Company No: 13327025 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	422,604		603,987
		422,604		603,987
Current assets
Debtors	4	92,666		120,799
Cash at bank and in hand		135		5,271
		92,801		126,070
Creditors: amounts falling due within one year	5	( 6,737)		( 18,297)
Net current assets		86,064		107,773
Total assets less current liabilities		508,668		711,760
Creditors: amounts falling due after more than one year	6	( 1,024,696)		( 1,003,196)
Provision for liabilities	7	0		( 33,008)
Net liabilities		( 516,028)		( 324,444)
Capital and reserves
Called-up share capital	8	65		65
Profit and loss account		( 516,093 )		( 324,509 )
Total shareholders' deficit		( 516,028)		( 324,444)

For the financial year ending 31 October 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Corigan Ltd (registered number: 13327025) were approved and authorised for issue by the Director on 30 October 2026. They were signed on its behalf by:

James Alexander Hayward Moffat Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Corigan Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Brook House Manor Drive, Clyst St. Mary, Exeter, EX5 1GD, United Kingdom. The principal place of business is Clyst House, Manor Drive, Exeter, EX5 1FY.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £517,188. The Company is supported through loans from the associated company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the associated company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the reporting date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the reporting date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

5 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		3

3. Intangible assets

	Development costs		Total
	£		£
Cost
At 01 November 2024	906,913		906,913
At 31 October 2025	906,913		906,913
Accumulated amortisation
At 01 November 2024	302,926		302,926
Charge for the financial year	181,383		181,383
At 31 October 2025	484,309		484,309
Net book value
At 31 October 2025	422,604		422,604
At 31 October 2024	603,987		603,987

4. Debtors

	2025		2024
	£		£
Trade debtors	0		4,205
Amounts owed by director	65,892		63,516
Prepayments	0		318
VAT recoverable	4,027		12,309
Corporation tax	0		18,506
Other debtors	22,747		21,945
	92,666		120,799

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	2,153		10,862
Accruals	3,304		4,464
Taxation and social security	1,280		2,752
Other creditors	0		219
	6,737		18,297

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other loans	200,000		200,000
Other creditors	824,696		803,196
	1,024,696		1,003,196

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 33,008)		( 53,908)
Credited to the Statement of Income and Retained Earnings	33,008		20,900
At the end of financial year	0		( 33,008)

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
6,500 Ordinary shares of £ 0.01 each	65		65

9. Related party transactions

Transactions with the entity's director

	2025		2024
	£		£
Amounts owed by/(to) the director	65,892		63,516

Interest is charged on overdrawn balance at the HMRC approved rate and there are no fixed repayment terms.

Other related party transactions

	2025		2024
	£		£
Amounts owed by/(to) a company under common control	(824,696)		(803,196)

No interest is charged on the balance and there are no fixed repayment terms.