REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
M. J. GRIFFITHS (PROPERTIES) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
M. J. GRIFFITHS (PROPERTIES) LIMITED |
M. J. GRIFFITHS (PROPERTIES) LIMITED (REGISTERED NUMBER: 04776005) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
M. J. GRIFFITHS (PROPERTIES) LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 May 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
130 Lord Street |
Southport |
Merseyside |
PR9 OAB |
M. J. GRIFFITHS (PROPERTIES) LIMITED (REGISTERED NUMBER: 04776005) |
STATEMENT OF FINANCIAL POSITION |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves | 11 | ( |
) | ( |
) |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
M. J. GRIFFITHS (PROPERTIES) LIMITED (REGISTERED NUMBER: 04776005) |
STATEMENT OF FINANCIAL POSITION - continued |
31 May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
M. J. GRIFFITHS (PROPERTIES) LIMITED (REGISTERED NUMBER: 04776005) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
M. J. Griffiths (Properties) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents net rentals receivable. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are recorded at cost or valuation less depreciation and impairment. |
Impairment of assets |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss. |
Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using 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. |
Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due. |
M. J. GRIFFITHS (PROPERTIES) LIMITED (REGISTERED NUMBER: 04776005) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
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 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 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
M. J. GRIFFITHS (PROPERTIES) LIMITED (REGISTERED NUMBER: 04776005) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
In 2013 the director considered the valuation of the property and determined that it should be revalued to reflect its true market value. In the opinion of the director there is no material difference between the market valuation and the fair value of the investment property, as stated at the balance sheet date. |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2013 | (42,243 | ) |
Cost | 892,243 |
850,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts owed to participating interests | 697,122 | 672,345 |
M. J. GRIFFITHS (PROPERTIES) LIMITED (REGISTERED NUMBER: 04776005) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans are secured by a legal charge over the investment property. |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 15,100 | 18,600 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 31 May 2023 |
11. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 June 2022 | ( |
) | 105,352 |
Profit for the year |
At 31 May 2023 | ( |
) | 111,257 |
Other reserves relate to non distributable profit and loss relating to the revaluation of investment property. |
12. | RELATED PARTY DISCLOSURES |
During the year the following transactions were undertaken with M J Griffiths Transport Limited, a company |
in which M J Griffiths is a director and shareholder: |
Paid funds of £8,333 (2022: £158,173), received funds of £50,777 and charged rents of £41,667 (2022: £41,667). A balance of £697,122 (2022: £672,345) is outstanding at the year end. |
Re-charged management costs of £24,000 (2022: £24,000). A balance of £Nil (2022: £Nil) remains outstanding at the year end. |