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REGISTERED NUMBER: 04776005 (England and Wales)


















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: M J Griffiths



REGISTERED OFFICE: Tollgate Crescent
Burscough Industrial Estate
Burscough
Ormskirk
Lancashire
L40 8LT



REGISTERED NUMBER: 04776005 (England and Wales)



ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Natwest Bank Plc
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 69,343 74,263
Investment property 5 850,000 850,000
919,343 924,263

CURRENT ASSETS
Debtors 6 3,654 4,347
Cash at bank and in hand 101 2,614
3,755 6,961
CREDITORS
Amounts falling due within one year 7 38,128 37,176
NET CURRENT LIABILITIES (34,373 ) (30,215 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

884,970

894,048

CREDITORS
Amounts falling due after more than one
year

8

(758,513

)

(769,996

)

PROVISIONS FOR LIABILITIES 10 (15,100 ) (18,600 )
NET ASSETS 111,357 105,452

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 11 (42,243 ) (42,243 )
Retained earnings 11 153,500 147,595
SHAREHOLDERS' FUNDS 111,357 105,452

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

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

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


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 director and authorised for issue on 22 November 2023 and were signed by:





M J Griffiths - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

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 120,000
DEPRECIATION
At 1 June 2022 45,737
Charge for year 4,920
At 31 May 2023 50,657
NET BOOK VALUE
At 31 May 2023 69,343
At 31 May 2022 74,263


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 850,000
NET BOOK VALUE
At 31 May 2023 850,000
At 31 May 2022 850,000

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 2,688 2,688
Other debtors 966 1,659
3,654 4,347

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 36,657 35,762
Other creditors 1,471 1,414
38,128 37,176

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 61,391 97,651
Amounts owed to participating interests 697,122 672,345
758,513 769,996

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 98,048 133,413

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 18,600
Credit to Income Statement during year (3,500 )
Balance at 31 May 2023 15,100

11. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 June 2022 147,595 (42,243 ) 105,352
Profit for the year 5,905 5,905
At 31 May 2023 153,500 (42,243 ) 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.