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COMPANY REGISTRATION NUMBER: 01141078
P.B. Griffith Limited
Filleted Unaudited Financial Statements
31 March 2024
P.B. Griffith Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
P.B. Griffith Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
574,883
575,590
Current assets
Stocks
185,168
185,168
Debtors
7
6,242
4,029
Cash at bank and in hand
74,254
42,157
---------
---------
265,664
231,354
Creditors: amounts falling due within one year
8
24,421
20,834
---------
---------
Net current assets
241,243
210,520
---------
---------
Total assets less current liabilities
816,126
786,110
Provisions
Taxation including deferred tax
17,011
17,011
---------
---------
Net assets
799,115
769,099
---------
---------
Capital and reserves
Called up share capital
1,250
1,250
Revaluation reserve
48,750
48,750
Profit and loss account
749,115
719,099
---------
---------
Shareholders funds
799,115
769,099
---------
---------
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 statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 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 .
P.B. Griffith Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
A Griffith
Director
Company registration number: 01141078
P.B. Griffith Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 39 Castle Row, Canterbury, Kent, CT1 2QY.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated as to write of an the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and fittings - 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
During the year the average number of persons employed by the company, including the directors, amounted to 2 (2022: 2)
5. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: Nil).
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
571,587
12,456
584,043
---------
--------
---------
Depreciation
At 1 April 2023
8,453
8,453
Charge for the year
707
707
---------
--------
---------
At 31 March 2024
9,160
9,160
---------
--------
---------
Carrying amount
At 31 March 2024
571,587
3,296
574,883
---------
--------
---------
At 31 March 2023
571,587
4,003
575,590
---------
--------
---------
Tangible assets held at valuation
7. Debtors
2024
2023
£
£
Trade debtors
5,250
3,000
Other debtors
992
1,029
-------
-------
6,242
4,029
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
7,665
2,390
Other creditors
16,756
18,444
--------
--------
24,421
20,834
--------
--------
9. Related party transactions
At the year end the company owed the Directors £2,436 (2022: £4,124).