Griffin Administration Limited
Griffin Administration Limited
Registered number: 06896020
Financial Statements
For The Year Ended
31 January 2023
Griffin Administration Limited
Griffin Administration Limited
Financial Statements
For The Year Ended
31 January 2023
Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1 |
| Notes to the Financial Statements | 2—5 |
Griffin Administration Limited
Statement of Financial Position
As at
31 January 2023
Statement of Financial Position
Registered number:
06896020
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| CREDITORS: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| CREDITORS: Amounts Falling Due After More Than One Year | 6 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 120,045 | 112,570 | |||
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 2 to 5 form part of these financial statements.
Griffin Administration Limited
Notes to the Financial Statements
For The Year Ended
31 January 2023
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared on a going concern basis, under the historical cost convention and in accordance with the applicable laws and United Kingdom Accounting Standards (Generally Accepted Accounting Principles) including "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland", Section 1A Small Entities ("FRS 102"). The company has taken advantage of the exemption available under FRS102, whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
1.2.
Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The directors believe that this basis is appropriate as the company is in a net asset position.
1.3.
Turnover
Turnover comprises the invoiced value of services supplied by the company, net of Value Added Tax ("VAT") and trade discounts.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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1.5.
Financial Instruments
Basic Financial Instruments are initially measured at transaction price and subsequently measured at amortised cost. This applies to both Debtors and Creditors.
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Cash & Cash Equivalents/ Functional and presentation currency
Cash and cash equivalents comprise cash at bank and petty cash.
These financial statements are presented in sterling which is the company's functional and presentation currency.
1.8.
Operating Lease
Rentals paid under operating leases are charged to the income statement in equal amounts over the lease term.
Griffin Administration Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2023
1.9.
Cash Flow Statement
Under FRS102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that the company is small.
1.10.
Registrar Filing Requirements
Expenses are recognized on an accruals basis and are measured at their transaction price.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
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| Office and administration |
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3.
Tangible Assets
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
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4.
Debtors
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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| Due after more than one year | |||
| Other debtors |
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Griffin Administration Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2023
5.
CREDITORS: Amounts Falling Due Within One Year
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| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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6.
CREDITORS: Amounts Falling Due After More Than One Year
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| Other creditors |
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8.
Other Commitments
At the end of the period the company had minimum lease payments under non-cancellable leases as follows: £NIL (2022: £NIL)
9.
Post Balance Sheet Events
There have been no post balance sheet events prior to the signing of these financial statements which, in the opinion of the directors, require adjustment to or disclosure within these financial statements.
10.
Related Party Transactions
The company received £857,000 in the year (2022: £848,000) for Administration services provided to Griffin Underwriting Limited, its parent company.
11.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
Griffin Administration Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2023
12.
Ultimate Controlling Party
The company's ultimate controlling party is the parent company, Griffin Underwriting Limited, a company registered in Guernsey. Griffin Underwriting Limited prepares group financial statements and copies can be obtained from Level 5, Mill Court, La Charroterie, St Peter Port, Guernsey GY1 1EJ.
13.
Audit Information
The auditors report on the account of Griffin Administration Limited for the year ended 31 January 2023 was unqualified
The auditor's report was signed by
Jeremy Ellis
(Senior Statutory Auditor)
for and on behalf of
Grant Thornton Limited
, Statutory Auditor
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St James Place
St James Street
St Peter Port
Guernsey, C.I.
GY1 2NZ
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14.
General Information
Griffin Administration Limited
with a registered number
06896020
is a limited by shares company incorporated in England & Wales. The registered office is The Old Mill Lyeway Farm, Lyeway Road, Ropley, Alresford, Hampshire, SO24 0DD. The company's principal activity during the year continued to be that of insurance administration.