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GRP Tools Limited

Unaudited Financial Statements

for the Year Ended

28 February 2023






GRP Tools Limited (Registered number: 05999373)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRP Tools Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: P Hussey
Mrs D Hussey





SECRETARY: Mrs D Hussey





REGISTERED OFFICE: Unit 12 Trinity Court
Brunel Rd, Calmore Ind. Est.
Totton
Southampton
Hampshire
SO40 3WX





REGISTERED NUMBER: 05999373 (England and Wales)





ACCOUNTANTS: David Tilsley Limited
91 Lakewood Road
Chandlers Ford
Eastleigh
Hampshire
SO53 5AD

GRP Tools Limited (Registered number: 05999373)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 275,392 329,623
275,392 329,623

CURRENT ASSETS
Stocks 115,875 130,782
Debtors 6 227,532 190,655
Cash at bank and in hand 202,404 252,588
545,811 574,025
CREDITORS
Amounts falling due within one year 7 476,771 495,167
NET CURRENT ASSETS 69,040 78,858
TOTAL ASSETS LESS CURRENT
LIABILITIES

344,432

408,481

CREDITORS
Amounts falling due after more than one
year

8

(23,719

)

(115,354

)

PROVISIONS FOR LIABILITIES (65,702 ) (58,586 )
NET ASSETS 255,011 234,541

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 9,000 9,000
Retained earnings 245,011 224,541
SHAREHOLDERS' FUNDS 255,011 234,541

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

GRP Tools Limited (Registered number: 05999373)

Balance Sheet - continued
28 February 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





P Hussey - Director


GRP Tools Limited (Registered number: 05999373)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

GRP 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, has been fully amortised evenly over it's useful economic life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 20% on cost
Plant and machinery etc - 33% on reducing balance, 20% on reducing balance and 20% 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 Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

GRP Tools Limited (Registered number: 05999373)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company also makes contributions to the director's personal pension schemes, from time to time, which are charged to the profit and loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 295,900
AMORTISATION
At 1 March 2022
and 28 February 2023 295,900
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

GRP Tools Limited (Registered number: 05999373)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 60,677 787,928 848,605
Additions - 21,703 21,703
At 28 February 2023 60,677 809,631 870,308
DEPRECIATION
At 1 March 2022 45,480 473,502 518,982
Charge for year 7,598 68,336 75,934
At 28 February 2023 53,078 541,838 594,916
NET BOOK VALUE
At 28 February 2023 7,599 267,793 275,392
At 28 February 2022 15,197 314,426 329,623

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 294,943
DEPRECIATION
At 1 March 2022 166,257
Charge for year 25,737
At 28 February 2023 191,994
NET BOOK VALUE
At 28 February 2023 102,949
At 28 February 2022 128,686

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 190,991 159,078
Other debtors 36,541 31,577
227,532 190,655

GRP Tools Limited (Registered number: 05999373)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 31,515 39,023
Hire purchase contracts 60,113 56,144
Trade creditors 76,918 91,102
Taxation and social security 90,058 62,554
Other creditors 218,167 246,344
476,771 495,167

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans 9,561 41,077
Hire purchase contracts 14,158 74,277
23,719 115,354