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Registered number: 09362284










GRIFFIN RESIDENTIAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
GRIFFIN RESIDENTIAL LIMITED
REGISTERED NUMBER: 09362284

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
12,875
-

Tangible assets
 5 
103,090
99,282

  
115,965
99,282

Current assets
  

Debtors: amounts falling due within one year
 6 
-
3,098

Cash at bank and in hand
 7 
9,507
12,156

  
9,507
15,254

Creditors: amounts falling due within one year
 8 
(568,148)
(537,923)

Net current liabilities
  
 
 
(558,641)
 
 
(522,669)

Total assets less current liabilities
  
(442,676)
(423,387)

  

Net liabilities
  
(442,676)
(423,387)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(442,776)
(423,487)

  
(442,676)
(423,387)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 July 2025.


N P Neale
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 1

 
GRIFFIN RESIDENTIAL LIMITED
REGISTERED NUMBER: 09362284

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024


Page 2

 
GRIFFIN RESIDENTIAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Griffin Residential Limited is a private company, limited by shares, and is registered in England. The registered office is 4 Chester Court, Chester Hall Lane, Basildon, SS14 3WR. Its principal place of business is Marsh House Farm, Lower Burnham Road, Latchingdon, Essex, CM3 6HQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company had a deficit on shareholders' funds at 31st December 2023 £442,676 (2022: £399,183).  However, the directors are of the opinion that the company has and will continue to have the support of its creditors for the foreseeable future. In the light of these factors, the directors consider it appropriate to adopt the going concern basis in the preparation of these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GRIFFIN RESIDENTIAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance or straight line basis as follows:.

Depreciation is provided on the following basis:

Motor vehicles
-
Office equipment
-
3 years straight line
Website
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
GRIFFIN RESIDENTIAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Intangible assets




Trademarks

£



Cost


Additions
15,000



At 31 December 2024

15,000



Amortisation


Charge for the year on owned assets
2,125



At 31 December 2024

2,125



Net book value



At 31 December 2024
12,875



At 31 December 2023
-



Page 5

 
GRIFFIN RESIDENTIAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Motor vehicles
Office equipment
Website
Total

£
£
£
£



Cost or valuation


At 1 January 2024
42,688
8,360
125,159
176,207


Additions
-
-
32,840
32,840



At 31 December 2024

42,688
8,360
157,999
209,047



Depreciation


At 1 January 2024
1,779
7,702
67,443
76,924


Charge for the year on owned assets
10,227
677
18,129
29,033



At 31 December 2024

12,006
8,379
85,572
105,957



Net book value



At 31 December 2024
30,682
(19)
72,427
103,090



At 31 December 2023
40,909
657
57,716
99,282


6.


Debtors

2024
2023
£
£


Other debtors
-
3,098

-
3,098



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
9,507
12,156

Less: bank overdrafts
(143)
-

9,364
12,156


Page 6

 
GRIFFIN RESIDENTIAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
143
-

Other loans
357,295
338,724

Trade creditors
(270)
(270)

Other taxation and social security
7,754
76

Other creditors
194,244
169,094

Accruals and deferred income
8,982
30,299

568,148
537,923



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £705 (2023: £369). Contributions totalling £166 (2023: £138) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

At the year end the company had amounts outstanding with the following company which was also controlled by N Neale: Westpoint Property £338,239 (2023: £338,240)


Page 7