Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Investments | 4 |
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| 1,907,172 | 0 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 6,273 | 100 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current (liabilities)/assets | (1,930,394) | 100 | ||
| Total assets less current liabilities | (23,222) | 100 | ||
| Net (liabilities)/assets | (
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Profit and loss account | (
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| Total shareholder's (deficit)/funds | (
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Directors' responsibilities:
The financial statements of Griffiths Industrial Holdings Limited (registered number:
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George Griffiths
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Griffiths Industrial Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 120 Watermoor Point Watermoor Road, Cirencester, GL7 1LF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £23,222. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The share capital was incorrect in previously submitted dormant accounts. An adjustment has been posted to correct the error.
| As previously reported | Adjustment | As restated | ||||
| Year ended 31 December 2023 | £ | £ | £ | |||
| Share capital | 1 | 99 | 100 | |||
| Cash at bank and in hand | 1 | (1) | 0 | |||
| Amounts owed by directors | 0 | 100 | 100 |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
| 2024 | |
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| Cost | |
| At 01 January 2024 |
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| Additions |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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Investments in shares
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2024 |
Held |
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Suite 120 Watermoor Point Watermoor Road, Cirencester, England, GL7 1LF | Letting and management of industrial units |
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Direct |
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| £ | £ | ||
| Amounts owed by directors |
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| Prepayments |
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| £ | £ | ||
| Amounts owed to Group undertakings |
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| Amounts owed to directors |
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| Accruals |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.
At the period end, the balance owed to the director was £1,884,900 (2023: £Nil). Interest was charged at 4%pa until September 2024. After September 2024 this balance was interest free. There are no fixed dates for repayment.