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 2025

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 (%)
	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


		2025		2024
	Average number of employees during the year	15		15

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 October 24	600,000	600,000
At 30 September 25	600,000	600,000
Amortisation and impairment
At 01 October 24	600,000	600,000
At 30 September 25	600,000	600,000
Net book value
At 30 September 25	-	-
At 30 September 24	-	-

4.	Tangible fixed assets

	Vehicles	Fixtures & fittings	Total
	£	£	£
Cost or valuation
At 01 October 24	238,947	32,308	271,255
Additions	92,784	4,695	97,479
Disposals	(34,570)	-	(34,570)
At 30 September 25	297,161	37,003	334,164
Depreciation and impairment
At 01 October 24	156,863	17,958	174,821
Charge for year	32,686	3,809	36,495
On disposals	(23,136)	-	(23,136)
At 30 September 25	166,413	21,767	188,180
Net book value
At 30 September 25	130,748	15,236	145,984
At 30 September 24	82,084	14,350	96,434

5.	Stocks

	2025	2024
	£	£
Finished goods	7,170	10,840
Total	7,170	10,840

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	535,145	1,210,989
Other debtors	721,453	464,754
Prepayments and accrued income	301,310	166,494
Total	1,557,908	1,842,237

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	712,109	1,003,230
Bank borrowings and overdrafts	7,886	24,924
Taxation and social security	619,144	766,351
Finance lease and HP contracts	6,800	10,300
Other creditors	122,131	122,178
Accrued liabilities and deferred income	5,250	5,199
Total	1,473,320	1,932,182


	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

	2025	2024
	£	£
Bank borrowings and overdrafts	-	7,878
Other creditors	155,527	324,788
Total	155,527	332,666

9.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	10,200		26,333


	The hire purchase creditors, due both within and after more than one year, are secured against the asset to which it relates.

10.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	36,496	24,108
Total	36,496	24,108

11.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
Mr G Chapman	207,714	141,513	0	349,227
Mr R Corrigan	185,989	106,729	0	292,718
	393,703	248,242	0	641,945


	A commercial rate of interest is being charged on the loan.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		145,984		96,434
			145,984		96,434
Current assets
Stocks	5	7,170		10,840
Debtors	6	1,557,908		1,842,237
Cash at bank and on hand		1,620,692		1,554,427
		3,185,770		3,407,504
Creditors amounts falling due within one year	7	(1,473,320)		(1,932,182)
Net current assets (liabilities)			1,712,450		1,475,322
Total assets less current liabilities			1,858,434		1,571,756
Creditors amounts falling due after one year	8		(155,527)		(332,666)
Provisions for liabilities	10		(36,496)		(24,108)
Net assets			1,666,411		1,214,982
Capital and reserves
Called up share capital			51,000		51,000
Profit and loss account			1,615,411		1,163,982
Shareholders' funds			1,666,411		1,214,982