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Registered number: 09362284










GRIFFIN RESIDENTIAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GRIFFIN RESIDENTIAL LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GRIFFIN RESIDENTIAL LIMITED
FOR THE YEAR ENDED 31 DECEMBER 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 Griffin Residential Limited for the year ended 31 December 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 Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Griffin Residential Limited in accordance with the terms of our engagement letter dated 6th March 2015Our work has been undertaken solely to prepare for your approval the financial statements of Griffin Residential Limited and state those matters that we have agreed to state to the director of Griffin Residential Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Griffin Residential Limited and its director for our work or for this report. 

It is your duty to ensure that Griffin Residential 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 Griffin Residential Limited. You consider that Griffin Residential 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 Griffin Residential 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.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff-on-Sea
Essex
SS0 9PE
16 September 2024
Page 1

 
GRIFFIN RESIDENTIAL LIMITED
REGISTERED NUMBER: 09362284

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
99,283
36,542

  
99,283
36,542

Current assets
  

Debtors: amounts falling due within one year
 5 
3,098
20

Cash at bank and in hand
 6 
12,155
20,695

  
15,253
20,715

Creditors: amounts falling due within one year
 7 
(537,923)
(456,340)

Net current liabilities
  
 
 
(522,670)
 
 
(435,625)

Total assets less current liabilities
  
(423,387)
(399,083)

  

Net liabilities
  
(423,387)
(399,083)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(423,487)
(399,183)

  
(423,387)
(399,083)


The director considers 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 director acknowledges his 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 on 16 September 2024.




N P Neale
Director

Page 2

 
GRIFFIN RESIDENTIAL LIMITED
REGISTERED NUMBER: 09362284

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
GRIFFIN RESIDENTIAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Griffin Residential Limited is a private company, limited by shares, and is registered in England. The registered office is Kingsridge House, 601 London Road, Westcliff-On-Sea, SS0 9PE. Its principal place of business is Marsh House Farm, Lower Burnham Road, Latchingdon, Essex, CM3 6HQ.

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

Going concern

The company had a deficit on shareholders' funds at 31st December 2023 £432,438 (2022: £399,183).  However, the directors are of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of these factors, the directors consider it appropriate to adopt the going concern basis in the preparation of these financial statements.

 
2.3

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

 
2.6

Borrowing costs

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

Page 4

 
GRIFFIN RESIDENTIAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance or straight line basis as follows:.

Depreciation is provided on the following basis:

Motor vehicles
-
Office equipment
-
3 years straight line
Website
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
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

 
GRIFFIN RESIDENTIAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
34,470
44,320

Cost of defined contribution scheme
370
208

34,840
44,528


The average monthly number of employees, including directors, during the year was 4 (2022 - 6).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Website
Total

£
£
£
£



Cost or valuation


At 1 January 2023
-
8,360
88,719
97,079


Additions
42,688
-
36,440
79,128



At 31 December 2023

42,688
8,360
125,159
176,207



Depreciation


At 1 January 2023
-
6,229
54,308
60,537


Charge for the year on owned assets
1,779
1,473
13,135
16,387



At 31 December 2023

1,779
7,702
67,443
76,924



Net book value



At 31 December 2023
40,909
658
57,716
99,283



At 31 December 2022
-
2,131
34,411
36,542


5.


Debtors

2023
2022
£
£


Other debtors
3,098
-

Prepayments and accrued income
-
20

3,098
20


Page 6

 
GRIFFIN RESIDENTIAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
12,155
20,695

Less: bank overdrafts
-
(937)

12,155
19,758



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
937

Other loans
338,724
287,425

Trade creditors
(270)
(270)

Other taxation and social security
76
5,673

Other creditors
169,094
78,196

Accruals and deferred income
30,299
84,379

537,923
456,340



8.


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 £369 (2022: £208). Contributions totalling £138 (2022: £42) were payable to the fund at the balance sheet date and are included in creditors.


9.


Related party transactions

At the year end the company had amounts outstanding with the following company which was also controlled by N Neale: Westpoint Property £286,941 (2022: £286,941)


Page 7