Company registration number 01993028 (England and Wales)
Griptite Group Limited
Unaudited Financial Statements
For the year ended 31 December 2024
PAGES FOR FILING WITH REGISTRAR
Griptite Group Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Griptite Group Limited
Balance Sheet
As at 31 December 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
223,563
231,880
Investment property
4
1,027,000
811,000
Investments
5
176,913
219,616
1,427,476
1,262,496
Current assets
Debtors
6
48,387
120,525
Cash at bank and in hand
758,919
742,933
807,306
863,458
Creditors: amounts falling due within one year
7
(102,414)
(125,651)
Net current assets
704,892
737,807
Net assets
2,132,368
2,000,303
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
2,122,368
1,990,303
Total equity
2,132,368
2,000,303

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Mr P J Davies
Mrs K A Wiseman
Director
Director
Company registration number 01993028 (England and Wales)
Griptite Group Limited
Notes to the Financial Statements
For the year ended 31 December 2024
- 2 -
1
Accounting policies
Company information

Griptite Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the value of rent receivable by the company excluding value added tax.

1.3
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:

Freehold land and buildings
2% straight line
Fixtures and fittings
15% straight line

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

This treatment is in accordance with FRS 102 Section 1A which, unlike the Companies Act 2006, does not require depreciation of investment property. Investment property is held for investment potential and not for consumption within the business and as such this departure from the provisions of the Act is required in order to give a true and fair view.

 

Property rented to a group entity is accounted for as tangible fixed assets.

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.

Griptite Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 3 -
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
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 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.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
Griptite Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
300,000
4,860
304,860
Additions
-
0
240
240
Disposals
-
0
(3,534)
(3,534)
At 31 December 2024
300,000
1,566
301,566
Depreciation and impairment
At 1 January 2024
68,129
4,851
72,980
Depreciation charged in the year
8,517
36
8,553
Eliminated in respect of disposals
-
0
(3,530)
(3,530)
At 31 December 2024
76,646
1,357
78,003
Carrying amount
At 31 December 2024
223,354
209
223,563
At 31 December 2023
231,871
9
231,880

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
2024
2023
£
£
Cost
329,260
329,260
Accumulated depreciation
(158,020)
(153,440)
Carrying value
171,240
175,820
4
Investment property
2024
£
Fair value
At 1 January 2024
811,000
Additions
595,878
Disposals
(363,000)
Revaluations
(16,878)
At 31 December 2024
1,027,000
Griptite Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
4
Investment property
(Continued)
- 5 -

The fair value of investment property is calculated by considering the value of property sold in a similar condition and location, and assumes such sales are at an open market value.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
1,127,749
875,900
Accumulated depreciation
-
-
Carrying amount
1,127,749
875,900
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
176,913
219,616
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 & 31 December 2024
219,616
Impairment
At 1 January 2024
-
Disposals
42,703
At 31 December 2024
42,703
Carrying amount
At 31 December 2024
176,913
At 31 December 2023
219,616
Griptite Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
45,974
-
0
Other debtors
2,413
120,525
48,387
120,525
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,231
2,492
Amounts owed to group undertakings
101,000
105,026
Taxation and social security
-
0
18,133
Other creditors
183
-
0
102,414
125,651
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