Gryphon Property Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09014546 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

FOR

GRYPHON PROPERTY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

J D Ross

H S Ross

REGISTERED OFFICE:

22 Compass Point

Ensign Way

Hamble

Southampton

SO31 4RA

REGISTERED NUMBER:

09014546 (England and Wales)

ACCOUNTANTS:

Kemps Accounting Solutions Limited

Chartered Accountants

42A High Street

Broadstairs

Kent

CT10 1JT

BANKERS:

Barclays Bank PLC

50-52 London Road

Southampton

SO15 2SF

FIXED ASSETS

Tangible assets

4

1,658

1,896

Investment property

5

2,342,000

2,157,827

2,343,658

2,159,723

CURRENT ASSETS

Debtors

6

-

24,959

Prepayments and accrued income

21,142

22,954

Cash in hand

12,491

12,416

33,633

60,329

CREDITORS

Amounts falling due within one year

7

1,117,455

1,103,325

NET CURRENT LIABILITIES

(1,083,822

)

(1,042,996

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,259,836

1,116,727

CREDITORS

Amounts falling due after more than one year

8

(666,796

)

(679,011

)

PROVISIONS FOR LIABILITIES

(85,756

)

(52,504

)

NET ASSETS

507,284

385,212

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

507,282

385,210

SHAREHOLDERS' FUNDS

507,284

385,212

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 26 January 2022 and were signed on its behalf by:

J D Ross - Director

H S Ross - Director

1.	STATUTORY INFORMATION

Gryphon 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.

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Gryphon Property Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and Fittings

-

25% on cost

Computer equipment

-

33% on cost

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2020

5,575

Additions

839

At 30 June 2021

6,414

DEPRECIATION

At 1 July 2020

3,679

Charge for year

1,077

At 30 June 2021

4,756

NET BOOK VALUE

At 30 June 2021

1,658

At 30 June 2020

1,896

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

2,157,827

Additions

10,000

Revaluations

174,173

At 30 June 2021

2,342,000

NET BOOK VALUE

At 30 June 2021

2,342,000

At 30 June 2020

2,157,827

The fair value of the investment properties was arrived at on an open market value basis by reference to market evidence for similar commercial and residential buy to let properties. The valuation at the year end was made by the Directors.

Fair value at 30 June 2021 is represented by:

£

Valuation in 2019

209,965

Valuation in 2020

130,045

Valuation in 2021

174,173

Cost

1,827,817

2,342,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

-

24,959

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans and overdrafts

26,381

18,481

Taxation and social security

4,308

21,070

Other creditors

1,086,766

1,063,774

1,117,455

1,103,325

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans

666,796

679,011

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

£

£

Bank Loans

653,676

657,992

The bank loans are secured by fixed charges over four of the investment properties which have an aggregate fair value of £1,379,000 (2020 £1,377,827).

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gryphon Property Ltd for the year ended 30 June 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Gryphon Property Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gryphon Property Ltd and state those matters that we have agreed to state to the Board of Directors of Gryphon Property Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gryphon Property Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gryphon Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gryphon Property Ltd. You consider that Gryphon Property Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gryphon Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kemps Accounting Solutions Limited

Chartered Accountants

42A High Street

Broadstairs

Kent

CT10 1JT

27 January 2022