Company registration number 01109729 (England and Wales)
GRIFFON LAND & ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GRIFFON LAND & ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GRIFFON LAND & ESTATES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
732,889
738,860
Investment property
5
6,079,041
6,079,041
Investments
6
834,226
519,343
7,646,156
7,337,244
Current assets
Stocks
2,761,653
2,761,653
Debtors
8
189,581
242,826
Cash at bank and in hand
5,299,378
3,590,619
8,250,612
6,595,098
Creditors: amounts falling due within one year
9
(1,376,417)
(518,073)
Net current assets
6,874,195
6,077,025
Total assets less current liabilities
14,520,351
13,414,269
Provisions for liabilities
(293,118)
(293,727)
Net assets
14,227,233
13,120,542
Capital and reserves
Called up share capital
10
14,026
14,026
Revaluation reserve
310,190
310,190
Profit and loss reserves
13,903,017
12,796,326
Total equity
14,227,233
13,120,542

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 30 September 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.

GRIFFON LAND & ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 February 2025 and are signed on its behalf by:
M J Denholm F.R.I.C.S.
D G Kilby B.A.(Hons) M.Phil.
Director
Director
Company Registration No. 01109729
GRIFFON LAND & ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Griffon Land & Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Towers Place, Eton Street, Richmond, Surrey, United Kingdom, TW9 1EG.

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, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents sales of development property, rents receivable and other trade income and recoveries receivable net of value added tax. Revenue in respect of sales of development property is recognised upon legal completion. Rental income is accrued evenly over the life of the rental agreement.

1.3
Tangible fixed assets

Freehold property is measured at valuation and no depreciation is provided on grounds of immateriality. Other tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

Freehold Property
nil
Fixtures, fittings & equipment
15% to 33% straight line
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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

GRIFFON LAND & ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

1.7
Stocks

Properties held for development are stated at the lower of cost and net realisable value. Cost comprises the acquisition of land and buildings and the costs of bringing developments to their present condition at the balance sheet date.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company only has financial instruments that are classified as basic financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

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 creditors, bank loans and loans from fellow group companies 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

GRIFFON LAND & ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments

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

1.11
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.

 

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.

1.12
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.

1.13
Retirement benefits

The company contributes to a group pension scheme under which contributions are administered by Trustees of a fund independent from the company's assets. The company also contributes to a number of other defined contribution schemes. Contributions to retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
3
3
GRIFFON LAND & ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 October 2023
701,000
81,655
782,655
Additions
-
0
5,899
5,899
At 30 September 2024
701,000
87,554
788,554
Depreciation and impairment
At 1 October 2023
-
0
43,795
43,795
Depreciation charged in the year
-
0
11,870
11,870
At 30 September 2024
-
0
55,665
55,665
Carrying amount
At 30 September 2024
701,000
31,889
732,889
At 30 September 2023
701,000
37,860
738,860

The freehold property class of fixed assets was revalued on 30 September 2024 by M J Denholm F.R.I.C.S. a director. The basis of this valuation was open market value. This class of asset has a current value of £701,000 (2023 - £701,000) and a carrying amount at historical cost of £304,184 (2023 - £304,184).

The revaluation surplus is disclosed in note 13.

5
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
6,079,041

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 September 2024 by M J Denholm F.R.I.C.S, a director. The basis of this valuation was open market value. This class of assets has a current value of £6,079,041 (2023 - £6,079,041) and a carrying amount at historical cost of £6,321,047 (2023 - £6,321,047).

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
498,374
519,343
Other investments other than loans
335,852
-
0
834,226
519,343
GRIFFON LAND & ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2023
519,343
-
519,343
Additions
-
320,207
320,207
Valuation changes
(20,969)
15,645
(5,324)
At 30 September 2024
498,374
335,852
834,226
Carrying amount
At 30 September 2024
498,374
335,852
834,226
At 30 September 2023
519,343
-
519,343
7
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Sandiford Son & Bannister Limited
United Kingdom
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Sandiford Son & Bannister Limited
496,415
395,268
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
56,026
100,271
Prepayments and accrued income
133,555
142,555
189,581
242,826
GRIFFON LAND & ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
300,000
300,000
Trade creditors
104,863
121,282
Corporation tax
37,019
35,073
Other taxation and social security
38,726
35,933
Other creditors
881,715
966
Accruals and deferred income
14,094
24,819
1,376,417
518,073
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
140,260
140,260
14,026
14,026
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
881,715
966
Key management personnel
300,000
300,000
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