Caseware UK (AP4) 2022.0.179 2022.0.179 truetrue2022-08-01falseelectrical and mechanical engineering2025The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01158331 2022-08-01 2023-07-31 01158331 2021-08-01 2022-07-31 01158331 2023-07-31 01158331 2022-07-31 01158331 2021-08-01 01158331 c:Director1 2022-08-01 2023-07-31 01158331 d:Buildings 2022-08-01 2023-07-31 01158331 d:Buildings 2023-07-31 01158331 d:Buildings 2022-07-31 01158331 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01158331 d:PlantMachinery 2022-08-01 2023-07-31 01158331 d:PlantMachinery 2023-07-31 01158331 d:PlantMachinery 2022-07-31 01158331 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01158331 d:MotorVehicles 2022-08-01 2023-07-31 01158331 d:MotorVehicles 2023-07-31 01158331 d:MotorVehicles 2022-07-31 01158331 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01158331 d:OfficeEquipment 2022-08-01 2023-07-31 01158331 d:OfficeEquipment 2023-07-31 01158331 d:OfficeEquipment 2022-07-31 01158331 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01158331 d:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 01158331 d:OtherPropertyPlantEquipment 2023-07-31 01158331 d:OtherPropertyPlantEquipment 2022-07-31 01158331 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01158331 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01158331 d:FreeholdInvestmentProperty 2023-07-31 01158331 d:FreeholdInvestmentProperty 2022-07-31 01158331 d:CurrentFinancialInstruments 2023-07-31 01158331 d:CurrentFinancialInstruments 2022-07-31 01158331 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 01158331 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 01158331 d:ShareCapital 2023-07-31 01158331 d:ShareCapital 2022-07-31 01158331 d:ShareCapital 2021-08-01 01158331 d:CapitalRedemptionReserve 2023-07-31 01158331 d:CapitalRedemptionReserve 2021-08-01 2022-07-31 01158331 d:CapitalRedemptionReserve 2022-07-31 01158331 d:CapitalRedemptionReserve 2021-08-01 01158331 d:RevaluationReserve 2023-07-31 01158331 d:RevaluationReserve 2021-08-01 2022-07-31 01158331 d:RevaluationReserve 2022-07-31 01158331 d:RevaluationReserve 2021-08-01 01158331 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 01158331 d:RetainedEarningsAccumulatedLosses 2023-07-31 01158331 d:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 01158331 d:RetainedEarningsAccumulatedLosses 2022-07-31 01158331 d:RetainedEarningsAccumulatedLosses 2021-08-01 01158331 c:FRS102 2022-08-01 2023-07-31 01158331 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 01158331 c:FullAccounts 2022-08-01 2023-07-31 01158331 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 01158331 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 01158331 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 01158331 d:OtherDeferredTax 2023-07-31 01158331 d:OtherDeferredTax 2022-07-31 iso4217:GBP xbrli:pure
Registered number: 01158331





 
I D Corcoran Building Contractors Limited          
 
Financial statements          

For the year ended 31 July 2023          

 
I D Corcoran Building Contractors Limited
Registered number:01158331

Balance sheet
As at 31 July 2023


2023 

2022 
                                                                                    Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
828,062
814,217

Investment property
 5 
400,000
400,000

  
1,228,062
1,214,217

Current assets
  

Debtors
 6 
541,110
339,940

Cash at bank and in hand
 7 
2,451,120
2,482,047

  
2,992,230
2,821,987

Creditors: amounts falling due within one year
 8 
(570,667)
(482,622)

Net current assets
  
 
 
2,421,563
 
 
2,339,365

Total assets less current liabilities
  
3,649,625
3,553,582

Provisions for liabilities
  

Deferred tax
 10 
(100,911)
(97,450)

Net assets
  
3,548,714
3,456,132


Capital and reserves
  

Called up share capital 
  
500
500

Investment property revaluation reserve
  
223,735
223,735

Capital redemption reserve
  
875
875

Profit and loss account
  
3,323,604
3,231,022

  
3,548,714
3,456,132


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

 

Page 1

 
I D Corcoran Building Contractors Limited
Registered number:01158331
    
Balance sheet (continued)
As at 31 July 2023

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 17 October 2023.








I. Corcoran
Director






















The notes on pages 4 to 10 form part of these financial statements.
Page 2

 
I D Corcoran Building Contractors Limited
 

Statement of changes in equity
For the year ended 31 July 2023


Called up share capital
Capital redemption reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 August 2022
500
875
223,735
3,231,022
3,456,132



Profit for the year
-
-
-
252,582
252,582

Dividends: Equity capital
-
-
-
(160,000)
(160,000)


At 31 July 2023
500
875
223,735
3,323,604
3,548,714



 
 
 
 
 
 
 
 
Statement of changes in equity
For the year ended 31 July 2022


Called up share capital
Capital redemption reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 August 2021
500
875
236,991
2,996,809
3,235,175



Profit for the year
-
-
-
380,957
380,957

Dividends: Equity capital
-
-
-
(160,000)
(160,000)

Transfer between reserves
-
-
(13,256)
13,256
-


At 31 July 2022
500
875
223,735
3,231,022
3,456,132







The notes on pages 4 to 10 form part of these financial statements.
Page 3

 
I D Corcoran Building Contractors Limited
 
 
Notes to the financial statements
For the year ended 31 July 2023

1.


General information

I D Corcoran Building Contractors Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Unit 2, The Barn, Fambridge Road, Mundon, Maldon, Essex, CM9 6NL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line and a reducing balance basis.

Depreciation is provided at the following rates:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Storage facility
-
Straight line over 7 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
I D Corcoran Building Contractors Limited
 
 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors, having regard to professional advice taken personally, and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account. 

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.



 
Page 5

 
I D Corcoran Building Contractors Limited
 
 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
I D Corcoran Building Contractors Limited
 
 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 
I D Corcoran Building Contractors Limited
 
 
Notes to the financial statements
For the year ended 31 July 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 - 25).


4.


Tangible fixed assets





Freehold property
Storage Facility
Plant and Machinery
Motor Vehicles
Office Equipment
Total

£
£
£
£
£
£



Cost 


At 1 August 2022
645,347
30,802
155,397
251,814
20,736
1,104,096


Additions
-
-
5,898
58,167
23,054
87,119


Disposals
-
-
(47,379)
(26,957)
(2,916)
(77,252)



At 31 July 2023

645,347
30,802
113,916
283,024
40,874
1,113,963



Depreciation


At 1 August 2022
-
13,200
118,566
147,054
11,059
289,879


Charge for the year
-
4,400
10,613
39,137
8,141
62,291


Disposals
-
-
(44,908)
(18,965)
(2,396)
(66,269)



At 31 July 2023

-
17,600
84,271
167,226
16,804
285,901



Net book value



At 31 July 2023
645,347
13,202
29,645
115,798
24,070
828,062



At 31 July 2022
645,347
17,602
36,831
104,760
9,677
814,217

Page 8

 
I D Corcoran Building Contractors Limited
 
 
Notes to the financial statements
For the year ended 31 July 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
400,000



At 31 July 2023
400,000

The 2023 valuations were made by the directors, having regard to professional advice taken personally, on an open market value for existing use basis.



If the investment property had been accounted for under the historic cost accounting rules, the property would have been measured as follows:

2023
2022
£
£


Historic cost
121,033
121,033


6.


Debtors

2023
2022
£
£


Trade debtors
511,957
188,405

Prepayments and accrued income
29,153
151,535

541,110
339,940



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,451,120
2,482,047


Page 9

 
I D Corcoran Building Contractors Limited
 
 
Notes to the financial statements
For the year ended 31 July 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
184,618
164,584

Corporation tax
80,595
88,167

Other taxation and social security
180,215
81,750

Other creditors
43,225
38,161

Accruals and deferred income
82,014
109,960

570,667
482,622



9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost represents contributions payable by the company  to the fund and amounted to £13,469 (2022 - £13,003). Contributions totalling £1,463 (2022 - £580) were payable to the fund at the balance sheet date and are included in creditors


10.


Deferred taxation




2023
2022


£

£






At beginning of year
97,450
66,626


Charge for the year
3,461
30,824



At end of year
100,911
97,450

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
45,679
42,218

Unrealised gain on freehold investment property
55,232
55,232

100,911
97,450

 
Page 10