Company Registration No. 03468917 (England and Wales)
GRYPHON EMERGING MARKETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
GRYPHON EMERGING MARKETS LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GRYPHON EMERGING MARKETS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
642
238
Investments
4
400,000
780,642
400,642
780,880
Current assets
Debtors
6
558,072
795,892
Cash at bank and in hand
1,835
6,859
559,907
802,751
Creditors: amounts falling due within one year
7
(66,979)
(219,417)
Net current assets
492,928
583,334
Total assets less current liabilities
893,570
1,364,214
Creditors: amounts falling due after more than one year
8
(571,026)
(327,089)
Net assets
322,544
1,037,125
Capital and reserves
Called up share capital
2,254,840
2,254,840
Share premium account
1,224,170
1,224,170
Capital redemption reserve
3,533,218
3,533,218
Profit and loss reserves
(6,689,684)
(5,975,103)
Total equity
322,544
1,037,125
GRYPHON EMERGING MARKETS LIMITED
BALANCE SHEET (CONTINUED)
- 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 30 June 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 6 March 2025 and are signed on its behalf by:
Mr J Young
Director
Company registration number 03468917 (England and Wales)
GRYPHON EMERGING MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Gryphon Emerging Markets Limited is a private company limited by shares incorporated in England and Wales. The registered office is 67 Grosvenor Street, London, United Kingdom, W1K 3JN.
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.
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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover consists of retainer fees, advisory fees, success fees and expenses are recharged. Retainer fees and advisory fees are recognised as the service is provided, in the year which it relates to and in accordance with the agreed terms. Success fees are recognised in full on completion of a transaction.
The company incurs certain expenses in the normal course of business which is then recharged to the relevant client . The income is recognised when the expenditure has been incurred and the right to receive payment from the relevant client for the recharge has been established
1.4
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:
Plant and equipment
Straight line over 4 years
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.
GRYPHON EMERGING MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 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.
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.
GRYPHON EMERGING MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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
2
2
GRYPHON EMERGING MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
17,821
Additions
666
At 30 June 2024
18,487
Depreciation and impairment
At 1 July 2023
17,583
Depreciation charged in the year
262
At 30 June 2024
17,845
Carrying amount
At 30 June 2024
642
At 30 June 2023
238
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
400,000
780,642
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023
780,642
Valuation changes
(380,642)
At 30 June 2024
400,000
Carrying amount
At 30 June 2024
400,000
At 30 June 2023
780,642
GRYPHON EMERGING MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
400,000
780,642
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,922
56,376
Other debtors
416,563
627,929
446,485
684,305
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
111,587
111,587
Total debtors
558,072
795,892
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
21,736
44,125
Taxation and social security
15,158
6,441
Other creditors
20,085
158,851
66,979
219,417
GRYPHON EMERGING MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,167
19,167
Amounts owed to group undertakings
205,929
210,024
Other creditors
355,930
97,898
571,026
327,089
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
2,630
7,200
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Openview Limited is owned by R Igguldon and has loaned the company money during the year. The balance outstanding at the year end was £145,698 (2023: £97,898).
2024
2023
Amounts due to related parties
£
£
Openview Ltd
145,698
97,898
2024-06-302023-07-01falsefalsefalse06 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr Jonathan YoungMr Christopher J MallettMr Robert E G IgguldenMr Robert T HinamanMr Pawel Gricuk034689172023-07-012024-06-30034689172024-06-30034689172023-06-3003468917core:OtherPropertyPlantEquipment2024-06-3003468917core:OtherPropertyPlantEquipment2023-06-3003468917core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3003468917core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3003468917core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3003468917core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3003468917core:CurrentFinancialInstruments2024-06-3003468917core:CurrentFinancialInstruments2023-06-3003468917core:Non-currentFinancialInstruments2024-06-3003468917core:Non-currentFinancialInstruments2023-06-3003468917core:ShareCapital2024-06-3003468917core:ShareCapital2023-06-3003468917core:SharePremium2024-06-3003468917core:SharePremium2023-06-3003468917core:CapitalRedemptionReserve2024-06-3003468917core:CapitalRedemptionReserve2023-06-3003468917core:RetainedEarningsAccumulatedLosses2024-06-3003468917core:RetainedEarningsAccumulatedLosses2023-06-3003468917bus:Director12023-07-012024-06-3003468917core:PlantMachinery2023-07-012024-06-30034689172022-01-012023-06-3003468917core:OtherPropertyPlantEquipment2023-06-3003468917core:OtherPropertyPlantEquipment2023-07-012024-06-3003468917core:WithinOneYear2024-06-3003468917core:WithinOneYear2023-06-3003468917core:AfterOneYear2024-06-3003468917core:AfterOneYear2023-06-3003468917bus:PrivateLimitedCompanyLtd2023-07-012024-06-3003468917bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3003468917bus:FRS1022023-07-012024-06-3003468917bus:AuditExemptWithAccountantsReport2023-07-012024-06-3003468917bus:Director22023-07-012024-06-3003468917bus:Director32023-07-012024-06-3003468917bus:Director42023-07-012024-06-3003468917bus:Director52023-07-012024-06-3003468917bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP