Company Registration No. 03773774 (England and Wales)
B.J. CHAMPION HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
B.J. CHAMPION HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 33
B.J. CHAMPION HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. B Champion
Mrs. G Champion
Secretary
Mr. B Champion
Company number
03773774
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 HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Principal activity

BJ Champion Holdings Limited is the non-trading, parent company of the Champion Group of Companies (the Group).

 

During the year the Group had three principal activities. These were the supply and erection of Scaffolding (B J Champion Scaffolding Ltd), the carrying out of subcontract brickwork packages (B J Champion Brickwork Contractors Limited), and speculative residential developments (Champion Homes Ltd – formerly known as Champion Build Limited).

 

The Group also carried out tool & plant hire and general building works

 

Fair review of business

 

The Group’s activities saw a reduction in turnover due to a reduction in it’s Brickwork contracting business as a result of the previous strategic decision taken to focus on a core client base to streamline operations. This had broadly been successful with losses in year stabilised and post year end profits improving significantly. The other reduction being no new home sales in year.

 

The previous issues surrounding labour and material availability have eased during the year and the directors took the decision to continue investing in their holding of scaffold plant and equipment so that it could meet customers needs.

 

The Group continues to enhance its reputation with many of the major construction companies operating in the south of England and continue to be subcontractor of choice for many.

 

The industry continues to experience challenging times, with the impacts of the energy crisis, cost of living crisis, high inflation and increasing interest rates affecting confidence in the housing market. Uncertainty in the year regarding changes to the UK Government led to a subdued market and the anticipated increases in workload failed to materialise and are now expected in year to 30th April 2026.

 

Workloads have been inconsistent with pressure on rates and profits however, the directors are confident of the Groups’ continued trading success.

B.J. CHAMPION HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

A brief summary of the performance of each of the main parts of the Group is set out below:

 

Champion Scaffolding turnover stabilised albeit at reduced rates, the industry continues to experience challenging times, with the impacts of the energy crisis, cost of living crisis, high inflation and increasing interest rates affecting confidence in the housing market. Uncertainty in the year regarding changes to the UK Government led to a subdued market and the anticipated increases in workload failed to materialise and are now expected in year to 30th April 2026.

 

Champion Scaffolding continued to invest in its material holding despite increased component prices and, invested in its staff and transport solutions.

 

Continual membership of the National Access & Scaffolding Confederation is ensuring that the company is at the forefront of a very demanding but potentially lucrative market.

 

Whilst turnover stabilised, gross profit margins have increased from 42.6% to 45.6% in year.

 

Due to ongoing uncertainty regarding the change of UK Government in 2024 and the October 2024 budget announcements the market has remained subdued and as such the Directors expect Turnover and profits to reduce slightly in 2024-25.

 

Turnover and profits are then expected to increase in 2025-26.

 

During the year the directors continued the strategic decision to focus on a core client base and streamline its operations to improve margins. Champion Brickwork turnover therefore reduced 38% as expected

 

Continuing industry wide skilled labour shortages and increased competition continued in the year, while the low confidence levels affected production levels.

 

The overhead reduction program started in the prior year has resulted in a 29% reduction in administrative expenses in year.

 

Turnover is expected to stabilise in the year ended 30th April 2025 as the full strategic plan finalises. The company is also expected to return to profit in the year.

 

Turnover reduced significantly in the year as previously predicted as the long running site completed. Due to the lack of confidence in the UK housing market the directors have continued to be selective about building out sites held and downsize the business further by mothballing sites held until such time as the market confidence returns.

 

Therefore it is expected turnover and profits will reduce in the year ended 30 April 2025.

B.J. CHAMPION HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

The company continues to select sites with housing development opportunities. The company continues to hold a number of these potential development sites which management believe will be successful and profitable in future years.

 

During the year to 30th April 2025 the company finished construction of one of these sites but due to the current market confidence these units remain unsold with agents reporting slow enquiries, as such the directors have decided to review all current sites and hold until the market improves.

 

In the period following the accounts ended 30th April 2024, the group have continued to be affected by the ongoing energy and cost of living crisis, increasing interest rates and increased cost of borrowing. The predicted growth in the UK housing market failed to materialise in the year, in part due to changes in UK government and uncertainty around the October 2024 budget. There are early signs that the housing market is predicted to start growing and programme and secured workload looks positive.

 

The effects of the costs of living crisis, high inflation and the increased interest rates started to ease during 2024, albeit slower than initially anticipated, and with the increased confidence in the housing market set to return the directors are expecting a positive short to medium term.

 

The lack of newly trained and skilled Labour resources continue to be an issue for the industry, (as they have for over 10 years) however directors don’t currently envisage a significant further impact over the short to medium term.

 

Longer term trends depend on a number of factors, a primary one being the inflow of overseas skilled labour on the labour market, government apprentice schemes and policies on house building and social housing provision.

 

Overall, the board are satisfied that the Group is in a solid position and will remain profitable in the year to 30 April 2025 and beyond.

On behalf of the board

Mr. B Champion
Director
29 January 2025
B.J. CHAMPION HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £76,500. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year:

Mr. B Champion
Mrs. G Champion
Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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.

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.

B.J. CHAMPION HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
On behalf of the board
Mr. B Champion
Director
29 January 2025
B.J. CHAMPION HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF B.J. CHAMPION HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of B.J. Champion Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise 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.

B.J. CHAMPION HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B.J. CHAMPION HOLDINGS LIMITED
- 8 -

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:

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.

B.J. CHAMPION HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B.J. CHAMPION HOLDINGS LIMITED
- 9 -
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.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. 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.

Graham Figgins FCA (Senior Statutory Auditor)
For and on behalf of TC Group
31 January 2025
Chartered Accountants
3 Acorn Business Centre
Statutory Auditor
Northarbour Road
Cosham
Portsmouth
Hampshire
B.J. CHAMPION HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
14,247,415
20,626,575
Cost of sales
(9,475,540)
(15,121,931)
Gross profit
4,771,875
5,504,644
Administrative expenses
(3,366,717)
(3,815,370)
Other operating income
1,504
-
EBITDA
1,406,662
1,689,274
Depreciation
(707,626)
(774,120)
Amortisation
-
-
Operating profit
6
699,036
915,154
Interest payable and similar expenses
7
(553,775)
(515,813)
Profit before taxation
145,261
399,341
Taxation
8
(123,431)
(287,085)
Profit for the financial year
21,830
112,256
Other comprehensive income
-
-
Total comprehensive income for the year
21,830
112,256
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.

The notes on pages 16 to 33 form part of these financial statements
B.J. CHAMPION HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
7,000,314
7,479,436
Investment properties
12
3,728,495
3,667,404
10,728,809
11,146,840
Current assets
Stocks
15
2,286,177
878,022
Debtors
16
2,323,471
2,328,705
Cash at bank and in hand
13,119
65,157
4,622,767
3,271,884
Creditors: amounts falling due within one year
17
(3,806,404)
(3,600,343)
Net current assets/(liabilities)
816,363
(328,459)
Total assets less current liabilities
11,545,172
10,818,381
Creditors: amounts falling due after more than one year
18
(5,091,413)
(4,247,376)
Provisions for liabilities
20
(863,901)
(926,477)
Net assets
5,589,858
5,644,528
Capital and reserves
Called up share capital
22
110
110
Profit and loss reserves
23
5,589,748
5,644,418
Total equity
5,589,858
5,644,528
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:
29 January 2025
Mr. B Champion
Director
The notes on pages 16 to 33 form part of these financial statements
B.J. CHAMPION HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
300
300
Current assets
Debtors
16
10
10
Creditors: amounts falling due within one year
17
(200)
(200)
Net current liabilities
(190)
(190)
Total assets less current liabilities
110
110
Capital and reserves
Called up share capital
22
110
110

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 £76,500 (2023 - £389,793 profit).

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:
29 January 2025
Mr. B Champion
Director
Company Registration No. 03773774
B.J. CHAMPION HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
110
5,921,955
5,922,065
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
112,256
112,256
Dividends
9
-
(389,793)
(389,793)
Balance at 30 April 2023
110
5,644,418
5,644,528
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
21,830
21,830
Dividends
9
-
(76,500)
(76,500)
Balance at 30 April 2024
110
5,589,748
5,589,858
B.J. CHAMPION HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
110
-
0
110
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
389,793
389,793
Dividends
9
-
(389,793)
(389,793)
Balance at 30 April 2023
110
-
0
110
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
76,500
76,500
Dividends
9
-
(76,500)
(76,500)
Balance at 30 April 2024
110
-
0
110
B.J. CHAMPION HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(204,990)
3,179,156
Interest paid
(553,775)
(515,813)
Income taxes refunded
5,807
53,151
Net cash (outflow)/inflow from operating activities
(752,958)
2,716,494
Investing activities
Purchase of tangible fixed assets
(228,505)
(745,879)
Proceeds on disposal of tangible fixed assets
126,412
559,262
Purchase of investment property
(241,691)
(213,438)
Proceeds on disposal of investment property
180,600
-
Repayment of loans
(3,800)
(2,077)
Net cash used in investing activities
(166,984)
(402,132)
Financing activities
Proceeds from borrowings
2,358,868
522,650
Repayment of borrowings
(1,441,595)
(1,966,158)
Payment of finance leases obligations
(245,001)
(198,088)
Dividends paid to equity shareholders
(76,500)
(389,793)
Net cash generated from/(used in) financing activities
595,772
(2,031,389)
Net (decrease)/increase in cash and cash equivalents
(324,170)
282,973
Cash and cash equivalents at beginning of year
(800,494)
(1,083,467)
Cash and cash equivalents at end of year
(1,124,664)
(800,494)
Relating to:
Cash at bank and in hand
13,119
65,157
Bank overdrafts included in creditors payable within one year
(1,137,783)
(865,651)
The notes on pages 16 to 33 form part of these financial statements
B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information

B.J. Champion Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Champion House, 2 Wella Road, Basingstoke, Hampshire, RG22 4AG.

 

The group consists of B.J. Champion Holdings 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 on the historical cost convention, modified to include investment properties 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

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -

The consolidated group financial statements consist of the financial statements of the parent company B.J. Champion Holdings 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 30 April 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.

1.3
Going concern

At the time of approving the financial statements, the directors have reviewed the requirements of the company. By reviewing the current order book (mix of private and public customers and housing and non housing works), cash flow and strategic direction of the Group they have an expectation that the company has adequate resources to continue in operational existence for the foreseeable future and minimise any impact to a particular market. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover in respect of developments represents the total sales value of legally completed properties. Turnover on contracting work represents amounts receivable during the year, exclusive of VAT, for goods and services provided to customers. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.

1.5
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
Over the life of the lease
Plant & machinery and motor vehicles
20%-33% reducing balance or 10-50% straight line
Scaffolding equipment
Straight line between 3 and 20 years

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.

 

B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.6
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.

1.7
Impairment of fixed assets

At each reporting period end date, the group 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
Stock

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

1.9
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

1.10
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.

1.11
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.

B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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.

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’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.

B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
1.14
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.

1.15
Retirement benefits

The group operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the group. The annual contributions payable are charged to the profit and loss account.

 

The pension costs charged in the financial statements represent the contributions payable by the group during the year.

1.16
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 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.

B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -

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.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
United Kingdom
14,247,415
20,626,575

The total turnover of the group for the year has been derived from its principal activities wholly undertaken

in the United Kingdom.

B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
4
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
1,850
1,800
Audit of the financial statements of the company's subsidiaries
28,200
28,000
30,050
29,800
For other services
All other non-audit services
5,700
6,360
5
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
Number of operatives
93
105
-
-
Number of administration and management
31
40
-
-
Number of directors
2
2
2
2
Total
126
147
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,909,180
5,201,106
-
0
-
0
Social security costs
489,962
535,046
-
-
Pension costs
120,771
128,472
-
0
-
0
5,519,913
5,864,624
-
0
-
0
B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
537,856
542,421
Depreciation of tangible fixed assets held under hire purchase agreements
169,770
231,699
Profit on disposal of tangible fixed assets
(126,412)
(15,587)
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
453,474
390,102
Other interest on financial liabilities
30,250
16,382
Interest on finance leases and hire purchase contracts
54,904
37,448
Other interest
15,147
71,881
Total finance costs
553,775
515,813
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
186,250
56,332
Deferred tax
Origination and reversal of timing differences
(81,122)
230,753
Changes in tax rates
18,303
-
0
Total deferred tax
(62,819)
230,753
Total tax charge
123,431
287,085
B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Taxation
(Continued)
- 24 -

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
145,261
399,341
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.67%)
36,315
78,548
Tax effect of expenses that are not deductible in determining taxable profit
20,304
27,285
Enhanced capital allowances
-
0
(9,472)
Deferred tax adjustments in respect of prior years
-
0
217,124
Unrealised (profits)/losses on consolidation
48,509
(16,128)
Effects of change in future corporation tax charge
18,303
(10,272)
Taxation charge for the year
123,431
287,085

 

9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Ordinary A shares
76,500
149,793
Ordinary shares
-
240,000
76,500
389,793
B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
180,296
Amortisation and impairment
At 1 May 2023 and 30 April 2024
180,296
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
11
Tangible fixed assets
Group
Land and Buildings
Plant & machinery and motor vehicles
Scaffolding equipment
Total
£
£
£
£
Cost
At 1 May 2023
4,393,607
3,331,975
5,522,226
13,247,808
Additions
44,651
524
183,329
228,504
Disposals
-
0
(286,678)
(3,986)
(290,664)
At 30 April 2024
4,438,258
3,045,821
5,701,569
13,185,648
Depreciation and impairment
At 1 May 2023
80,282
2,731,391
2,956,699
5,768,372
Depreciation charged in the year
78,484
228,252
400,890
707,626
Eliminated in respect of disposals
-
0
(286,678)
(3,986)
(290,664)
At 30 April 2024
158,766
2,672,965
3,353,603
6,185,334
Carrying amount
At 30 April 2024
4,279,492
372,856
2,347,966
7,000,314
At 30 April 2023
4,313,325
600,584
2,565,527
7,479,436
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Tangible fixed assets
(Continued)
- 26 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant & machinery and motor vehicles
186,967
699,655
-
0
-
0
Scaffolding equipment
355,754
1,056,072
-
0
-
0
542,721
1,755,727
-
-

 

12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023
3,667,404
-
Additions
241,691
-
Disposals
(180,600)
-
At 30 April 2024
3,728,495
-

In 2024, the valuations of the freehold investment properties were reassessed by the directors, who considered the value to still be appropriate.

B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
B.J Champion Brickwork Contractors Limited
England
a brickworking services company
Ordinary
100.00
-
B.J Champion Contractors Limited
England
a property development and tool hire company
Ordinary
100.00
-
B.J Champion Scaffolding Limited
England
a scaffolding services company
Ordinary
100.00
-
Champion Homes Limited
England
a homes construction company
Ordinary
0
100.00
Champion Build Limited
England
a dormant company
Ordinary
100.00
-
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
300
300

In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings

is not less than the amount included in the balance sheet.

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
2,286,177
878,022
-
-
B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
273,512
401,044
-
0
-
0
Gross amounts owed by contract customers
1,604,579
1,528,665
-
0
-
0
Other debtors
151,334
94,331
10
10
Prepayments and accrued income
292,470
303,332
-
0
-
0
2,321,895
2,327,372
10
10
Deferred tax asset (note 20)
1,576
1,333
-
0
-
0
2,323,471
2,328,705
10
10
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
1,218,378
1,317,553
-
0
-
0
Obligations under finance leases and hire purchase agreements
218,938
314,874
-
0
-
0
Other borrowings
380,318
84,840
-
0
-
0
Trade creditors
668,515
763,673
-
0
-
0
Amounts due to group undertakings
-
0
-
0
200
200
Corporation tax payable
306,032
113,976
-
0
-
0
Other taxation and social security
232,112
281,459
-
-
Other creditors
257,710
280,469
-
0
-
0
Accruals and deferred income
524,401
443,499
-
0
-
0
3,806,404
3,600,343
200
200

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.

B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
4,901,054
3,907,952
-
0
-
0
Obligations under finance leases and hire purchase agreements
190,359
339,424
-
0
-
0
5,091,413
4,247,376
-
0
-
0

The bank loans and overdrafts are secured by a first legal charge over the property held for future development 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.

19
Financial risk management objectives and policies

It is the group's policy to minimise the cost of borrowings whilst retaining the flexibility of funding opportunities.

 

Interest rate exposure

The group's financial instruments primarily relate to bank loans, overdrafts and hire purchase agreements.

The interest rates on the bank loans and overdrafts range up to 4% over base. The hire purchase agreements have been entered into under fixed interest rates.

 

Currency exposure

As at 30th April 2024 the group had no material currency exposures. The group's financial instruments are

materially denominated in sterling.

 

Available facilities

The group has an overdraft facility which is shared between the subsidiary companies, which provides for

financing of up to £1,000,000.

 

Fair value of financial assets and liabilities

An assessment of the fair value of the group's financial instruments held for financing purposes has been

undertaken as at 30th April 2024. No material differences exist between book and fair value.

B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
726,895
775,912
-
-
Fixed assets carried at revalued amounts
60,745
92,607
-
-
Retirement benefit obligations
-
-
1,576
1,333
Investment property
76,261
57,958
-
-
863,901
926,477
1,576
1,333
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
925,144
-
Credit to profit or loss
21,840
-
Liability at 30 April 2024
903,304
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
120,771
128,472

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.

B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
22
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10 Ordinary A shares of £1 each
10
10
110
110
23
Profit and loss reserves
Included in profit and loss reserves are the following non-distributable profits:
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
277,820
373,405
-
-
Non distributable profits in the year
-
-
-
-
Transfer to distributable profits
(95,585)
(95,585)
-
-
At the end of the year
182,235
277,820
-
-
The amount of £95,585 (2023 - £95,585) represents the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on these assets, net of the corresponding deferred tax movement.
24
Operating lease commitments
Lessor

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
153,250
119,500
-
-
Between two and five years
326,150
358,409
-
-
In over five years
32,870
75,158
-
-
512,270
553,067
-
-
B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 32 -
25
Related party transactions

The group was under the control of the Directors throughout the current and previous years.

 

During the year the directors received dividends from B.J. Champion Holdings Limited totaling £76,500 (2023 - £389,793).

 

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

 

The directors maintain loan accounts with subsidiary companies. As at 30th April 2024, the group owed the directors £374,441 (2023 - £94,351) through a formal agreement that charges an interest rate of 3.75% above base rate.

 

26
Contingent liability

One of the subsidiary companies have received a notice of liability from a customer in respect of potential defective workmanship on previous works that the company has undertaken. If it is proven the workmanship was defective the company would be required to settle an obligation. This has been estimated by the customer at £295,000. In addition there could be further amounts in relation to compensation for the end customer. The company is considering their position on this matter and believe this notice of liability could be rebutted or covered by an insurance claim. The company have formally rebutted the claim.

27
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
65,157
(52,038)
13,119
Bank overdrafts
(865,651)
(272,132)
(1,137,783)
(800,494)
(324,170)
(1,124,664)
Borrowings excluding overdrafts
(4,444,694)
(917,273)
(5,361,967)
Obligations under finance leases and hire purchase agreements
(654,298)
245,001
(409,297)
(5,899,486)
(996,442)
(6,895,928)
B.J. CHAMPION HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 33 -
28
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
21,830
112,256
Adjustments for:
Taxation charged
123,431
287,085
Finance costs
553,775
515,813
Gain on disposal of tangible fixed assets
(126,412)
(15,587)
Depreciation and impairment of tangible fixed assets
707,626
774,120
Movements in working capital:
(Increase)/decrease in stocks
(1,408,155)
1,505,435
Decrease in debtors
9,277
900,178
Decrease in creditors
(86,362)
(900,144)
Cash (absorbed by)/generated from operations
(204,990)
3,179,156
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityMrs. G ChampionMrs Georgina ChampionMr. B 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