I think that placing this on a workbench or somewhere more rugged than a bed would have lent better to the background and the overall feel to the picture. The subject is good, the composition is there ( minus the tool sinking into the bed) and the lighting is there. did the latch on the left break off?...or did you think it was too red? I'm not the best photographer by any stretch...but I think it's just the background that mainly hurts this imo. When I first started taking shots around the house, I would always agonize about the background cause I never had anything good...then surfing the web it came to me...a trip to wal mart...and a dollar for a white poster board...and walla...instant "studio" =`) But that's just my opinion...that and a dollar will get you....well not much :)
While it fulfills the terms of the challenge, the picture does not interest me since it is just a plain picture of a tool.
A light source other than the flash should also have been considered, as the picture is noticably brighter at the bottom.