Company registration number 12810803 (England and Wales)
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
COMPANY INFORMATION
Director
Mr P Spencer
Company number
12810803
Registered office
1490 Parkway
Solent Business Park
Whiteley
Hampshire
United Kingdom
PO15 7AF
Auditor
Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group balance sheet
8
Company balance sheet
9
Group statement of cash flows
10
Notes to the financial statements
11 - 27
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The director presents the strategic report for the year ended 31 March 2025.
Review of the business
The financial year has been marked by excellent progress, with a 9.83% increase in sales and continuous improvement in our key performance indicators (KPIs).
Our continued investment in systems and our workforce have been pivotal in supporting our growth and improved performance.
The group has adhered to its strategy of increasing its “direct to client” long term maintenance and capital works within the Facilities Service marketplace.
We continue to make significant gains with larger Local Authority term contacts supported by our new systems investments. Positive feedback from clients continues to affirm or strategic direction.
The KPI’s show a very positive trend during the last 5 years, and our Net Assets have increased to £2.95 million, demonstrating the prudent policy of retaining profit to fund future growth.
Looking ahead, we anticipate the year ending 31 March 2026 to be characterised by steady and controlled growth.
Principal risks and uncertainties
The director considers that the group's principal business risks are normal trading risks. The group has systems in place to identify and mitigate the risks and uncertainties that it faces in carrying out its business.
Key performance indicators
The main KPIs of the group are as follows:
£’000’s 2024 2025
Sales 30,552 33,555
Gross Profit 3,559 4,886
EBITDA 1,053 2,059
Net Assets 2,054 2,951
Mr P Spencer
Director
15 July 2025
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
The director presents his annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the company is that of holding company and for the group is that of mechanical and electrical facilities services.
Results and dividends
The results for the year are set out on page 7.
During the year ordinary dividends of £182,000 were paid (2024 - £120,000).
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr P Spencer
Financial instruments
Treasury operations and financial instruments
The group's principal financial instruments comprise cash, trade debtors and trade creditors.
Liquidity risk
The group has strong financial controls in place to monitor and manage liquidity.
Price risk
The director considers that the group faces the usual pricing risk of any other company operating in a competitive, commercial environment.
Credit risk
Cash investments are made with counterparties that have reasonable credit ratings so the risk in this area is limited. Customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision made for doubtful debts where necessary.
Future developments
The policy of retaining a good level of profit within the trading subsidiary will continue in future years which will support planned growth.
Auditor
The auditor, Fiander Tovell Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Statement of director's responsibilities
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr P Spencer
Director
15 July 2025
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORRIGENDA HOLDCO LIMITED
- 4 -
Opinion
We have audited the financial statements of Corrigenda Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORRIGENDA HOLDCO LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience.
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, data protection, employment, environmental and health and safety legislation.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORRIGENDA HOLDCO LIMITED
- 6 -
Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships.
tested journal entries to identify unusual transactions.
tested a sample of BACS payments to identify payments being made to unexpected bank accounts.
performed transactional testing on payroll costs in respect of those employees with responsibility or authority in connection with the payroll function.
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Jay FCA FCCA (Senior Statutory Auditor)
For and on behalf of Fiander Tovell Limited, Statutory Auditor
Chartered Accountants
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
15 July 2025
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
33,555,137
30,552,080
Cost of sales
(28,668,898)
(26,993,080)
Gross profit
4,886,239
3,559,000
Administrative expenses
(3,296,802)
(3,003,397)
Other operating income
31,640
31,800
Operating profit
4
1,621,077
587,403
Interest receivable and similar income
8
18,548
Interest payable and similar expenses
9
(64,943)
(88,547)
Profit before taxation
1,574,682
498,856
Tax on profit
10
(496,323)
(212,866)
Profit for the financial year
1,078,359
285,990
Retained earnings brought forward
403,616
237,626
Dividends
(182,000)
(120,000)
Retained earnings carried forward
1,299,975
403,616
Profit for the year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,245,650
1,472,075
Other intangible assets
12
371,552
504,346
Total intangible assets
1,617,202
1,976,421
Tangible assets
13
280,417
270,899
1,897,619
2,247,320
Current assets
Stocks
16
1,164,882
959,394
Debtors
17
6,864,901
5,418,925
Cash at bank and in hand
825,269
1,101,865
8,855,052
7,480,184
Creditors: amounts falling due within one year
18
(7,380,587)
(6,990,912)
Net current assets
1,474,465
489,272
Total assets less current liabilities
3,372,084
2,736,592
Creditors: amounts falling due after more than one year
19
(188,523)
(465,630)
Provisions for liabilities
Provisions
22
63,369
63,369
Deferred tax liability
23
169,485
153,245
(232,854)
(216,614)
Net assets
2,950,707
2,054,348
Capital and reserves
Called up share capital
25
4,800
4,800
Share premium account
1,645,932
1,645,932
Profit and loss reserves
1,299,975
403,616
Total equity
2,950,707
2,054,348
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved and signed by the director and authorised for issue on 15 July 2025
15 July 2025
Mr P Spencer
Director
Company registration number 12810803 (England and Wales)
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
3,544,573
3,544,573
3,544,573
3,544,573
Current assets
Cash at bank and in hand
20
79
Creditors: amounts falling due within one year
18
(1,974,638)
(1,961,256)
Net current liabilities
(1,974,618)
(1,961,177)
Net assets
1,569,955
1,583,396
Capital and reserves
Called up share capital
25
4,800
4,800
Share premium account
1,645,932
1,645,932
Profit and loss reserves
(80,777)
(67,336)
Total equity
1,569,955
1,583,396
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £177,497 (2024 - £109,474 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 15 July 2025
15 July 2025
Mr P Spencer
Director
Company registration number 12810803 (England and Wales)
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
471,720
1,485,129
Interest paid
(64,943)
(88,547)
Income taxes paid
(174,395)
(97,957)
Net cash inflow from operating activities
232,382
1,298,625
Investing activities
Purchase of tangible fixed assets
(68,462)
(164,498)
Proceeds from disposal of tangible fixed assets
10,000
59,058
Receipts from loans
9,920
13,319
Interest received
18,548
Net cash used in investing activities
(29,994)
(92,121)
Financing activities
Repayment of bank loans
(259,450)
(252,514)
Payment of finance leases obligations
(37,534)
(72,416)
Dividends paid to equity shareholders
(182,000)
(120,000)
Net cash used in financing activities
(478,984)
(444,930)
Net (decrease)/increase in cash and cash equivalents
(276,596)
761,574
Cash and cash equivalents at beginning of year
1,101,865
340,291
Cash and cash equivalents at end of year
825,269
1,101,865
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information
Corrigenda Holdco ("the company") is a private company limited by shares and incorporated in England and Wales. The registered office is Unit 1490 Parkway, Solent Business Park, Whiteley, Southampton, PO15 7AF.
The group consists of Corrigenda Holdco and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Corrigenda Holdco together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
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. The group recognises turnover on an accruals basis, where the amount of turnover can be reliably measured and it is probable that the future economic benefits will flow to the company.
Revenue from construction contracts is recognised by reference to the value of certified work at the year end.
Interest is recognised as earned.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years straight line
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short leasehold land and buildings
20% straight line
Plant and machinery
10% - 25% straight line
Fixtures, fittings & equipment
10% straight line
Computer equipment
25% - 33% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.11
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value.
Cost is calculated on a first in, first out basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.12
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of certified work completed.
1.13
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 current liabilities.
1.14
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 a 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.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.17
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.18
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.19
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.20
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.21
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Accounting for construction contracts
Recognition of revenue and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimation in relation to costs and value of work performed to date and to be performed in bringing contracts to completion.
These estimates are made by reference to recovery of pre-contract costs, variations in work scopes, claim recoveries and expected contract costs to complete. The group has appropriate control procedures to ensure that all estimates are determined on a consistent basis and subject to review and authorisation.
At year end, work in progress was valued at £1,140,547 (2024 - £935,059).
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Revenue from mechanical and electrical contracts
33,555,137
30,552,080
2025
2024
£
£
Other revenue
Interest income
18,548
-
All turnover arises solely from within the United Kingdom.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
-
2,235
Depreciation of owned tangible fixed assets
71,580
72,189
Depreciation of tangible fixed assets held under finance leases
7,289
33,552
Profit on disposal of tangible fixed assets
-
(2,432)
Amortisation of intangible assets
358,735
360,295
Loss on disposal of intangible assets
484
-
Operating lease charges
857,600
776,053
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,500
1,500
Audit of the financial statements of the company's subsidiaries
14,075
13,405
15,575
14,905
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management and admin
25
22
1
1
Engineers
194
183
-
-
Total
219
205
1
1
Their aggregate remuneration comprised:
Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
8,152,267
7,598,198
Social security costs
826,589
782,594
-
-
Pension costs
230,014
177,791
9,208,870
8,558,583
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
37,747
18,584
Company pension contributions to defined contribution schemes
36,000
12,000
73,747
30,584
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
18,548
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
47,903
74,205
Interest on finance leases and hire purchase contracts
3,607
3,826
Other interest
13,433
10,516
Total finance costs
64,943
88,547
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
525,183
221,034
Adjustments in respect of prior periods
(45,100)
Total current tax
480,083
221,034
Deferred tax
Origination and reversal of timing differences
549
(46,904)
Adjustment in respect of prior periods
15,691
38,736
Total deferred tax
16,240
(8,168)
Total tax charge
496,323
212,866
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2025
2024
£
£
Profit before taxation
1,574,682
498,856
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
393,671
124,714
Tax effect of expenses that are not deductible in determining taxable profit
75,455
6,151
Depreciation on assets not qualifying for tax allowances
2,228
Amortisation on assets not qualifying for tax allowances
56,606
56,606
Under/(over) provided in prior years
(45,100)
Deferred tax adjustments in respect of prior years
15,691
38,736
Deferred tax adjustments
(15,569)
Taxation charge
496,323
212,866
The effective rate of corporation and deferred tax for the year was 25% (2024: 25%).
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
182,000
120,000
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2024
2,264,253
638,216
2,902,469
Disposals
(22,880)
(22,880)
At 31 March 2025
2,264,253
615,336
2,879,589
Amortisation and impairment
At 1 April 2024
792,178
133,870
926,048
Amortisation charged for the year
226,425
132,310
358,735
Disposals
(22,396)
(22,396)
At 31 March 2025
1,018,603
243,784
1,262,387
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Intangible fixed assets
(Continued)
- 21 -
Carrying amount
At 31 March 2025
1,245,650
371,552
1,617,202
At 31 March 2024
1,472,075
504,346
1,976,421
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
13
Tangible fixed assets
Group
Short leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
168,051
113,320
41,460
228,507
94,045
645,383
Additions
2,660
3,281
62,521
29,925
98,387
Disposals
(15,814)
(45,276)
(61,090)
At 31 March 2025
168,051
115,980
44,741
275,214
78,694
682,680
Depreciation and impairment
At 1 April 2024
91,957
46,888
10,928
176,405
48,306
374,484
Depreciation charged in the year
18,156
17,010
4,950
22,510
16,243
78,869
Eliminated in respect of disposals
(15,814)
(35,276)
(51,090)
At 31 March 2025
110,113
63,898
15,878
183,101
29,273
402,263
Carrying amount
At 31 March 2025
57,938
52,082
28,863
92,113
49,421
280,417
At 31 March 2024
76,094
66,432
30,532
52,102
45,739
270,899
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
33,177
30,218
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
3,544,573
3,544,573
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
3,544,573
Carrying amount
At 31 March 2025
3,544,573
At 31 March 2024
3,544,573
15
Subsidiaries
Details of the company's subsidiaries at 31 March 2025 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Corrigenda Limited
1
Ordinary
100.00
Corrigenda Building Fabric Limited
1
Ordinary
100.00
Churches Limited
1
Ordinary
100.00
Churches Engineering Limited
1
Ordinary
100.00
W. Churches & Sons
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
1490 Parkway, Solent Business Park, Whiteley, Hampshire, United Kingdom, PO15 7AF
Of the 5 subsidiaries, only Corrigenda Limited has an active trade. The remaining 4 companies are all currently dormant.
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
1,140,547
935,059
-
-
Finished goods and goods for resale
24,335
24,335
1,164,882
959,394
-
-
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,723,308
4,474,273
Corporation tax recoverable
15,697
15,697
Other debtors
4,381
19,396
Prepayments and accrued income
1,121,515
909,559
6,864,901
5,418,925
-
-
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
266,425
259,373
Obligations under finance leases
21
33,153
30,157
Trade creditors
3,914,542
3,802,744
Amounts owed to group undertakings
1,921,243
1,799,942
Corporation tax payable
526,722
221,034
Other taxation and social security
916,356
872,189
-
-
Other creditors
305,298
390,523
53,395
161,314
Accruals and deferred income
1,418,091
1,414,892
7,380,587
6,990,912
1,974,638
1,961,256
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
175,330
441,832
Obligations under finance leases
21
13,193
23,798
188,523
465,630
-
-
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
441,755
701,205
Payable within one year
266,425
259,373
Payable after one year
175,330
441,832
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Loans and overdrafts
(Continued)
- 24 -
The loan finance from Santander is held within Corrigenda Limited and secured by a cross guarantee and debenture from Corrigenda Holdco Limited.
It has been added to the existing fixed and floating charge that Santander held over the company and a personal guarantee provided by the director, Mr P Spencer.
Interest is charged at 3.8% above base rate over the 60 months of the loan.
21
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
33,153
30,157
In two to five years
13,193
23,798
46,346
53,955
-
-
It is group policy to lease motor vehicles through hire purchase contracts with the average lease term being three years. Interest rates are fixed at the contract date. All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments.
Net obligations under finance leases are secured by fixed charges on the assets concerned.
22
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Dilapidations
63,369
63,369
-
-
Movements on provisions:
Dilapidations
Group
£
At 1 April 2024 and 31 March 2025
63,369
At 31 March 2025
63,369
Provision for expected costs to reinstate the original condition of the buildings as defined by the leases in place.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
181,238
162,441
Other short term timing differences
(11,753)
(9,196)
169,485
153,245
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
153,245
-
Charge to profit or loss
16,240
-
Liability at 31 March 2025
169,485
-
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
230,014
177,791
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the year end, there were outstanding contributions of £47,012 (2024 - £36,785).
25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
4,100
4,100
4,100
4,100
Ordinary B shares of £1 each
700
700
700
700
4,800
4,800
4,800
4,800
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
25
Share capital
(Continued)
- 26 -
Both classes of shares hold the same rights.
Each share has full rights in the company with respect to voting, dividends and distributions.
26
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties and office equipment.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
648,573
659,053
-
-
Between two and five years
1,306,704
1,586,962
-
-
In over five years
713,417
906,808
-
-
2,668,694
3,152,823
-
-
At the reporting end date the total future minimum sublease payments expected to be received under non-cancellable subleases was £297,943 (2024 - £329,583).
Of this, £31,640 (2024 - £31,640) is receivable within one year with the balance due in between two and five years.
27
Related party transactions
The company has taken advantage of the exemption available in FRS102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
28
Directors' transactions
At the start of the year Mr P Spencer owed the company £14,301 in respect of a directors loan. During the year there were advancements of £79,931 and credits of £108,800 in respect of the loan. At the year end 31 March 2025 the amount outstanding due from the company in respect to this loan was £14,568.
This loan is interest free and repayable on demand.
CORRIGENDA HOLDCO LIMITED
AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,078,359
285,990
Adjustments for:
Taxation charged
496,323
212,866
Finance costs
64,943
88,547
Investment income
(18,548)
Gain on disposal of tangible fixed assets
-
(2,432)
Loss on disposal of intangible assets
484
-
Amortisation and impairment of intangible assets
358,735
360,295
Depreciation and impairment of tangible fixed assets
78,869
105,741
Movements in working capital:
(Increase)/decrease in stocks
(205,488)
459,106
Increase in debtors
(1,455,896)
(929,348)
Increase in creditors
73,939
904,364
Cash generated from operations
471,720
1,485,129
30
Analysis of changes in net funds - group
1 April 2024
Cash flows
New finance leases
31 March 2025
£
£
£
£
Cash at bank and in hand
1,101,865
(276,596)
-
825,269
Borrowings excluding overdrafts
(701,205)
259,450
-
(441,755)
Obligations under finance leases
(53,955)
37,534
(29,925)
(46,346)
346,705
20,388
(29,925)
337,168
2025-03-312024-04-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr P 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