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Company No: OC325963 (England and Wales)

GRIFFIN 1 LLP

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

GRIFFIN 1 LLP

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

GRIFFIN 1 LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 31 March 2025
GRIFFIN 1 LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 31 March 2025
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

ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GRIFFIN 1 LLP

For the financial year ended 31 March 2025

ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GRIFFIN 1 LLP (continued)

For the financial year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to Limited Liability Partnerships, we have prepared for your approval the financial statements of Griffin 1 LLP for the financial year ended 31 March 2025 which comprise the Balance Sheet, the and the related notes 1 to 6 from the LLP’s accounting records and from information and explanations you have given us.

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.

This report is made solely to the members of Griffin 1 LLP, as a body, in accordance with the terms of our engagement letter dated 29 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Griffin 1 LLP and state those matters that we have agreed to state to members of Griffin 1 LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Griffin 1 LLP and its members as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

2nd Floor, Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ

24 July 2025

GRIFFIN 1 LLP

BALANCE SHEET

As at 31 March 2025
GRIFFIN 1 LLP

BALANCE SHEET (continued)

As at 31 March 2025
Note 31.03.2025 31.03.2024
£ £
Current assets
Debtors 3 2,348 3,611
Cash at bank and in hand 3,246 14,338
5,594 17,949
Creditors: amounts falling due within one year 4 ( 4,771) ( 14,048)
Net current assets 823 3,901
Total assets less current liabilities 823 3,901
Creditors: amounts falling due after more than one year 5 0 ( 4,317)
Net assets/(liabilities) attributable to members 823 ( 416)
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)

For the financial year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Griffin 1 LLP (registered number: OC325963) were approved and authorised for issue by the Board of Directors on 11 July 2025. They were signed on its behalf by:

P S Dove
Designated member
GRIFFIN 1 LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
GRIFFIN 1 LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP 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:

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.

Interest income

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

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 33 years straight line
not depreciated
Office equipment 33 years straight line
not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Trade and other 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.

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.

Trade and other 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.

Financial instruments

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

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.

Division and distribution of profits

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.

2. Employees

Year ended
31.03.2025
Period from
01.10.2022 to
31.03.2024
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

2. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 April 2024 677 9,465 10,142
At 31 March 2025 677 9,465 10,142
Accumulated depreciation
At 01 April 2024 677 9,465 10,142
At 31 March 2025 677 9,465 10,142
Net book value
At 31 March 2025 0 0 0
At 31 March 2024 0 0 0

3. Debtors

31.03.2025 31.03.2024
£ £
Trade debtors 0 702
Prepayments 1,969 2,909
VAT recoverable 379 0
2,348 3,611

4. Creditors: amounts falling due within one year

31.03.2025 31.03.2024
£ £
Bank loans 0 6,134
Accruals 4,696 6,297
Other taxation and social security 0 1,293
Other creditors 75 324
4,771 14,048

5. Creditors: amounts falling due after more than one year

31.03.2025 31.03.2024
£ £
Bank loans 0 4,317

There are no amounts included above in respect of which any security has been given by the entity.

6. Loans and other debts due to members

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.