IRIS Accounts Production v23.2.0.158 NI616207 Board of Directors 1.2.22 31.1.23 31.1.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureNI6162072022-01-31NI6162072023-01-31NI6162072022-02-012023-01-31NI6162072021-01-31NI6162072021-02-012022-01-31NI6162072022-01-31NI616207ns16:NorthernIreland2022-02-012023-01-31NI616207ns15:PoundSterling2022-02-012023-01-31NI616207ns11:Director12022-02-012023-01-31NI616207ns11:PrivateLimitedCompanyLtd2022-02-012023-01-31NI616207ns11:SmallEntities2022-02-012023-01-31NI616207ns11:AuditExempt-NoAccountantsReport2022-02-012023-01-31NI616207ns11:SmallCompaniesRegimeForDirectorsReport2022-02-012023-01-31NI616207ns11:SmallCompaniesRegimeForAccounts2022-02-012023-01-31NI616207ns11:FullAccounts2022-02-012023-01-31NI61620712022-02-012023-01-31NI616207ns11:Director22022-02-012023-01-31NI616207ns11:RegisteredOffice2022-02-012023-01-31NI616207ns6:CurrentFinancialInstruments2023-01-31NI616207ns6:CurrentFinancialInstruments2022-01-31NI616207ns6:Non-currentFinancialInstruments2023-01-31NI616207ns6:Non-currentFinancialInstruments2022-01-31NI616207ns6:ShareCapital2023-01-31NI616207ns6:ShareCapital2022-01-31NI616207ns6:RetainedEarningsAccumulatedLosses2023-01-31NI616207ns6:RetainedEarningsAccumulatedLosses2022-01-31NI616207ns6:NetGoodwill2022-02-012023-01-31NI616207ns6:PlantMachinery2022-02-012023-01-31NI616207ns6:NetGoodwill2022-01-31NI616207ns6:NetGoodwill2023-01-31NI616207ns6:NetGoodwill2022-01-31NI616207ns6:PlantMachinery2022-01-31NI616207ns6:PlantMachinery2023-01-31NI616207ns6:PlantMachinery2022-01-31NI616207ns6:WithinOneYearns6:CurrentFinancialInstruments2023-01-31NI616207ns6:WithinOneYearns6:CurrentFinancialInstruments2022-01-31
REGISTERED NUMBER: NI616207 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

CORRIGAN OPTICIANS LTD

CORRIGAN OPTICIANS LTD (REGISTERED NUMBER: NI616207)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


CORRIGAN OPTICIANS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: Mrs U Corrigan
G Corrigan





REGISTERED OFFICE: 39 Molesworth Street
Cookstown
BT80 8NX





REGISTERED NUMBER: NI616207 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

CORRIGAN OPTICIANS LTD (REGISTERED NUMBER: NI616207)

BALANCE SHEET
31 JANUARY 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,850
Tangible assets 5 30,346 37,318
30,346 39,168

CURRENT ASSETS
Stocks 19,012 15,398
Debtors 6 3,973 6,368
Cash at bank 6,701 18,101
29,686 39,867
CREDITORS
Amounts falling due within one year 7 27,157 26,740
NET CURRENT ASSETS 2,529 13,127
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,875

52,295

CREDITORS
Amounts falling due after more than one
year

8

(15,618

)

(20,777

)

PROVISIONS FOR LIABILITIES (5,766 ) (7,090 )
NET ASSETS 11,491 24,428

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 11,489 24,426
11,491 24,428

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CORRIGAN OPTICIANS LTD (REGISTERED NUMBER: NI616207)

BALANCE SHEET - continued
31 JANUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





G Corrigan - Director


CORRIGAN OPTICIANS LTD (REGISTERED NUMBER: NI616207)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Corrigan Opticians Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is being amortised over 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment.

Cash
Cash comprises cash at bank and in hand.

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

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs/ Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the statement of income statement over the period of the borrowings, together with any interest and fees payable using the effective interst method.


CORRIGAN OPTICIANS LTD (REGISTERED NUMBER: NI616207)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 18,500
AMORTISATION
At 1 February 2022 16,650
Charge for year 1,850
At 31 January 2023 18,500
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 1,850

CORRIGAN OPTICIANS LTD (REGISTERED NUMBER: NI616207)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 60,611
Additions 2,888
At 31 January 2023 63,499
DEPRECIATION
At 1 February 2022 23,293
Charge for year 9,860
At 31 January 2023 33,153
NET BOOK VALUE
At 31 January 2023 30,346
At 31 January 2022 37,318

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 1,945 2,315
Other debtors 2,028 4,053
3,973 6,368

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 6,449 6,883
Trade creditors 8,523 8,667
Taxation and social security 7,483 7,755
Other creditors 4,702 3,435
27,157 26,740

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans 15,618 20,777