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Fred Champion Hire Limited

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 03200041

 

Fred Champion Hire Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Fred Champion Hire Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,550,756

7,058,641

Current assets

 

Stocks

5

-

141,144

Debtors

6

5,550,473

3,326,505

Cash at bank and in hand

 

331,029

339,049

 

5,881,502

3,806,698

Creditors: Amounts falling due within one year

7

(930,838)

(454,371)

Net current assets

 

4,950,664

3,352,327

Total assets less current liabilities

 

12,501,420

10,410,968

Creditors: Amounts falling due after more than one year

7

(927,582)

-

Provisions for liabilities

(848,129)

(732,282)

Net assets

 

10,725,709

9,678,686

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

10,724,709

9,677,686

Shareholders' funds

 

10,725,709

9,678,686

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

.........................................
J S Cleaton-Roberts
Director

Company Registration Number: 03200041

 

Fred Champion Hire Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Doublebois Industrial Estate
Doublebois
Liskeard
Cornwall
PL14 6LE
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

As at the current time the group remains in a strong financial position, with a strong cash balance and improving trading reserves. The directors continue to monitor the ongoing impact of the increasing inflationary cost pressure currently being experienced in the UK.

At the balance sheet date the group maintains a strong cash balance. The business continues to have access to its pre-existing bank facilities and the directors take further comfort from their long-standing relationships with key customers and the underlying strength and robustness of the business that has weathered other financial downturns and competitive pressures before.

Due to the business’ strong net asset position it retains the flexibility to obtain additional financing from multiple sources or further delay repayment of certain liabilities in the event that the economic environment is more challenging than originally forecast.

In the medium term the directors believe that the demand for the groundworking services the business provides will remain strong due to the continued housing developments in the South West. The company has expanded its operations and client base and now covers Cornwall, Devon and Somerset.

On the basis of the forecasts completed and analysis, the directors remain confident that the company will continue to be a going concern for a period of at least 12 months from the date of approving these financial statements. The accounts have accordingly been prepared on a going concern basis.

 

Fred Champion Hire Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Revenue recognition

Turnover comprises rental payments received for the hire of assets. Rental payments are recognised in the period to which they relate on a straight line basis over the agreed rental period.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other property, plant and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Fred Champion Hire Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Fred Champion Hire Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

309,588

11,329,353

11,638,941

Additions

148,463

2,208,624

2,357,087

Disposals

-

(1,076,576)

(1,076,576)

At 30 September 2024

458,051

12,461,401

12,919,452

Depreciation

At 1 October 2023

180,158

4,400,142

4,580,300

Charge for the year

69,474

1,292,096

1,361,570

Eliminated on disposal

-

(573,174)

(573,174)

At 30 September 2024

249,632

5,119,064

5,368,696

Carrying amount

At 30 September 2024

208,419

7,342,337

7,550,756

At 30 September 2023

129,430

6,929,211

7,058,641

5

Stocks

2024
£

2023
£

Other inventories

-

141,144

6

Debtors

2024
£

2023
£

Trade debtors

10,712

75,610

Amounts owed by group undertakings

4,746,000

1,893,153

Prepayments

54,876

53,131

Other debtors

738,885

1,304,611

5,550,473

3,326,505

 

Fred Champion Hire Limited

Notes to the Financial Statements

Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

656,347

-

Trade creditors

 

30,451

23,261

Taxation and social security

 

231,335

419,763

Accruals and deferred income

 

10,315

8,845

Other creditors

 

2,390

2,502

 

930,838

454,371

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

927,582

-

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

927,582

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

656,347

-

Creditors include net obligations under hire purchase contracts, which are secured against the assets concerned of £1,583,929 (2023 - £Nil).

The company has also granted a debenture dated 26 July 2002 including a fixed and floating charge over all property and assets in favour of Lloyds TSB Bank Plc.

 

Fred Champion Hire Limited

Notes to the Financial Statements

Year Ended 30 September 2024

9

Related party transactions

The company has taken advantage of the exemption in FRS102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the Champion Groundworks Limited group.

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Director 1

Unsecured and payable on demand

69,568

161,613

(171,000)

60,181

Director 2

Unsecured and payable on demand

(18)

207,240

(207,240)

(18)

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Director 1

Unsecured and payable on demand

(6,005)

417,573

(342,000)

69,568

Director 2

Unsecured and payable on demand

(1,268)

351,892

(350,642)

(18)

Summary of transactions with joint ventures

Joint ventures of the Champion Groundworks Limited group Sale of fixed asset machinery to the joint venture.

Summary of transactions with other related parties

Companies related by common control. Fred Champion Hire has rented out equipment, made purchases of fixed asset machinery and continues to provide a loan to companies related by common control.

 

Fred Champion Hire Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Income and receivables from related parties

2024

Joint ventures
£

Other related parties
£

Sale of goods

2,678

178,428

Amounts receivable from related party

1,121

2,183

2023

Joint ventures
£

Other related parties
£

Sale of goods

2,704

226,461

Amounts receivable from related party

443

33,233

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of property or other assets

1,815,110

2023

Other related parties
£

Purchase of property or other assets

1,035,618

Loans to related parties

2024

Other related parties
£

At start of period

913,473

No longer related

(478,028)

At end of period

435,445

2023

Other related parties
£

At start of period

504,223

Advanced

436,221

Repaid

(26,971)

At end of period

913,473

Terms of loans to related parties

 

Fred Champion Hire Limited

Notes to the Financial Statements

Year Ended 30 September 2024

The loan is interest free, unsecured and repayable on demand.

10

Parent and ultimate parent undertaking

The most senior parent entity producing publicly available financial statements is Champion Groundworks & Construction Limited.The ultimate controlling party are the directors of Champion Groundworks & Construction Limited by virtue of their controlling shareholding.

Relationship between entity and parents

The parent of the smallest and largest group in which these financial statements are consolidated is Champion Groundworks Limited, incorporated in England.

The address of Champion Groundworks Limited is:
Doublebois Industrial Estate, Doublebois, Liskeard, Cornwall, PL14 6LE

On 30 July 2024 a change of control occurred when Champion Groundworks & Construction Limited acquired the share capital of the group from the previous shareholders.

11

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Duncan Leslie, who signed for and on behalf of PKF Francis Clark on 27 June 2025.