Silverfin false false 31/07/2024 01/08/2023 31/07/2024 Jonathan Paul Walker 23/10/2020 01 August 2025 The principal activities of the Company during the financial year was renting and leasing of recreational and sports goods. 12970263 2024-07-31 12970263 bus:Director1 2024-07-31 12970263 2023-07-31 12970263 core:CurrentFinancialInstruments 2024-07-31 12970263 core:CurrentFinancialInstruments 2023-07-31 12970263 core:ShareCapital 2024-07-31 12970263 core:ShareCapital 2023-07-31 12970263 core:RetainedEarningsAccumulatedLosses 2024-07-31 12970263 core:RetainedEarningsAccumulatedLosses 2023-07-31 12970263 core:PlantMachinery 2023-07-31 12970263 core:PlantMachinery 2024-07-31 12970263 core:ImmediateParent core:CurrentFinancialInstruments 2024-07-31 12970263 core:ImmediateParent core:CurrentFinancialInstruments 2023-07-31 12970263 bus:OrdinaryShareClass1 2024-07-31 12970263 2023-08-01 2024-07-31 12970263 bus:FilletedAccounts 2023-08-01 2024-07-31 12970263 bus:SmallEntities 2023-08-01 2024-07-31 12970263 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 12970263 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12970263 bus:Director1 2023-08-01 2024-07-31 12970263 core:PlantMachinery 2023-08-01 2024-07-31 12970263 2022-08-01 2023-07-31 12970263 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 12970263 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12970263 (England and Wales)

CHALLENGER CHARTERS LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

CHALLENGER CHARTERS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

CHALLENGER CHARTERS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
CHALLENGER CHARTERS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 109,172 145,563
109,172 145,563
Current assets
Debtors 4 0 100
0 100
Creditors: amounts falling due within one year 5 ( 438,124) ( 425,340)
Net current liabilities (438,124) (425,240)
Total assets less current liabilities (328,952) (279,677)
Net liabilities ( 328,952) ( 279,677)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 329,052 ) ( 279,777 )
Total shareholder's deficit ( 328,952) ( 279,677)

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Challenger Charters Ltd (registered number: 12970263) were approved and authorised for issue by the Director on 01 August 2025. They were signed on its behalf by:

Jonathan Paul Walker
Director
CHALLENGER CHARTERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
CHALLENGER CHARTERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Challenger Charters Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Brook House Manor Drive, Clyst St. Mary, Exeter, EX5 1GD, United Kingdom. The principal place of business is Rockwood House, Princes Point Park Hill Road, Torquay, Torbay, TQ1 2DU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £328,952. The Company is supported through loans from the Parent Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 August 2023 316,000 316,000
At 31 July 2024 316,000 316,000
Accumulated depreciation
At 01 August 2023 170,437 170,437
Charge for the financial year 36,391 36,391
At 31 July 2024 206,828 206,828
Net book value
At 31 July 2024 109,172 109,172
At 31 July 2023 145,563 145,563

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 0 100

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 1,700 0
Amounts owed to Parent undertakings 432,644 425,340
Accruals 3,780 0
438,124 425,340

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed to group companies 434,344 425,340