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REGISTERED NUMBER: 04938441 (England and Wales)
















CORRIDAN PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441)








CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 December 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4




Chartered Certified Accountants' Report  

8




CORRIDAN PROPERTIES LIMITED



COMPANY INFORMATION

for the year ended 31 December 2023









DIRECTORS:

Mrs M C Corridan


P G J Corridan


D Corridan







SECRETARY:

Mrs M C Corridan







REGISTERED OFFICE:

The Riding School House


Bulls Lane


Wishaw


Sutton Coldfield


West Midlands


B76 9QW







REGISTERED NUMBER:

04938441 (England and Wales)







ACCOUNTANTS:

Phoenix Associates Limited


Chartered Certified Accountants


The Riding School House


Bulls Lane


Wishaw


Sutton Coldfield


West Midlands


B76 9QW


CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441)



BALANCE SHEET

31 December 2023



31/12/23

31/12/22



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

68,984


85,699



Investments

5

680,000


680,000



748,984


765,699




CURRENT ASSETS

Debtors

6

101,827


102,697



Cash at bank

10,048


3,852



111,875


106,549



CREDITORS

Amounts falling due within one year

7

503,518


501,971



NET CURRENT LIABILITIES

(391,643

)

(395,422

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

357,341


370,277




PROVISIONS FOR LIABILITIES

1,368


4,543



NET ASSETS

355,973


365,734




CAPITAL AND RESERVES

Called up share capital

8

1,000


1,000



Fair value reserve

9

26,166


26,166



Retained earnings

9

328,807


338,568



SHAREHOLDERS' FUNDS

355,973


365,734




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


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.


CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441)



BALANCE SHEET - continued

31 December 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 Profit & Loss Account has not been delivered.  


The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024  and were signed on its behalf by:





Mrs M C Corridan - Director




P G J Corridan - Director



CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441)



NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2023


1.

STATUTORY INFORMATION



Corridan Properties 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.


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.    



The financial statements have been prepared on the going concern basis. However, the company had net current liabilities amounting to £391,643 (2022 : £395,422) at the balance sheet date. In order to continue trading, the company is reliant upon the continued support of the company's directors. As at the year end the directors' loan account included within 'Creditors due within one year' was £496,774 (2022 : £496,194). It has been indicated that this support will continue.



Turnover

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


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

-

25% on reducing balance


Motor vehicles

-

20% on reducing balance


Computer equipment

-

33% on cost



Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.


CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441)



NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Investment properties


Investment properties are properties which are held either to earn rental income or for capital appreciation or for both.


Investment properties are recognised initially at cost.



Subsequent to initial recognition :



i. Investment properties, whose fair value can be measured reliably without undue cost or effort, are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit or loss account in the period that they arise; and



ii. No depreciation is provided in respect of investment properties applying the fair value model.



This treatment, as regards the company's investment properties, may be a departure from the requirements of the Companies Act, concerning depreciation of tangible fixed assets. However, these properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.


3.

EMPLOYEES AND DIRECTORS



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


4.

TANGIBLE FIXED ASSETS


Plant and


Motor


Computer



machinery


vehicles


equipment


Totals

£   

£   

£   

£   



COST


At 1 January 2023

2,204


95,221


1,453


98,878




Additions

-


-


637


637




At 31 December 2023

2,204


95,221


2,090


99,515




DEPRECIATION


At 1 January 2023

2,204


9,522


1,453


13,179




Charge for year

-


17,140


212


17,352




At 31 December 2023

2,204


26,662


1,665


30,531




NET BOOK VALUE


At 31 December 2023

-


68,559


425


68,984




At 31 December 2022

-


85,699


-


85,699




CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441)



NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2023


5.

FIXED ASSET INVESTMENTS


Other


investments

£   



COST OR VALUATION


At 1 January 2023


and 31 December 2023

680,000




NET BOOK VALUE


At 31 December 2023

680,000




At 31 December 2022

680,000





The fair value of the investment properties of £680,000 is based on a valuation by the directors, having used publicly available market evidence to assess the current market value of each asset.


6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31/12/23


31/12/22

£   

£   



Trade debtors

70


514




Other debtors

101,757


102,183



101,827


102,697




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31/12/23


31/12/22

£   

£   



Taxation and social security

966


-




Other creditors

502,552


501,971



503,518


501,971




8.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31/12/23


31/12/22


value:

£   

£   



510

Ordinary "A" shares

1

510


510




240

Ordinary "B" shares

1

250


250




250

Ordinary "C" shares

1

240


240



1,000


1,000




9.

RESERVES


Fair



Retained


value



earnings


reserve


Totals

£   

£   

£   




At 1 January 2023

338,568


26,166


364,734




Deficit for the year

(9,761

)

(9,761

)



At 31 December 2023

328,807


26,166


354,973




CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441)



NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 December 2023


10.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES


At the year end the company owed PGJ Corridan and MC Corridan the sum of £496,774 (2022 : £496,194) on their directors' loan account. The loan was interest free with no fixed date for repayment and is therefore deemed to be repayable on demand.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

CORRIDAN PROPERTIES 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 Statement of Comprehensive Income 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 Corridan Properties Limited for the year ended 31 December 2023 which comprise the Profit & Loss Account, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.  


This report is made solely to the Board of Directors of Corridan Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Corridan Properties Limited and state those matters that we have agreed to state to the Board of Directors of Corridan Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.      


It is your duty to ensure that Corridan Properties 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 loss of Corridan Properties Limited. You consider that Corridan Properties 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 Corridan Properties 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.    







Phoenix Associates Limited

Chartered Certified Accountants

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW



8 April 2024