Grizzly Tools Limited - Accounts to registrar - small 17.2
Grizzly Tools Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2016 |
| for |
| Grizzly Tools Limited |
| Grizzly Tools Limited (Registered number: 06762640) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 8 |
| Grizzly Tools Limited |
| Company Information |
| for the Year Ended 31 December 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Hanover Court |
| 5 Queen Street |
| Lichfield |
| Staffordshire |
| WS13 6QD |
| Grizzly Tools Limited (Registered number: 06762640) |
| Balance Sheet |
| 31 December 2016 |
| 2016 | 2015 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 3 |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | 9 | ( |
) | ( |
) |
| 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) |
| Balance Sheet - continued |
| 31 December 2016 |
| 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 on |
| Grizzly Tools Limited (Registered number: 06762640) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| Grizzly Tools Limited is a |
| 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 |
| 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 |
| 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. |
| 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. |
| Grizzly Tools Limited (Registered number: 06762640) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 2016, the amount owed to Fairweather Finance LLP was £426,754. This amount is repayable |
| on demand but 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 fall due for payment. |
| 3. | INTANGIBLE FIXED ASSETS |
| Website |
| costs |
| £ |
| COST |
| Additions |
| At 31 December 2016 |
| AMORTISATION |
| Amortisation for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Office | and |
| equipment | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Grizzly Tools Limited (Registered number: 06762640) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Other creditors |
| Other creditors comprises an unsecured loan from Fairweather Finance LLP, a limited liability partnership of |
| which J S Upton, a director and shareholder of this company is a designated member. |
| During the year, interest in the sum of £Nil (2015 - £95,922) has been charged on this loan. |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| Ordinary Redeemable Shares | 1 | 600,000 | 600,000 |
| 600,100 | 600,100 |
| 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. |
| 9. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2016 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 December 2016 | ( |
) |
| Grizzly Tools Limited (Registered number: 06762640) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 10. | CONTINGENT LIABILITIES |
| There are dividends totalling £69,000 (2015 - £9,074) payable on the ordinary redeemable shares. Dividends |
| payable at 31st December 2016 totalled £78,074 (2015 - £9,074). These dividends cannot be paid because there |
| are insufficient available profits. The company must pay these dividends to the holders of these shares when |
| there are sufficient available profits to do so before application of profits to reserves or for any other purpose. |
| 11. | RELATED PARTY DISCLOSURES |
| Director |
| Consultancy fees £33,600 (2015 - £7,600) |
| Fairweather Finance LLP |
| A business in which J.S. Upton is a designated member |
| Amounts owed to Fairweather Finance LLP at 31st December 2016 £426,754 (2015 - £170,300). |
| The amount owed to Fairweather Finance LLP (included in note 7 to the accounts) is unsecured and has no |
| specific terms regarding payment of interest. No interest was paid during the year ended 31st December 2016 |
| (2015 - £95,922). The amount due is payable on demand but the members of Fairweather Finance LLP have |
| given that 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. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is D Strollo. |
| 13. | FIRST YEAR ADOPTION |
| These financial statements for the year ended 31 December 2016 are the first financial statements that comply |
| with FRS 102 Section 1A "Small Entities". The date of transition is 1 January 2015. |
| The transition to FRS102 section 1A has resulted in a small number of changes in accounting policies to those |
| used previously. However, none of the changes have impacted on the opening equity or the profit for the |
| comparative period. |
| 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 and members 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 2016 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 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. |
| Hanover Court |
| 5 Queen Street |
| Lichfield |
| Staffordshire |
| WS13 6QD |