Company No:
Contents
| Designated members | P S Dove |
| R M Dove |
| Registered office | Newlands House |
| Newlands Lane | |
| Glanvilles Wootton | |
| Dorset | |
| United Kingdom | |
| DT9 5QG | |
| United Kingdom |
| Registered number | OC325963 (England and Wales) |
| Accountant | Kreston Reeves LLP |
| 2nd Floor, Maritime Place | |
| Quayside | |
| Chatham Maritime | |
| Chatham | |
| Kent | |
| ME4 4QZ |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Griffin 1 LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and result of Griffin 1 LLP. You consider that Griffin 1 LLP is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Griffin 1 LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ
| Note | 31.03.2025 | 31.03.2024 | ||
| £ | £ | |||
| Current assets | ||||
| Debtors | 3 |
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| Cash at bank and in hand |
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| 5,594 | 17,949 | |||
| Creditors: amounts falling due within one year | 4 | (
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(
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| Net current assets | 823 | 3,901 | ||
| Total assets less current liabilities | 823 | 3,901 | ||
| Creditors: amounts falling due after more than one year | 5 |
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(
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| Net assets/(liabilities) attributable to members |
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(
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| Represented by | ||||
| Loans and other debts due to members within one year | ||||
| Other amounts | 6 | (8,554) | (416) | |
| (8,554) | (416) | |||
| Members' other interests | ||||
| Members' capital classified as equity | 9,377 | 0 | ||
| 9,377 | 0 | |||
| 823 | (416) | |||
| Total members' interests | ||||
| Loans and other debts due to members | (8,554) | (416) | ||
| Members' other interests | 9,377 | 0 | ||
| 823 | (416) |
Members' responsibilities:
The financial statements of Griffin 1 LLP (registered number:
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P S Dove
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Griffin 1 LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Newlands House, Newlands Lane, Glanvilles Wootton, Dorset, United Kingdom, DT9 5QG, 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 Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared on a going concern basis. The LLP is financially supported by its member who has a reasonable expectation that the LLP will continue in operational existence for the foreseeable future.
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:
1.the amount of revenue can be measured reliably;
2.it is probable that the LLP will receive the consideration due under the contract;
3.the stage of completion of the contract at the end of the reporting period can be measured reliably; and
4.the costs incurred and the costs to complete the contract can be measured reliably.
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.
| Fixtures and fittings |
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| not depreciated | |
| Office equipment |
|
| not depreciated |
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.
cost using the effective interest method, less any impairment.
Financial instruments are recognised in the LLP's Balance sheet when the LLP 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.
**Impairment of financial assets**
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic 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 LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Loans and borrowings
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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, using the straight-line method.
Depreciation is provided on the following basis:
Fixtures & fittings - 33% straight line
Office equipment - 33% straight line
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.
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial
period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time,
whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of comprehensive income.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
| Year ended 31.03.2025 |
Period from 01.10.2022 to 31.03.2024 |
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| Number | Number | ||
| Monthly average number of persons employed by the LLP during the year |
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| Fixtures and fittings | Office equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 April 2024 |
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| At 31 March 2025 |
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| Accumulated depreciation | |||||
| At 01 April 2024 |
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| At 31 March 2025 |
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| Net book value | |||||
| At 31 March 2025 | 0 | 0 | 0 | ||
| At 31 March 2024 | 0 | 0 | 0 |
| 31.03.2025 | 31.03.2024 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| VAT recoverable |
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| 31.03.2025 | 31.03.2024 | ||
| £ | £ | ||
| Bank loans |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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| 31.03.2025 | 31.03.2024 | ||
| £ | £ | ||
| Bank loans |
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| 31.03.2025 | 31.03.2024 | ||
| £ | £ | ||
| Other amounts due to members | 217 | (416) |
Loans and other debts due to members may be further analysed as follows:
| 31.03.2025 | 31.03.2024 | ||
| £ | £ | ||
| Falling due within one year | 217 | (416) |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.