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REGISTERED NUMBER: NI071640 (Northern Ireland)















CORRIEWOOD PRIVATE CLINIC LIMITED

Financial Statements for the Year Ended 30 November 2024






CORRIEWOOD PRIVATE CLINIC LIMITED (REGISTERED NUMBER: NI071640)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 NOVEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CORRIEWOOD PRIVATE CLINIC LIMITED

Company Information
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: Ann Monica Byrne
Mary Imelda Mc Grady
Maria Therese McGrady
Steven Close
Angela McKeever
Ricardo D Oliveira





REGISTERED OFFICE: 1 Drumbuck Road
Castlewellan
BT31 9NG





REGISTERED NUMBER: NI071640 (Northern Ireland)





INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

CORRIEWOOD PRIVATE CLINIC LIMITED (REGISTERED NUMBER: NI071640)

Statement of Financial Position
30 NOVEMBER 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Tangible assets 5 257,379 240,112

CURRENT ASSETS
Receivables: amounts falling due within
one year

6

2,749,116

2,102,989
Cash at bank 310,989 334,732
3,060,105 2,437,721
PAYABLES
Amounts falling due within one year 7 (822,236 ) (905,269 )
NET CURRENT ASSETS 2,237,869 1,532,452
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,495,248

1,772,564

PAYABLES
Amounts falling due after more than
one year

8

(14,039

)

-

PROVISIONS FOR LIABILITIES 9 (42,940 ) (47,670 )
NET ASSETS 2,438,269 1,724,894

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,438,267 1,724,892
2,438,269 1,724,894

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2025 and were signed on its behalf by:





Steven Close - Director


CORRIEWOOD PRIVATE CLINIC LIMITED (REGISTERED NUMBER: NI071640)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 NOVEMBER 2024

1. STATUTORY INFORMATION

Corriewood Private Clinic Limited is a private company, limited by shares, registered in Northern Ireland, within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise Judgment in applying the company's accounting policies. No critical judgements or critical accounting estimates have been applied to these financial statements.

The following principal accounting policies have been applied consistently unless otherwise stated.

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.

Provision of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided. The following criteria must also be met before revenue is recognised:

- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow through the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Property, plant and equipment
Property, plant and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to making the asset capable of operating as intended.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery 10% Reducing balance
Fixtures, fittings and equipment 25% Reducing balance
Motor vehicles 20% Reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

CORRIEWOOD PRIVATE CLINIC LIMITED (REGISTERED NUMBER: NI071640)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


CORRIEWOOD PRIVATE CLINIC LIMITED (REGISTERED NUMBER: NI071640)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

3. ACCOUNTING POLICIES - continued
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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Where the company enters into a hire purchase lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over the life of its estimated useful economic life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payables are apportioned between the finance element, which is charged to the income statement, and the capital element which reduces the outstanding obligation for future instalments.
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends and distribution to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial period in which the dividends and other distributions are approved by the company's shareholders.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 221 (2023 - 207 ) .

CORRIEWOOD PRIVATE CLINIC LIMITED (REGISTERED NUMBER: NI071640)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 December 2023 45,607 1,343,288 83,754 1,472,649
Additions - 56,965 28,957 85,922
At 30 November 2024 45,607 1,400,253 112,711 1,558,571
DEPRECIATION
At 1 December 2023 18,853 1,164,209 49,475 1,232,537
Charge for year 2,675 55,263 10,717 68,655
At 30 November 2024 21,528 1,219,472 60,192 1,301,192
NET BOOK VALUE
At 30 November 2024 24,079 180,781 52,519 257,379
At 30 November 2023 26,754 179,079 34,279 240,112

6. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 332,613 572,632
Other receivables 24,193 14,093
Amounts owed by group undertakings 2,368,626 1,494,887
Prepayments and accrued income 23,684 21,377
2,749,116 2,102,989

The amount owed by group undertakings are interest free and recoverable on demand.

7. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts 6,515 3,841
Trade payables 138,102 108,832
Corporation Tax 304,704 198,390
Social security and other taxes 122,651 11
Other payables 123,471 108,190
Accruals and deferred income 126,793 486,005
822,236 905,269

The amount owed to group undertakings are interest free and payable on demand.

An intercompany cross guarantee is in place with regards to the group borrowings from Bank of Ireland. This is secured over the assets and undertakings of Corriewood Private Clinic Limited, Corriewood Estates (N.I.) Limited, Corriewood Lodge Limited, Corriewood Developments Limited, Corriewood Holdings and G&M Lodge Caring Limited.

8. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Hire purchase contracts 14,039 -

CORRIEWOOD PRIVATE CLINIC LIMITED (REGISTERED NUMBER: NI071640)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

9. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 42,940 47,670

Deferred tax
£
Balance at 1 December 2023 47,670
Credit to Income Statement during year (4,730 )
Balance at 30 November 2024 42,940

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Desmond Kelly (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

11. OTHER FINANCIAL COMMITMENTS

At the year end the company had minimum operating lease commitments of £1,583,941 (2023:
£2,483,941).

12. RELATED PARTY DISCLOSURES

During the year the company was under the control of its directors and parent company.

The company has taken advantage of the exemption available in financial reporting standards 102 section 1A and has not disclosed transactions with fellow group members.

13. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Corriewood Holdings Limited, a company incorporated in Northern Ireland. The address of Corriewood Holdings Limited is 1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG.

The only group in which the results of the company are consolidated is that headed by Corriewood Holdings Limited. The consolidated accounts of the group are available to the public at:

Companies House
Second Floor
The Linenhall
32-38 Linenhall Street
Belfast

The directors consider there to be no single ultimate controlling party, due to no shareholder holding a majority interest in Corriewood Holdings Limited.