Registered number
05600428
FIRESTAR TOYS LTD
Filleted Accounts
31 March 2023
FIRESTAR TOYS LTD
Registered number: 05600428
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 8,567 10,000
Tangible assets 4 141,731 154,947
150,298 164,947
Current assets
Stocks 596,000 220,000
Debtors 5 72,294 34,438
Cash at bank and in hand 141,959 120,004
810,253 374,442
Creditors: amounts falling due within one year 6 (225,724) (122,250)
Net current assets 584,529 252,192
Total assets less current liabilities 734,827 417,139
Creditors: amounts falling due after more than one year 7 (75,244) (97,330)
Provisions for liabilities (35,433) (29,440)
Net assets 624,150 290,369
Capital and reserves
Called up share capital 100 100
Profit and loss account 624,050 290,269
Shareholder's funds 624,150 290,369
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Charalambous
Director
Approved by the board on 28 September 2023
FIRESTAR TOYS LTD
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 12.5% reducing balance
Motor vehicles 25% reducing balance
Fixtures and fittings 12.5% reducing balance
Office equipment 12.5% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 10
3 Intangible assets £
Website:
Cost
At 1 April 2022 14,329
At 31 March 2023 14,329
Amortisation
At 1 April 2022 4,329
Provided during the year 1,433
At 31 March 2023 5,762
Net book value
At 31 March 2023 8,567
At 31 March 2022 10,000
Website is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures and equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 75,628 6,077 99,358 181,063
Additions 16,715 3,853 - 20,568
At 31 March 2023 92,343 9,930 99,358 201,631
Depreciation
At 1 April 2022 20,981 536 4,599 26,116
Charge for the year 8,920 1,174 23,690 33,784
At 31 March 2023 29,901 1,710 28,289 59,900
Net book value
At 31 March 2023 62,442 8,220 71,069 141,731
At 31 March 2022 54,647 5,541 94,759 154,947
5 Debtors 2023 2022
£ £
Trade debtors 5,627 3,367
Amounts owed by related undertakings 31,250 -
Other debtors 15,808 11,962
Prepayments and accrued income 19,609 19,109
72,294 34,438
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,855 10,855
Obligations under finance lease and hire purchase contracts 8,082 3,362
Trade creditors 79,983 66,765
Corporation tax payable 94,193 10,659
Other taxes and social security costs 7,847 6,214
Accrued expenses 2,100 2,100
Other creditors 22,664 22,295
225,724 122,250
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,812 30,812
Obligations under finance lease and hire purchase contracts 54,432 66,518
75,244 97,330
The bank loan was received under the Government-Backed 'Bounce Back Loan' scheme. There was no interest payable nor capital repayments due for the first year. Over the remaining term, the loan is repayable by equal instalments with an interest rate of 2.5%. There are no penalties on early redemption.
8 Events after the reporting date
After the balance sheet date, on 12th September 2023, a fire occurred at our facility, resulting in significant damage to stock and assets. While the full extent of the financial impact is under assessment, it may materially affect our financial position for the current fiscal year. We have initiated an insurance claim process to recover potential losses. Stakeholders should consider this event's potential impact when reviewing these financial statements.
9 Related party transactions
Included within the debtors is an amount of £31,250 receivable from The Pecasa Group Ltd, a related company in which Mr P Charalambous is a director and shareholder.
Mr P Charalambous, the shareholding director received dividends in the sum of £54,500 during the period (2022: £42,000).
10 Other information
FIRESTAR TOYS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
Middlesex
HA7 1JS
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