Griffin Systems Solutions Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09610481 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2017

for

GRIFFIN SYSTEMS SOLUTIONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

M J Griffin

Secretary:

Mrs S E Griffin

Registered office:

10 St Ethelbert Street

Hereford

Herefordshire

HR1 2NR

Registered number:

09610481 (England and Wales)

Accountants:

Haines Watts Hereford Ltd

3rd Floor

Broadway House

32 - 35 Broad Street

Hereford

Herefordshire

HR4 9AR

Fixed assets

Tangible assets

4

560

1,110

Current assets

Debtors

5

197

20,876

Cash at bank

38,207

16,943

38,404

37,819

Creditors

Amounts falling due within one year

6

16,680

30,128

Net current assets

21,724

7,691

Total assets less current liabilities

22,284

8,801

Provisions for liabilities

7

111

222

Net assets

22,173

8,579

Capital and reserves

Called up share capital

8

20

20

Retained earnings

9

22,153

8,559

Shareholders' funds

22,173

8,579

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 30 October 2017 and were signed by:

M J Griffin - Director

1.	Statutory information

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

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Computer equipment

-

33% on cost

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.

3.	Employees and directors

The average number of employees during the year was 2 .

4.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 June 2016

and 31 May 2017

1,666

Depreciation

At 1 June 2016

556

Charge for year

550

At 31 May 2017

1,106

Net book value

At 31 May 2017

560

At 31 May 2016

1,110

5.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

-

20,680

Other debtors

197

196

197

20,876

6.

Creditors: amounts falling due within one year

2017

2016

£

£

Trade creditors

-

1,750

Taxation and social security

12,675

14,208

Other creditors

4,005

14,170

16,680

30,128

7.	Provisions for liabilities

2017

2016

£

£

Deferred tax

Accelerated capital allowances

222

222

Deferred tax

(111

)

-

111

222

Deferred tax

£

Balance at 1 June 2016

222

Provided during year

(111

)

Balance at 31 May 2017

111

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

20

Ordinary

£1

20

20

9.

Reserves

Retained

earnings

£

At 1 June 2016

8,559

Profit for the year

50,794

Dividends

(37,200

)

At 31 May 2017

22,153

10.	Related party disclosures

During the year, total dividends of £18,600 (2016 - £9,500) were paid to the director .

During the period the director, operated a current account to record amounts drawn by him and amounts due to

him. As at 31 May 2017 the amount due to the director by the company amounted to £417. (2016: £12,130).

The loan is repayable on demand and no interest is being charged.

At 27 May 2015 the trade of the director's sole trader business was transferred into the company.

11.	First year adoption

The Company has transitioned to FRS 102 from previously being prepared under the historical cost convention

and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2015) as at 1

June 2015.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.