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REGISTERED NUMBER: 06762640 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Grizzly Tools Limited

Grizzly Tools Limited (Registered number: 06762640)






Contents of the Financial Statements
for the Year Ended 31 December 2023




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 2023







DIRECTOR: D Strollo





REGISTERED OFFICE: 44 Elwell Street
West Bromwich
West Midlands
B70 0DN





REGISTERED NUMBER: 06762640 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Grizzly Tools Limited (Registered number: 06762640)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 129 295

CURRENT ASSETS
Stocks 140,063 148,856
Debtors 5 412 1,736
140,475 150,592
CREDITORS
Amounts falling due within one year 6 (332,197 ) (316,308 )
NET CURRENT LIABILITIES (191,722 ) (165,716 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(191,593

)

(165,421

)

CREDITORS
Amounts falling due after more than one
year

7

(618,131

)

(624,563

)
NET LIABILITIES (809,724 ) (789,984 )

CAPITAL AND RESERVES
Called up share capital 8 600,100 600,100
Retained earnings (1,409,824 ) (1,390,084 )
SHAREHOLDERS' FUNDS (809,724 ) (789,984 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2024 and were signed by:





D Strollo - Director


Grizzly Tools Limited (Registered number: 06762640)

Notes to the Financial Statements
for the Year Ended 31 December 2023

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 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.

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
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.

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.

At 31 December 2023, the amount owed to Fairweather Finance LLP was £580,260 and the amount owed to Novo CSV Limited was £303,175 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 (2022 - NIL).

Grizzly Tools Limited (Registered number: 06762640)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Office and
equipment fittings Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1,249 485 1,734
DEPRECIATION
At 1 January 2023 954 485 1,439
Charge for year 166 - 166
At 31 December 2023 1,120 485 1,605
NET BOOK VALUE
At 31 December 2023 129 - 129
At 31 December 2022 295 - 295

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 412 1,736

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,218 5,462
Trade creditors 316 1,845
Taxation and social security 9,538 9,466
Other creditors 315,125 299,535
332,197 316,308

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 37,871 44,303
Other creditors 580,260 580,260
618,131 624,563

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 10,175 17,068

Grizzly Tools Limited (Registered number: 06762640)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
600,000 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 2023 totalled £580,260 (2022 - £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.

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 2023 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 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 (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


23 September 2024