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COMPANY REGISTRATION NUMBER: 13814828
GRIFFITHS REAL ESTATE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
GRIFFITHS REAL ESTATE LIMITED
FINANCIAL STATEMENTS
Year ended 31 December 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
GRIFFITHS REAL ESTATE LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
4
130,000
130,000
CURRENT ASSETS
Cash at bank and in hand
4,148
1,381
CREDITORS: amounts falling due within one year
5
( 1,534)
( 124,283)
-------
---------
NET CURRENT ASSETS/(LIABILITIES)
2,614
( 122,902)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
132,614
7,098
CREDITORS: amounts falling due after more than one year
6
( 141,406)
---------
-------
NET (LIABILITIES)/ASSETS
( 8,792)
7,098
---------
-------
CAPITAL AND RESERVES
Called up share capital
100
100
Fair value reserve
39,049
39,049
Profit and loss account
( 47,941)
( 32,051)
--------
--------
SHAREHOLDERS FUNDS
( 8,792)
7,098
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr R Griffiths
Director
Company registration number: 13814828
GRIFFITHS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cedar House, Hazell Drive, Newport, NP10 8FY. The company's principal place of business is 2 Cwrt y Fferm, Bridgend, CF31 5FT.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts show that the company had net liabilities of £8,792 (2022 - £(7,098)) at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of support from the directors and other creditors. Were this support not available, the company may not be able to continue trading. The directors are confident that the company will be able to meet its obligations for at least the next twelve months with the continuing support of these creditors. They therefore consider it appropriate to prepare the accounts on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. TANGIBLE ASSETS
Investment property
£
Cost
At 1 January 2023 and 31 December 2023
130,000
---------
Depreciation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
130,000
---------
At 31 December 2022
130,000
---------
The property has been valued at the year end by a director.
5. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
53,643
Other creditors
1,534
70,640
-------
---------
1,534
124,283
-------
---------
6. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
99,206
Other creditors
42,200
---------
----
141,406
---------
----
The above includes secured creditors of £99,206 (2022 - £nil). This balance is secured over the assets to which it relates.
7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within creditors falling due after more than one year is a balance of £42,200 (2022 - £39,200 due within one year) due to a director. This balance is interest free and repayable on demand.