Grizzly Tools Limited - Accounts to registrar (filleted) - small 23.2.5
Grizzly Tools Limited - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
Grizzly Tools Limited |
Grizzly Tools Limited (Registered number: 06762640) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
Grizzly Tools Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |
Grizzly Tools Limited (Registered number: 06762640) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
Grizzly Tools Limited (Registered number: 06762640) |
Balance Sheet - continued |
31 December 2022 |
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 director and authorised for issue on |
Grizzly Tools Limited (Registered number: 06762640) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Grizzly Tools Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Office equipment | - |
Fixtures and fittings | - |
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 director believes to be appropriate as the company is able to depend on funds provided by Fairweather Finance LLP and Novo CSV Limited in the form of loans. Fairweather Finance LLP is a limited liability partnership of which a shareholder of this company, J S Upton, is a designated member. Novo CSV Limited is a company of which the director of this company has a shareholding. 2022 |
At 31 December 2022, the amount owed to Fairweather Finance LLP was £580,260 and the amount owed to Novo CSV Limited was £295,584 These amounts are repayable on demand but the members of Fairweather Finance LLP and the directors of Novo CSV 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 (2021 - NIL). |
Grizzly Tools Limited (Registered number: 06762640) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and |
equipment | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 17,068 | 22,153 |
Grizzly Tools Limited (Registered number: 06762640) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
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. | RELATED PARTY DISCLOSURES |
Fairweather Finance LLP |
A business of which J.S. Upton, a shareholder of this company, is a designated member |
Amounts owed to Fairweather Finance LLP at 31 December 2022 totalled £580,260 (2021 - £580,260). |
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, a shareholder of this company, is a director and has an interest |
Amounts owed to Fairweather Insurance Services Limited at 31 December 2022 totalled £nil (2021 - £1,162,700). |
The loan due to Fairweather Insurance Services Limited in the amount of £1,075,663 was written off in the year. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Grizzly Tools Limited |
The following reproduces the text of the report prepared for the director 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 Director 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 2022 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity 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 director of Grizzly Tools Limited 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 director of Grizzly Tools Limited 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 director 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 profit 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. |
Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |