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Company Registration No. 12324384 (England and Wales)
Champion Inns Ltd Unaudited accounts for the year ended 30 November 2024
Champion Inns Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
- 2 -
Champion Inns Ltd Company Information for the year ended 30 November 2024
Directors
Anita Elizabeth Ing Richard Arthur Ing
Company Number
12324384 (England and Wales)
Registered Office
33 Riverside Walk Tamerton Foliot Plymouth Devon PL5 4AQ England
Accountants
Stoke Newington Accountants & Tax Consultants Ltd Southgate Office Village, Block E 286-A Chase Road Southgate London N14 6HF
- 3 -
Champion Inns Ltd Statement of financial position as at 30 November 2024
2024
2023
Notes
£
£
Fixed assets
Intangible assets
4
-
752,757
Tangible assets
5
66,103
70,747
66,103
823,504
Current assets
Inventories
38,000
145,057
Debtors
6
14,500
333,012
Cash at bank and in hand
146,030
127,087
198,530
605,156
Creditors: amounts falling due within one year
7
(187,537)
(599,908)
Net current assets
10,993
5,248
Total assets less current liabilities
77,096
828,752
Creditors: amounts falling due after more than one year
8
(29,759)
(781,896)
Provisions for liabilities
Deferred tax
(17,767)
(17,767)
Net assets
29,570
29,089
Capital and reserves
Called up share capital
100
100
Profit and loss account
29,470
28,989
Shareholders' funds
29,570
29,089
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by
Anita Elizabeth Ing Director Company Registration No. 12324384
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Champion Inns Ltd Notes to the Accounts for the year ended 30 November 2024
1
Statutory information
Champion Inns Ltd is a private company, limited by shares, registered in England and Wales, registration number 12324384. The registered office is 33 Riverside Walk, Tamerton Foliot, Plymouth, Devon, PL5 4AQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Bal Method
Motor vehicles
20% Reducing Bal Method
Fixtures & fittings
15% Reducing Bal Method
Computer equipment
15% Reducing Bal Method
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going concern
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Champion Inns Ltd Notes to the Accounts for the year ended 30 November 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments
Investments in shares are included at fair value.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023
752,757
Disposals
(752,757)
At 30 November 2024
-
Amortisation
At 1 December 2023
-
At 30 November 2024
-
Net book value
At 30 November 2024
-
At 30 November 2023
752,757
- 6 -
Champion Inns Ltd Notes to the Accounts for the year ended 30 November 2024
5
Tangible fixed assets
Fixtures & fittings
£
Cost or valuation
At cost
At 1 December 2023
163,576
Additions
7,021
At 30 November 2024
170,597
Depreciation
At 1 December 2023
92,829
Charge for the year
11,665
At 30 November 2024
104,494
Net book value
At 30 November 2024
66,103
At 30 November 2023
70,747
6
Debtors
2024
2023
£
£
Amounts falling due within one year
Trade debtors
-
55,814
Accrued income and prepayments
-
4,898
Other debtors
14,500
272,300
14,500
333,012
7
Creditors: amounts falling due within one year
2024
2023
£
£
VAT
9,196
79,463
Trade creditors
120,644
395,363
Amounts owed to group undertakings and other participating interests
51,396
105,076
Other creditors
-
13,118
Loans from directors
1,801
5,303
Accruals
4,500
-
Deferred income
-
1,585
187,537
599,908
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
29,759
29,139
Obligations under finance leases and hire purchase contracts
-
752,757
29,759
781,896
9
Transactions with related parties
At the balance sheet date, where the director held controlling interest, the company owed the director £1,241.
- 7 -
Champion Inns Ltd Notes to the Accounts for the year ended 30 November 2024
10
Controlling party
The company's ultimate controlling party is Mr. Richard Ing and Anita Ing by virtue of his ownership of 100% of the issued share capital in the company.
11
Average number of employees
During the year the average number of employees was 1 (2023: 1).
- 8 -