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 2017

for

Grizzly Tools Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

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

3

849

1,632

Tangible assets

4

1,930

6,352

2,779

7,984

CURRENT ASSETS

Stocks

406,514

359,377

Debtors

5

47,299

78,214

Cash at bank

1,791

21,164

455,604

458,755

CREDITORS

Amounts falling due within one year

6

(36,408

)

(19,756

)

NET CURRENT ASSETS

419,196

438,999

TOTAL ASSETS LESS CURRENT LIABILITIES

421,975

446,983

CREDITORS

Amounts falling due after more than one year

7

(834,115

)

(426,754

)

NET (LIABILITIES)/ASSETS

(412,140

)

20,229

CAPITAL AND RESERVES

Called up share capital

8

600,100

600,100

Retained earnings

9

(1,012,240

)

(579,871

)

SHAREHOLDERS' FUNDS

(412,140

)

20,229

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 24 September 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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.

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 2017, the amount owed to Fairweather Finance LLP was £834,115 (2016 - £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

At 1 January 2017

and 31 December 2017

2,350

AMORTISATION

At 1 January 2017

718

Amortisation for year

783

At 31 December 2017

1,501

NET BOOK VALUE

At 31 December 2017

849

At 31 December 2016

1,632

4.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

equipment

fittings

Totals

£

£

£

COST

At 1 January 2017

3,679

18,346

22,025

Additions

-

485

485

At 31 December 2017

3,679

18,831

22,510

DEPRECIATION

At 1 January 2017

2,641

13,032

15,673

Charge for year

643

4,264

4,907

At 31 December 2017

3,284

17,296

20,580

NET BOOK VALUE

At 31 December 2017

395

1,535

1,930

At 31 December 2016

1,038

5,314

6,352

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

47,299

63,911

Other debtors

-

14,303

47,299

78,214

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

9,730

6,313

Taxation and social security

15,197

8,227

Other creditors

11,481

5,216

36,408

19,756

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

834,115

426,754

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 £51,762 (2016 - £Nil) has been charged on this loan.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

1

100

100

600,000

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 2017

(579,871

)

Deficit for the year

(432,369

)

At 31 December 2017

(1,012,240

)

10.	CONTINGENT LIABILITIES

There are dividends totalling £69,000 (2016 - £69,000) payable on the ordinary redeemable shares in the year.

Dividends payable at 31st December 2017 totalled £147,074 (2016 - £78,074). 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 (2016 - £33,600)

Fairweather Finance LLP

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

Amounts owed to Fairweather Finance LLP at the year end totalled £834,115 (2016 - £426,754).

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

unsecured and has no specific terms regarding payment of interest. Total interest paid during the year ended 31st

December 2017 amounted to £51,762 (2016 - £Nil). 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.

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 2017 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

24 September 2018