WALK THE PLANK FIREWORKS LTD

Company Registration Number:
03664585 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

WALK THE PLANK FIREWORKS LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

WALK THE PLANK FIREWORKS LTD

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The company's principal activity continues to be that of producing pyrotechnic displays.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

John Wassell
Elisabeth Pugh
Christopher Paul
Sandra Green


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
4 September 2024

And signed on behalf of the board by:
Name: John Wassell
Status: Director

WALK THE PLANK FIREWORKS LTD

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 252,117 170,420
Cost of sales: ( 203,880 ) ( 73,785 )
Gross profit(or loss): 48,237 96,635
Distribution costs: 0 0
Administrative expenses: ( 76,894 ) ( 111,733 )
Other operating income: 0 11,685
Operating profit(or loss): (28,657) (3,413)
Interest receivable and similar income: 335 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (28,322) (3,413)
Tax: 1,175 ( 1,687 )
Profit(or loss) for the financial year: (27,147) (5,100)

WALK THE PLANK FIREWORKS LTD

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 8,451 15,842
Investments:   0 0
Total fixed assets: 8,451 15,842
Current assets
Stocks: 4 155,180 185,280
Debtors: 5 20,093 38,078
Cash at bank and in hand: 17,737 49,282
Investments:   0 0
Total current assets: 193,010 272,640
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 227,640 ) ( 286,339 )
Net current assets (liabilities): (34,630) (13,699)
Total assets less current liabilities: (26,179) 2,143
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: ( 512 ) ( 1,687 )
Accruals and deferred income: 0 0
Total net assets (liabilities): (26,691) 456
Capital and reserves
Called up share capital: 2 2
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: (26,693 ) 454
Total Shareholders' funds: ( 26,691 ) 456

The notes form part of these financial statements

WALK THE PLANK FIREWORKS LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 4 September 2024
and signed on behalf of the board by:

Name: John Wassell
Status: Director

The notes form part of these financial statements

WALK THE PLANK FIREWORKS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    2.2. 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 rendering of services, principally putting on pyrotechnic displays. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Rendering of services 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

    Tangible fixed assets depreciation policy

    2.3. Tangible Fixed Assets and Depreciation Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Leasehold 10 years straight line Plant & Machinery 3 to 20 years straight line

    Other accounting policies

    2.1. Basis of Preparation of Financial Statements 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. The financial statements of the company are consolidated in the financial statements of Walk the Plank. These consolidated financial statements are available from its registered office, Cobden Works, 37-41 Cobden Street, Salford M6 6WF. 2.4. Stocks and Work in Progress Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses. 2.5. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. 12. Financial Instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 14. Related Party Transactions The company has taken advantage of the exemption in section 33.1A of FRS102 from disclosing transactions entered into between two or more members of the group as all subsidiaries are wholly owned. The company has taken advantage of the exemption under section 1.12 of FRS102 - Reduced Disclosures for Subsidiaries - from disclosing key management personnel compensation in total.

WALK THE PLANK FIREWORKS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

WALK THE PLANK FIREWORKS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 53,638 204,812 0 0 0 258,450
Additions 0 0 0 0 0 0
Disposals 0 0 0 0 0 0
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 31 December 2023 53,638 204,812 0 0 0 258,450
Depreciation
At 1 January 2023 47,639 194,969 0 0 0 242,608
Charge for year 4,894 2,497 0 0 0 7,391
On disposals
Other adjustments
At 31 December 2023 52,533 197,466 0 0 0 249,999
Net book value
At 31 December 2023 1,105 7,346 0 0 0 8,451
At 31 December 2022 5,999 9,843 0 0 0 15,842

WALK THE PLANK FIREWORKS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Stocks

2023 2022
£ £
Stocks 155,180 185,280
Payments on account 0 0
Total 155,180 185,280

WALK THE PLANK FIREWORKS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 2022
£ £
Trade debtors 10,525 5,015
Prepayments and accrued income 9,310 33,063
Other debtors 258 0
Total 20,093 38,078
Debtors due after more than one year: 0 0

WALK THE PLANK FIREWORKS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 65,499 21,977
Taxation and social security 0 10,487
Accruals and deferred income 0 46,039
Other creditors 162,141 207,836
Total 227,640 286,339

Accruals and Deferred Income = negative (£11479), not accepted on form Other creditors = £173620 Combined to show correct figure - (£173620 - £11479=) £162141