Company registration number 03125227 (England and Wales)
CHURCHILL INVESTMENTS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
CHURCHILL INVESTMENTS PLC
COMPANY INFORMATION
Directors
Mr T Ware
Mr J Ware
Secretary
Mr J Ware
Company number
03125227
Registered office
9 Woodborough Road
Winscombe
North Somerset
England
BS25 1AB
Auditor
Messrs Amherts & Shapland (Taunton and Wiveliscombe)
Unit 2 Old Brewery Road
Wiveliscombe
Somerset
TA4 2PW
CHURCHILL INVESTMENTS PLC
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
CHURCHILL INVESTMENTS PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 November 2024.

Principal activities

The principal activity of the company continued to be that of providing advisory, investment management and a pension consultancy services.

 

Review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business

during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

 

We are independent financial advisers specialising in investment, where we have specialist expertise. We have been trading since 1996 and are based in Winscombe, a North Somerset village about 15 miles south of Bristol on the A38.

 

We also operate an agency for Coventry Building Society.

 

Our aim is to provide a genuinely personal ongoing service and given the depth of experience we have throughout our team we are very well placed to do so. On top of this experience we also have a strong administration team in place supporting both the advisors and our clients when it comes to the execution of advice.

 

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and operating profit.

 

Turnover for the year increased by 4.5% and operating profit by 19.4% to £1,059,104. The balance of profit after tax has been added to reserves which amount to £2,842,017

Principal risks and uncertainties

The key business risks and uncertainties affecting the company are considered to relate to compliance with FCA regulations and guidelines, and obtaining sufficient indemnity insurance.

 

Risks are reviewed by the directors and appropriate processes put in place to monitor and mitigate them, namely the use of external compliance consultants to review the company's compliance with the regulations.

On behalf of the board

.............................................
J Ware
Company secretary and director
22 May 2025
CHURCHILL INVESTMENTS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

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

Directors

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

Mr T Ware
Mr J Ware
Political donations

Neither the company nor it's subsidiary make any donations to a political party or other political organisation in the UK, in the EU or in any other part of the world.

 

Financial instruments

The company endeavours to reduce it's exposure to risk resulting in having cash balances in excess of the Financial Services Compensation Scheme by placing funds in financial instruments. In order to minimise the exposure to the company of price risk the directors take all reasonable care to ensure that the investments are low risk and that the value is readily ascertainable and that the investments are readily realisable. In addition, the directors maintain cash reserves appropriate to the size and nature of the company in order to meet any unforeseen adverse conditions.

Future developments

The company continues to look for appropriate expansion and consolidation opportunities and negotiates with small financial service businesses where directors or owners are looking for retirement. This measured acquisition is designed to help consolidate the company's position in its existing market place.

The company is looking to reduce its annual rental costs by purchasing the freehold of its offices. This will also assist with enabling the company to pursue its aim of achieving “net zero” emission through the installation of solar power panels and energy saving features, subject to planning approval, and employment of electric vehicles, where practicable.

Auditor

The auditors Messrs Amherts & Shapland (Taunton and Wiveliscombe) are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 company’s auditor 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 company’s auditor is aware of that information.

Charitable donations

During the year-end the company has made its investment property available, to a refugee family from Ukraine as the directors are of the view that it is the social responsibility of the company to do so.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

CHURCHILL INVESTMENTS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
On behalf of the board
..............................................
Mr J Ware
Director
22 May 2025
CHURCHILL INVESTMENTS PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHURCHILL INVESTMENTS PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHURCHILL INVESTMENTS PLC
- 5 -
Opinion

We have audited the financial statements of Churchill Investments Plc (the 'company') for the year ended 30 November 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Mr A Porter (Senior Statutory Auditor)
For and on behalf of Messrs Amherts & Shapland (Taunton and Wiveliscombe), Statutory Auditor
Chartered Accountants
Unit 2 Old Brewery Road
Wiveliscombe
Somerset
TA4 2PW
22 May 2025
CHURCHILL INVESTMENTS PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
1,874,811
1,794,450
Cost of sales
(304,419)
(248,647)
Gross profit
1,570,392
1,545,803
Administrative expenses
(518,588)
(667,320)
Other operating income
7,300
8,750
Operating profit
4
1,059,104
887,233
Interest receivable and similar income
7
64,592
15,058
Interest payable and similar expenses
8
(2,200)
-
0
Amounts written off investments
9
18,247
(5,908)
Profit before taxation
1,139,743
896,383
Tax on profit
10
(325,301)
(268,411)
Profit for the financial year
814,442
627,972

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

CHURCHILL INVESTMENTS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
814,442
627,972
Other comprehensive income
-
-
Total comprehensive income for the year
814,442
627,972
CHURCHILL INVESTMENTS PLC
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
-
0
130,827
Tangible assets
13
417,034
429,014
Investment property
14
197,500
197,500
Investments
15
488,000
488,000
1,102,534
1,245,341
Current assets
Debtors
17
21,360
57,741
Investments
18
295,797
277,549
Cash at bank and in hand
1,855,909
1,424,693
2,173,066
1,759,983
Creditors: amounts falling due within one year
19
(338,583)
(282,749)
Net current assets
1,834,483
1,477,234
Net assets
2,937,017
2,722,575
Capital and reserves
Called up share capital
21
45,000
45,000
Capital redemption reserve
50,000
50,000
Profit and loss reserves
2,842,017
2,627,575
Total equity
2,937,017
2,722,575
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
..............................................
Mr J Ware
Director
Company registration number 03125227 (England and Wales)
CHURCHILL INVESTMENTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
50,000
45,000
2,399,603
2,494,603
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
627,972
627,972
Dividends
11
-
-
(400,000)
(400,000)
Other movements
(5,000)
5,000
-
-
Balance at 30 November 2023
45,000
50,000
2,627,575
2,722,575
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
814,442
814,442
Dividends
11
-
-
(600,000)
(600,000)
Balance at 30 November 2024
45,000
50,000
2,842,017
2,937,017
CHURCHILL INVESTMENTS PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,263,237
1,229,253
Interest paid
(2,200)
-
0
Income taxes paid
(268,411)
(238,583)
Net cash inflow from operating activities
992,626
990,670
Investing activities
Purchase of tangible fixed assets
(28,999)
(461,261)
Proceeds from disposal of tangible fixed assets
3,000
-
0
Interest received
64,589
15,058
Net cash generated from/(used in) investing activities
38,590
(446,203)
Financing activities
Dividends paid
(600,000)
(400,000)
Net cash used in financing activities
(600,000)
(400,000)
Net increase in cash and cash equivalents
431,216
144,467
Cash and cash equivalents at beginning of year
1,424,693
1,280,226
Cash and cash equivalents at end of year
1,855,909
1,424,693
CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
1
Accounting policies
Company information

Churchill Investments Plc is a private company limited by shares incorporated in England and Wales. The registered office is 9 Woodborough Road, Winscombe, North Somerset, England, BS25 1AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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:

Freehold land and buildings
5% on cost
Fixtures and fittings
15% on reducing balance basis
Computers
33.33% on cost
Motor vehicles
25% on cost

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.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.8
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

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.

CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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.

CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.14
Retirement benefits

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

1.15
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
1,874,811
1,794,450
2024
2023
£
£
Other revenue
Interest income
64,592
15058
CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
40,980
38,200
(Profit)/loss on disposal of tangible fixed assets
(3,000)
33,394
Amortisation of intangible assets
130,828
261,971
Operating lease charges
1,323
9,145
5
Employees

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

2024
2023
Number
Number
13
12

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
373,683
319,440
Social security costs
32,861
25,222
Pension costs
86,084
19,778
492,628
364,440
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
92,182
86,396
Company pension contributions to defined contribution schemes
66,941
4,321
159,123
90,717
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
14,566
12,667
Other interest income
50,026
2,391
Total income
64,592
15,058
CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
7
Interest receivable and similar income
(Continued)
- 18 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
14,566
12,667
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
2,200
-
0
9
Amounts written off investments
2024
2023
£
£
Changes in the fair value of investment properties
18,247
(5,908)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
325,301
268,411

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
1,139,743
896,383
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
284,936
224,096
Tax effect of expenses that are not deductible in determining taxable profit
1,047
9,299
Tax effect of income not taxable in determining taxable profit
(2,115)
-
0
Gains not taxable
(750)
-
0
Effect of change in corporation tax rate
-
0
(53,202)
Permanent capital allowances in excess of depreciation
(769)
(16,825)
Depreciation on assets not qualifying for tax allowances
10,245
9,550
Amortisation on assets not qualifying for tax allowances
32,707
95,493
Taxation charge for the year
325,301
268,411
CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
11
Dividends
2024
2023
£
£
Interim paid
600,000
400,000
12
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
1,247,888
Amortisation and impairment
At 1 December 2023
1,117,060
Amortisation charged for the year
130,828
At 30 November 2024
1,247,888
Carrying amount
At 30 November 2024
-
0
At 30 November 2023
130,827

More information on impairment movements in the year is given in note .

13
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
395,773
24,150
73,495
80,420
573,838
Additions
-
0
-
0
-
0
28,999
28,999
Disposals
-
0
-
0
-
0
(29,000)
(29,000)
At 30 November 2024
395,773
24,150
73,495
80,419
573,837
Depreciation and impairment
At 1 December 2023
19,789
18,386
64,793
41,855
144,823
Depreciation charged in the year
18,799
939
4,351
16,891
40,980
Eliminated in respect of disposals
-
0
-
0
-
0
(29,000)
(29,000)
At 30 November 2024
38,588
19,325
69,144
29,746
156,803
Carrying amount
At 30 November 2024
357,185
4,825
4,351
50,673
417,034
At 30 November 2023
375,984
5,763
8,702
38,565
429,014
CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
14
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
197,500

As per directors, there has been no fair value adjustment in the year.

15
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
16
488,000
488,000
16
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Woodborough Trading Limited
338 Euston Road, London, NW1 3BG, England
Ordinary
100.00
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
13,191
13,191
Prepayments and accrued income
8,171
44,547
21,362
57,738
18
Current asset investments
2024
2023
£
£
Unlisted investments
295,797
277,549
CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
19
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,048
2,401
Corporation tax
325,301
268,411
Other taxation and social security
6,226
7,702
Other creditors
644
644
Accruals and deferred income
3,364
3,591
338,583
282,749
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
86,084
19,778

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
45,000
45,000
45,000
45,000
22
Related party transactions

Mr J K Ware, director of the company.

Mr T R Ware, director of the company.

 

The company occupied a property owned by Churchill Small Self Administered Pension Scheme at a rent of £Nil (2023: £6,636). Mr J K Ware is a trustee of the Scheme. Rent was charged on an arms length basis and no special terms applied.

 

Mr J K Ware together with Mrs N J Ware, Director and wife of Mr J K Ware, received dividends of £450,000 in the year ended 30th November 2024 (2023: £330,000).

 

Mr T Ware received dividends of £120,000 in the year ended 30th November 2024 (2023: £40,000)

 

Mr T Ware is a Director & Shareholder of Woodborough Investments Limited

At the year-end Woodbury Investments Ltd owed the company £12,000 (2023:£12,000).

23
Control

The company is controlled by the Director Mr J K Ware and his wife Mrs N J Ware who own 75% of the called up share capital.

CHURCHILL INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
24
Cash generated from operations
2024
2023
£
£
Profit after taxation
814,442
627,972
Adjustments for:
Taxation charged
325,301
268,411
Finance costs
2,200
-
0
Investment income
(64,592)
(15,058)
(Gain)/loss on disposal of tangible fixed assets
(3,000)
33,394
Fair value (gain)/loss on investment properties
(18,247)
5,908
Amortisation and impairment of intangible assets
130,828
261,971
Depreciation and impairment of tangible fixed assets
40,980
38,201
Movements in working capital:
Decrease in debtors
36,381
5,290
(Decrease)/increase in creditors
(1,056)
3,164
Cash generated from operations
1,263,237
1,229,253
25
Analysis of changes in net funds
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
1,424,693
431,216
1,855,909
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