,039
(68,924)
130,115
All loans are repayable in instalments over 5 years.
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
55,987
190,417
Adjustments for:
Taxation charged
43,261
118,211
Investment income
(6,192)
(6,841)
Loss on disposal of tangible fixed assets
39,844
-
Amortisation and impairment of intangible assets
3,323
582
Depreciation and impairment of tangible fixed assets
3,835
11,121
Other gains and losses
(9,251)
29,250
Movements in working capital:
Decrease in debtors
15,793
579,277
Decrease in creditors
(76,512)
(318,291)
Cash generated from operations
70,088
603,726
27
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,037,181
7,376
1,044,557
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