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Registered number: 08958086
Griffen Properties Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2025
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Griffen Properties Limited
Registered number: 08958086
Statement of Financial Position
As at 31 March 2025
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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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Total assets less current liabilities
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The director considers 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 director acknowledges his 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 by:
Rui Miguel Rodrigues Nobre
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The notes on pages 3 to 8 form part of these financial statements.
Page 1
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Griffen Properties Limited
Registered number: 08958086
Statement of Financial Position (continued)
As at 31 March 2025
Page 2
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Griffen Properties Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
Griffen Properties 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
These financial statements have been prepared on a going concern basis. The Company is dependent upon the continued financial support of the shareholder to continue operating and to meet its liabilities as they fall due. The shareholder agrees to continue to provide financial support to the Company and not to call on the shareholder loan until such a time as the company is in a position to repay the loan. Accordingly the director has prepared the accounts under the going concern concept.
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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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.
Page 3
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Griffen Properties Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
Tax is recognised in profit or loss 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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:
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10 years from completion date
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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.
Page 4
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Griffen Properties Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
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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.
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Judgments 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 statements.
The Company has no employees other than the directors during the year, who did not receive any remuneration (2024: £Nil).
Due to the loss in the current year, and taxable losses carried forward in the prior year, the tax liability for the year to 31 March 2025 amounted to £nil (2024: £nil).
Page 5
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Griffen Properties Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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Charge for the year on owned assets
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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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Included in Amounts owed by group undertakings are £143,014 (2024: £Nil) owed by Griffen Development Limited, an entity under common control. The loan is unsecured, interest free and repayable on demand.
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Page 6
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Griffen Properties Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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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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Included in amounts owed to group undertakings are £329,662 (2024: £164,976) owed to Griffen Capital Limited, and £86,000 (2024: £Nil) owed to Griffen Holdings Limited. Both entities are under common control.
Included in amounts owed to group undertakings are shareholder loans totalling £1,626,300 (2024: £1,626,300) owed to Gripon Limited, the parent company. The first loan amounts to £476,300 (2024: £476,300). This loan is interest free, unsecured and repayable on demand. The second loan amounts to £1,150,000 (2024: £1,150,000). This loan incurs interest at 8% per annum is unsecured and is repayable on demand.
In the current year, shareholder loans and amounts owed to group undertakings have been presented together due to their similar nature. In the prior year, these were disclosed separately.I saved i draft
Other creditors include retentions amounts payable of £12,405 (2024: £3,916) and the director's loan account balance of £6,520 (2024: £6,520).
These loans are unsecured, interest free and repayable on demand.
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Page 7
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Griffen Properties Limited
Notes to the Financial Statements
For the Year Ended 31 March 2025
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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 comprise cash and cash equivalents, trade debtors and amounts owed by group undertakings.
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Financial liabilities measured at amortised cost comprise trade creditors, accruals, other creditors, amounts owed to group undertakings and shareholder loans.
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Commitments under operating leases
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At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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In the opinion of the directors, the ultimate parent undertaking and controlling party is Gripon Limited.
Page 8
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