REGISTERED NUMBER:
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CORRIDAN PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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REGISTERED NUMBER:
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CORRIDAN PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Certified Accountants' Report | 8 |
CORRIDAN PROPERTIES LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
The Riding School House |
Bulls Lane |
Wishaw |
Sutton Coldfield |
West Midlands |
B76 9QW |
CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441) |
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BALANCE SHEET |
31 December 2016 |
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31/12/16 | 31/12/15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Fair value reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441) |
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BALANCE SHEET - continued |
31 December 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Corridan Properties Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on the going concern basis. However, the company had |
net current liabilities amounting to £328,349 (2015 : £228,843) at the balance sheet date. In order to |
continue trading, the company is reliant upon the continued support of the company's directors. As at |
the year end the directors' loan account included within 'Creditors due within one year' was £351,410 |
(2015 : £351,035). It has been indicated that this support will continue. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss |
Account, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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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. |
CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Investment properties |
Investment properties are properties which are held either to earn rental income or for capital |
appreciation or for both. |
Investment properties are recognised initially at cost. |
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Subsequent to initial recognition : |
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i. Investment properties, whose fair value can be measured reliably without undue cost or effort, are |
held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit |
or loss account in the period that they arise; and |
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ii. No depreciation is provided in respect of investment properties applying the fair value model. |
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This treatment, as regards the company's investment properties, may be a departure from the |
requirements of the Companies Act, concerning depreciation of tangible fixed assets. However, these |
properties are held for their investment potential and not for use by the company and so their current |
value is of prime importance. The departure from the provisions of the Act is required in order to give a |
true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and |
the amount which might otherwise have been shown cannot be separately identified or quantified. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 January 2016 |
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Revaluations |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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The fair value of the investment properties of £680,000 is based on a valuation by the directors, having |
used publicly available market evidence to assess the current market value of each asset. |
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6. | DEBTORS |
31/12/16 | 31/12/15 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/16 | 31/12/15 |
£ | £ |
Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/12/16 | 31/12/15 |
£ | £ |
Other creditors |
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CORRIDAN PROPERTIES LIMITED (REGISTERED NUMBER: 04938441) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2016 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/12/16 | 31/12/15 |
£ | £ |
Other loans | 103,075 | 103,075 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/16 | 31/12/15 |
value: | £ | £ |
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Ordinary "A" shares | 1 | 510 | 510 |
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Ordinary "B" shares | 1 | 250 | 250 |
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Ordinary "C" shares | 1 | 240 | 240 |
1,000 | 1,000 |
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11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2016 |
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314,891 |
Profit for the year |
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Transfer to fair value reserve | (32,304 | ) | 32,304 | - |
At 31 December 2016 |
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350,726 |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the year end the company owed PGJ Corridan and MC Corridan the sum of £351,410 (2015 : |
£351,035) on their directors' loan account. The loan was interest free with no fixed date for repayment |
and is therefore deemed to be repayable on demand. |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is D Corridan. |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CORRIDAN PROPERTIES LIMITED |
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The following reproduces the text of the report prepared for the directors and members in respect of |
the company's annual unaudited financial statements. In accordance with the Companies Act 2006, |
the company is only required to file a Balance Sheet. Readers are cautioned that the Income |
Statement and certain other primary statements and the Report of the Directors are not required to be |
filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Corridan Properties Limited for the year ended 31 December 2016 which comprise |
the Income Statement, Other Comprehensive Income, Balance Sheet, and the related notes from the |
company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
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This report is made solely to the Board of Directors of Corridan Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Corridan Properties Limited and state those matters that we have agreed to state to the Board of Directors of Corridan Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Corridan Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Corridan Properties Limited. You consider that Corridan Properties Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Corridan Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Certified Accountants |
The Riding School House |
Bulls Lane |
Wishaw |
Sutton Coldfield |
West Midlands |
B76 9QW |
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