Silverfin false 31/10/2022 01/05/2022 31/10/2022 Richard Alexander Magnus Manley 30/06/2022 09/04/2021 James Alexander Hayward Moffat 09/04/2021 06 October 2023 The principal activity of the Company during the financial period was software development. 13327025 2022-10-31 13327025 bus:Director1 2022-10-31 13327025 bus:Director2 2022-10-31 13327025 2022-04-30 13327025 core:CurrentFinancialInstruments 2022-10-31 13327025 core:CurrentFinancialInstruments 2022-04-30 13327025 core:Non-currentFinancialInstruments 2022-10-31 13327025 core:Non-currentFinancialInstruments 2022-04-30 13327025 core:ShareCapital 2022-10-31 13327025 core:ShareCapital 2022-04-30 13327025 core:RetainedEarningsAccumulatedLosses 2022-10-31 13327025 core:RetainedEarningsAccumulatedLosses 2022-04-30 13327025 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-30 13327025 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 13327025 bus:OrdinaryShareClass1 2022-10-31 13327025 2022-05-01 2022-10-31 13327025 bus:FullAccounts 2022-05-01 2022-10-31 13327025 bus:SmallEntities 2022-05-01 2022-10-31 13327025 bus:AuditExemptWithAccountantsReport 2022-05-01 2022-10-31 13327025 bus:PrivateLimitedCompanyLtd 2022-05-01 2022-10-31 13327025 bus:Director1 2022-05-01 2022-10-31 13327025 bus:Director2 2022-05-01 2022-10-31 13327025 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2022-05-01 2022-10-31 13327025 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-01 2022-10-31 13327025 2021-04-09 2022-04-30 13327025 core:Non-currentFinancialInstruments 2022-05-01 2022-10-31 13327025 bus:OrdinaryShareClass1 2022-05-01 2022-10-31 13327025 bus:OrdinaryShareClass1 2021-04-09 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13327025 (England and Wales)

CORIGAN LTD

Unaudited Financial Statements
For the financial period from 01 May 2022 to 31 October 2022
Pages for filing with the registrar

CORIGAN LTD

Unaudited Financial Statements

For the financial period from 01 May 2022 to 31 October 2022

Contents

CORIGAN LTD

STATEMENT OF FINANCIAL POSITION

As at 31 October 2022
CORIGAN LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2022
Note 31.10.2022 30.04.2022
£ £
Fixed assets
Intangible assets 3 560,752 361,612
560,752 361,612
Current assets
Debtors 4 317,179 221,553
Cash at bank and in hand 1,148 322
318,327 221,875
Creditors: amounts falling due within one year 5 ( 20,525) ( 40,461)
Net current assets 297,802 181,414
Total assets less current liabilities 858,554 543,026
Creditors: amounts falling due after more than one year 6 ( 996,603) ( 712,086)
Provision for liabilities ( 65,394) ( 18,167)
Net liabilities ( 203,443) ( 187,227)
Capital and reserves
Called-up share capital 7 65 65
Profit and loss account ( 203,508 ) ( 187,292 )
Total shareholders' deficit ( 203,443) ( 187,227)

For the financial period ending 31 October 2022 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 Corigan Ltd (registered number: 13327025) were approved and authorised for issue by the Director on 06 October 2023. They were signed on its behalf by:

James Alexander Hayward Moffat
Director
CORIGAN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2022 to 31 October 2022
CORIGAN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2022 to 31 October 2022
1. Accounting policies

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

General information and basis of accounting

Corigan 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 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom. The principal place of business is Winslade House, Manor Drive, Exeter, EX5 1FY. The registered number of the company is 13327025.

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 has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Reporting period length

Reporting period length has been shortened from 30 April 2023 to 31 October 2022 to align with a company under common control. The prior year figures are therefore not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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.

Deferred tax
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 financial statements. 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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

2. Employees

Period from
01.05.2022 to
31.10.2022
Period from
09.04.2021 to
30.04.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 2 3

3. Intangible assets

Development costs Total
£ £
Cost
At 01 May 2022 361,612 361,612
Additions 235,301 235,301
At 31 October 2022 596,913 596,913
Accumulated amortisation
At 01 May 2022 0 0
Charge for the financial period 36,161 36,161
At 31 October 2022 36,161 36,161
Net book value
At 31 October 2022 560,752 560,752
At 30 April 2022 361,612 361,612

4. Debtors

31.10.2022 30.04.2022
£ £
Trade debtors 0 33,840
Amounts owed by director 60,755 60,152
Prepayments 712 1,425
VAT recoverable 56,592 5,490
Corporation tax 199,072 120,598
Other debtors 48 48
317,179 221,553

5. Creditors: amounts falling due within one year

31.10.2022 30.04.2022
£ £
Trade creditors 6,129 10,277
Accruals and deferred income 12,453 25,305
Other taxation and social security 1,486 4,245
Other creditors 457 634
20,525 40,461

6. Creditors: amounts falling due after more than one year

31.10.2022 30.04.2022
£ £
Other creditors 996,603 712,086

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

31.10.2022 30.04.2022
£ £
Allotted, called-up and fully-paid
6,500 Ordinary shares of £ 0.01 each 65 65

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.10.2022 30.04.2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 246 468

9. Related party transactions

Transactions with the entity's director

Advances

During the period, a director maintained a loan with the company. Advances of £603 were made and no repayments were made in the period. At the end of the period the director owed the company £60,755 (2022: £60,152). Interest has been charged at HMRC official rates where overdrawn and there are no set repayment terms.

Other related party transactions

31.10.2022 30.04.2022
£ £
Company under common control (996,603) (712,086)