Company registration number 03920337 (England and Wales)
CORRIGENDA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CORRIGENDA LIMITED
COMPANY INFORMATION
Director
Mr P Spencer
Company number
03920337
Registered office
1490 Parkway
Whiteley
Hampshire
United Kingdom
PO15 7AF
Auditor
Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
Business address
1490 Parkway
Whiteley
Hampshire
United Kingdom
PO15 7AF
CORRIGENDA LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 23
CORRIGENDA LIMITED
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 9.8% 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 company 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 £3.7m, demonstrating the prudent policy of retaining profit to fund future growth.

Looking ahead, we see the year ending 31 March 2026 to be characterised by steady and controlled growth.

Principal risks and uncertainties

The director considers that the company’s principal business risks are normal trading risks. The company has systems in place to identify and mitigate the risks and uncertainties that the company faces in carrying out its business.

Key performance indicators

The main KPIs of the company are as follows

£’000’s        2022        2023        2024        2025

Sales        25,964        26,139        30,552     33,555

Gross Profit     2,796         2,990         3,560     4,886

EBITDA         708         839         1,053     2,059

Net Assets     1,754        2,141         2,544 3,680

 

On behalf of the board

Mr P Spencer
Director
15 July 2025
CORRIGENDA LIMITED
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 continued to be that of mechanical and electrical facility services.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £182,000. The director does not recommend payment of a final dividend.

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 company's principal financial instruments comprise cash, trade debtors and trade creditors.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Price risk

The directors consider that the company 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 is made for doubtful debts where necessary.

Future developments

The company continues its policy of retaining a good level of profits each year to fund future growth, with profits being £1,318k for the year ending 31 March 2025.

Auditor

The auditor, Fiander Tovell Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 company and of the profit or loss of the company for that period.

CORRIGENDA LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

In preparing these financial statements, the director is required to:

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 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 company’s auditor 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 company’s auditor 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 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORRIGENDA LIMITED
- 4 -
Opinion

We have audited the financial statements of Corrigenda Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the balance sheet 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:

Basis for opinion

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 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 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.

Other information

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:

CORRIGENDA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORRIGENDA LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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:

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 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 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:

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

CORRIGENDA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORRIGENDA LIMITED (CONTINUED)
- 6 -
Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

 

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.

Use of our 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 LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
33,555,138
30,552,080
Cost of sales
(28,668,898)
(26,993,080)
Gross profit
4,886,240
3,559,000
Administrative expenses
(3,070,370)
(2,776,962)
Other operating income
31,640
31,800
Operating profit
4
1,847,510
813,838
Interest receivable and similar income
7
18,548
-
0
Interest payable and similar expenses
8
(51,510)
(78,031)
Profit before taxation
1,814,548
735,807
Tax on profit
9
(496,323)
(212,866)
Profit for the financial year
1,318,225
522,941
Retained earnings brought forward
2,543,248
2,140,307
Dividends
10
(182,000)
(120,000)
Retained earnings carried forward
3,679,473
2,543,248

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CORRIGENDA LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
371,552
504,346
Tangible assets
12
280,417
270,899
651,969
775,245
Current assets
Stocks
13
1,164,882
959,394
Debtors
14
8,786,144
7,218,867
Cash at bank and in hand
825,249
1,101,786
10,776,275
9,280,047
Creditors: amounts falling due within one year
15
(7,327,192)
(6,829,598)
Net current assets
3,449,083
2,450,449
Total assets less current liabilities
4,101,052
3,225,694
Creditors: amounts falling due after more than one year
16
(188,523)
(465,630)
Provisions for liabilities
Provisions
19
63,369
63,369
Deferred tax liability
20
169,485
153,245
(232,854)
(216,614)
Net assets
3,679,675
2,543,450
Capital and reserves
Called up share capital
22
202
202
Profit and loss reserves
3,679,473
2,543,248
Total equity
3,679,675
2,543,450

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
Mr P Spencer
Director
Company registration number 03920337 (England and Wales)
CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
1
Accounting policies
Company information

Corrigenda Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1490 Parkway, Solent Business Park, Whiteley, Hampshire, United Kingdom, PO15 7AF.

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.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Corrigenda Holdco Limited. These consolidated financial statements are available from its registered office: 1490 Parkway, Solent Business Park, Whiteley, Hampshire, United Kingdom, PO15 7AF.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company 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.

1.3
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 company 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 contracts are recognised by reference to the value of certified work at the year end.

Other income

Interest is recognised as earned.

CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 10 -
1.4
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.

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
1.5
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
20% - 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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

1.7
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.

1.8
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.

CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company 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 company after deducting all of its liabilities.

CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
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 company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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 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.

1.13
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.

1.14
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.15
Leases
As lessee

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.

As lessor

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.

1.16
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.

CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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-contracts costs, variations in work scopes, claim recoveries and expected contract costs to complete. The company has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to review and authorisation.

 

At the year end, work in progress was valued at £1,140,547 (2024: £935,059).

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Revenue from mechanical and electrical contracts
33,555,138
30,552,080
2025
2024
£
£
Other revenue
Interest income
18,548
-

All turnover arises solely from within the United Kingdom.

CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
-
0
2,235
Fees payable to the company's auditor for the audit of the company's financial statements
14,075
13,405
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
132,310
133,870
Loss on disposal of intangible assets
484
-
Operating lease charges
857,600
776,053
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Office and management
25
22
Engineers and contract support
194
183
Total
219
205

Their aggregate remuneration comprised:

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
6
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).

CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
18,548
-
0
8
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
51,510
78,031
9
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)
-
0
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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Taxation
(Continued)
- 17 -

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
1,814,548
735,807
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
453,637
183,952
Tax effect of expenses that are not deductible in determining taxable profit
72,095
3,519
Depreciation on assets not qualifying for tax allowances
-
0
2,228
Under/(over) provided in prior years
(45,100)
-
0
Deferred tax adjustments in respect of prior years
15,691
38,736
Deferred tax adjustments
-
0
(15,569)
Taxation charge for the year
496,323
212,866

The effective rate of corporation and deferred tax for the year was 25% (2024: 25%).

 

10
Dividends
2025
2024
£
£
Interim paid
182,000
120,000
CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
11
Intangible fixed assets
Software
£
Cost
At 1 April 2024
638,216
Disposals
(22,880)
At 31 March 2025
615,336
Amortisation and impairment
At 1 April 2024
133,870
Amortisation charged for the year
132,310
Disposals
(22,396)
At 31 March 2025
243,784
Carrying amount
At 31 March 2025
371,552
At 31 March 2024
504,346
12
Tangible fixed assets
Short leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
214,157
128,370
47,653
230,731
117,985
738,896
Additions
-
0
2,660
3,281
62,521
29,925
98,387
Disposals
-
0
-
0
-
0
(15,814)
(45,276)
(61,090)
At 31 March 2025
214,157
131,030
50,934
277,438
102,634
776,193
Depreciation and impairment
At 1 April 2024
138,063
61,938
17,121
178,629
72,246
467,997
Depreciation charged in the year
18,156
17,010
4,950
22,510
16,243
78,869
Eliminated in respect of disposals
-
0
-
0
-
0
(15,814)
(35,276)
(51,090)
At 31 March 2025
156,219
78,948
22,071
185,325
53,213
495,776
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
CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 19 -

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
33,177
30,218
13
Stocks
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
14
Debtors
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
1,925,624
1,819,338
Prepayments and accrued income
1,121,515
909,559
8,786,144
7,218,867

Trade debtors disclosed above are measured at amortised cost.

15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
266,425
259,373
Obligations under finance leases
18
33,153
30,157
Trade creditors
3,914,542
3,802,744
Corporation tax
526,722
221,034
Other taxation and social security
916,356
872,189
Other creditors
251,903
229,209
Accruals and deferred income
1,418,091
1,414,892
7,327,192
6,829,598
CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
175,330
441,832
Obligations under finance leases
18
13,193
23,798
188,523
465,630

 

17
Loans and overdrafts
2025
2024
£
£
Bank loans
441,755
701,205
Payable within one year
266,425
259,373
Payable after one year
175,330
441,832

The loan finance from Santander is secured by a cross guarantee and debenture from Corrigenda Holdco Limited, has been added to the existing fixed and floating charge that Santander held over the company and a personal guarantee provided by the director, P Spencer. Interest is charged at 3.8% over base rate per annum, the total bank loan is repayable over 6 years.

 

18
Finance lease obligations
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 the company's policy to lease motor vehicles through hire purchase contracts, with the average lease term being 3 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 and hire purchase contracts are secured by fixed charges on the assets concerned.

 

CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
19
Provisions for liabilities
2025
2024
£
£
Dilapidations
63,369
63,369
Movements on provisions:
Dilapidations
£
At 1 April 2024 and 31 March 2025
63,369

Provision for expected dilapidations liability arising as a result of the lease terms on the leased properties.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
ACAs
181,238
162,441
Other short term timing differences
(11,753)
(9,196)
169,485
153,245
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
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
230,014
177,791

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end, there were outstanding contributions of £47,012 (2024: £36,785).

CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
Ordinary B shares of 50p each
4
4
2
2
204
204
202
202

Ordinary shares

These shares rank equally for voting purposes, for any dividend declared, and for any distribution made on a winding up.

 

Ordinary B shares

These shares are non-voting, but they have dividend and capital distribution rights.

 

23
Financial commitments, guarantees and contingent liabilities

The assets of the company have been provided as security for an amount owed to a former director by Corrigenda Holdco Limited.

24
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the company for certain of its properties and office equipment.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
648,573
659,053
Years 2-5
1,306,704
1,586,962
After 5 years
713,417
906,808
2,668,694
3,152,823
As lessor - operating leases

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).

 

Amounts of £31,640 (2024: £31,640) are receivable within one year and the balance is receivable in later than one year but not later than five years.

CORRIGENDA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
25
Related party transactions

The company has taken advantage of the exemption available in FRS102 whereby it has not disclosed transactions with the parent company or any wholly owned subsidiary undertaking of the group.

26
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.

 

The directors loan is interest free and repayable on demand.

27
Ultimate controlling party

The immediate and ultimate parent company is Corrigenda Holdco Limited, a company incorporated in England and Wales. A copy of the financial statements are filed at Companies House.

 

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