Company registration number 03772101 (England and Wales)
B.J. CHAMPION SCAFFOLDING 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 SCAFFOLDING LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 10
B.J. CHAMPION SCAFFOLDING LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. B Champion
Mrs. G Champion
Secretary
Mr. B Champion
Company number
03772101
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 SCAFFOLDING LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,354,912
2,573,118
Current assets
Debtors
5
1,905,841
1,110,613
Cash at bank and in hand
50,842
1,905,841
1,161,455
Creditors: amounts falling due within one year
6
(842,494)
(729,271)
Net current assets
1,063,347
432,184
Total assets less current liabilities
3,418,259
3,005,302
Creditors: amounts falling due after more than one year
7
(129,998)
(183,388)
Provisions for liabilities
8
(536,297)
(577,400)
Net assets
2,751,964
2,244,514
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
10
2,751,864
2,244,414
Total equity
2,751,964
2,244,514
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 31 January 2025 and are signed on its behalf by:
Mr. B Champion
Director
Company Registration No. 03772101
B.J. CHAMPION SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
B.J. Champion Scaffolding 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
Turnover is the total amount receivable for goods supplied and services provided, excluding VAT. 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.
1.3
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:
Plant and machinery
12.5%-25% straight line or 33% reducing balance
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 credited or charged to profit or loss.
In respect of scaffolding tubes and fittings, the company had previously adopted the alternative valuation rules in accordance with FRS 15 and the Companies Act. On transition to FRS 102 the company has elected to treat the revaluation amount determined at the transition date as the deemed cost in accordance with section 35.10(d). Subsequent to transition the scaffolding tubes and equipment are depreciated in accordance with the above depreciation rates.
B.J. CHAMPION SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.5
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.
1.6
Cash at bank and in hand
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.
1.7
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 SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.8
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.
1.9
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
B.J. CHAMPION SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.12
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 attributed throughout the contract on the basis of the final margin expected.
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
94
108
B.J. CHAMPION SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Scaffolding equipment
Total
£
£
£
Cost or valuation
At 1 May 2023
142,159
5,522,226
5,664,385
Additions
183,329
183,329
At 30 April 2024
142,159
5,705,555
5,847,714
Depreciation and impairment
At 1 May 2023
134,568
2,956,699
3,091,267
Depreciation charged in the year
645
400,890
401,535
At 30 April 2024
135,213
3,357,589
3,492,802
Carrying amount
At 30 April 2024
6,946
2,347,966
2,354,912
At 30 April 2023
7,591
2,565,527
2,573,118
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
36,233
24,019
Gross amounts owed by contract customers
855,087
640,332
Amounts owed by group undertakings
840,901
329,976
Other debtors
79,948
8,119
Prepayments and accrued income
93,672
108,167
1,905,841
1,110,613
B.J. CHAMPION SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
100,269
Obligations under hire purchase agreements
112,773
115,619
Trade creditors
133,705
122,081
Amounts due to group undertakings
68,456
Corporation tax
197,351
70,238
Other taxation and social security
72,451
148,075
Other creditors
30,538
21,020
Accruals and deferred income
195,407
183,782
842,494
729,271
The bank overdrafts are secured on the assets of the company and by an intercompany guarantee. The hire purchase agreements are secured on the asset concerned.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under hire purchase agreements
129,998
183,388
The hire purchase agreements are secured on the asset concerned.
8
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
476,598
485,506
Fixed assets carried at revalued amounts
60,745
92,607
Retirement benefit obligations
(1,046)
(713)
536,297
577,400
B.J. CHAMPION SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
9
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
10
Profit and loss reserves
Included in profit and loss reserves are the following non-distributable profits:
2024
2023
£
£
At the beginning of the year
277,820
373,405
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.
B.J. CHAMPION SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
11
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.
12
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 £5,945,957 (2023 - £5,200,256).
13
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.
14
Parent company
The company's ultimate parent company is B.J. Champion Holdings Limited which is incorporated in England
and 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 Championfalsefalse037721012023-05-012024-04-3003772101bus:CompanySecretaryDirector12023-05-012024-04-3003772101bus:Director12023-05-012024-04-3003772101bus:Director22023-05-012024-04-3003772101bus:CompanySecretary12023-05-012024-04-3003772101bus:RegisteredOffice2023-05-012024-04-30037721012024-04-30037721012023-04-3003772101core:PlantMachinery2024-04-3003772101core:FurnitureFittings2024-04-3003772101core:PlantMachinery2023-04-3003772101core:FurnitureFittings2023-04-3003772101core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3003772101core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3003772101core:CurrentFinancialInstruments2024-04-3003772101core:CurrentFinancialInstruments2023-04-3003772101core:Non-currentFinancialInstruments2024-04-3003772101core:Non-currentFinancialInstruments2023-04-3003772101core:ShareCapital2024-04-3003772101core:ShareCapital2023-04-3003772101core:RetainedEarningsAccumulatedLosses2024-04-3003772101core:RetainedEarningsAccumulatedLosses2023-04-3003772101core:PlantMachinery2023-05-012024-04-3003772101core:FurnitureFittings2023-05-012024-04-30037721012022-05-012023-04-3003772101core:PlantMachinery2023-04-3003772101core:FurnitureFittings2023-04-30037721012023-04-3003772101bus:PrivateLimitedCompanyLtd2023-05-012024-04-3003772101bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3003772101bus:FRS1022023-05-012024-04-3003772101bus:Audited2023-05-012024-04-3003772101bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP