Griffiths Security Limited 09606627 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is the sale and fitting of security devices. Digita Accounts Production Advanced 6.26.9041.0 true 09606627 2021-04-01 2022-03-31 09606627 2022-03-31 09606627 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 09606627 core:CurrentFinancialInstruments 2022-03-31 09606627 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09606627 core:Goodwill 2022-03-31 09606627 core:FurnitureFittingsToolsEquipment 2022-03-31 09606627 core:MotorVehicles 2022-03-31 09606627 bus:SmallEntities 2021-04-01 2022-03-31 09606627 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 09606627 bus:FullAccounts 2021-04-01 2022-03-31 09606627 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 09606627 bus:RegisteredOffice 2021-04-01 2022-03-31 09606627 bus:Director1 2021-04-01 2022-03-31 09606627 bus:Director2 2021-04-01 2022-03-31 09606627 bus:Director3 2021-04-01 2022-03-31 09606627 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 09606627 bus:Agent1 2021-04-01 2022-03-31 09606627 core:Goodwill 2021-04-01 2022-03-31 09606627 core:FurnitureFittings 2021-04-01 2022-03-31 09606627 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 09606627 core:MotorVehicles 2021-04-01 2022-03-31 09606627 core:PlantMachinery 2021-04-01 2022-03-31 09606627 countries:England 2021-04-01 2022-03-31 09606627 2021-03-31 09606627 core:Goodwill 2021-03-31 09606627 core:FurnitureFittingsToolsEquipment 2021-03-31 09606627 core:MotorVehicles 2021-03-31 09606627 2020-04-01 2021-03-31 09606627 2021-03-31 09606627 core:HirePurchaseContracts core:CurrentFinancialInstruments 2021-03-31 09606627 core:CurrentFinancialInstruments 2021-03-31 09606627 core:CurrentFinancialInstruments core:WithinOneYear 2021-03-31 09606627 core:Goodwill 2021-03-31 09606627 core:FurnitureFittingsToolsEquipment 2021-03-31 09606627 core:MotorVehicles 2021-03-31 iso4217:GBP xbrli:pure

Registration number: 09606627

Griffiths Security Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Griffiths Security Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Griffiths Security Limited

Company Information

Directors

SD Griffiths

CB Griffiths

RH Griffiths

Registered office

61 Watergate Street
Chester
CH1 2LB

Bankers

Barclays
1 Churchill Place
London
E14 5HP

Accountants

McKellens
Chartered Accountants
11 Riverview
The Embankment Business Park
Vale Road
Heaton Mersey
Stockport
SK4 3GN

 

Griffiths Security Limited

(Registration number: 09606627)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

9,099

11,699

Tangible assets

5

11,584

15,445

 

20,683

27,144

Current assets

 

Stocks

6

30,511

29,139

Debtors

7

74,851

18,934

Cash at bank and in hand

 

15,093

42,906

 

120,455

90,979

Creditors: Amounts falling due within one year

8

(106,638)

(100,071)

Net current assets/(liabilities)

 

13,817

(9,092)

Net assets

 

34,500

18,052

Capital and reserves

 

Called up share capital

120

120

Profit and loss account

34,380

17,932

Shareholders' funds

 

34,500

18,052

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 August 2022 and signed on its behalf by:
 

.........................................
CB Griffiths
Director

.........................................
RH Griffiths
Director

 
     
 

Griffiths Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
61 Watergate Street
Chester
CH1 2LB

These financial statements were authorised for issue by the Board on 26 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Griffiths Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% pa on a reducing balance basis

Plant & equipment

25% pa on a reducing balance basis

Fixtures & fittings

25% pa on a reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% pa on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Griffiths Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Griffiths Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

25,999

25,999

At 31 March 2022

25,999

25,999

Amortisation

At 1 April 2021

14,300

14,300

Amortisation charge

2,600

2,600

At 31 March 2022

16,900

16,900

Carrying amount

At 31 March 2022

9,099

9,099

At 31 March 2021

11,699

11,699

 

Griffiths Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

31,533

19,682

51,215

At 31 March 2022

31,533

19,682

51,215

Depreciation

At 1 April 2021

22,730

13,040

35,770

Charge for the year

2,201

1,660

3,861

At 31 March 2022

24,931

14,700

39,631

Carrying amount

At 31 March 2022

6,602

4,982

11,584

At 31 March 2021

8,803

6,642

15,445

6

Stocks

2022
£

2021
£

Finished goods and goods for resale

30,511

29,139

7

Debtors

2022
£

2021
£

Trade debtors

68,084

11,719

Prepayments

2,437

2,885

Other debtors

4,330

4,330

74,851

18,934

 

Griffiths Security Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

-

3,700

Trade creditors

 

10,368

5,156

Taxation and social security

 

1,649

2,072

Accruals and deferred income

 

4,241

3,718

Other creditors

 

90,380

85,425

 

106,638

100,071

9

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

-

3,700