Champion Projects (Poole) Limited - Period Ending 2018-09-30

Champion Projects (Poole) Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2018

Registration number: 09628360

Champion Projects (Poole) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Champion Projects (Poole) Limited

Balance Sheet

30 September 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	8,529	14,560
Current assets
Debtors		-	1,484
Cash at bank and in hand		31,911	5,500
		31,911	6,984
Creditors: Amounts falling due within one year	5	(14,895)	(4,424)
Net current assets		17,016	2,560
Total assets less current liabilities		25,545	17,120
Creditors: Amounts falling due after more than one year	5	(9,691)	(12,801)
Net assets		15,854	4,319
Capital and reserves
Called up share capital		100	100
Profit and loss account		15,754	4,219
Total equity		15,854	4,319

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Champion Projects (Poole) Limited

Balance Sheet

30 September 2018

For the financial year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 26 November 2018
 

......................................... O Wyatt Director

Company Registration Number: 09628360

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Champion Projects (Poole) Limited

Notes to the Financial Statements

Year Ended 30 September 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
107 Haymoor Road
Poole
BH15 3NR

These financial statements were authorised for issue by the director on 26 November 2018.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Page 3

Champion Projects (Poole) Limited

Notes to the Financial Statements

Year Ended 30 September 2018

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
Motor vehicles	25% reducing balance basis

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.


 

Page 4

Champion Projects (Poole) Limited

Notes to the Financial Statements

Year Ended 30 September 2018

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

4	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2017	19,414	19,414
Disposals	(3,188)	(3,188)
At 30 September 2018	16,226	16,226
Depreciation
At 1 October 2017	4,854	4,854
Charge for the year	3,640	3,640
Eliminated on disposal	(797)	(797)
At 30 September 2018	7,697	7,697
Carrying amount
At 30 September 2018	8,529	8,529
At 30 September 2017	14,560	14,560

Page 5

Champion Projects (Poole) Limited

Notes to the Financial Statements

Year Ended 30 September 2018

5

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	6	3,110	2,949
Corporation tax		9,055	-
Social security and other taxes		1,099	-
Other creditors		225	215
Accrued expenses		1,406	1,260
		14,895	4,424

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	6	9,691	12,801

Page 6

Champion Projects (Poole) Limited

Notes to the Financial Statements

Year Ended 30 September 2018

6	Loans and borrowings

	2018 £	2017 £
Loans and borrowings due after one year
Finance lease liabilities	9,691	12,801

	2018 £	2017 £
Current loans and borrowings
Finance lease liabilities	3,110	2,949

Page 7