Company registration number 02491994 (England and Wales)
B.J. CHAMPION CONTRACTORS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
B.J. CHAMPION CONTRACTORS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 12
B.J. CHAMPION CONTRACTORS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. B Champion
Mrs. G Champion
Secretary
Mr. B Champion
Company number
02491994
Registered office
Champion House
2 Wella Road
Basingstoke
Hampshire
RG22 4AG
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
B.J. CHAMPION CONTRACTORS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,728,017
4,988,933
Investment properties
5
3,781,070
3,695,819
Investments
6
137,116
137,116
8,646,203
8,821,868
Current assets
Stocks
2,416,159
738,684
Debtors
7
257,357
277,670
Cash at bank and in hand
13,119
14,101
2,686,635
1,030,455
Creditors: amounts falling due within one year
8
(4,737,778)
(4,123,706)
Net current liabilities
(2,051,143)
(3,093,251)
Total assets less current liabilities
6,595,060
5,728,617
Creditors: amounts falling due after more than one year
9
(4,961,415)
(4,063,988)
Provisions for liabilities
10
(326,837)
(348,718)
Net assets
1,306,808
1,315,911
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
1,306,708
1,315,811
Total equity
1,306,808
1,315,911
B.J. CHAMPION CONTRACTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mr. B Champion
Director
Company Registration No. 02491994
The notes on pages 4 to 12 form part of these financial statements
B.J. CHAMPION CONTRACTORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

B.J. Champion Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Champion House, 2 Wella Road, Basingstoke, Hampshire, RG22 4AG.

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 as applicable to companies subject to the small companies regime. 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 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 on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account consists of rental income and proceeds from the sale of development properties. Turnover in respect of developments represents the total sales value of legally completed properties.

1.3
Intangible fixed assets - goodwill

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

 

Goodwill - Over 5 years

1.4
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:

Land and buildings
2% straight line
Plant and machinery
20% reducing balance or 10%-50% 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 credited or charged to profit or loss.

B.J. CHAMPION CONTRACTORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

B.J. CHAMPION CONTRACTORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

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.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

B.J. CHAMPION CONTRACTORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

 

Calculation of performance on long term contracts:

 

The directors assess the stage of completion on contracts by comparing the current costs with the total expected costs for the project. Consideration is given to external factors that may affect the overall outcome of the project. Profit is recognised once the company can reliably estimate the final outcome of the contract.

 

Tangible fixed assets:

 

Tangible fixed assets are depreciated over their useful lives taking into accounts residual values, where appropriate. The actual lives of the assets and residual values are assessed annually by the directors and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

B.J. CHAMPION CONTRACTORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
17
4
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 May 2023
4,491,746
3,106,599
7,598,345
Additions
44,651
524
45,175
Disposals
-
0
(210,912)
(210,912)
At 30 April 2024
4,536,397
2,896,211
7,432,608
Depreciation and impairment
At 1 May 2023
95,351
2,514,061
2,609,412
Depreciation charged in the year
78,484
227,607
306,091
Eliminated in respect of disposals
-
0
(210,912)
(210,912)
At 30 April 2024
173,835
2,530,756
2,704,591
Carrying amount
At 30 April 2024
4,362,562
365,455
4,728,017
At 30 April 2023
4,396,395
592,538
4,988,933

 

5
Investment property
2024
£
Fair value
At 1 May 2023
3,695,819
Additions at cost
265,851
Disposals
(180,600)
At 30 April 2024
3,781,070
B.J. CHAMPION CONTRACTORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Investment property
(Continued)
- 9 -

At 30 April 2024 the valuation of the freehold investment properties were reassessed by the directors, who considered the value to still be appropriate.

 

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
137,116
137,116

The company holds 100% of the issued share capital in Champion Homes Limited, a company incorporated in England which operates as a general building company.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
81,339
64,857
Amounts owed by group undertakings
200
200
Other debtors
-
0
40,478
Prepayments and accrued income
175,818
172,135
257,357
277,670
B.J. CHAMPION CONTRACTORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,045,414
1,316,303
Obligations under hire purchase agreements
106,165
199,255
Other borrowings
380,318
84,840
Trade creditors
221,339
359,734
Amounts due to fellow group undertakings
2,384,490
1,827,192
Corporation tax
93,350
34,214
Other taxation and social security
113,070
12,803
Other creditors
224,422
243,853
Accruals and deferred income
169,210
45,512
4,737,778
4,123,706

The bank loans and overdrafts are secured by a first legal charge over the freehold/investment property and by way of an intercompany guarantee.

 

The hire purchase agreements are secured on the asset concerned.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,901,054
3,907,952
Obligations under hire purchase agreements
60,361
156,036
4,961,415
4,063,988

The bank loans and overdrafts are secured by a first legal charge over the freehold/investment property and by way of an intercompany guarantee.

 

The hire purchase agreements are secured on the assets concerned.

 

Included within bank loans above is £3,414,795 (2023 - £1,561,773) due greater than five years.

B.J. CHAMPION CONTRACTORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
10
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
250,919
291,067
Retirement benefit obligations
(343)
(307)
Investment property
76,261
57,958
326,837
348,718
2024
Movements in the year:
£
Liability at 1 May 2023
348,718
Credit to profit and loss
(21,881)
Liability at 30 April 2024
326,837
11
Called up share capital
2024
2023
£
£
Ordinary share capital
Authorised
100,000 Ordinary shares of £1 each
100,000
100,000
Issued and fully paid
100 Ordinary shares of £1 each
100
100
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Graham Figgins FCA.
The auditor was TC Group.
B.J. CHAMPION CONTRACTORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
13
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
512,270
553,067
14
Financial commitments, guarantees and contingent liabilities

The company has provided guarantees in respect of group bank loans and overdrafts. No losses are anticipated as a result of these guarantees, which at 30th April 2024 totalled £(1,037) (2023 - £(4,594)).

15
Related party transactions

The company has taken advantage of the exemption available in FRS102 section 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

During the year rent was paid in respect of property to the directors of £24,000 (2023 - £24,000).

16
Parent company

The company's ultimate parent company and controlling party is B.J. Champion Holdings Limited which is

incorporated in England & Wales.

 

The consolidated accounts of the largest group of which the company is a member and for which accounts

are prepared can be obtained from the Company Secretary, B.J. Champion Holdings Limited, Champion House, 2 Wella Road, Basingstoke, Hampshire, England, RG22 4AG

2024-04-302023-05-01false31 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMrs. G ChampionMrs Georgina ChampionMr. B Championfalsefalse024919942023-05-012024-04-3002491994bus:CompanySecretaryDirector12023-05-012024-04-3002491994bus:Director12023-05-012024-04-3002491994bus:Director22023-05-012024-04-3002491994bus:CompanySecretary12023-05-012024-04-3002491994bus:RegisteredOffice2023-05-012024-04-30024919942024-04-30024919942023-04-3002491994core:LandBuildingscore:OwnedOrFreeholdAssets2024-04-3002491994core:PlantMachinery2024-04-3002491994core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-3002491994core:PlantMachinery2023-04-3002491994core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3002491994core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3002491994core:CurrentFinancialInstruments2024-04-3002491994core:CurrentFinancialInstruments2023-04-3002491994core:Non-currentFinancialInstruments2024-04-3002491994core:Non-currentFinancialInstruments2023-04-3002491994core:ShareCapital2024-04-3002491994core:ShareCapital2023-04-3002491994core:RetainedEarningsAccumulatedLosses2024-04-3002491994core:RetainedEarningsAccumulatedLosses2023-04-3002491994core:Goodwill2023-05-012024-04-3002491994core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-012024-04-3002491994core:PlantMachinery2023-05-012024-04-30024919942022-05-012023-04-3002491994core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-3002491994core:PlantMachinery2023-04-30024919942023-04-3002491994bus:PrivateLimitedCompanyLtd2023-05-012024-04-3002491994bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3002491994bus:FRS1022023-05-012024-04-3002491994bus:Audited2023-05-012024-04-3002491994bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP