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Registered number: 09888964
GRIFFEN DEVELOPMENT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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GRIFFEN DEVELOPMENT LIMITED
REGISTERED NUMBER: 09888964
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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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.
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GRIFFEN DEVELOPMENT LIMITED
REGISTERED NUMBER: 09888964
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The notes on pages 3 to 8 form part of these financial statements.
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GRIFFEN DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Griffen Development 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 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:
∙the amount of revenue 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.
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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GRIFFEN DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
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GRIFFEN DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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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.
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The average monthly number of employees, including directors, during the year was Nil (2023: Nil).
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GRIFFEN DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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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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Amounts owed by group undertakings comprise of loans of £647,916 (2023: £1,272,268) due from fellow subsidiary Griffen Capital Limited and £Nil (2023: £659,206) due from Griffen Holdings Limited, the parent company. The loans are unsecured, interest free and repayable on demand.
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GRIFFEN DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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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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Accruals and deferred income
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Amounts owed to group undertakings comprise of an amount of £250,694 (2023: £Nil) chargeable by Griffen Holdings Limited, the parent company and an amount of £112,325 (2023: £Nil) chargeable by Griffen Properties Limited by virtue of common majority shareholding.
Included in accruals and deferred income is an amount of £Nil (2023: £659,000) chargeable by Griffen Holdings Limited and an amount of £Nil (2023: £300,000) chargeable by Griffen Capital Limited.
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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 and trade debtors and amounts owed by group undertakings.
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Financial liabilities measured at amortised cost through profit or loss comprise amounts owed to group undertakings, accruals and trade payables.
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GRIFFEN DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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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 £23,314 (2023: £164,877) were charged to wholly owned subsidiares of GUPIL. At 31 December 2024, £7,387 (2023: £253) remained outstanding.
The Company is related to Griffen Capital Limited ("GCL") by virtue of common majority shareholding. During the year, administrative fees of £300,0000 (2023: £300,000) were charged by GCL. At 31 December 2024, £Nil (2023: £300,000) was accrued.
The Company is related to Griffen Properties Limited ("GPL") by virtue of common majority shareholding. During the year, administrative fees of £96,503 (2023: £110,547) were charged by GPL. At 31 December 2024, £Nil (2023: £60,926) remained outstanding.
During the year, Griffen Holdings Limited, the parent company charged administrative fees of £124,000 (2023: £659,000). At the year end, £Nil (2023: £659,000) was included in accruals.
The Company is related to Gripon Limited by virtue of common majority shareholding. During the year, insurance of £1,885 (2023: £Nil) were charged by Gripon Ltd. At 31 December 2024, £Nil (2023: £Nil) was accrued.
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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.
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