REGISTERED NUMBER: 08075976 (England and Wales)

GAVIN GRIFFITHS PROPERTY LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G T J Griffiths

REGISTERED OFFICE:

Former Jr Steel Works Bryntywod

Llangyfelach

Swansea

SA5 7LE

REGISTERED NUMBER:

08075976 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Tangible assets

4

3,804,978

15,105

Investment property

5

-

3,843,638

3,804,978

3,858,743

CURRENT ASSETS

Debtors

6

479,761

60,589

Cash at bank and in hand

6,612

5,345

486,373

65,934

CREDITORS

Amounts falling due within one year

7

448,434

373,015

NET CURRENT ASSETS/(LIABILITIES)

37,939

(307,081

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,842,917

3,551,662

CREDITORS

Amounts falling due after more than one year

8

(2,451,196

)

(2,106,827

)

PROVISIONS FOR LIABILITIES

(164,136

)

(164,136

)

NET ASSETS

1,227,585

1,280,699

CAPITAL AND RESERVES

Called up share capital

1

1

Revaluation reserve

10

-

492,407

Retained earnings

1,227,584

788,291

1,227,585

1,280,699

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 December 2025 and were signed by:

G T J Griffiths - Director

1.	STATUTORY INFORMATION

Gavin Griffiths Property Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised on a straight-line basis over the term of the lease, unless another systematic basis is more representative of the time pattern in which benefits from the property are derived. Any rent received in advance is deferred and recognised in the period to which it relates, ensuring that income is matched to the appropriate accounting period.

Where lease incentives such as rent-free periods or reduced rents are granted to tenants, these are accounted for as a reduction in rental income and spread evenly over the lease term. This treatment ensures that reported turnover reflects the effective rental income earned across the duration of the lease.

Rental income is recognised only when collection is probable. If tenants default on payments, amounts previously recognised but deemed irrecoverable are written off as an expense in the period in which the impairment is identified.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Straight line over 10 - 50 years

Plant and Machinery

-

Straight line over 5 years

If there is an indication that there has been a significant change in the depreciation rate or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations.

All property, plant and equipment use the cost model and are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.

A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. 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 the income statement.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Impairment of fixed assets

The group performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

During the year, the company became part of a group and has adopted the policy of investment properties rented to group companies as Property, Plant and Equipment.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial instruments

Basic financial liabilities, including trade and other payables, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharge or cancelled.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and cash in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Functional and presentational currency

These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Company operates (its functional currency).

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised s liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

Machinery

Totals

£

£

£

COST

At 1 April 2024

-

52,279

52,279

Transfer to ownership

3,843,638

-

3,843,638

At 31 March 2025

3,843,638

52,279

3,895,917

DEPRECIATION

At 1 April 2024

-

37,174

37,174

Charge for year

46,305

7,460

53,765

At 31 March 2025

46,305

44,634

90,939

NET BOOK VALUE

At 31 March 2025

3,797,333

7,645

3,804,978

At 31 March 2024

-

15,105

15,105

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Machinery

£

COST

At 1 April 2024

and 31 March 2025

27,555

DEPRECIATION

At 1 April 2024

15,615

Charge for year

5,511

At 31 March 2025

21,126

NET BOOK VALUE

At 31 March 2025

6,429

At 31 March 2024

11,940

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

3,843,638

Transfer to ownership

(3,843,638

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

3,843,638

In the opinion of the directors of the company, the fair value of the investment property is not materially different from its current market value.

During the year, the company became part of a group and has adopted the policy of investment properties rented to group companies as Property, Plant and Equipment.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

243,511

40,000

Amounts owed by related parties

236,250

20,589

479,761

60,589

Included within Amounts owed by related parties £236,250 (2024; £20,589) is an amount owed by Gavin Griffiths & Daughters Properties Limited a company connected in which a director has control, significant influence by virtue of their shareholding.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Bank loans and overdrafts

108,229

96,179

Hire purchase contracts

5,511

11,940

Trade creditors

42,151

106,815

Amounts owed to group undertakings

260,590

-

Amounts owed to related parties

-

100,000

Taxation and social security

24,704

50,831

Other creditors

7,249

7,250

448,434

373,015

Included within Amounts owed to related parties £nil (2024; £100,000) is an amount owed to Griffiths Waste Management Limited who in 2024 was a company connected in which a director has control by virtue of their shareholding.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

as restated

£

£

Bank loans

1,600,773

1,306,822

Hire purchase contracts

918

-

Amounts owed to group undertakings

849,505

-

Amounts owed to related parties

-

800,005

2,451,196

2,106,827

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,142,688

896,081

Included within Amounts owed to related parties £nil (2024; £800,005) is an amount owed to Gavin Griffiths Recycling Limited who in 2024 was a company connected in which a director has control by virtue of their shareholding.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

as restated

£

£

Bank loans

1,709,002

1,403,001

Hire purchase contracts

6,429

11,940

1,715,431

1,414,941

Hire purchase liabilities are secured by the assets to which the agreement relates, and are included within tangible fixed assets.

The company's bankers hold security by way of a fixed and floating charges over the properties and undertaking of the company, and a negative pledge.

10.

RESERVES

Revaluation

reserve

£

At 1 April 2024

492,407

Transfer to Ownership

(492,407

)

At 31 March 2025

-

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Jones (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G T J Griffiths.