Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302022-07-01falseNo description of principal activity63truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10627255 2022-07-01 2023-06-30 10627255 2023-06-30 10627255 2021-07-01 2022-06-30 10627255 2022-06-30 10627255 c:Director1 2022-07-01 2023-06-30 10627255 d:FreeholdInvestmentProperty 2022-07-01 2023-06-30 10627255 d:FreeholdInvestmentProperty 2023-06-30 10627255 d:FreeholdInvestmentProperty 2022-06-30 10627255 d:CurrentFinancialInstruments 2023-06-30 10627255 d:CurrentFinancialInstruments 2022-06-30 10627255 d:Non-currentFinancialInstruments 2023-06-30 10627255 d:Non-currentFinancialInstruments 2022-06-30 10627255 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10627255 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 10627255 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 10627255 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 10627255 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 10627255 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 10627255 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 10627255 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 10627255 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 10627255 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-06-30 10627255 d:ShareCapital 2023-06-30 10627255 d:ShareCapital 2022-06-30 10627255 d:SharePremium 2023-06-30 10627255 d:SharePremium 2022-06-30 10627255 d:RetainedEarningsAccumulatedLosses 2023-06-30 10627255 d:RetainedEarningsAccumulatedLosses 2022-06-30 10627255 c:OrdinaryShareClass1 2022-07-01 2023-06-30 10627255 c:OrdinaryShareClass1 2023-06-30 10627255 c:OrdinaryShareClass1 2022-06-30 10627255 c:OrdinaryShareClass2 2022-07-01 2023-06-30 10627255 c:OrdinaryShareClass2 2023-06-30 10627255 c:OrdinaryShareClass2 2022-06-30 10627255 c:FRS102 2022-07-01 2023-06-30 10627255 c:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 10627255 c:FullAccounts 2022-07-01 2023-06-30 10627255 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10627255 d:Subsidiary1 2022-07-01 2023-06-30 10627255 d:Subsidiary1 1 2022-07-01 2023-06-30 10627255 d:Subsidiary2 2022-07-01 2023-06-30 10627255 d:Subsidiary2 1 2022-07-01 2023-06-30 10627255 d:Subsidiary3 2022-07-01 2023-06-30 10627255 d:Subsidiary3 1 2022-07-01 2023-06-30 10627255 d:Subsidiary4 2022-07-01 2023-06-30 10627255 d:Subsidiary4 1 2022-07-01 2023-06-30 10627255 d:Subsidiary5 2022-07-01 2023-06-30 10627255 d:Subsidiary5 1 2022-07-01 2023-06-30 10627255 d:Subsidiary6 2022-07-01 2023-06-30 10627255 d:Subsidiary6 1 2022-07-01 2023-06-30 10627255 d:Subsidiary7 2022-07-01 2023-06-30 10627255 d:Subsidiary7 1 2022-07-01 2023-06-30 10627255 d:Subsidiary8 2022-07-01 2023-06-30 10627255 d:Subsidiary8 1 2022-07-01 2023-06-30 10627255 6 2022-07-01 2023-06-30 10627255 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10627255


GRIFO DEVELOPMENTS LIMITED








UNAUDITED

PAGES FOR FILING WITH REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
GRIFO DEVELOPMENTS LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GRIFO DEVELOPMENTS 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 Developments 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 Developments 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 Developments Limited  and state those matters that we have agreed to state to the Board of Directors of Grifo Developments 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 Developments Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Grifo Developments 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 Developments Limited. You consider that Grifo Developments 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 Developments 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 DEVELOPMENTS LIMITED
REGISTERED NUMBER: 10627255

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
10,157,700
10,157,700

Investment property
 5 
10,873,316
6,672,458

  
21,031,016
16,830,158

Current assets
  

Debtors: amounts falling due within one year
 6 
1,917,191
3,044,259

Cash at bank and in hand
 7 
4,213
227,720

  
1,921,404
3,271,979

Creditors: amounts falling due within one year
 8 
(3,833,961)
(4,604,748)

Net current liabilities
  
 
 
(1,912,557)
 
 
(1,332,769)

Total assets less current liabilities
  
19,118,459
15,497,389

Creditors: amounts falling due after more than one year
 9 
(1,153,249)
(1,168,613)

  

Net assets
  
17,965,210
14,328,776


Capital and reserves
  

Called up share capital 
 11 
18,381,021
15,142,392

Share premium account
  
2,286,640
1,390,211

Profit and loss account
  
(2,702,451)
(2,203,827)

  
17,965,210
14,328,776


Page 2

 
GRIFO DEVELOPMENTS LIMITED
REGISTERED NUMBER: 10627255
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

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.

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: 




................................................
Stephen James Groves
Director
Date: 28 March 2024

Page 3

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

1.


General information

Grifo Development Limited is a private company limited by share capital, incorporated in England and Wales, with registration number 10627255.  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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.4

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.

 
2.5

Borrowing costs

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

Page 4

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

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 5

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

2.Accounting policies (continued)

 
2.12

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.

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.

Page 6

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

3.


Employees

2023
2022
£
£

Wages and salaries
267,705
378,821

Social security costs
34,733
49,615

Cost of defined contribution scheme
81
-

302,519
428,436


The average monthly number of employees, including directors, during the year was 6 (2022 - 3).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2022
10,157,700



At 30 June 2023
10,157,700




Page 7

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Grifo Development Albion Limited
Suite 20, The Business Terrace Maidstone House, King Street, Maidstone, Kent, United Kingdom, ME15 6JQ
Ordinary
100%
Grifo Development Orb Limited
Suite 20, The Business Terrace Maidstone House, King Street, Maidstone, Kent, United Kingdom, ME15 6JQ
Ordinary
100%
Hero Living Limited
Suite 20, The Business Terrace Maidstone House, King Street, Maidstone, Kent, United Kingdom, ME15 6JQ
Ordinary
100%
Grifo Development St Georges Limited
Suite 20, The Business Terrace Maidstone House, King Street, Maidstone, Kent, United Kingdom, ME15 6JQ
Ordinary
100%
Grifo Development Westcliffe Limited
Suite 20, The Business Terrace Maidstone House, King Street, Maidstone, Kent, United Kingdom, ME15 6JQ
Ordinary
100%
Grifo Development Ramsgate Road Limited
Suite 20, The Business Terrace Maidstone House, King Street, Maidstone, Kent, United Kingdom, ME15 6JQ
Ordinary
100%
Grifo Development Elliot House Limited
Suite 20, The Business Terrace Maidstone House, King Street, Maidstone, Kent, United Kingdom, ME15 6JQ
Ordinary
100%
Grifo Developments Sea Road Limited
Suite 20, The Business Terrace Maidstone House, King Street, Maidstone, Kent, United Kingdom, ME15 6JQ
Ordinary
100%

Page 8

 
GRIFO DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 30 June 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Grifo Development Albion Limited
1,178,303
(173,797)

Grifo Development Orb Limited
175,388
(214,712)

Hero Living Limited
(119,122)
(119,222)

Grifo Development St Georges Limited
(20)
(120)

Grifo Development Westcliffe Limited
7,893,294
(521,706)

Grifo Development Ramsgate Road Limited
(2,596)
(2,696)

Grifo Development Elliot House Limited
-
(100)

Grifo Developments Sea Road Limited
(132)
(232)

Page 9

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

5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2022
6,672,458


Additions at cost
4,200,858



At 30 June 2023
10,873,316

The directors obtained a valuation which stated the market value is in excess of the historic cost value and therefore no impairment is needed.




Page 10

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

6.


Debtors

2023
2022
£
£


Trade debtors
1,300
-

Amounts owed by group undertakings
1,753,954
1,567,542

Other debtors
18,750
376,410

Called up share capital not paid
100,002
1,074,945

Prepayments and accrued income
43,185
25,362

1,917,191
3,044,259



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,213
227,720

4,213
227,720



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
15,200
15,200

Trade creditors
7,522
28,268

Amounts owed to group undertakings
3,682,975
4,538,468

Other creditors
106,442
19,610

Accruals and deferred income
21,822
3,202

3,833,961
4,604,748


Page 11

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

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
1,153,249
1,168,613

1,153,249
1,168,613


The loan shown above of £1,153,249 (2022 : £1,168,613) is secured in favour of Lloyds Bank Plc by way of a fixed charge over the assets of the company.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
15,200
15,200


15,200
15,200

Amounts falling due 1-2 years

Other loans
15,200
15,200


15,200
15,200

Amounts falling due 2-5 years

Other loans
32,205
32,205


32,205
32,205

Amounts falling due after more than 5 years

Other loans
1,105,844
1,121,207

1,105,844
1,121,207

1,168,449
1,183,812



11.


Share capital

2023
2022
£
£
Page 12

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

11.Share capital (continued)

Allotted, called up and fully paid



18,365,914 (2022 - 14,642,342) Ordinary A shares of £1.00 each
18,365,914
14,642,342
1,510,722 (2022 - 1,510,722) Ordinary B shares of £0.01 each
15,107
15,107

18,381,021

14,657,449

Allotted, called up and partly paid



0 (2022 - 484,943) Ordinary A shares of £1.00 each
-
484,943


On 22 March 2023 3,760,000 £1 Ordinary A Shares were issued at £1.25 per share and 396,000 £1 Ordinary A Shares were issued at £1.77 per share.
During the period 881,372 unpaid £1 Ordinary A Shares were forfeited.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £81 (2022 - £Nil).


13.


Future receipts under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


14.


Related party transactions

During the period amounts were advanced to/by other entities within the Grifo Developments Limited corporate group.  At the period end the following amounts were included within debtors:-
Grifo Development Westcliffe 2 Limited - £26,410 (2022 : £Nil)
Grifo Development Orb Limited - £1,422,811 (2022 : £1,203,233)
Grifo Development Albion Limited - £156,350 (2022: £342,386)
Grifo Development St Georges Limited - £20 (2022 : £Nil)
Grifo Development Ramsgate Road Limited - £Nil (2022 : £22,124)
Hero Living Limited - £148,363 (2022 : £Nil)
At the period end the following amounts were included within creditors:-
Grifo Development Westcliffe Limited - £3,348,627 (2022 : £4,493,916)
Grifo Development Orb 2 Limited - £185,077 (2022 : £Nil)
Grifo Development Ramsgate Road Limited - £2,462 (2022 : £Nil)
Grifo Development Ramsgate Road 2 Limited - £46,470 (2022 : £44,452)
Grifo Development Elliott House Limited - £32,303 (2022 : £Nil)
Grifo Development Sea Road Limited - £68,036 (2022 : £Nil)

 
Page 13