REGISTERED NUMBER: |
R GRIGGS & CO. LIMITED |
Unaudited Financial Statements |
for the Period 1 April 2022 to 30 June 2023 |
REGISTERED NUMBER: |
R GRIGGS & CO. LIMITED |
Unaudited Financial Statements |
for the Period 1 April 2022 to 30 June 2023 |
R GRIGGS & CO. LIMITED (REGISTERED NUMBER: 08818296) |
Contents of the Financial Statements |
for the period 1 April 2022 to 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
R GRIGGS & CO. LIMITED |
Company Information |
for the period 1 April 2022 to 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
R GRIGGS & CO. LIMITED (REGISTERED NUMBER: 08818296) |
Balance Sheet |
30 June 2023 |
30/6/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
R GRIGGS & CO. LIMITED (REGISTERED NUMBER: 08818296) |
Balance Sheet - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
R GRIGGS & CO. LIMITED (REGISTERED NUMBER: 08818296) |
Notes to the Financial Statements |
for the period 1 April 2022 to 30 June 2023 |
1. | STATUTORY INFORMATION |
R Griggs & Co. Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at the balance sheet date the company's balance sheet shows net current liabilities. This is due in the main to a bank loan which is deemed repayable on demand and also investment management expenses having been accrued as at the balance sheet date which were charged to the portfolio after the balance sheet date. Given the value of the investment portfolio the directors consider that this is a short term timing difference and that the going concern basis of preparation is appropriate. |
Significant judgements and estimates |
The Directors exercise their expertise and judgement in the appointment of investment managers and the monitoring of their performance with regard to the company's investment portfolio. |
Taxation |
Taxation for the period 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 period 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. |
Investments |
The company values its investments at fair value at each balance sheet date, such fair values being obtained by an annual report produced by the financial institution charged with managing such investments Any increase or decrease in fair value is taken initially to the profit and loss account.. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
R GRIGGS & CO. LIMITED (REGISTERED NUMBER: 08818296) |
Notes to the Financial Statements - continued |
for the period 1 April 2022 to 30 June 2023 |
4. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
30/6/23 | 31/3/22 |
£ | £ |
Fair value brought forward | 70,027,985 | 52,701,790 |
Net additions/disposals |
in the year | 1,437,889 | 15,333,144 |
Adjustment to fair value | (652,272 | ) | 1,993,051 |
70,813,602 | 70,027,985 |
The company has managed investment portfolios as at the balance sheet date these being held with HSBC Private Bank (UK) Limited and Rothschild Bank (CI) Limited. |
The portfolios comprise a cross section of securities, bonds and cash and provide returns by way of dividend income, fixed interest from gilt-edged securities and capital gains from the regular purchase and sale of such stocks. |
Each of the investment portfolios is valued as at 31 March each year by the respective institution at rates prevailing at the balance sheet date. Where the portfolio includes cash balances held with the fund managers these amounts have been included within the valuation of the respective portfolio as such liquid funds are used solely for investment purposes as opposed to any working capital requirements . |
Any increase above the carrying value of the investments at book cost is taken to the fair value reserve at the balance sheet date so as to include the investment portfolios at their fair value as of the balance sheet date. Therefore the note discloses the net additions into the funds after all other transactions. |
If fixed asset investments had not been included at their fair value as required by FRS 102 they would have been stated at historical cost of £63,226,170 (2022 : £64,811,363). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 31/3/22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 31/3/22 |
£ | £ |
Taxation and social security |
Other creditors |
Included in other creditors are loans from a Trust which are unsecured, carry no interest charge and are not subject to a formal agreement. Accordingly such loans are treated as repayable on demand and accounted for at cost less impairment. |
The bank loan facility is subject to interest which the provider encompasses within the investment portfolio and offsets against the total investment income each period. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/6/23 | 31/3/22 |
£ | £ |
Other creditors |
R GRIGGS & CO. LIMITED (REGISTERED NUMBER: 08818296) |
Notes to the Financial Statements - continued |
for the period 1 April 2022 to 30 June 2023 |
8. | RELATED PARTY DISCLOSURES |
During the year the WM Griggs 1989 Settlement introduced funds by way of loans amounting to £200,000 which the company has used to make additional investments during the year.The company was charged £6,711 for management expenses during the year. As at the 31st March 2023 the amount owed to the Trust was £52,004,140 (2022 : £51,797,429 ). The loans carry no interest, are unsecured and have no set repayment date. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the W M Griggs 1989 Settlement, a trust of which the directors and their family have overall control. |