Grizzly Tools Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06762640 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Grizzly Tools Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

D Strollo

J S Upton

REGISTERED OFFICE:

44 Elwell Street

West Bromwich

West Midlands

B70 0DN

REGISTERED NUMBER:

06762640 (England and Wales)

ACCOUNTANTS:

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

FIXED ASSETS

Tangible assets

4

254

433

CURRENT ASSETS

Stocks

161,779

193,638

Debtors

5

6,373

6,516

Cash at bank

700

1,932

168,852

202,086

CREDITORS

Amounts falling due within one year

6

(119,677

)

(39,023

)

NET CURRENT ASSETS

49,175

163,063

TOTAL ASSETS LESS CURRENT LIABILITIES

49,429

163,496

CREDITORS

Amounts falling due after more than one year

7

(1,789,230

)

(1,713,735

)

NET LIABILITIES

(1,739,801

)

(1,550,239

)

CAPITAL AND RESERVES

Called up share capital

8

600,100

600,100

Retained earnings

9

(2,339,901

)

(2,150,339

)

SHAREHOLDERS' FUNDS

(1,739,801

)

(1,550,239

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

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

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2022 and were signed on its behalf by:

D Strollo - 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.

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 2021, the amount owed to Fairweather Finance LLP was £580,260 and the amount owed to Fairweather Insurance Services Limited was £1,162,700. 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 (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

equipment

fittings

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

976

485

1,461

DEPRECIATION

At 1 January 2021

543

485

1,028

Charge for year

179

-

179

At 31 December 2021

722

485

1,207

NET BOOK VALUE

At 31 December 2021

254

-

254

At 31 December 2020

433

-

433

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

6,373

6,516

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

4,303

-

Trade creditors

906

12,086

Taxation and social security

7,296

8,741

Other creditors

107,172

18,196

119,677

39,023

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

46,270

50,000

Other creditors

1,742,960

1,663,735

1,789,230

1,713,735

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

22,153

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

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.

9.

RESERVES

Retained

earnings

£

At 1 January 2021

(2,150,339

)

Deficit for the year

(189,562

)

At 31 December 2021

(2,339,901

)

10.	RELATED PARTY DISCLOSURES

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 2021 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

22 December 2022