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REGISTERED NUMBER: 09828935 (England and Wales)















GRIGGS PROPERTIES LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2024






GRIGGS PROPERTIES LIMITED (REGISTERED NUMBER: 09828935)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRIGGS PROPERTIES LIMITED

Company Information
for the year ended 31 March 2024







DIRECTORS: Samuel W Griggs
Benjamin R Griggs





SECRETARY: Howard M Johnstone





REGISTERED OFFICE: Studio 2, Diamonds Business Centre
Nene Park
Attley Way
Irthingborough
Northamptonshire
NN9 5GF





REGISTERED NUMBER: 09828935 (England and Wales)






GRIGGS PROPERTIES LIMITED (REGISTERED NUMBER: 09828935)

Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 1,232,500 1,232,500
1,232,500 1,232,500

CURRENT ASSETS
Debtors 6 2,007 1,876
Cash at bank 25,337 5,295
27,344 7,171
CREDITORS
Amounts falling due within one year 7 1,284,106 1,286,493
NET CURRENT LIABILITIES (1,256,762 ) (1,279,322 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(24,262

)

(46,822

)

PROVISIONS FOR LIABILITIES 2,040 1,550
NET LIABILITIES (26,302 ) (48,372 )

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserve 8 (109,674 ) (109,184 )
Retained earnings 83,272 60,712
SHAREHOLDERS' FUNDS (26,302 ) (48,372 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GRIGGS PROPERTIES LIMITED (REGISTERED NUMBER: 09828935)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by:




Samuel W Griggs - Director



Benjamin R Griggs - Director


GRIGGS PROPERTIES LIMITED (REGISTERED NUMBER: 09828935)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Griggs Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

As at 31st March 2024, the company's balance sheet reflected an insolvent position and net current liabilities. However, included within creditors falling due within one year are amounts due to the directors. The directors have given assurances that they will not request repayment of these loans until such time as the company has sufficient funds available. Accordingly, the directors consider the going concern basis of preparation to be appropriate.

Significant judgements and estimates
Investment Properties

The value of the properties is assessed by the Directors with reference to an independent property valuation specialist at each reporting date using publicly available market evidence comprising primarily of values of comparable properties in the area and national market statistics. However, it is inherently difficult to assess the true market value of the properties without actively marketing the properties for sale.

Turnover
Turnover represents rents receivable for the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on cost

Investment property
The company's property is held for long-term investment and depreciation is not provided in respect of this property. This policy represents a departure from the statutory accounting principles, which requires depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

GRIGGS PROPERTIES LIMITED (REGISTERED NUMBER: 09828935)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 500
DEPRECIATION
At 1 April 2023
and 31 March 2024 500
NET BOOK VALUE
At 31 March 2024 -

5. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 1,232,500
NET BOOK VALUE
At 31 March 2024 1,232,500
At 31 March 2023 1,232,500

Cost or valuation at 31 March 2024 is represented by:
£   
Valuation in 2017 13,347
Valuation in 2018 22,500
Valuation in 2019 (22,500 )
Valuation in 2020 42,908
Valuation in 2021 (75,565 )
Valuation in 2022 37,014
Valuation in 2023 (125,338 )
Cost 1,340,134
1,232,500

Investment property fair value is based on valuations determined by the Directors with reference to an external qualified property expert, having appropriate recognised professional qualifications and recent experience in the location and class of property being valued. The only way to establish a definite value is to market the properties for sale and therefore the Directors estimates are the best alternative option to obtain fair values.

Any gain or loss arising from a change in fair value is recognised in profit or loss in that accounting period.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Other debtors 2,007 1,876

GRIGGS PROPERTIES LIMITED (REGISTERED NUMBER: 09828935)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Taxation and social security 7,284 4,740
Other creditors 1,276,822 1,281,753
1,284,106 1,286,493

Directors current accounts are not subject to any formal loan agreements and are therefore deemed as repayable on demand. There is no interest charged on these loan amounts nor any set repayment date.

8. RESERVES
Other
reserve
£   
At 1 April 2023 (109,184 )
Transfer of investment
property gains (490 )

At 31 March 2024 (109,674 )