Year Ended
Registration number:
Fred Champion Scaffolding Limited
Balance Sheet
30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
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
......................................... |
Company Registration Number: 06201306
Fred Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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' including section 1A, 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.
Fred Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Going concern
The director acknowledges the company's net current liabilities and net liabilities as at 30 September 2024. This position has arisen due to the trading losses in the current and previous financial years. The company is financed by loans from the group companies Fred Champion Groundworks Limited, Fred Champion Hire Limited and Champion Scaffolding Limited which continue to support the company.
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 group 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.
Revenue recognition
Turnover represents income received from the hiring of scaffolding equipment.
Fred Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Scaffolding equipment |
3% straight line/25% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
25% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.
Fred Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Fred Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Tangible assets |
Scaffolding equipment |
Motor vehicles |
Office equipment |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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- |
- |
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Disposals |
( |
( |
- |
( |
At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
- |
( |
At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Fred Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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- |
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The bank hold a debenture over the company's assets dated 17 March 2008 and an unlimited guarantee dated 5 March 2008.
Fred Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
|
100 |
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100 |
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 & Construction Limited group.
Summary of transactions with other related parties
2024 |
Other related parties |
Purchase of goods |
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Amounts payable to related party |
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Loans from related parties
2024 |
Other related parties |
Total |
At start of period |
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No longer related |
( |
( |
At end of period |
- |
- |
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2023 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Fred Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Relationship between entity and parents
The parent of the smallest group in which these financial statements are consolidated is
The address of Champion Groundworks Limited is:
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.
Audit report |