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Company No: 01712851 (England and Wales)

CHAMPION TRADING CO LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

CHAMPION TRADING CO LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

CHAMPION TRADING CO LIMITED

BALANCE SHEET

As at 31 July 2024
CHAMPION TRADING CO LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 11,055 13,185
11,055 13,185
Current assets
Stocks 4 8,750 8,750
Debtors 5 29,362 36,044
Cash at bank and in hand 185,257 104,977
223,369 149,771
Creditors: amounts falling due within one year 6 ( 99,859) ( 62,345)
Net current assets 123,510 87,426
Total assets less current liabilities 134,565 100,611
Net assets 134,565 100,611
Capital and reserves
Called-up share capital 8,000 8,000
Capital redemption reserve 2,000 2,000
Profit and loss account 124,565 90,611
Total shareholders' funds 134,565 100,611

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Champion Trading Co Limited (registered number: 01712851) were approved and authorised for issue by the Board of Directors on 04 April 2025. They were signed on its behalf by:

G F Hayter
Director
CHAMPION TRADING CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
CHAMPION TRADING CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Champion Trading Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Verwood Industrial Estate, Black Hill, Verwood, BH31 6HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 4 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 9

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 August 2023 21,479 75,454 13,934 3,753 114,620
At 31 July 2024 21,479 75,454 13,934 3,753 114,620
Accumulated depreciation
At 01 August 2023 21,479 63,922 12,419 3,615 101,435
Charge for the financial year 0 1,730 379 21 2,130
At 31 July 2024 21,479 65,652 12,798 3,636 103,565
Net book value
At 31 July 2024 0 9,802 1,136 117 11,055
At 31 July 2023 0 11,532 1,515 138 13,185

4. Stocks

2024 2023
£ £
Stocks 8,750 8,750

5. Debtors

2024 2023
£ £
Trade debtors 19,599 14,747
Other debtors 9,763 21,297
29,362 36,044

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 39,609 15,329
Taxation and social security 45,507 35,899
Other creditors 14,743 11,117
99,859 62,345