Year Ended
Registration number:
Champion Groundworks Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
Champion Groundworks Limited
Company Information
Directors |
F C Champion J S Cleaton-Roberts |
Registered office |
|
Auditors |
|
Champion Groundworks Limited
Strategic Report
Year Ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity of the company is as an investment holding company.
The principal activity of the group is a groundworks contractor.
Fair review of the business
In July 2024 the entire share capital of the company was acquired by Champion Groundworks & Construction Limited as part of a group restructure. As part of this transaction Champion Groundworks acquired the share capital of Champion Scaffolding Limited.
The group’s turnover, primarily in relation to groundworks, increased this year to £81,684,347 compared to £78,451,403 in 2023. This was achieved by securing a number of new larger sites which commenced in 2024.
The gross profit margin decreased this year to 8.98% from 10.4% in 2023. The group completed an enhanced review of ongoing contracts during the year and as a result the construction contract liability remained at £3,532,448. This was completed to ensure that profitability is recognised evenly over the contract life in line with the stage of completion. The group has made a profit before tax of £1,284,289 compared to a profit of £4,438,132 in 2023.
The balance sheet position has decreased at the year end with net assets of £32,012,326 (2023: £35,964,414). Current assets exceed current liabilities by £13,926,518 (2023: £15,982,653), which shows that there are no liquidity issues in the group. The Directors remain satisfied with the strength of the balance sheet, in particular the cash position, as at the end of the year.
Key Peformance Indicators
Management consider turnover and profit after tax to be the key financial performance indicators. With regards to non-financial KPIs the group has maintained its customer base and increased the
number of groundworkers employed compared to the prior financial year. The group is well placed for continued growth in the future.
Principal risks and uncertainties
One of the principal business risks facing the group is the loss of key management and staff. The group has expanded its subsidiaries' board of directors in year and continues to focus on the retention and training of staff to mitigate this risk.
The industry the group operates in can be heavily impacted by general downturns in the UK economic climate, including significant price inflation of materials as has been seen over the past financial years.
The group prides itself on delivering a high quality service and therefore management continuously monitor service quality, environmental impact and its health and safety proceedures in order to protect the business' reputation.
Champion Groundworks Limited
Strategic Report
Year Ended 30 September 2024
Section 172(1) statement
While the outlook remains challenging due to broader economic uncertainties and industry pressures, our group has remained resilient and focussed on quality and timely delivery. We continue to work on strengthening relationships with our customers and suppliers and implementing efficiencies wherever possible. We have actively worked to broaden our client horizons and the group has expanded their operations beyond Cornwall and Devon into Somerset. This move represents a key milestone in our growth. We continue to invest heavily to ensure we have the newest and most efficient fleet of machinery and vans possible.
Our highest key objective remains the preservation and engagement of our workforce, both site and office based. The Health, Safety and Wellbeing of our employees is paramount and we promote a robust safety culture across all sites. We have introduced Mental Health First Aid training across the group and as a result have designated Mental Health First Aiders both in the offices and on sites. This promotes psychological wellbeing and demonstrates to employees that they can feel safe to seek support and can be signposted to professional help when required. Health & Safety documents are communicated through our time & attendance software and time-stamps and signatures are recorded so that we can ensure our employees are fully compliant with regulations.
Our supply chain remains robust and we continue to nurture and maintain strong relations. We continue to focus on material management and look to rationalise the use of materials as much as possible. We have targeted certain products to be supplied by certain merchants and suppliers, and as a result, we have offered volume purchasing in return for additional discount. We have managed to negotiate favourable terms with suppliers so that any increases are kept to a minimum or indeed not applied to our accounts at all. Supply is currently stable and we are managing to obtain product without any long delays.
We continue to focus on our impact to the environment. All of our construction plant has been kept up to date with consistent investment in GPS for the machinery meaning less movements and more economical production. All vehicles and vans have been updated and we are actively looking to introduce electric vehicles into the fleet as soon as possible. We are also printing far less in our offices and scanning and storing documents electronically. We are also now using some recycled materials rather than quarried, resulting in a cost saving in addition to the reduction of CO2 produced in obtaining these materials.
Our business has a strong reputation in the market and we will look to protect this and build on this in tandem with our workforce who are key in achieving this objective. Our social media presence is key to publicising our values and projects.
Acting in a fair and reasonable way is also key when we need to protect our workforce and act fairly between all members of the group. We must aspire to be the ‘go to’ groundwork business in the South West and our staff are key to us achieving and maintaining this.
Engagement with employees
Engagement with employees discussed in S172 statement.
Engagement with suppliers, customers and other relationships
Engagement with suppliers, customer and others discussed in S172 statement.
Champion Groundworks Limited
Strategic Report
Year Ended 30 September 2024
Approved by the
|
Champion Groundworks Limited
Directors' Report
Year Ended 30 September 2024
The directors present their report and the for the year ended 30 September 2024.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
The group considers the major financial risks of the business to be linked to liquidity, cash flow and cyclical changes in the economy. The group mitigates these risks by carefully managing cash, stock and debt levels.
The group is funded through its cash at bank balance and has only a minimal amount of loans and borrowings, being small hire purchase contracts. The group operates a regular billing cycle, applying to customers at each month end, to ensure a consistent cash-flow cycle. At points when the group has sufficient cash reserves, beyond forecast working capital requirements, the group has invested in property, either to develop for onward sale or hold for capital appreciation and the associated rental yields.
To manage price risk the group has been able to secure tenders on a much reduced fixed price period and ensure significant inflationary increases can be passed on to customers.
The experience of management enables the group to respond to changes in the economy and to adapt the group's strategies accordingly.
Employment of disabled persons
All applications received by disabled persons for employment by the group are fairly considered with due regard to their expertise and experience in relation to the requirements of the advertised vacancy. The group is committed to employing disabled persons and should a current employee become disabled, where possible and if required, the group will retrain the employee in a suitable alternative job role.
Employee involvement
Within the Champion Group we now have a team of over 300 people, the vast majority being involved with the group for a long period of time, some from when the group started in 1983. This level of loyalty is reflected in our commitment to our Clients. Within the Champion Group we constantly provide team development through internal and external training programmes. Our main priority is to ensure all staff fulfil their full potential.
Champion Groundworks Limited
Directors' Report
Year Ended 30 September 2024
Environmental matters
Large Companies are mandated to disclose energy and carbon information in the Directors’ Report for financial reporting years starting on or after 1 April 2019. The section below presents the energy usage and associated carbon dioxide emissions for Champion Groundworks Limited. This section has been prepared in compliance to the SECR Framework as implemented in the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. GHG emissions and energy use data for period 1 October 2023 - 30 September 2024 compared to previous year:
Champion Groundworks Limited
Directors' Report
Year Ended 30 September 2024
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines and GHG Reporting Protocol - Corporate Standard. We have used the 2024 UK Government's Conversion Factors for Company Reporting and used an operational approach to define our boundary and scopes.
Scope 1 emissions relate to usage of on-site gas, cylinder gas, diesel fuel, and company owned vehicles. Scope 2 emissions relate to on-site electricity usage and the Scope 3 emissions are associated to the transmission and distribution losses of the electricity usage as well as transport via employee-owned vehicles.
The primary source for energy consumption is supplier invoices. Where invoices are not in line with the financial year, a pro rata calculation has been used to estimate the usage that falls within the reporting period.
Transport usage and emissions are calculated from claimed mileage and fuel card records. Please note, additional transport related transactions were discovered for FY2022/23 after the issue of that report. These transactions would have contributed an additional 170,000 litres of petrol and diesel fuel. As such, the transport-based year on year comparisons in this 2023/24 report cannot be taken with 100% confidence. This will no longer be of issue in future years.
All bulk fuel usage has been included as it was deemed that the majority of this is used by on site transport, these emissions have been calculated from purchasing records.
Intensity measurement
The chosen intensity measurement ratio is the Annual Turnover.
Measures taken to improve energy efficiency
Champion Groundworks Limited have continued to concentrate on energy efficiency in all our activities and operations on our sites and are fully committed to responsible energy consumption throughout all our operations.
We continue to improve our fleet by replacing older vehicles with newer, more efficient models.
All our excavators are fitted with geosystems, allowing them to work more efficiently and save fuel. We carry out energy efficiency practices and focus on operational efficiency of our plant and equipment and introduced switching off policies to help reduce fuel usage.
We also endeavour to keep employees’ travel to a minimum and monitor driving styles via our tracking system.
Champion Groundworks Limited
Directors' Report
Year Ended 30 September 2024
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 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 and group 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.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
......................................... |
Champion Groundworks Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Champion Groundworks Limited
Independent Auditor's Report to the Members of Champion Groundworks Limited
Opinion
We have audited the financial statements of Champion Groundworks Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of 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:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
Champion Groundworks Limited
Independent Auditor's Report to the Members of Champion Groundworks Limited
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 9, 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Champion Groundworks Limited
Independent Auditor's Report to the Members of Champion Groundworks Limited
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which it operates to identify the key laws and regulations affecting the entity. The key laws and regulations we identified were construction, employment and health and safety legislation.
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102) , the Companies Act and the relevant tax compliance regulations in the UK.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Reviewed legal and professional costs to identify legal costs in respect of non compliance;
• Enquiries with management whether there have been any known instances, allegations or suspicions of fraud or non compliance with laws and regulations.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting. Our proceedures involved the following;
• Review of nominal journal entries for reasonableness;
• Review of significant accounting estimates for bias;
• Substantive testing of revenue cut-off;
• Review of construction contract revenue and cost recognition.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Champion Groundworks Limited
Independent Auditor's Report to the Members of Champion Groundworks Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
Champion Groundworks Limited
Consolidated Profit and Loss Account
Year Ended 30 September 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Income from shares in joint ventures |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
1,123,973 |
1,062,107 |
||
Share of (loss)/profit of equity accounted investees |
( |
|
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
The group has no recognised gains or losses for the year other than the results above.
Champion Groundworks Limited
Consolidated Balance Sheet
30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Fair value reserve |
|
|
|
Profit and loss account |
|
|
|
Equity attributable to owners of the company |
|
|
|
Total equity |
|
|
Approved and authorised by the
......................................... |
Company Registration Number: 08209199
Champion Groundworks Limited
Balance Sheet
30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
71 |
71 |
|
Capital redemption reserve |
4,000,024 |
4,000,024 |
|
Profit and loss account |
1,245,332 |
118,968 |
|
Shareholders' funds |
5,245,427 |
4,119,063 |
The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £5,973,172 (2023 - profit of £1,161,783).
Approved and authorised by the
......................................... |
Company Registration Number: 08209199
Champion Groundworks Limited
Consolidated Statement of Changes in Equity
Year Ended 30 September 2024
Share capital |
Capital redemption reserve |
Fair value reserve |
Profit and loss account |
Total |
|
At 1 October 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Total comprehensive income |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
New share capital subscribed |
|
- |
- |
- |
|
Share capital cancelled |
(71) |
- |
- |
- |
(71) |
Transfers |
- |
- |
(18,362) |
18,362 |
- |
At 30 September 2024 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Fair value reserve |
Profit and loss account |
Total |
|
At 1 October 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Total comprehensive income |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
At 30 September 2023 |
|
|
|
|
|
Champion Groundworks Limited
Statement of Changes in Equity
Year Ended 30 September 2024
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 October 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
New share capital subscribed |
|
- |
- |
|
Share capital cancelled |
(71) |
- |
- |
(71) |
At 30 September 2024 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 October 2022 |
|
|
( |
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 September 2023 |
71 |
4,000,024 |
118,968 |
4,119,063 |
Champion Groundworks Limited
Consolidated Statement of Cash Flows
Year Ended 30 September 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
Loss from sales of investment properties |
|
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Share of profit/loss of equity accounted investees |
|
( |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease/(increase) in trade debtors |
|
( |
|
Decrease in trade creditors |
( |
( |
|
Increase in deferred income, including government grants |
- |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of investment properties |
( |
( |
|
Proceeds from sale of investment properties |
|
- |
|
Acquisition of investments |
( |
- |
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 October |
|
|
|
Cash and cash equivalents at 30 September |
7,582,328 |
5,908,369 |
Champion Groundworks 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:
United Kingdom
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Summary of disclosure exemptions
FRS 102 grants a qualifying entity exemptions from the full requirements of FRS 102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity.
The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and the company's cash flows is included in its own consolidated financial statements. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other wholly owned members of the Champion Groundworks Ltd group.
No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006.
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
A joint venture is an entity which is jointly controlled by the group and one or more other venturers under a contractual arrangement.
Joint ventures are accounted for using the equity method. Investments in joint ventures are carried in the Consolidated Balance Sheet at cost plus post-acquisition changes in the Group's share of net assets of the entity, less any impairment in value.
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
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 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 and group 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.
Key sources of estimation uncertainty
In the application of the Company’s accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historically known factors and experience and include the following:
Depreciation
Depreciation is provided on tangible and intangible fixed assets respectively so as to write off the cost of an asset over its expected useful economic life. Detail of the useful economic lives assigned to assets can be seen in the related accounting policies. Management continuously review the accuracy of the estimates applied, particularly when assets are disposed/written off, and are comfortable that the rates applied are materially accurate.
Revenue and amounts recoverable on contracts
Contract revenue for provision of groundwork services under construction contracts is determined by the completion percentage at year end. The completion percentage is determined by the assessment of the company surveyors at each month end with reference to the revenue agreed in the contract for each phase and each plot. Contract costs are released to the profit and loss account at the same completion percentage. In rare circumstances when it is probable that a contract will generate a loss overall, the loss is recognised as an expense immediately. The estimation of completion percentage, total contract costs and potential contract losses are all subject to inherent uncertainty. As at year end the construction contract liability balance, by which cost recognition is matched to the same completion percentage as revenue, was £3,532,448 (2023: £3,532,448).
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Revenue recognition
Turnover comprises the fair value of consideration received or receivable for contracted groundwork services, hire of assets, sales of purchased plant and equipment and sales of developed properties. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company. Turnover from groundwork contracts is recognised based on the stage of completion with reference to the agreed contract. Rental payments are recognised in the period to which they relate on a straight line basis over the agreed rental period. Sales of purchased plant are recognised when possession is taken by the customer. Sales of developed properties are recognised on exchange of contract.
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 group 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 consolidated 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 |
Freehold property |
2% on cost |
Motor vehicles |
25% on reducing balance |
Other property, plant and equipment |
3% on cost - 25% reducing balance |
Furniture, fittings and equipment |
10-14% on reducing balance |
Investment property
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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.
The cost of development properties comprises direct materials and, where applicable, direct labour
costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Properties developed for onward sale are classified in stock.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 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.
Champion Groundworks 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 group 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
• Short term trade and other debtors and creditors;
• Cash and bank balances.
• Bank loans.
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.
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of developed properties and machinery |
|
|
Rendering of services |
|
|
Leasing of equipment |
|
|
Other revenue |
|
|
|
|
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
The analysis of the group's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
The amount of contract revenue recognised as Turnover in the year was £
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2024 |
2023 |
|
Rental income |
|
|
Miscellaneous other operating income |
- |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Impairment of Goodwill |
|
- |
Loss on disposal of investment property |
|
- |
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
355,020 |
405,880 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditor's remuneration |
2024 |
2023 |
|
Audit of these financial statements |
2,500 |
2,500 |
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
32,260 |
24,425 |
|
|
|
Other fees to auditors |
||
Taxation compliance services |
|
|
All other non-audit services |
|
|
|
|
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
|
336,534 |
323,808 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
|
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Increase from tax losses for which no deferred tax asset was recognised |
|
- |
Increase/(decrease) from effect of joint-ventures and associates results reported net of tax |
|
( |
Deferred tax expense relating to changes in tax rates or laws |
- |
|
Decrease from effect of tax incentives |
- |
( |
Further item of tax decrease |
( |
- |
Total tax charge |
|
|
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Deferred tax
Group
Deferred tax assets and liabilities
2024 |
Liability |
Accelerated tax depreciation |
( |
Provisions |
|
Fair valuation of investment property |
( |
Tax losses carried forward |
|
( |
2023 |
Liability |
Accelerated tax depreciation |
( |
Provisions |
|
Fair valuation of investment property |
( |
( |
Intangible assets |
Group
Goodwill |
Total |
|
Cost or valuation |
||
At 1 October 2023 |
- |
- |
Additions acquired separately |
|
|
At 30 September 2024 |
|
|
Amortisation |
||
At 1 October 2023 |
- |
- |
Impairment |
|
|
At 30 September 2024 |
|
|
Carrying amount |
||
At 30 September 2024 |
- |
- |
At 30 September 2023 |
- |
- |
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Tangible assets |
Group
Freehold property |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||||
At 1 October 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Acquired through business combinations |
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
At 30 September 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 October 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
Acquired through business combinations |
- |
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 30 September 2024 |
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Other property, plant and equipment |
1,690,756 |
392,678 |
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Investment properties |
Group
2024 |
|
At 1 October |
|
Additions |
|
Disposals |
( |
At 30 September |
|
Fair value has been estimated with reference to an independent valuation (FRICS FAAV) completed in February 2016 or for assets purchased after this date purchase price. The directors valued the investment property as at 30 September 2024 and concluded that fair value was not materially different to current carrying value.
Investments |
Group and company
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
Subsidiary undertakings |
||||
|
Doublebois Industrial Estate, Doublebois, Liskeard, PL14 6LE |
Ordinary |
|
|
England and Wales |
||||
|
Doublebois Industrial Estate, Doublebois, Liskeard, PL14 6LE |
Ordinary |
|
|
England and Wales |
||||
|
Doublebois Industrial Estate, Doublebois, Liskeard, Cornwall, PL14 6LE |
Ordinary |
|
|
England and Wales |
||||
|
Doublebois Industrial Estate, Doublebois, Liskeard, Cornwall, PL14 6LE |
Ordinary |
|
|
England and Wales |
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Joint ventures |
||||
|
C/O Turnbull & Company Accountants Ltd, Pilgrim House Oxford Place, Plymouth, PL1 5AJ |
Ordinary |
|
|
England and Wales |
* indicates direct investment of the company.
Subsidiary undertakings
Fred Champion Groundworks Limited The principal activity of Fred Champion Groundworks Limited is |
Fred Champion Hire Limited The principal activity of Fred Champion Hire Limited is |
Champion Scaffolding Limited The principal activity of Champion Scaffolding Limited is |
Fred Champion Scaffolding Limited The principal activity of Fred Champion Scaffolding Limited is |
Groundfix Limited
The principal activity of Groundfix Limited is groundworks contractors.
Aggregate financial information of joint ventures
2024 |
2023 |
|
Group's share of profit or loss in joint ventures |
( |
|
Group's share of balance sheet in joint ventures |
|
|
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Investments in joint ventures |
|
|
|
|
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Subsidiaries |
£ |
Cost or valuation |
|
At 1 October 2023 |
|
Additions |
|
At 30 September 2024 |
|
Provision |
|
At 1 October 2023 |
- |
At 30 September 2024 |
- |
Carrying amount |
|
At 30 September 2024 |
|
At 30 September 2023 |
|
Joint ventures |
£ |
Cost |
|
At 1 October 2023 |
|
At 30 September 2024 |
|
Provision |
|
At 1 October 2023 |
- |
At 30 September 2024 |
- |
Carrying amount |
|
At 30 September 2024 |
|
At 30 September 2023 |
|
Stocks |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Raw materials |
|
|
- |
- |
Properties under development |
|
|
- |
- |
Other inventories |
|
|
- |
- |
|
|
- |
- |
Group
Impairment of inventories
The amount of impairment loss included in profit or loss is £Nil (2023 - £Nil).
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Debtors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Amounts recoverable on contracts |
|
|
- |
- |
|
Amounts owed by related parties |
|
- |
|
- |
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
Accrued income |
|
|
- |
- |
|
Income tax asset |
|
|
- |
- |
|
|
|
|
- |
Details of non-current trade and other debtors
Group
£368,455 (2023 - £841,664) of retentions is classified as non current. This comprises retentions on groundwork contracts due after more than one year from the balance sheet date.
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
|
|
|
|
|
|
|
Bank overdrafts |
( |
- |
- |
- |
Cash and cash equivalents in statement of cash flows |
7,582,328 |
5,908,369 |
891,025 |
353,155 |
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
- |
|
|
Amounts due to group undertakings |
- |
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other creditors |
|
|
|
|
|
Accruals |
|
|
|
|
|
Corporation tax |
114,067 |
284,129 |
- |
- |
|
Construction contract liabilities |
|
|
- |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
- |
- |
- |
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Loans and borrowings |
Non-current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Bank borrowings |
|
- |
- |
- |
Hire purchase contracts |
|
- |
- |
- |
|
- |
- |
- |
Current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Bank borrowings |
|
- |
- |
- |
Bank overdrafts |
|
- |
- |
- |
Hire purchase contracts |
|
|
- |
- |
|
|
- |
- |
The bank holds an unlimited debenture dated 26th July 2002, incorporating a fixed and floating charge over the assets of Fred Champion Groundworks Limited and Fred Champion Hire Limited, and a letter of omnibus set-off and guarantee between Fred Champion Groundworks Limited and Fred Champion Scaffolding Limited dated 5th May 2008. All hire purchase liabilities are secured against the asset to which it relates.
Obligations under leases and hire purchase contracts |
Group
Finance leases and hire purchase agreements
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
- |
|
|
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Deferred tax and other provisions |
Group
Deferred tax |
Other provisions |
Total |
|
At 1 October 2023 |
|
|
|
Increase (decrease) in existing provisions |
|
- |
|
Increase (decrease) through business combinations |
|
- |
|
At 30 September 2024 |
|
|
|
|
The other provision is in regard to a project that has been historically loss making and is expected to continue at the same negative margin for the remainder of the contract.
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
29 |
|
29 |
|
|
4 |
|
4 |
|
|
33 |
|
33 |
|
|
5 |
|
5 |
|
|
|
|
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Business combinations |
On
Champion Scaffolding Limited group contributed £
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
Book value |
Fair value |
|
Assets and liabilities acquired |
||
Financial assets |
307,595 |
|
Stocks |
2,015 |
|
Tangible assets |
863,034 |
|
Financial liabilities |
(2,107,905) |
( |
Total identifiable assets |
(935,261) |
( |
Goodwill |
935,361 |
|
Total consideration |
100 |
100 |
|
Parent and ultimate parent undertaking |
The most senior parent entity producing publicly available financial statements 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.
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Financial instruments |
Group
Categorisation of financial instruments
2024 |
2023 |
|
Financial assets measured at fair value through profit or loss |
|
|
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually either by management or by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
Related party transactions |
Group
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.
The directors do not consider any employees other than statutory directors, whose remuneration is disclosed in note 8, to be key management personnel within the definition contained in FRS102.
Transactions with directors |
2024 |
At 1 October 2023 |
Advances to director |
Repayments by director |
Acquired on business combination |
At 30 September 2024 |
Director 1 |
|||||
Director's loan account |
( |
( |
|
- |
( |
Director 2 |
|||||
Director's loan account |
|
( |
|
949,994 |
|
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 30 September 2023 |
Director 1 |
||||
Director's loan account |
( |
( |
|
( |
Director 2 |
||||
Director's loan account |
( |
( |
|
|
Other transactions with directors |
In the year the Group sold two properties to a Director at market value of £3,995,000 and one property to a Trust, for which Directors are Trustees, at a market value of £715,000.
Key management personnel
Transactions with Directors. All loan accounts are interest free and repayable on demand.
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Income and receivables from related parties
2024 |
Joint ventures |
Other related parties |
Rendering of services |
|
|
Amounts receivable from related party |
|
|
|
2023 |
Joint ventures |
Other related parties |
Rendering of services |
|
|
Amounts receivable from related party |
|
|
|
Expenditure with and payables to related parties
2024 |
Joint ventures |
Other related parties |
Receipt of services |
|
|
Purchase of property or other assets |
- |
|
|
|
|
Amounts payable to related party |
|
|
|
2023 |
Joint ventures |
Other related parties |
Receipt of services |
|
|
Purchase of property or other assets |
- |
|
|
|
|
Amounts payable to related party |
|
|
|
Loans to related parties
2024 |
Joint ventures |
Other related parties |
Total |
At start of period |
|
|
|
Repaid |
- |
( |
( |
No longer related |
- |
( |
( |
At end of period |
|
|
|
|
Champion Groundworks Limited
Notes to the Financial Statements
Year Ended 30 September 2024
2023 |
Joint ventures |
Other related parties |
Total |
At start of period |
|
|
|
Advanced |
- |
|
|
Repaid |
- |
( |
( |
At end of period |
|
|
|
|
Terms of loans to related parties
Summary of transactions with other related parties
Summary of transactions with joint ventures
Analysis of changes in net debt |
Group
At 1 October 2023 |
Financing cash flows |
Acquisition of subsidiaries |
New finance leases |
At 30 September 2024 |
|
Cash and cash equivalents |
|||||
Cash |
5,908,367 |
1,749,115 |
- |
- |
7,657,482 |
Overdrafts |
- |
- |
(75,153) |
- |
(75,153) |
5,908,367 |
1,749,115 |
(75,153) |
- |
7,582,329 |
|
Borrowings |
|||||
Long term borrowings |
- |
- |
(6,667) |
- |
(6,667) |
Short term borrowings |
- |
- |
(10,000) |
- |
(10,000) |
Lease liabilities |
(101,532) |
295,380 |
- |
(1,777,777) |
(1,583,929) |
(101,532) |
295,380 |
(16,667) |
(1,777,777) |
(1,600,596) |
|
|
|||||
|
|
( |
( |
|