GRP Tools Limited - Accounts to registrar (filleted)

GRP Tools Limited

Unaudited Financial Statements

for the Year Ended

28 February 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

236,345

283,363

236,345

283,363

CURRENT ASSETS

Stocks

126,173

114,945

Debtors

6

429,762

203,911

Cash at bank and in hand

49,751

21,353

605,686

340,209

CREDITORS

Amounts falling due within one year

7

363,727

327,424

NET CURRENT ASSETS

241,959

12,785

TOTAL ASSETS LESS CURRENT
LIABILITIES

478,304

296,148

CREDITORS

Amounts falling due after more than one
year

8

(148,864

)

-

PROVISIONS FOR LIABILITIES

(59,086

)

(70,001

)

NET ASSETS

270,354

226,147

CAPITAL AND RESERVES

Called up share capital

1,000

Share premium

9,000

Retained earnings

260,354

216,147

SHAREHOLDERS' FUNDS

270,354

226,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 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 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 13 October 2025 and were signed on its behalf by:

P Hussey - Director

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.

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 19 (2024 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 29 February 2024

and 28 February 2025

295,900

AMORTISATION

At 29 February 2024

and 28 February 2025

295,900

NET BOOK VALUE

At 28 February 2025

-

At 28 February 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 29 February 2024

60,677

877,405

938,082

Additions

-

211,912

Disposals

-

(501,053

)

(501,053

)

At 28 February 2025

60,677

588,264

648,941

DEPRECIATION

At 29 February 2024

60,677

594,042

654,719

Charge for year

-

60,420

Eliminated on disposal

-

(302,543

)

(302,543

)

At 28 February 2025

60,677

351,919

412,596

NET BOOK VALUE

At 28 February 2025

-

236,345

At 28 February 2024

-

283,363

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

Plant and

machinery

etc

£

COST

At 29 February 2024

294,943

Additions

197,500

Transfer to ownership

(294,943

)

At 28 February 2025

197,500

DEPRECIATION

At 29 February 2024

212,584

Charge for year

39,500

Transfer to ownership

(212,584

)

At 28 February 2025

39,500

NET BOOK VALUE

At 28 February 2025

158,000

At 28 February 2024

82,359

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

28.2.24

£

Trade debtors

204,111

175,451

Amounts owed by associates

25,852

-

Other debtors

199,799

28,460

429,762

203,911

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

28.2.24

£

Bank loans and overdrafts

-

9,561

Hire purchase contracts

28,886

12,986

Trade creditors

144,037

88,242

Taxation and social security

88,331

60,822

Other creditors

102,473

155,813

363,727

327,424

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

28.2.25

28.2.24

£

Hire purchase contracts

148,864

-

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2025 and 28 February 2024:

28.2.25

28.2.24

£

P Hussey and Mrs D Hussey

Balance outstanding at start of year

-

Amounts advanced

301,090

-

Amounts repaid

(237,509

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

63,581

-