Company registration number 00940635 (England and Wales)
PETER GRIFFITHS (STANLEY MILLS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PETER GRIFFITHS (STANLEY MILLS) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
PETER GRIFFITHS (STANLEY MILLS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
193
Investment property
4
2,580,239
2,580,239
Investments
5
287,299
287,299
2,867,538
2,867,731
Current assets
Debtors
7
1,018,738
755,059
Cash at bank and in hand
56,520
58,725
1,075,258
813,784
Creditors: amounts falling due within one year
8
(283,282)
(225,979)
Net current assets
791,976
587,805
Total assets less current liabilities
3,659,514
3,455,536
Net assets excluding pension surplus
3,659,514
3,455,536
Defined benefit pension surplus
12
548,000
119,000
Net assets
4,207,514
3,574,536
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
1,699,176
1,699,176
Profit and loss reserves
2,508,238
1,875,260
Total equity
4,207,514
3,574,536

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 30 November 2023 and are signed on its behalf by:
Mrs J May
Director
Company Registration No. 00940635
PETER GRIFFITHS (STANLEY MILLS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
100
1,699,176
1,354,702
3,053,978
Year ended 31 March 2022:
Profit for the year
-
-
268,558
268,558
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
252,000
252,000
Total comprehensive income for the year
-
-
520,558
520,558
Balance at 31 March 2022
100
1,699,176
1,875,260
3,574,536
Year ended 31 March 2023:
Profit for the year
-
-
271,978
271,978
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
361,000
361,000
Total comprehensive income for the year
-
-
632,978
632,978
Balance at 31 March 2023
100
1,699,176
2,508,238
4,207,514

The notes on pages 3 to 10 form part of these financial statements.

PETER GRIFFITHS (STANLEY MILLS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Peter Griffiths (Stanley Mills) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stanley Mills, Stonehouse, Gloucestershire, United Kingdom, GL10 3HQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be reliably measured.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% on cost
Fixtures, fittings & equipment
20% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

PETER GRIFFITHS (STANLEY MILLS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

PETER GRIFFITHS (STANLEY MILLS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
58,299
37,064
17,562
112,925
Depreciation and impairment
At 1 April 2022
58,106
37,064
17,562
112,732
Depreciation charged in the year
193
-
0
-
0
193
At 31 March 2023
58,299
37,064
17,562
112,925
Carrying amount
At 31 March 2023
-
0
-
0
-
0
-
0
At 31 March 2022
193
-
0
-
0
193
PETER GRIFFITHS (STANLEY MILLS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
2,580,239

Investment property comprises properties held by the company to earn rentals. The fair value of the investment property has been arrived at on a basis of a valuation carried out by the directors at the year end. The valuation was made on an open market value basis.

5
Fixed asset investments
2023
2022
£
£
Investments
287,299
287,299
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2022 & 31 March 2023
287,299
Carrying amount
At 31 March 2023
287,299
At 31 March 2022
287,299
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
Marlings Limited
Ordinary
100.00
Treads (UK) Limited
Ordinary
99.99
Warlord Contract Carpets Limired
Ordinary
88.97

The registered office of all of the above companies is Stanley Mills, Stonehouse, Gloucester, GL10 3HQ.

The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
PETER GRIFFITHS (STANLEY MILLS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Marlings Limited
1,851,175
172,604
Treads (UK) Limited
26,000
-
0
Warlord Contract Carpets Limired
131,300
-
0
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
42,586
42,586
Amounts owed by group undertakings
735,061
476,673
Other debtors
241,091
235,800
1,018,738
755,059
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,125
17,892
Corporation tax
1,830
-
0
Other taxation and social security
240
-
0
Other creditors
268,087
208,087
283,282
225,979
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Revaluation reserve

The revaluation reserve represents the cumulative effect of revaluations of investment property.

11
Profit and loss reserve

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

PETER GRIFFITHS (STANLEY MILLS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
12
Retirement benefit schemes
Defined benefit schemes

The company operates a defined benefit scheme for qualifying employees. Under the scheme the employees are entitled to retirement benefits of 1/60th (1.67%) of final salary for each year of employment on attainment of a retirement age of 65 . No other post retirement benefits are provided.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 31 March 2023 by Broadstone Consultants & Actuaries Limited, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

2023
2022
Key assumptions
%
%
Discount rate
4.6
2.7
Expected rate of increase of pensions in payment
2.8
3.3
Mortality assumptions
2023
2022

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
86.8
86.8
- Females
89.2
89.1
Retiring in 20 years
- Males
87.8
87.7
- Females
90.3
90.3
2023
2022

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit liability/(asset)
(4,000)
3,000
2023
2022

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
21,000
(67,000)
Less: calculated interest element
57,000
41,000
Return on scheme assets excluding interest income
78,000
(26,000)
Actuarial changes related to obligations
(439,000)
(226,000)
Total costs/(income)
(361,000)
(252,000)
PETER GRIFFITHS (STANLEY MILLS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Retirement benefit schemes
(Continued)
- 9 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2023
2022
£
£
Present value of defined benefit obligations
1,548,000
1,988,000
Fair value of plan assets
(2,096,000)
(2,107,000)
Surplus in scheme
(548,000)
(119,000)
2023

Movements in the present value of defined benefit obligations

£
Liabilities at 1 April 2022
1,988,000
Benefits paid
(54,000)
Actuarial gains and losses
(439,000)
Interest cost
53,000
At 31 March 2023
1,548,000

The defined benefit obligations arise from plans which are wholly or partly funded.

2023

Movements in the fair value of plan assets

£
Fair value of assets at 1 April 2022
2,107,000
Interest income
57,000
Return on plan assets (excluding amounts included in net interest)
(78,000)
Benefits paid
(54,000)
Contributions by the employer
64,000
At 31 March 2023
2,096,000

The actual return on plan assets was £21,000 (2022 - £67,000).

2023
2022

Fair value of plan assets at the reporting period end

£
£
Equity instruments
-
1,125,138
Debt instruments
1,194,720
132,741
Property
-
381,367
Cash / Net current assets
901,280
467,754
2,096,000
2,107,000
PETER GRIFFITHS (STANLEY MILLS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
14
Financial commitments, guarantees and contingent liabilities

On 6 June 2005 Peter Griffiths (Stanley Mills) Limited and Marlings Limited entered into a cross guarantee with Natwest Bank PLC.

 

The effect of this guarantee is that on demand by the bank, the companies will be solely or jointly liable to pay or discharge to the bank, all monies or liabilities which are due, owing or incurred by any company to the bank.

 

At the year end Marlings Limited had outstanding loans and overdrafts due to Natwest Bank PLC of £33,335 (2022: £43,034).

15
Related party transactions

During the year the company charged rent of £110,004 (2022: £110,004) and management charges of £130,000 (2022: £300,000) to Marlings Limited, a subsidiary company. At 31 March 2023, the amount due from Marlings Limited was £735,061 (2022: £476,673), this amount being included within amounts owed by group undertakings within one year.

 

During the year the company was charged management fees of £60,000 (2022: £60,000) by PG Management (Stonehouse) Limited. These management charges include charges for the services of key management personnel. At 31 March 2023 the company owed £266,005 (2022: £206,005) to PG Management (Stonehouse) Limited. This amount being included within other creditors falling due within one year. Mrs J May is a majority shareholder and director of PG Management (Stonehouse) Limited.

 

At 31 March 2023 Peter Griffiths Grandchildrens' Trust owed the company £35,412 (2022: £33,155) this amount being included within other debtors due within one year. Mrs J May is a trustee of The Peter Griffiths Grandchildrens' Trust.

 

As at 31 March 2023 there was a balance of £895 (2022: £895) due to the company from Mrs J May on her directors' loan account, this amount being included within other debtors due within one year.

16
Ultimate controlling party

The ultimate controlling party is Mrs J May.

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