Corrigan & Chapman Construction Ltd


Directors	Mr G Chapman
	Mr R Corrigan
	Mrs M Chapman
	Mrs L Corrigan


Registered Address	10 Western Road
	Romford
	RM1 3JT


Registered Number	06705067 (England and Wales)

Notes to the Financial Statements
for the year ended 30 September 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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.

Intangible assets

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Plant and machinery	20
	Fixtures and fittings	20
	Vehicles	20

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Government grants or assistance
	Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants or assistance

Government grants are recognised at the fair value of the asset received or receivable when there is
reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions
are met. Where a grant does not specify performance conditions it is recognised in income when the
proceeds are received or receivable. A grant received before the recognition criteria are satisfied is
recognised as a liability.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	15		17

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 October 23	600,000	600,000
At 30 September 24	600,000	600,000
Amortisation and impairment
At 01 October 23	600,000	600,000
At 30 September 24	600,000	600,000
Net book value
At 30 September 24	-	-
At 30 September 23	-	-

4.	Tangible fixed assets

	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 October 23	16,599	202,450	70,215	289,264
Additions	-	50,388	3,102	53,490
Disposals	(16,599)	(13,891)	(41,009)	(71,499)
At 30 September 24	-	238,947	32,308	271,255
Depreciation and impairment
At 01 October 23	15,699	149,047	52,223	216,969
Charge for year	-	20,521	3,587	24,108
On disposals	(15,699)	(12,705)	(37,852)	(66,256)
At 30 September 24	-	156,863	17,958	174,821
Net book value
At 30 September 24	-	82,084	14,350	96,434
At 30 September 23	900	53,403	17,992	72,295

5.	Stocks

	2024	2023
	£	£
Finished goods	10,840	8,110
Total	10,840	8,110

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	1,219,132	445,242
Other debtors	464,754	463,329
Prepayments and accrued income	158,351	157,595
Total	1,842,237	1,066,166

7.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	1,003,230	395,661
Bank borrowings and overdrafts	24,924	46,758
Taxation and social security	766,351	494,967
Finance lease and HP contracts	10,300	10,300
Other creditors	122,178	121,788
Accrued liabilities and deferred income	5,199	4,750
Total	1,932,182	1,074,224


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. National Westminster Bank PLC hold a fixed and floating charge over all the assets of the business as security against the banking facilities dated 20 April 2009.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

National Westminster Bank PLC hold a fixed and floating charge over all the assets of the business as security against the banking facilities dated 20 April 2009.

8.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	7,878	28,560
Other creditors	324,788	445,088
Total	332,666	473,648

9.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	16,033		26,333

10.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	24,108	18,074
Total	24,108	18,074

11.	Other commitments
	At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: 2024 - £21,000 2023 - £18,300

12.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
Mr G Chapman	210,040	21,595	23,921	207,714
Mr R Corrigan	186,657	21,078	21,746	185,989
	396,697	42,673	45,667	393,703

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	4		96,434		72,295
			96,434		72,295
Current assets
Stocks	5	10,840		8,110
Debtors	6	1,842,237		1,066,166
Cash at bank and on hand		1,554,427		1,193,082
		3,407,504		2,267,358
Creditors amounts falling due within one year	7	(1,932,182)		(1,074,224)
Net current assets (liabilities)			1,475,322		1,193,134
Total assets less current liabilities			1,571,756		1,265,429
Creditors amounts falling due after one year	8		(332,666)		(473,648)
Provisions for liabilities	10		(24,108)		(18,074)
Net assets			1,214,982		773,707
Capital and reserves
Called up share capital			51,000		51,000
Profit and loss account			1,163,982		722,707
Shareholders' funds			1,214,982		773,707