Company registration number 10565220 (England and Wales)
GRIPHERO LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
GRIPHERO LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
GRIPHERO LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The director presents his annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company continued to be the manufacture and sale of petrol pump accessories.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr O J Yeo
Director summary of results

After a run of profitable growth years, the 2023-2024 financial year was significantly impacted by the ongoing global economic turmoil.

 

However, the projections for the remainder of the 2024-2025 financial year and subsequent financial years continues to show growth in new custom in both the domestic and the growing international markets served by this subsidiary.

 

This is in part due to the increasing requirement for the fuel retail sector, globally, to demonstrate compliance to many 'overlooked' consumer safety laws and maintain valid insurance cover. Full compliance is exclusively enabled by the unique, point-of-contact hazard-labelling and PPE that GripHero produces. The significance of compliance has grown throughout 2024, which has seen the global fuel retail sector now become affected by high-value and high-profile fuel-exposure/cancer lawsuits (notably, the sector is only 5 years behind the WeedKiller scandal, where 150,000+ cancer-linked lawsuits started in 2018; the fuel retail sector is already following this curve, but with a sharper trajectory).

 

GripHero Limited growth is also in part to the unique quality, safety and environmental benefits of the PPE that GripHero produces.

 

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr O J Yeo
Director
31 October 2024
GRIPHERO LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
118,178
135,062
Tangible assets
4
67,459
76,045
185,637
211,107
Current assets
Stocks
147,232
221,242
Debtors
5
182,835
133,009
Cash at bank and in hand
9,056
14,355
339,123
368,606
Creditors: amounts falling due within one year
6
(628,721)
(413,618)
Net current liabilities
(289,598)
(45,012)
Total assets less current liabilities
(103,961)
166,095
Creditors: amounts falling due after more than one year
7
(240,133)
(367,269)
Net liabilities
(344,094)
(201,174)
Capital and reserves
Called up share capital
4,445
4,445
Share premium account
594,320
594,320
Profit and loss reserves
(942,859)
(799,939)
Total equity
(344,094)
(201,174)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GRIPHERO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 31 October 2024
Mr O J Yeo
Director
Company registration number 10565220 (England and Wales)
GRIPHERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information

Griphero Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1-2, Hatchmoor Industrial Estate, Hatherleigh, Okehampton, Devon, EX20 3LP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

 

After a run of profitable growth years, the 2023-2024 financial year was significantly impacted by the ongoing global economic turmoil.

 

However, the projections for the remainder of the 2024-2025 financial year and subsequent financial years continues to show growth in new custom in both the domestic and the growing international markets served by this subsidiary.

 

This is in part due to the increasing requirement for the fuel retail sector, globally, to demonstrate compliance to many 'overlooked' consumer safety laws and maintain valid insurance cover. Full compliance is exclusively enabled by the unique, point-of-contact hazard-labelling and PPE that GripHero produces. The significance of compliance has grown throughout 2024, which has seen the global fuel retail sector now become affected by high-value and high-profile fuel-exposure/cancer lawsuits (notably, the sector is only 5 years behind the WeedKiller scandal, where 150,000+ cancer-linked lawsuits started in 2018; the fuel retail sector is already following this curve, but with a sharper trajectory).

 

GripHero Limited growth is also in part to the unique quality, safety and environmental benefits of the PPE that GripHero produces.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GRIPHERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Patents & licences
Straight line basis over 10 years
Development costs
Straight line basis over 10 years
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% per annum on cost
Fixtures and fittings
20% per annum on cost
Computers
33% per annum on cost
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GRIPHERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
8
3
Intangible fixed assets
Intangibles
£
Cost
At 1 February 2023
229,027
Additions
6,546
At 31 January 2024
235,573
Amortisation and impairment
At 1 February 2023
93,965
Amortisation charged for the year
23,430
At 31 January 2024
117,395
Carrying amount
At 31 January 2024
118,178
At 31 January 2023
135,062
GRIPHERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
166,454
Additions
18,969
At 31 January 2024
185,423
Depreciation and impairment
At 1 February 2023
90,409
Depreciation charged in the year
27,555
At 31 January 2024
117,964
Carrying amount
At 31 January 2024
67,459
At 31 January 2023
76,045
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,426
22,829
Amounts owed by group undertakings
77,832
29,719
Other debtors
97,577
80,461
182,835
133,009
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
49,136
35,045
Trade creditors
63,288
22,286
Taxation and social security
11,941
9,857
Other creditors
504,356
346,430
628,721
413,618

Included in bank loans is a balance of £41,393 (2023: £35,045) representing the current portion of a loan which is secured by fixed and floating charges on the assets of the company.

 

The company has entered into an invoice discounting agreement which is secured by fixed and floating charges on the assets of the company.

 

GRIPHERO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
125,133
162,269
Other creditors
115,000
205,000
240,133
367,269

Included in bank loans is a balance of £96,594 (2023: £124,083) representing the non-current portion of a loan which is secured by fixed and floating charges on the assets of the company.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
42,500
12,500
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Loans from connected individuals
495,000
455,000

Loans from connected individuals

At the year end, the company had a total loan balance of £495,000 outstanding from connected individuals. Amounts outstanding are unsecured and repayable on demand. Total interest of £23,307 (2023: £27,965) was paid on these loans during the financial year, however £330,000 of the total balance is now interest-free.

2024-01-312023-02-01falsefalsefalse31 October 2024CCH SoftwareCCH Accounts Production 2024.300No description of principal activityMr O J Yeo105652202023-02-012024-01-3110565220bus:Director12023-02-012024-01-31105652202024-01-31105652202023-01-3110565220core:IntangibleAssetsOtherThanGoodwill2024-01-3110565220core:IntangibleAssetsOtherThanGoodwill2023-01-3110565220core:OtherPropertyPlantEquipment2024-01-3110565220core:OtherPropertyPlantEquipment2023-01-3110565220core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3110565220core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3110565220core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3110565220core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3110565220core:CurrentFinancialInstruments2024-01-3110565220core:CurrentFinancialInstruments2023-01-3110565220core:Non-currentFinancialInstruments2024-01-3110565220core:Non-currentFinancialInstruments2023-01-3110565220core:ShareCapital2024-01-3110565220core:ShareCapital2023-01-3110565220core:SharePremium2024-01-3110565220core:SharePremium2023-01-3110565220core:RetainedEarningsAccumulatedLosses2024-01-3110565220core:RetainedEarningsAccumulatedLosses2023-01-3110565220core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3110565220core:PlantMachinery2023-02-012024-01-3110565220core:FurnitureFittings2023-02-012024-01-3110565220core:ComputerEquipment2023-02-012024-01-31105652202022-02-012023-01-3110565220core:IntangibleAssetsOtherThanGoodwill2023-01-3110565220core:OtherPropertyPlantEquipment2023-01-3110565220core:OtherPropertyPlantEquipment2023-02-012024-01-3110565220core:WithinOneYear2024-01-3110565220core:WithinOneYear2023-01-3110565220bus:PrivateLimitedCompanyLtd2023-02-012024-01-3110565220bus:FRS1022023-02-012024-01-3110565220bus:AuditExemptWithAccountantsReport2023-02-012024-01-3110565220bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3110565220bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP