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Registered number: 09106468
Griffen Capital Limited
Unaudited
Financial statements
For the Year Ended 31 December 2024
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Griffen Capital Limited
Registered number: 09106468
Statement of Financial Position
As at 31 December 2024
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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The directors consider 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 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.
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 29 September 2025.
The notes on pages 2 to 7 form part of these financial statements.
Page 1
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Griffen Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Griffen Capital Limited ("the Company") is a limited company domiciled and incorporated in England and Wales. The Company's registered office address is provided on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
These financial statements have been prepared on a going concern basis.
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover 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 turnover 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 turnover 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.
Page 2
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Griffen Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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Interest receivable and similar income
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Interest income is recognised in profit or loss using the effective interest method.
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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.
The estimated useful lives range as follows:
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.
Page 3
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Griffen Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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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.
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements requires the use of critical judgement, estimates and assumptions that affect the application of policies and reported amount of assets and liabilities, income and expenses. There are no areas of uncertainty or judgements made in preparation of the financial statement.
Page 4
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Griffen Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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The average monthly number of employees, including directors, during the year was 5 (2023: 5).
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Debtors: amounts falling due within one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Corporation tax recoverable
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Page 5
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Griffen Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
6.Debtors: amounts falling due within one year (continued)
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Included in Amounts owed by group undertakings is £Nil (2023: £791,288) owed by Griffen Holdings Limited, the parent company. These loans are unsecured, interest free and repayable on demand.
Included in other debtors is £21 (2023: £8,551) owed by one of the directors. This loan is interest free and is repayable on demand.
Included in other debtors is £3,256 (2023: £1,217) owed by 226-228 The Strand Ltd, a connected company. It also includes Gulf Ventures 2 Limited fees accrual of £1,156,478 (2023: £698,603 ),GUPI 6 Limited fees accrual of £145,125 (2023: £Nil ) and other receivable balance of £1,070 (2023: £154).
Included in other debtors is £337,756 (2023: £164,976) owed by Griffen Properties Limited, a company under common control. This loan is interest free and is repayable on demand.
Included in prepayments and accrued income is an amount of £Nil (2023: £300,000) chargeable to Griffen Development Limited, a related company.
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings comprise of loans of £647,915 (2023: £1,272,268) due to fellow subsidiary Griffen Development Limited and £203,394 (2023: £Nil) due to Griffen Holdings Limited, the parent company. The loans are unsecured, interest free and repayable on demand.
Included in accruals and deferred income is an amount of £Nil (2023: £349,230) chargeable by Griffen Holdings Limited, the parent company.
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Page 6
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Griffen Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Financial assets measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at amortised cost through profit or loss comprise cash and cash equivalents, trade debtors, other debtors and amounts owed by group undertakings.
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Financial liabilities measured at amortised cost through profit or loss comprise trade creditors, other creditors and amounts owed to group undertakings.
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Related party transactions
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The Company is related to Griffen Properties Limited (“GPL”) by virtue of common shareholding. During the year, administrative fees of £106,065 (2023: £111,830) were charged by GPL. At 31 December 2024, £80,598 (2023: £61,463 as a creditor) remained outstanding as a creditor.
The Company is related to Griffen Development Limited (“GDL”) by virtue of common shareholding. During the year, administrative fees of £300,000 (2023: £965,538) were charged to GDL. At 31 December 2024, there was an accrued income of £Nil (2023: £300,000) for administrative fees chargeable to Griffen Development Limited.
The Company is related to Griffin UK Property Investments Limited (“GUPIL”) by virtue of the shareholders holding interests in both. During the year, management fees of £1,601,751 (2023: £1,502,850) were charged to wholly owned subsidiaries of GUPIL. At 31 December 2024, £50,000 (2023: £1,074,316) remained outstanding.
During the year, administrative fees of £705,000 (2023: £349,230) were chargeable by Griffen Holdings Limited, the parent company. At the end of the year, £Nil (2023: £349,230) was included in accruals.
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Post balance sheet events
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There were no material events subsequent to the year end that are required to be disclosed.
Page 7
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