Company registration number:
03446260
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UNAUDITED
FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 DECEMBER 2021
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GRIPPING STUFF INTERNATIONAL LIMITED
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GRIPPING STUFF INTERNATIONAL LIMITED
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COMPANY INFORMATION
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GRIPPING STUFF INTERNATIONAL LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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GRIPPING STUFF INTERNATIONAL LIMITED
REGISTERED NUMBER:
03446260
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STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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GRIPPING STUFF INTERNATIONAL LIMITED
REGISTERED NUMBER:
03446260
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STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 DECEMBER 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
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R C Banks
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The notes on pages 3 to 5 form part of these financial statements.
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GRIPPING STUFF INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Gripping Stuff International Limited is a private company, limited by shares and domiciled in England and Wales. The registered address and principal place of business is disclosed on the company information page.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The coronavirus pandemic has created significant uncertainty globally and the Company is not immune to this. The directors worked to maintain the continuity of their operations as far as they were able, whilst adhering to Government advice. The directors took relevant measures to ensure they were able to safeguard cashflow, jobs and customer pipeline to put them in the best possible position once business operations began to return to normal.
Turnover, which is stated net of Value Added Tax, represents the sale of products through wholesaling activity. Sales are recognised when the risks and rewards of goods have been passed over to the customer.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.
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GRIPPING STUFF INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.
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The average monthly number of employees, including directors, during the year was
2
(2020 -
2
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Related party transactions
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The Company has given a cross guarantee and debenture in respect of bank facilities with Hilton Banks Limited.
These bank facilities are also secured by a personal guarantee from the director R C Banks.
Hilton Banks Limited is related due to common ultimate shareholders.
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GRIPPING STUFF INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1,000
(2020 -
1,000
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Ordinary shares of £
1.00
each
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The company has share capital unpaid of £1,000 (2020: £1,000).
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