Corriewood Lodge Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: NI603608 (Northern Ireland)

CORRIEWOOD LODGE LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Ann Monica Byrne

Mary Imelda McGrady

Steven Close

REGISTERED OFFICE:

1 Drumbuck Road

Castlewellan

BT31 9NG

REGISTERED NUMBER:

NI603608 (Northern Ireland)

INDEPENDENT AUDITORS:

CavanaghKelly

Chartered Accountants and Statutory Auditors

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Intangible assets

5

-

-

Tangible assets

6

1,631,776

1,690,787

1,631,776

1,690,787

CURRENT ASSETS

Receivables: amounts falling due within one year

7

1,944,279

1,995,714

Cash at bank

242,121

140,626

2,186,400

2,136,340

PAYABLES

Amounts falling due within one year

8

(554,029

)

(534,615

)

NET CURRENT ASSETS

1,632,371

1,601,725

TOTAL ASSETS LESS CURRENT LIABILITIES

3,264,147

3,292,512

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,264,047

3,292,412

3,264,147

3,292,512

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 May 2023 and were signed on its behalf by:

Steven Close - Director

1.	STATUTORY INFORMATION

Corriewood lodge is a private company, limited by shares, registered in Northern Ireland, within the United Kingdom. The company's registered number and registered office address can be found on the company information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise Judgment in applying the company's accounting policies. No critical judgements or critical accounting estimates have been applied to these financial statements.

The following principal accounting policies have been applied consistently unless otherwise stated:

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Provision of services:

Revenue from a contract to provide services is recognised in the period in which the services are provided. The following criteria must also be met before revenue is recognised:

- the amount of revenue can be measured reliably;

- it is probable that future economic benefits will flow through the company

- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Property, plant and equipment

Property, plant and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to making the asset capable of operating as intended.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Freehold property

2% Straight line

Plant and machinery

20% Reducing balance

Fixtures, fittings and equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Equipment

33% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are

not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic

basis over the periods in which the company recognises the related costs for which the grant is

intended to compensate. Grants that are receivable as compensation for expenses or losses

already incurred or for the purpose of giving immediate financial support to the entity with no

future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Share Capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends and distribution to equity holders

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial period in which the dividends and other distributions are approved by the company's shareholders.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2021 - 65 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2021

and 30 November 2022

500,000

AMORTISATION

At 1 December 2021

and 30 November 2022

500,000

NET BOOK VALUE

At 30 November 2022

-

At 30 November 2021

-

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 December 2021

and 30 November 2022

2,065,702

138,207

385,914

DEPRECIATION

At 1 December 2021

451,684

108,293

345,767

Charge for year

41,314

5,983

10,037

At 30 November 2022

492,998

114,276

355,804

NET BOOK VALUE

At 30 November 2022

1,572,704

23,931

30,110

At 30 November 2021

1,614,018

29,914

40,147

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 December 2021

and 30 November 2022

43,375

12,507

2,645,705

DEPRECIATION

At 1 December 2021

36,667

12,507

954,918

Charge for year

1,677

-

59,011

At 30 November 2022

38,344

12,507

1,013,929

NET BOOK VALUE

At 30 November 2022

5,031

-

1,631,776

At 30 November 2021

6,708

-

1,690,787

7.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade receivables

102,961

76,238

Other receivables

32,224

33,567

Amounts owed by group undertakings

1,809,094

1,885,909

1,944,279

1,995,714

The amounts owed by group undertakings- are interest free and recoverable on demand

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade payables

67,900

55,386

Amounts owed to group undertakings

209,556

196,376

Tax

197,412

189,848

Social security and other taxes

20,875

18,440

Accruals and deferred income

58,286

74,565

554,029

534,615

The amounts owed by group undertakings- are interest free and recoverable on demand

An intercompany cross guarantee is in place with regards to the group borrowings from Bank of Ireland. This is secured over the assets and undertakings of Corriewood Private Clinic Limited, Corriewood Estates (N.I.) Limited, Corriewood Lodge Limited, Corriewood Developments Limited, Corriewood Holdings and G&M Lodge Caring Limited.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Desmond Kelly (F.C.A) (Senior Statutory Auditor)

for and on behalf of CavanaghKelly

10.	RELATED PARTY DISCLOSURES

During the year the company was under the control of its directors and parent company.

The company has taken advantage of the exemption available in Financial Reporting Standard 102 section 1A and has not disclosed transactions with fellow group members.

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Corriewood Holdings Limited, a company incorporated in Northern Ireland. The address of Corriewood Holdings Limited is 1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG.

The only group in which the results of the company are consolidated is that headed by Corriewood Holdings Limited. The consolidated accounts of the group are available to the public at:

Companies House

Second Floor

The Linenhall

32-38 Linenhall Street

Belfast

The directors consider there to be no single ultimate controlling party, due to no shareholder holding a majority interest in Corriewood Holdings Limited.