R&D Griffiths (Property Management) Limited
Company Registration No. 06254858 (England And Wales)
Unaudited Financial Statements
Year Ended 31 May 2024
R&D GRIFFITHS (PROPERTY MANAGEMENT) LIMITED
R&D Griffiths (Property Management) Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
R&D GRIFFITHS (PROPERTY MANAGEMENT) LIMITED
R&D Griffiths (Property Management) Limited
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,609
8,812
Tangible assets
4
34,985
44,651
41,594
53,463
Current assets
Debtors
5
60,984
48,649
Cash at bank and in hand
35,404
53,891
96,388
102,540
Creditors: amounts falling due within one year
6
(76,962)
(64,539)
Net current assets
19,426
38,001
Total assets less current liabilities
61,020
91,464
Creditors: amounts falling due after more than one year
7
(10,511)
(22,835)
Provisions for liabilities
(8,351)
(10,681)
Net assets
42,158
57,948
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
42,058
57,848
Total equity
42,158
57,948
R&D GRIFFITHS (PROPERTY MANAGEMENT) LIMITED
R&D Griffiths (Property Management) Limited
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
Mr R Griffiths
Mrs D M Griffiths
Director
Director
Company registration number 06254858 (England and Wales)
R&D GRIFFITHS (PROPERTY MANAGEMENT) LIMITED
R&D Griffiths (Property Management) Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

R&D Griffiths (Property Management) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 George House, Beam Heath Way, Nantwich, Cheshire, United Kingdom, CW5 6GD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

R&D GRIFFITHS (PROPERTY MANAGEMENT) LIMITED
R&D Griffiths (Property Management) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
Straight line over 10 years
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over 10 years
Fixtures and fittings
Straight line over 4 years
Computer equipment
Straight line over 3 years
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
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.

 

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 other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

R&D GRIFFITHS (PROPERTY MANAGEMENT) LIMITED
R&D Griffiths (Property Management) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

R&D GRIFFITHS (PROPERTY MANAGEMENT) LIMITED
R&D Griffiths (Property Management) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
9
R&D GRIFFITHS (PROPERTY MANAGEMENT) LIMITED
R&D Griffiths (Property Management) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
3
Intangible fixed assets
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
22,036
18,500
40,536
Amortisation and impairment
At 1 June 2023
13,224
18,500
31,724
Amortisation charged for the year
2,203
-
0
2,203
At 31 May 2024
15,427
18,500
33,927
Carrying amount
At 31 May 2024
6,609
-
0
6,609
At 31 May 2023
8,812
-
0
8,812
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
16,942
5,047
7,443
63,142
92,574
Additions
-
0
-
0
1,233
-
0
1,233
At 31 May 2024
16,942
5,047
8,676
63,142
93,807
Depreciation and impairment
At 1 June 2023
6,776
5,047
6,992
29,108
47,923
Depreciation charged in the year
1,695
-
0
696
8,508
10,899
At 31 May 2024
8,471
5,047
7,688
37,616
58,822
Carrying amount
At 31 May 2024
8,471
-
0
988
25,526
34,985
At 31 May 2023
10,166
-
0
451
34,034
44,651
R&D GRIFFITHS (PROPERTY MANAGEMENT) LIMITED
R&D Griffiths (Property Management) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,400
-
0
Other debtors
57,824
48,189
Prepayments and accrued income
760
460
60,984
48,649
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
12,329
14,994
Trade creditors
5,934
1,294
Corporation tax
15,363
11,359
Other taxation and social security
9,267
7,037
Other creditors
32,039
26,380
Accruals and deferred income
2,030
3,475
76,962
64,539
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10,511
22,835

There is an outstanding fixed and floating charge over the undertaking and all property and assets present and future including goodwill book debts uncalled capital buildings fixtures and fixed plant and machinery to HSBC Bank plc.

8
Related party transactions

During the year the Directors advanced the Company £84,247 (2023: £7,930) and were repaid £93,882 (2023: £59,242). At 31 May 2024 the Directors owed £57,824 (2023: £48,189) to the Company. Interest has been charged to the Director, at the HMRC beneficial loan rate, in respect of this loan which is repayable on demand and classified in debtors due within one year.

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