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Company No: 07852735 (England and Wales)

GRIFFITHS OAK LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

GRIFFITHS OAK LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

GRIFFITHS OAK LIMITED

BALANCE SHEET

As at 30 November 2024
GRIFFITHS OAK LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 5,871,991 6,533,120
5,871,991 6,533,120
Current assets
Stocks 5 122,616 88,112
Debtors 6 6,503,390 2,290,280
Cash at bank and in hand 4,939 85,937
6,630,945 2,464,329
Creditors: amounts falling due within one year 7 ( 1,261,833) ( 1,567,100)
Net current assets 5,369,112 897,229
Total assets less current liabilities 11,241,103 7,430,349
Creditors: amounts falling due after more than one year 8 ( 7,828,753) ( 4,620,054)
Provision for liabilities ( 983,308) ( 790,294)
Net assets 2,429,042 2,020,001
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 997,500 997,500
Profit and loss account 1,431,442 1,022,401
Total shareholders' funds 2,429,042 2,020,001

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Griffiths Oak Limited (registered number: 07852735) were approved and authorised for issue by the Board of Directors on 27 August 2025. They were signed on its behalf by:

Mrs L A Hay
Director
Mr J Hay
Director
Mr B Hay
Director
GRIFFITHS OAK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
GRIFFITHS OAK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
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 year, unless otherwise stated.

General information and basis of accounting

Griffiths Oak 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 Lower Cleeve Farm, Ross-On-Wye, HR9 7TD, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 5 - 20 % reducing balance
5 years straight line
Vehicles 20 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. [MANUFACTURERS, ETC - Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.] Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

During the year, the company identified that dividends declared in the year ended 31 November 2020 were understated by £10,000. In accordance with FRS 102 Section 10 – Accounting Policies, Estimates and Errors, the comparative figures have been restated retrospectively.

A reconciliation of the previously reported and restated figures is provided below:

As previously reported Adjustment As restated
Year ended 30 November 2023 £ £ £
Other creditors 332,980 10,000 342,980
Opening reserves 1,038,065 (10,000) 1,028,065

The restatement does not affect the current year’s results but ensures that the financial statements present a true and fair view of the company’s financial position and performance.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 December 2023 9,582,059 313,013 9,895,072
Additions 8,020 0 8,020
Disposals ( 98,434) ( 25,275) ( 123,709)
At 30 November 2024 9,491,645 287,738 9,779,383
Accumulated depreciation
At 01 December 2023 3,200,376 161,576 3,361,952
Charge for the financial year 593,299 27,725 621,024
Disposals ( 63,120) ( 12,464) ( 75,584)
At 30 November 2024 3,730,555 176,837 3,907,392
Net book value
At 30 November 2024 5,761,090 110,901 5,871,991
At 30 November 2023 6,381,683 151,437 6,533,120

5. Stocks

2024 2023
£ £
Stocks 122,616 88,112

6. Debtors

2024 2023
£ £
Trade debtors 2,563,924 1,784,982
Other debtors 3,939,466 505,298
6,503,390 2,290,280

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 373,837 0
Trade creditors 369,789 818,300
Obligations under finance leases and hire purchase contracts 337,089 405,820
Other creditors 181,118 342,980
1,261,833 1,567,100

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

2024 2023
£ £
Bank loans 4,000,000 4,000,000
Obligations under finance leases and hire purchase contracts 3,828,753 620,054
7,828,753 4,620,054

Creditors include bank loans and obligations under finance lease and hire purchase contracts which are secured against the assets to which they relate.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
9,500 A ordinary shares of £ 0.01 each 95 95
500 B ordinary shares of £ 0.01 each 5 5
100 100