26 30 Fred Champion Scaffolding Limited 06201306 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is that of scaffolders. Digita Accounts Production Advanced 6.30.9574.0 true false true 06201306 2023-10-01 2024-09-30 06201306 2024-09-30 06201306 bus:OrdinaryShareClass1 2024-09-30 06201306 bus:Consolidated 2024-09-30 06201306 core:RetainedEarningsAccumulatedLosses 2024-09-30 06201306 core:ShareCapital 2024-09-30 06201306 core:CurrentFinancialInstruments 2024-09-30 06201306 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 06201306 core:Non-currentFinancialInstruments 2024-09-30 06201306 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 06201306 core:FurnitureFittingsToolsEquipment 2024-09-30 06201306 core:MotorVehicles 2024-09-30 06201306 core:OtherPropertyPlantEquipment 2024-09-30 06201306 core:OtherRelatedParties 2024-09-30 06201306 bus:SmallEntities 2023-10-01 2024-09-30 06201306 bus:Audited 2023-10-01 2024-09-30 06201306 bus:FilletedAccounts 2023-10-01 2024-09-30 06201306 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 06201306 bus:RegisteredOffice 2023-10-01 2024-09-30 06201306 bus:Director1 2023-10-01 2024-09-30 06201306 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 06201306 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 06201306 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 06201306 core:MotorVehicles 2023-10-01 2024-09-30 06201306 core:OfficeEquipment 2023-10-01 2024-09-30 06201306 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 06201306 core:OtherRelatedParties 2023-10-01 2024-09-30 06201306 core:OtherRelatedParties core:SaleOrPurchaseGoods 2023-10-01 2024-09-30 06201306 1 2023-10-01 2024-09-30 06201306 countries:England 2023-10-01 2024-09-30 06201306 countries:EnglandWales 2023-10-01 2024-09-30 06201306 2023-09-30 06201306 core:FurnitureFittingsToolsEquipment 2023-09-30 06201306 core:MotorVehicles 2023-09-30 06201306 core:OtherPropertyPlantEquipment 2023-09-30 06201306 core:OtherRelatedParties 2023-09-30 06201306 2022-10-01 2023-09-30 06201306 2023-09-30 06201306 bus:OrdinaryShareClass1 2023-09-30 06201306 core:RetainedEarningsAccumulatedLosses 2023-09-30 06201306 core:ShareCapital 2023-09-30 06201306 core:CurrentFinancialInstruments 2023-09-30 06201306 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 06201306 core:Non-currentFinancialInstruments 2023-09-30 06201306 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 06201306 core:FurnitureFittingsToolsEquipment 2023-09-30 06201306 core:MotorVehicles 2023-09-30 06201306 core:OtherPropertyPlantEquipment 2023-09-30 06201306 core:OtherRelatedParties 2023-09-30 06201306 core:OtherRelatedParties 2022-10-01 2023-09-30 06201306 2022-09-30 06201306 core:OtherRelatedParties 2022-09-30 xbrli:pure iso4217:GBP xbrli:shares

Fred Champion Scaffolding Limited

Annual Report and Financial Statements
Year Ended 30 September 2024

Registration number: 06201306

 

Fred Champion Scaffolding Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Fred Champion Scaffolding Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

863,034

953,109

Current assets

 

Stocks

973

2,015

Debtors

5

234,131

213,963

Cash at bank and in hand

 

-

16,470

 

235,104

232,448

Creditors: Amounts falling due within one year

6

(1,392,128)

(1,291,592)

Net current liabilities

 

(1,157,024)

(1,059,144)

Total assets less current liabilities

 

(293,990)

(106,035)

Creditors: Amounts falling due after more than one year

6

(6,667)

(16,667)

Provisions for liabilities

(41,457)

(85,918)

Net liabilities

 

(342,114)

(208,620)

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(342,214)

(208,720)

Shareholders' deficit

 

(342,114)

(208,620)

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 director on 27 June 2025
 

.........................................
F C Champion
Director

Company Registration Number: 06201306

 

Fred 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
PL1 5AJ

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' 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
The company holds the following financial instruments:

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

All financial instruments are classified as basic.

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

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

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

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 26 (2023 - 30).

 

Fred Champion Scaffolding Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Tangible assets

Scaffolding equipment
£

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 October 2023

1,954,186

155,754

6,027

2,115,967

Additions

7,942

-

-

7,942

Disposals

(149,071)

(46,135)

-

(195,206)

At 30 September 2024

1,813,057

109,619

6,027

1,928,703

Depreciation

At 1 October 2023

1,026,149

132,234

4,475

1,162,858

Charge for the year

68,504

5,122

388

74,014

Eliminated on disposal

(128,099)

(43,104)

-

(171,203)

At 30 September 2024

966,554

94,252

4,863

1,065,669

Carrying amount

At 30 September 2024

846,503

15,367

1,164

863,034

At 30 September 2023

928,037

23,520

1,552

953,109

5

Debtors

2024
£

2023
£

Trade debtors

193,903

174,911

Prepayments

34,686

38,502

Other debtors

5,542

550

234,131

213,963

 

Fred Champion Scaffolding Limited

Notes to the Financial Statements

Year Ended 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

85,153

10,000

Trade creditors

 

10,163

52,348

Amounts owed to group undertakings

 

1,172,573

420,000

Taxation and social security

 

47,131

71,742

Accruals and deferred income

 

29,058

24,932

Other creditors

 

48,050

712,570

 

1,392,128

1,291,592

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

6,667

16,667

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,667

16,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

75,153

-

85,153

10,000

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

       

9

Related party transactions

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

Summary of transactions with other related parties

Fred Champion Scaffolding has made purchases of goods from companies related by common control.

2024

Other related parties
£

Purchase of goods

1,059

Amounts payable to related party

232

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

693,813

693,813

No longer related

(693,813)

(693,813)

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

822,553

822,553

Repaid

(128,740)

(128,740)

At end of period

693,813

693,813

 

Fred Champion Scaffolding Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Terms of loans from related parties

The loans are interest free and repayable on demand.

10

Parent and ultimate parent undertaking

The company's immediate parent is Champion Scaffolding Limited, incorporated in England and Wales.

 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 Limited, incorporated in England.

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

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

11

Audit report

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