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REGISTERED NUMBER: 03304405 (England and Wales)















JOHN GRIGGS LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2023






JOHN GRIGGS LIMITED (REGISTERED NUMBER: 03304405)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JOHN GRIGGS LIMITED

Company Information
for the year ended 31 March 2023







DIRECTORS: John H Griggs
Howard M Johnstone
Samuel W Griggs





SECRETARY: Howard M Johnstone





REGISTERED OFFICE: Studio 2, Diamonds Business Centre
Nene Park
Attley Way
Irthlingborough
Northamptonshire
NN9 5GF





REGISTERED NUMBER: 03304405 (England and Wales)






JOHN GRIGGS LIMITED (REGISTERED NUMBER: 03304405)

Balance Sheet
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,485,000 5,804,810

CURRENT ASSETS
Debtors 5 16,104 12,817
Cash at bank 170,738 94,386
186,842 107,203
CREDITORS
Amounts falling due within one year 6 5,412,570 4,753,061
NET CURRENT LIABILITIES (5,225,728 ) (4,645,858 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,259,272

1,158,952

PROVISIONS FOR LIABILITIES 162,325 151,875
NET ASSETS 1,096,947 1,007,077

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserve 7 824,480 786,215
Retained earnings 272,367 220,762
SHAREHOLDERS' FUNDS 1,096,947 1,007,077

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

JOHN GRIGGS LIMITED (REGISTERED NUMBER: 03304405)

Balance Sheet - continued
31 March 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2023 and were signed on its behalf by:




John H Griggs - Director



Samuel W Griggs - Director


JOHN GRIGGS LIMITED (REGISTERED NUMBER: 03304405)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

John Griggs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

As at 31st March 2023, the company's balance sheet reflected net current liabilities. However, included within creditors falling due within one year is an amount due to a company director in excess of the net current liabilities. The director has confirmed that repayment of this amount will not be requested until such time as the company has sufficient funds available. Accordingly, the directors consider the going concern basis of preparation to be appropriate.

Significant judgements and estimates
Investment Properties

The value of the properties is assessed by an independent property valuation specialist at each reporting date using publicly available market evidence comprising primarily of values of comparable properties in the area and national market statistics. However, it is inherently difficult to assess the true market value of the properties without actively marketing the properties for sale.

Investment property
The company's properties are held for long-term investment and depreciation is not provided in respect of such properties. This policy represents a departure from the statutory accounting principles, which require depreciation to be provided on all fixed assets. The Directors consider that this policy is necessary in order that the financial statements may give a true and fair view.

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

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

JOHN GRIGGS LIMITED (REGISTERED NUMBER: 03304405)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 5,804,810
Additions 652,375
Revaluations 27,815
At 31 March 2023 6,485,000
NET BOOK VALUE
At 31 March 2023 6,485,000
At 31 March 2022 5,804,810

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2017 241,111
Valuation in 2018 220,297
Valuation in 2019 5,000
Valuation in 2020 (6,272 )
Valuation in 2021 299,026
Valuation in 2022 178,927
Valuation in 2023 27,815
Cost 5,519,096
6,485,000

Investment property fair value at 31st March 2023 is based on valuations made by the directors with reference to external, independent valuers, having appropriate recognised professional qualifications and recent experience in the locations and class of properties being valued.

In accordance with the requirements of FRS102 relating to investment properties any gain or loss arising from a change in fair value is recognised in the profit or loss in that accounting period.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Other debtors 16,104 12,817

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Taxation and social security 16,996 12,109
Other creditors 5,395,574 4,740,952
5,412,570 4,753,061

Included in other creditors is a directors loan account that has no fixed date for repayment, no interest charge or formal loan documentation. Accordingly the loan is treated as repayable on demand.

JOHN GRIGGS LIMITED (REGISTERED NUMBER: 03304405)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

7. RESERVES
Other
reserve
£   
At 1 April 2022 786,215
Transfer movement in year 38,265

At 31 March 2023 824,480