Channon and Company Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03434713

CHANNON AND COMPANY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2025

CHANNON AND COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025		2024
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5	211,364	730,557
Investments	6	1,670,083	1,409,623
		------------	------------
		1,881,447	2,140,180

CURRENT ASSETS

Debtors	7	1,526,342		1,902,676

CREDITORS: amounts falling due within one year	8	7,262,685		7,158,090
		------------		------------
NET CURRENT LIABILITIES			5,736,343		5,255,414
			------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 3,854,896)		( 3,115,234)

CREDITORS: amounts falling due after more than one year	9	678,646	694,759
		------------	------------
NET LIABILITIES		( 4,533,542)	( 3,809,993)
		------------	------------

CAPITAL AND RESERVES

Called up share capital	50,315	50,315
Share premium account	44,685	44,685
Non distributable reserve	740,325	911,966
Profit and loss account	( 5,368,867)	( 4,816,959)
	------------	------------
SHAREHOLDERS DEFICIT	( 4,533,542)	( 3,809,993)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

CHANNON AND COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 8 September 2025 , and are signed on behalf of the board by:

Mr G A S Channon
Director

Company registration number: 03434713

CHANNON AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midland Buildings, 19a Briggate, Shipley, BD17 7BP.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from group companies. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the amount derived from the provision of management services within the company's ordinary activities excluding value added tax.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Operating leases

Operating lease rentals are charged to profit and loss account on a straight line basis over the term of the lease.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property Improvements	-	Over the life of the lease
Computer Equipment	-	25% reducing balance
Office Equipment	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

The company has a defined contribution pension scheme. Contributions made by the company to the scheme are charged to the profit and loss account as they become payable.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 6 (2024: 6 ).

5. TANGIBLE ASSETS

	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Investment property	Total
	£	£	£	£	£	£
Cost or valuation
At 1 Apr 2024	485,212	2,376	864	154,372	552,035	1,194,859
Additions	–	897	169	–	–	1,066
Disposals	–	–	–	–	( 290,818)	( 290,818)
Revaluations	–	–	–	–	( 140,000)	( 140,000)
	---------	-------	-------	---------	---------	------------
At 31 Mar 2025	485,212	3,273	1,033	154,372	121,217	765,107
	---------	-------	-------	---------	---------	------------
Depreciation
At 1 Apr 2024	386,108	792	216	77,186	–	464,302
Charge for the year	49,552	1,091	205	38,593	–	89,441
	---------	-------	-------	---------	---------	------------
At 31 Mar 2025	435,660	1,883	421	115,779	–	553,743
	---------	-------	-------	---------	---------	------------
Carrying amount
At 31 Mar 2025	49,552	1,390	612	38,593	121,217	211,364
	---------	-------	-------	---------	---------	------------
At 31 Mar 2024	99,104	1,584	648	77,186	552,035	730,557
	---------	-------	-------	---------	---------	------------

The investment property was valued on an open market basis at 31 March 2025 by the directors.

6. INVESTMENTS

	Shares in group undertakings	Portfolio investments	Other investments	Other investments other than loans	Total
	£	£	£	£	£
Cost
At 1 April 2024	373,243	931,910	104,470	–	1,409,623
Additions	–	–	–	292,101	292,101
Revaluations	–	( 31,641)	–	–	( 31,641)
	---------	---------	---------	---------	------------
At 31 March 2025	373,243	900,269	104,470	292,101	1,670,083
	---------	---------	---------	---------	------------
Impairment
At 1 April 2024 and 31 March 2025	–	–	–	–	–
	---------	---------	---------	---------	------------

Carrying amount
At 31 March 2025	373,243	900,269	104,470	292,101	1,670,083
	---------	---------	---------	---------	------------
At 31 March 2024	373,243	931,910	104,470	–	1,409,623
	---------	---------	---------	---------	------------

7. DEBTORS

	2025	2024
	£	£
Trade debtors	28,153	37,322
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,267,177	870,948
Other debtors	231,012	994,406
	------------	------------
	1,526,342	1,902,676
	------------	------------

8. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	455,227	486,210
Trade creditors	5,965	4,519
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6,398,000	6,458,000
Social security and other taxes	18,729	41,397
Other creditors	384,764	167,964
	------------	------------
	7,262,685	7,158,090
	------------	------------

The bank loans and overdrafts liability as disclosed above are secured by the company.

Included within other creditors are amounts totalling £16,114 (2024 - £16,114) relating to hire purchase agreements which are secured on the assets they relate to.

9. CREDITORS: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	587,000	587,000
Other creditors	91,646	107,759
	---------	---------
	678,646	694,759
	---------	---------

The bank loans and overdrafts liability as disclosed above are secured by the company.

Included within other creditors are amounts totalling £91,646 (2024 - £107,759) relating to hire purchase agreements which are secured on the assets they relate to.

10. RELATED PARTY TRANSACTIONS

During the year the company undertook the following transactions with related parties: At 31 March 2025, a subsidiary company was owed £385,000 (2024 - £385,000). At 31 March 2025, an associated company owed the company £60,903 (2024 - £60,903). The company has also participated in transactions with other related parties and has exercised the exemption allowed under FRS 102 not to disclose transactions with entities, 100% of whose voting rights are controlled within the group.

11. GOING CONCERN

The directors have considered the period to September 2026 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy its liabilities as these become payable.