Grizzly Tools Limited - Abbreviated accounts 16.1
Grizzly Tools Limited - Abbreviated accounts 16.1
| REGISTERED NUMBER: |
| Abbreviated Unaudited Accounts |
| for the Year Ended 31 December 2015 |
| for |
| Grizzly Tools Limited |
| Grizzly Tools Limited (Registered number: 06762640) |
| Contents of the Abbreviated Accounts |
| for the Year Ended 31 December 2015 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| Chartered Accountants' Report | 6 |
| Grizzly Tools Limited |
| Company Information |
| for the Year Ended 31 December 2015 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Grizzly Tools Limited (Registered number: 06762640) |
| Abbreviated Balance Sheet |
| 31 December 2015 |
| 2015 | 2014 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 3 |
| Profit and loss account | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| Grizzly Tools Limited (Registered number: 06762640) |
| Abbreviated Balance Sheet - continued |
| 31 December 2015 |
| The financial statements were approved by the Board of Directors on |
| Grizzly Tools Limited (Registered number: 06762640) |
| Notes to the Abbreviated Accounts |
| for the Year Ended 31 December 2015 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention, on the going concern basis and |
| in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at 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 in the form of a |
| loan. Fairweather Finance LLP is a limited liability partnership of which a director and shareholder of this |
| company, J S Upton, is a designated member. |
| At 31st December 2015, the amount owed to Fairweather Finance LLP was £190,300. Fairweather Finance LLP |
| 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 full due for payment. |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 January 2015 |
| Additions |
| At 31 December 2015 |
| DEPRECIATION |
| At 1 January 2015 |
| Charge for year |
| At 31 December 2015 |
| NET BOOK VALUE |
| At 31 December 2015 |
| At 31 December 2014 |
| Grizzly Tools Limited (Registered number: 06762640) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 December 2015 |
| 3. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2015 | 2014 |
| value: | £ | £ |
| Ordinary | 1 |
| Ordinary Redeemable Shares | 1 |
| 600,100 | 100 |
| During the year 600,000 ordinary redeemable shares were issued for cash at par. |
| The redeemable shares are preferential dividend shares and any available profits are to paid at a annual rate of |
| 11.5% of the par value of the redeemable shares. Under the provisions in the Company's Articles, the company |
| must pay the holders of the ordinary redeemable shares before application of any available profits to reserves or |
| for any other purpose. If the company is unable to pay the preferred dividend in full on the due date because |
| there are insufficient available profits, it shall pay this dividend on the date it is next fully able to do so. |
| 4. | RELATED PARTY DISCLOSURES |
| D Strollo |
| A director of this company |
| Consultancy fees £7,600 (2014 - £Nil) |
| Fairweather Finance LLP |
| A business in which J S Upton is a designated member |
| Interest payable £95,922 (2014 - £36,794) (Note 7) |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Grizzly Tools Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual |
| unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five) |
| have been prepared. |
| 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 2015 which comprise the Profit and Loss |
| Account, the 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 at icaew.com/membershandbook. |
| 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 AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company 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. |
| 11 August 2016 |