Company Registration No. 08249086 (England and Wales)
GRIFFIN & CO (CHELTENHAM) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
GRIFFIN & CO (CHELTENHAM) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GRIFFIN & CO (CHELTENHAM) LTD
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
2
40,329
1,704
Cash at bank and in hand
2,217
147,418
42,546
149,122
Creditors: amounts falling due within one year
3
(61,133)
(48,606)
Net current (liabilities)/assets
(18,587)
100,516
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(18,588)
100,515
Total equity
(18,587)
100,516
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 August 2020
C A Griffin
Director
Company Registration No. 08249086
GRIFFIN & CO (CHELTENHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
1
Accounting policies
Company information
Griffin & Co (Cheltenham) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Delta Place, 27 Bath Road, Cheltenham, Gloucestershire, GL53 7TH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The comparative information is for 18 months, as the reporting date was extended to 30 April 2019. The prior period information is therefore not directly comparable.
1.3
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.
1.4
Cash at bank and in hand
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 current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
GRIFFIN & CO (CHELTENHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
30,000
-
Corporation tax recoverable
10,329
-
Other debtors
-
1,704
40,329
1,704
GRIFFIN & CO (CHELTENHAM) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 4 -
3
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
2,988
-
Corporation tax
-
29,980
Other taxation and social security
4,298
-
Other creditors
53,847
18,626
61,133
48,606
4
Director's transactions
At the balance sheet date the director was owed
£
53,479
(2019:
£17,127
)
by the company, included within creditors.
The loan is non-interest-bearing and repayable upon demand
.