Company No: 11754562 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	79,812		94,721
Investment property	4	2,060,970		2,060,970
		2,140,782		2,155,691
Current assets
Debtors	5	45,416		45,351
Cash at bank and in hand		4,019		7,996
		49,435		53,347
Creditors: amounts falling due within one year	6	( 2,240,151)		( 2,248,438)
Net current liabilities		(2,190,716)		(2,195,091)
Total assets less current liabilities		(49,934)		(39,400)
Net liabilities		( 49,934)		( 39,400)
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		( 50,034 )		( 39,500 )
Total shareholder's deficit		( 49,934)		( 39,400)

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Griffiths Property Assets Limited (registered number: 11754562) were approved and authorised for issue by the Board of Directors on 29 May 2026. They were signed on its behalf by:

George Griffiths Director

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 Property Assets 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 Ff58 Winslade House Winsalde Park, Manor Drive, Clyst St. Mary, Exeter, EX5 1FY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £49,934. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties 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:

Vehicles	15 % reducing balance
Office equipment	5 years straight line
Computer equipment	5 years straight line

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.

Impairment of assets

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

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2025	99,850		5,749		1,398		106,997
At 31 December 2025	99,850		5,749		1,398		106,997
Accumulated depreciation
At 01 January 2025	9,985		2,011		280		12,276
Charge for the financial year	13,480		1,150		279		14,909
At 31 December 2025	23,465		3,161		559		27,185
Net book value
At 31 December 2025	76,385		2,588		839		79,812
At 31 December 2024	89,865		3,738		1,118		94,721

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2025	2,060,970
As at 31 December 2025	2,060,970

Valuation

The 2025 valuations were made by the directors, on an open market value for existing use basis.

5. Debtors

	2025		2024
	£		£
Trade debtors	21,250		26,318
Amounts owed by Parent undertakings	9,663		7,277
Amounts owed by associates	2,760		2,760
Prepayments	3,111		5,633
VAT recoverable	8,043		3,363
Other debtors	589		0
	45,416		45,351

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	13,408		0
Amounts owed to associates	21,250		20,500
Amounts owed to directors	2,178,847		2,180,680
Accruals and deferred income	24,114		47,226
Taxation and social security	32		32
Other creditors	2,500		0
	2,240,151		2,248,438

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

The company has taken advantage of the exemption available under FRS 102 S1A.C.35 to not disclose transactions with other entities within a wholly owned group.

At the period end, the balance owed to the director was £2,178,847 (2024: £2,180,680). No interest is charged on this balance in this year. Interest was charged at 4.5% until September 2024 and then was interest free following this date.