Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302false2022-07-01No description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13076211 2022-07-01 2023-06-30 13076211 2023-06-30 13076211 2021-07-01 2022-06-30 13076211 2022-06-30 13076211 c:Director1 2022-07-01 2023-06-30 13076211 d:FreeholdInvestmentProperty 2022-07-01 2023-06-30 13076211 d:FreeholdInvestmentProperty 2023-06-30 13076211 d:FreeholdInvestmentProperty 2022-06-30 13076211 d:CurrentFinancialInstruments 2023-06-30 13076211 d:CurrentFinancialInstruments 2022-06-30 13076211 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 13076211 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 13076211 d:ShareCapital 2023-06-30 13076211 d:ShareCapital 2022-06-30 13076211 d:RetainedEarningsAccumulatedLosses 2023-06-30 13076211 d:RetainedEarningsAccumulatedLosses 2022-06-30 13076211 c:OrdinaryShareClass1 2022-07-01 2023-06-30 13076211 c:OrdinaryShareClass1 2023-06-30 13076211 c:OrdinaryShareClass1 2022-06-30 13076211 c:FRS102 2022-07-01 2023-06-30 13076211 c:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 13076211 c:FullAccounts 2022-07-01 2023-06-30 13076211 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 13076211 6 2022-07-01 2023-06-30 13076211 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 13076211


GRIFO DEVELOPMENT ORB LIMITED








UNAUDITED

PAGES FOR FILING WITH REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
GRIFO DEVELOPMENT ORB LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GRIFO DEVELOPMENT ORB LIMITED
FOR THE YEAR ENDED 30 JUNE 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grifo Development Orb Limited for the year ended 30 June 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of Directors of Grifo Development Orb Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Grifo Development Orb Limited and state those matters that we have agreed to state to the Board of Directors of Grifo Development Orb Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grifo Development Orb Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Grifo Development Orb Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Grifo Development Orb Limited. You consider that Grifo Development Orb Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Grifo Development Orb Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Wellers
Accountants
1 Vincent Square
London
SW1P 2PN
28 March 2024
Page 1

 
GRIFO DEVELOPMENT ORB LIMITED
REGISTERED NUMBER: 13076211

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
100
100

Investment property
 5 
2,836,779
2,592,695

  
2,836,879
2,592,795

Current assets
  

Debtors: amounts falling due within one year
 6 
267,497
-

Cash at bank and in hand
 7 
7,822
59,726

  
275,319
59,726

Creditors: amounts falling due within one year
 8 
(2,936,810)
(2,326,433)

Net current liabilities
  
 
 
(2,661,491)
 
 
(2,266,707)

Total assets less current liabilities
  
175,388
326,088

  

Net assets
  
175,388
326,088


Capital and reserves
  

Called up share capital 
 9 
390,100
390,100

Profit and loss account
  
(214,712)
(64,012)

  
175,388
326,088


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

Page 2

 
GRIFO DEVELOPMENT ORB LIMITED
REGISTERED NUMBER: 13076211
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S J Groves
Director
Date: 28 March 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
GRIFO DEVELOPMENT ORB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Grifo Development Orb Limited is a private company limited by share capital, incorporated in England and Wales, with registration number 13076211.  The registered office is 1 Vincent Square, London SW1P 2PN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
GRIFO DEVELOPMENT ORB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
GRIFO DEVELOPMENT ORB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
100



At 30 June 2023
100




Page 6

 
GRIFO DEVELOPMENT ORB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2022
2,592,695


Additions at cost
244,084



At 30 June 2023
2,836,779

The directors consider that the market value is in excess of the historic cost value and that no impairment
is needed.








6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
266,530
-

Prepayments and accrued income
967
-

267,497
-



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,822
59,726

7,822
59,726


Page 7

 
GRIFO DEVELOPMENT ORB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,500,000
1,122,000

Amounts owed to group undertakings
1,422,811
1,203,433

Accruals and deferred income
13,999
1,000

2,936,810
2,326,433


The bank loan above is secured in favour of Arbuthnot Latham & Co. Limited by way of a fixed and floating charge over the assets of the company.









9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



390,100 (2022 - 390,100) Ordinary shares of £1.00 each
390,100
390,100



10.


Controlling party

The controlling party is Grifo Developments Limited by virtue of it's 100% shareholding.

 
Page 8