Grizzly Tools Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06762640 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Grizzly Tools Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

D Strollo

J S Upton

REGISTERED OFFICE:

Unit 3 Beldray Park

Beldray Road

Bilston

West Midlands

WV14 7NH

REGISTERED NUMBER:

06762640 (England and Wales)

ACCOUNTANTS:

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

FIXED ASSETS

Intangible assets

4

-

66

Tangible assets

5

84

355

84

421

CURRENT ASSETS

Stocks

295,860

398,806

Debtors

6

6,981

16,192

Cash at bank

643

1,427

303,484

416,425

CREDITORS

Amounts falling due within one year

7

(9,153

)

(15,053

)

NET CURRENT ASSETS

294,331

401,372

TOTAL ASSETS LESS CURRENT LIABILITIES

294,415

401,793

CREDITORS

Amounts falling due after more than one year

8

(1,530,509

)

(1,187,937

)

NET LIABILITIES

(1,236,094

)

(786,144

)

CAPITAL AND RESERVES

Called up share capital

9

600,100

600,100

Retained earnings

10

(1,836,194

)

(1,386,244

)

SHAREHOLDERS' FUNDS

(1,236,094

)

(786,144

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2020 and were signed on its behalf by:

J S Upton - Director

1.	STATUTORY INFORMATION

Grizzly Tools Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

There are no material departures from the Standard.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over an estimated useful life of three years.

Tangible fixed assets

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

Office equipment

-

33% on cost

Fixtures and fittings

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

Going concern

The financial statements have been prepared on a going concern basis which the directors believe to be

appropriate as the company is able to depend on funds provided by Fairweather Finance LLP and Fairweather

Insurance Services Limited in the form of loans. Fairweather Finance LLP is a limited liability partnership of

which a director and shareholder of this company, J S Upton, is a designated member and Fairweather Insurance

Services Limited is a company of which J S Upton is a director and has an interest.

At 31 December 2019, the amount owed to Fairweather Finance LLP was £527,509 and the amount owed to

Fairweather Insurance Services Limited was £1,003,000. These amounts are repayable on demand but the

members of Fairweather Finance LLP and the directors of Fairweather Insurance Services Limited have provided

the company with undertakings that for at least 12 months from the date of approval of these financial statements

they will make available the funding required for the company to continue trading and meet its liabilities as they

fall due for payment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	INTANGIBLE FIXED ASSETS

Website

costs

£

COST

At 1 January 2019

and 31 December 2019

2,350

AMORTISATION

At 1 January 2019

2,284

Amortisation for year

66

At 31 December 2019

2,350

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

66

5.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

equipment

fittings

Totals

£

£

£

COST

At 1 January 2019

2,434

12,835

15,269

Disposals

(1,996

)

-

(1,996

)

At 31 December 2019

438

12,835

13,273

DEPRECIATION

At 1 January 2019

2,335

12,579

14,914

Charge for year

99

172

271

Eliminated on disposal

(1,996

)

-

(1,996

)

At 31 December 2019

438

12,751

13,189

NET BOOK VALUE

At 31 December 2019

-

84

84

At 31 December 2018

99

256

355

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

5,402

16,192

Other debtors

1,579

-

6,981

16,192

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

1,340

4,482

Taxation and social security

-

4,860

Other creditors

7,813

5,711

9,153

15,053

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

1,530,509

1,187,937

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

600,000

Redeemable Ordinary

£1

600,000

600,000

600,100

600,100

The holders of the Redeemable Ordinary Shares are not entitled to any dividends. Any available profits that are

deemed to be distributable are to be distributed to the holders of the ordinary shares, on a pro rata basis, to the

number of shares held by them.

On a return of assets on liquidation, capital reduction or otherwise, the assets of the company remaining after

payment of its indebtedness are to be distributed first to the holders of the Redeemable Ordinary Shares on the

basis of £1 per Redeemable Ordinary Share, and secondly on paying the holders of the Ordinary Shares pro rata

to the shares held.

The holders of the Ordinary Shares have one vote per share and the holders of the Redeemable Ordinary Shares

have no voting rights.

10.

RESERVES

Retained

earnings

£

At 1 January 2019

(1,386,244

)

Deficit for the year

(449,950

)

At 31 December 2019

(1,836,194

)

11.	RELATED PARTY DISCLOSURES

Director

Consultancy fees £nil (2018 - £28,000)

Fairweather Finance LLP

A business of which J.S. Upton is a designated member

Amounts owed to Fairweather Finance LLP at 31 December 2019 totalled £527,509.

The amount owed to Fairweather Finance LLP included in creditors falling due after more than one year, is

unsecured. The amount due is payable on demand but the members of Fairweather Finance LLP have given their

assurance that payment of this amount will not be demanded until such time as Grizzly Tools Limited can afford

to do so without detriment to its operating and working capital needs. Interest is being accrued on this loan at a

commercial market rate.

Fairweather Insurance Services Limited

A company of which J.S. Upton is a director and has an interest

Amounts owed to Fairweather Insurance Services Limited at 31 December 2019 totalled £1,003,000.

The amount owed to Fairweather Insurance Services Limited included in creditors falling due after more than

one year, is unsecured. The amount due is payable on demand but the directors of Fairweather Insurance

Services Limited have given their assurance that payment of this amount will not be demanded until such time as

Grizzly Tools Limited can afford to do so without detriment to its operating and working capital needs. Interest

is being accrued on this loan at a commercial market rate.

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 Grizzly Tools Limited for the year ended 31 December 2019 which comprise the Profit and Loss

Account, 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 Grizzly Tools Limited, 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 Grizzly Tools Limited and state those matters that we have agreed to state to the Board of Directors of Grizzly Tools Limited, 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 Grizzly Tools Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grizzly Tools Limited 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 loss of Grizzly Tools Limited. You consider that Grizzly Tools Limited 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 Grizzly Tools Limited. 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.

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

16 September 2020