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Champion Scaffolding Limited

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 11497337

 

Champion Scaffolding Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Champion Scaffolding Limited

Balance Sheet

30 September 2024

Note

2024
£

(As restated)

2023
£

Current assets

 

Debtors

5

-

908

Cash at bank and in hand

 

94

94

 

94

1,002

Creditors: Amounts falling due within one year

6

(949,994)

(949,994)

Net liabilities

 

(949,900)

(948,992)

Capital and reserves

 

Called up share capital

7

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 Board on 26 June 2025 and signed on its behalf by:
 

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

Company Registration Number: 11497337

 

Champion Scaffolding 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.

 

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
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;

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.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investments

2024
£

2023
£

-

-

Subsidiaries

£

Cost or valuation

At 1 October 2023

1,005,000

At 30 September 2024

1,005,000

Provision

At 1 October 2023

1,005,000

At 30 September 2024

1,005,000

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

Fred Champion Scaffolding Limited

Doublebois Industrial Estate
Doublebois
Liskeard
Cornwall
PL1 5AJ

Ordinary

100%

100%

 

England and Wales

     

Subsidiary undertakings

Fred Champion Scaffolding Limited

The principal activity of Fred Champion Scaffolding Limited is that of scaffolders.

5

Debtors

Note

2024
£

(As restated)

2023
£

Amounts owed by group undertakings

8

-

908

 

-

908

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

949,994

949,994

 

Champion Scaffolding Limited

Notes to the Financial Statements

Year Ended 30 September 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

8

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

949,994

949,994

2023

At 1 October 2022
£

At 30 September 2023
£

Director of parent entity

Interest free, unsecured and payable on demand

949,994

949,994

Other transactions with directors

The directors loan account is an amount due to a director of the parent entity.

9

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.

 

Champion Scaffolding Limited

Notes to the Financial Statements

Year Ended 30 September 2024

10

Parent and ultimate parent undertaking

The company's immediate parent is Champion Groundworks Limited, incorporated in England.

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

Relationship between entity and parents

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

The address of Champion Groundworks 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.