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Company No: 13327025 (England and Wales)

CORIGAN LTD

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

CORIGAN LTD

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

CORIGAN LTD

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
CORIGAN LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 31.10.2023 31.10.2022
£ £
Fixed assets
Intangible assets 3 581,369 560,752
581,369 560,752
Current assets
Debtors 4 178,053 317,179
Cash at bank and in hand 1,566 1,148
179,619 318,327
Creditors: amounts falling due within one year 5 ( 16,103) ( 20,525)
Net current assets 163,516 297,802
Total assets less current liabilities 744,885 858,554
Creditors: amounts falling due after more than one year 6 ( 930,060) ( 996,603)
Provision for liabilities ( 53,908) ( 65,394)
Net liabilities ( 239,083) ( 203,443)
Capital and reserves
Called-up share capital 7 65 65
Profit and loss account ( 239,148 ) ( 203,508 )
Total shareholders' deficit ( 239,083) ( 203,443)

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Corigan Ltd (registered number: 13327025) were approved and authorised for issue by the Director on 31 July 2024. They were signed on its behalf by:

James Alexander Hayward Moffat
Director
CORIGAN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
CORIGAN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Corigan Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom. The principal place of business is Winslade House, Manor Drive, Exeter, EX5 1FY.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The prior period length was shortened to a 7 month period ending 31 October 2022 to align with a company under common control. The prior period figures are therefore not entirely comparable with the current year.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.10.2023
Period from
01.05.2022 to
31.10.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Intangible assets

Development costs Total
£ £
Cost
At 01 November 2022 596,913 596,913
Additions 140,000 140,000
At 31 October 2023 736,913 736,913
Accumulated amortisation
At 01 November 2022 36,161 36,161
Charge for the financial year 119,383 119,383
At 31 October 2023 155,544 155,544
Net book value
At 31 October 2023 581,369 581,369
At 31 October 2022 560,752 560,752

4. Debtors

31.10.2023 31.10.2022
£ £
Trade debtors 15,041 0
Amounts owed by director 62,119 60,755
Prepayments 0 712
VAT recoverable 2,077 56,592
Corporation tax 98,768 199,072
Other debtors 48 48
178,053 317,179

5. Creditors: amounts falling due within one year

31.10.2023 31.10.2022
£ £
Trade creditors 1,639 6,129
Accruals and deferred income 12,612 12,453
Other taxation and social security 1,408 1,486
Other creditors 444 457
16,103 20,525

6. Creditors: amounts falling due after more than one year

31.10.2023 31.10.2022
£ £
Other creditors 930,060 996,603

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

31.10.2023 31.10.2022
£ £
Allotted, called-up and fully-paid
6,500 Ordinary shares of £ 0.01 each 65 65

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.10.2023 31.10.2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 246 246

9. Related party transactions

Transactions with the entity's director

31.10.2023 31.10.2022
£ £
Amounts owed by/(to) the director 62,119 60,755

Interest has been charged on the above balance at the HMRC official rate when overdrawn, and there are no set repayment terms.

Other related party transactions

31.10.2023 31.10.2022
£ £
Amounts owed by/(to) a company under common control (930,060) (996,603)