Registered number
04708291
Corran Associates Limited
Filleted Accounts
30 June 2023
Corran Associates Limited
Registered number: 04708291
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 407 973
Current assets
Debtors 5 302,953 169,567
Cash at bank and in hand 277,292 391,770
580,245 561,337
Creditors: amounts falling due within one year 6 (46,559) (47,720)
Net current assets 533,686 513,617
Net assets 534,093 514,590
Capital and reserves
Called up share capital 200 200
Profit and loss account 533,893 514,390
Shareholders' funds 534,093 514,590
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. A. McGrath
Director
Approved by the board on 15 March 2024
Corran Associates Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
The company contributes to individual personal pension arrangements.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 100,000
At 30 June 2023 100,000
Amortisation
At 1 July 2022 100,000
At 30 June 2023 100,000
Net book value
At 30 June 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 8 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 7,457
At 30 June 2023 7,457
Depreciation
At 1 July 2022 6,484
Charge for the year 566
At 30 June 2023 7,050
Net book value
At 30 June 2023 407
At 30 June 2022 973
5 Debtors 2023 2022
£ £
Trade debtors 6,689 2,817
Other debtors 296,264 166,750
302,953 169,567
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,187 3,647
Other taxes and social security costs 40,817 31,650
Other creditors 1,555 12,423
46,559 47,720
7 Controlling party
The company is controlled by the directors.
8 Other information
Corran Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
316 Guildford Road,
Bisley
Woking,
Surrey GU24 9AE.
Its place of business is:
First Floor, 1 Park Court,
Pyrford Road,
Woking,
Surrey KT14 6SD.
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