IRIS Accounts Production v23.2.0.158 07096431 Board of Directors 1.3.22 28.2.23 28.2.23 0 0 true false true false false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure070964312022-02-28070964312023-02-28070964312022-03-012023-02-28070964312021-02-28070964312021-03-012022-02-28070964312022-02-2807096431ns16:EnglandWales2022-03-012023-02-2807096431ns15:PoundSterling2022-03-012023-02-2807096431ns11:Director12022-03-012023-02-2807096431ns11:PrivateLimitedCompanyLtd2022-03-012023-02-2807096431ns11:SmallEntities2022-03-012023-02-2807096431ns11:AuditExemptWithAccountantsReport2022-03-012023-02-2807096431ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-2807096431ns11:AbridgedAccounts2022-03-012023-02-280709643112022-03-012023-02-2807096431ns11:Director22022-03-012023-02-2807096431ns11:RegisteredOffice2022-03-012023-02-2807096431ns6:CurrentFinancialInstruments2023-02-2807096431ns6:CurrentFinancialInstruments2022-02-2807096431ns6:ShareCapital2023-02-2807096431ns6:ShareCapital2022-02-2807096431ns6:RevaluationReserve2023-02-2807096431ns6:RevaluationReserve2022-02-2807096431ns6:RetainedEarningsAccumulatedLosses2023-02-2807096431ns6:RetainedEarningsAccumulatedLosses2022-02-2807096431ns6:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2807096431ns6:PatentsTrademarksLicencesConcessionsSimilar2022-03-012023-02-2807096431ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-03-012023-02-2807096431ns6:ShortLeaseholdAssetsns6:LandBuildings2022-03-012023-02-2807096431ns6:FurnitureFittings2022-03-012023-02-2807096431ns6:MotorVehicles2022-03-012023-02-2807096431ns6:RevaluationReserve2022-02-280709643112022-03-012023-02-28
REGISTERED NUMBER: 07096431 (England and Wales)














Jimmy Corrigan's Limited

Unaudited Financial Statements

For The Year Ended 28 February 2023






Jimmy Corrigan's Limited (Registered number: 07096431)






Contents of the Financial Statements
For The Year Ended 28 February 2023




Page

Company Information 1

Chartered Accountants' Report 2

Abridged Balance Sheet 3

Notes to the Financial Statements 5


Jimmy Corrigan's Limited

Company Information
For The Year Ended 28 February 2023







DIRECTORS: J L Corrigan
Mrs V L Corrigan



REGISTERED OFFICE: 2 West Parade Road
Scarborough
North Yorkshire
YO12 5ED



REGISTERED NUMBER: 07096431 (England and Wales)



ACCOUNTANTS: Ingham & Co.
Chartered Accountants
George Stanley House
2 West Parade Road
Scarborough
North Yorkshire
YO12 5ED



BANKERS: Yorkshire Bank plc
24 Huntriss Row
Scarborough
North Yorkshire
YO11 2EG



SOLICITORS: Lupton Fawcett LLP
2 The Embankment
Sovereign Street
Leeds
LS1 4BA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Jimmy Corrigan's Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jimmy Corrigan's Limited for the year ended 28 February 2023 which comprise the Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Jimmy Corrigan's Limited, as a body, in accordance with the terms of our engagement letter dated 4 July 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Jimmy Corrigan's Limited and state those matters that we have agreed to state to the Board of Directors of Jimmy Corrigan's Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jimmy Corrigan's Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Jimmy Corrigan's Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jimmy Corrigan's Limited. You consider that Jimmy Corrigan's Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Jimmy Corrigan's Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ingham & Co.
Chartered Accountants
George Stanley House
2 West Parade Road
Scarborough
North Yorkshire
YO12 5ED


1 November 2023

Jimmy Corrigan's Limited (Registered number: 07096431)

Abridged Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15 91
Tangible assets 5 3,197,597 2,160,819
Investments 6 100,002 101,102
Investment property 7 2,900,803 3,485,000
6,198,417 5,747,012

CURRENT ASSETS
Debtors 800,346 1,981,206
Cash at bank and in hand 1,205,554 492,046
2,005,900 2,473,252
CREDITORS
Amounts falling due within one year 61,581 94,284
NET CURRENT ASSETS 1,944,319 2,378,968
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,142,736

8,125,980

PROVISIONS FOR LIABILITIES (180,815 ) (166,856 )

ACCRUALS AND DEFERRED INCOME (1,038 ) (1,222 )
NET ASSETS 7,960,883 7,957,902

CAPITAL AND RESERVES
Called up share capital 25,500 25,500
Net investment property revaluation reserve 8 1,678,522 1,679,272
Retained earnings 6,256,861 6,253,130
SHAREHOLDERS' FUNDS 7,960,883 7,957,902

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Jimmy Corrigan's Limited (Registered number: 07096431)

Abridged Balance Sheet - continued
28 February 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 1 November 2023 and were signed on its behalf by:





J L Corrigan - Director


Jimmy Corrigan's Limited (Registered number: 07096431)

Notes to the Financial Statements
For The Year Ended 28 February 2023

1. STATUTORY INFORMATION

Jimmy Corrigan's Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademark are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Leasehold property - 20% on cost and 2% on cost
Fixtures and fittings - 15% on reducing balance
Computers - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Jimmy Corrigan's Limited (Registered number: 07096431)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022
and 28 February 2023 758
AMORTISATION
At 1 March 2022 667
Amortisation for year 76
At 28 February 2023 743
NET BOOK VALUE

At 28 February 2023 15
At 28 February 2022 91

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022 2,522,350
Additions 114,846
Reclassification/transfer 1,000,000
At 28 February 2023 3,637,196
DEPRECIATION
At 1 March 2022 361,531
Charge for year 78,068
At 28 February 2023 439,599
NET BOOK VALUE
At 28 February 2023 3,197,597
At 28 February 2022 2,160,819

Jimmy Corrigan's Limited (Registered number: 07096431)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 March 2022 101,102
Disposals (1,100 )
At 28 February 2023 100,002
NET BOOK VALUE
At 28 February 2023 100,002
At 28 February 2022 101,102

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 3,485,000
Additions 425,803
Revaluations (10,000 )
Reclassification/transfer (1,000,000 )
At 28 February 2023 2,900,803
NET BOOK VALUE
At 28 February 2023 2,900,803
At 28 February 2022 3,485,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2013 261,528
Valuation in 2014 160,000
Valuation in 2015 75,000
Valuation in 2016 50,000
Valuation in 2018 646,518
Valuation in 2022 438,785
Valuation in 2023 (695,000 )
Cost 1,963,972
2,900,803

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,963,972 1,853,169

The investment properties were valued on an open market basis on 28 February 2023 by J L Corrigan, a director of the company .

Jimmy Corrigan's Limited (Registered number: 07096431)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

8. RESERVES
Net
investment
property
revaluation
reserve
£   
At 1 March 2022 1,679,272
Transfer (750 )

At 28 February 2023 1,678,522

9. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 15,994 -

10. POST BALANCE SHEET EVENTS

On 7 September 2023 the company sold an investment property for £325,000.

11. ULTIMATE CONTROLLING PARTY

The controlling party is J L Corrigan.