Year Ended
Registration number:
Champion Scaffolding Limited
Balance Sheet
30 September 2024
Note |
2024 |
(As restated) |
|
Current assets |
|||
Debtors |
- |
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Capital redemption reserve |
474,994 |
474,994 |
|
Profit and loss account |
(1,424,994) |
(1,424,086) |
|
Shareholders' deficit |
(949,900) |
(948,992) |
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: 11497337
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:
United Kingdom
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.
Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Going concern
The directors acknowledge the company's net current liabilities as at 30 September 2024. This position is not unusual for the company and is mainly attributable to the fact the company has financed historical non-current asset purchases from current liabilities. The company is financed by a loan due to a former shareholder who continues to support the company. The company remains supported by the wider Champion Groundworks and Construction Limited group.
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.
Restatement
A provision of £949,092 has been recognised as at 30 September 2022 against the investment balance and intercompany balance with the trading subsidiary. As a result of the adjustment the investment balance has reduced £530,000 and debtors £419,092 in the balance sheet as at 30 September 2023.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.
Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
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.
Except for bank loans, 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2024 |
2023 |
|
- |
- |
Subsidiaries |
£ |
Cost or valuation |
|
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 (as restated) |
- |
Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company 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
|
Ordinary |
|
|
England and Wales |
Subsidiary undertakings |
Fred Champion Scaffolding Limited The principal activity of Fred Champion Scaffolding Limited is |
Debtors |
Note |
2024 |
(As restated) |
|
Amounts owed by group undertakings |
- |
|
|
- |
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Other creditors |
|
|
Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
Ordinary Shares of £1 each |
100 |
100 |
100 |
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.
Transactions with directors |
2024 |
At 1 October 2023 |
At 30 September 2024 |
Director of parent entity |
||
Interest free, unsecured and payable on demand |
|
|
2023 |
At 1 October 2022 |
At 30 September 2023 |
Director of parent entity |
||
Interest free, unsecured and payable on demand |
|
|
Other transactions with directors |
The directors loan account is an amount due to a director of the parent entity.
Audit report |
Champion Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2024
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 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.