67 false false false true true false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,085,552 501,619 74,749 72,099 800 72,899 1,850 2,650 314,890 314,890 314,890 30,951 1,451 29,500 xbrli:pure xbrli:shares iso4217:GBP 3205943 2023-01-01 2023-12-31 3205943 2023-12-31 3205943 2022-12-31 3205943 2022-01-01 2022-12-31 3205943 2022-12-31 3205943 core:Subsidiary1 2023-01-01 2023-12-31 3205943 core:Subsidiary2 2023-01-01 2023-12-31 3205943 core:Subsidiary3 2023-01-01 2023-12-31 3205943 core:FurnitureFittings 2023-01-01 2023-12-31 3205943 core:MotorVehicles 2023-01-01 2023-12-31 3205943 bus:RegisteredOffice 2023-01-01 2023-12-31 3205943 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 3205943 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 3205943 bus:Director1 2023-01-01 2023-12-31 3205943 bus:CompanySecretary1 2023-01-01 2023-12-31 3205943 core:WithinOneYear 2023-12-31 3205943 core:WithinOneYear 2022-12-31 3205943 core:NetGoodwill 2022-12-31 3205943 core:NetGoodwill 2023-12-31 3205943 core:PlantMachinery 2022-12-31 3205943 core:FurnitureFittings 2022-12-31 3205943 core:MotorVehicles 2022-12-31 3205943 core:PlantMachinery 2023-12-31 3205943 core:FurnitureFittings 2023-12-31 3205943 core:MotorVehicles 2023-12-31 3205943 core:PlantMachinery 2023-01-01 2023-12-31 3205943 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 3205943 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 3205943 core:AfterOneYear 2022-12-31 3205943 core:UKTax 2023-01-01 2023-12-31 3205943 core:UKTax 2022-01-01 2022-12-31 3205943 bus:AllOrdinaryShares 2022-01-01 2022-12-31 3205943 core:ShareCapital 2023-12-31 3205943 core:ShareCapital 2022-12-31 3205943 core:RetainedEarningsAccumulatedLosses 2023-12-31 3205943 core:RetainedEarningsAccumulatedLosses 2022-12-31 3205943 core:ShareCapital 2021-12-31 3205943 core:RetainedEarningsAccumulatedLosses 2021-12-31 3205943 core:RestatedAmount 2021-12-31 3205943 core:RestatedAmount 2022-12-31 3205943 core:BetweenOneFiveYears 2023-12-31 3205943 core:BetweenOneFiveYears 2022-12-31 3205943 core:DeferredTaxation 2023-01-01 2023-12-31 3205943 core:NetGoodwill 2023-01-01 2023-12-31 3205943 core:NetGoodwill 2022-12-31 3205943 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 3205943 core:Non-currentFinancialInstruments 2023-12-31 3205943 core:Non-currentFinancialInstruments 2022-12-31 3205943 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 3205943 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 3205943 core:PlantMachinery 2022-12-31 3205943 core:FurnitureFittings 2022-12-31 3205943 core:MotorVehicles 2022-12-31 3205943 core:DeferredTaxation 2022-12-31 3205943 core:DeferredTaxation 2023-12-31 3205943 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 3205943 bus:FRS102 2023-01-01 2023-12-31 3205943 bus:Audited 2023-01-01 2023-12-31 3205943 bus:FullAccounts 2023-01-01 2023-12-31 3205943 bus:LargeMedium-sizedCompaniesRegimeForAccounts 2023-01-01 2023-12-31 3205943 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 3205943 bus:OrdinaryShareClass1 2023-12-31 3205943 bus:OrdinaryShareClass1 2022-12-31 3205943 1 2023-12-31 3205943 1 2022-12-31 3205943 core:ComputerEquipment 2023-01-01 2023-12-31 3205943 core:ComputerEquipment 2022-12-31 3205943 core:ComputerEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 3205943
FIRED UP CORPORATION LIMITED
FINANCIAL STATEMENTS
31 December 2023
FIRED UP CORPORATION LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers 1
Strategic report 2
Director's report 4
Independent auditor's report to the members 6
Profit and loss account 10
Balance sheet 11
Statement of changes in equity 12
Statement of cash flows 13
Notes to the financial statements 14
FIRED UP CORPORATION LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
R M Kaye
Company secretary
G E Ackroyd
Registered office
Fired Up Buildings
St Thomas Road
Longroyd Bridge
Huddersfield
HD1 3LF
Auditor
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
Bankers
HSBC Bank plc
2 Cloth Hall Street
Huddersfield
West Yorkshire
HD1 2ES
Solicitors
Eaton Smith LLP
14 High Street
Huddersfield
HD1 2HA
FIRED UP CORPORATION LIMITED
STRATEGIC REPORT
YEAR ENDED 31 DECEMBER 2023
The directors present their report for the financial year ended 31 December 2023. Principal activity and business review The principal activity of the company during the year was the manufacture and sale of fire surrounds, trouser presses and hospitality products. Performance and developments during the year We are pleased to report another successful year of operations. Profit before tax was £1,402,101 compared with £601,569 in 2022. In the 2023 financial year, turnover was £13,997,125 an increase of 6.3% on the previous year. Principal risks and uncertainties The company maintains strong relationships with its major customers and suppliers. These help to mitigate risk in relation to cash collection and security of supply. Forward contracts are utilised to provide certainty over the cost of imported products. Financial instruments The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. Due to the nature of the financial instruments used by the company there is no material exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances the liquidity risk is managed by maintaining a balance between cash reserves and use of funds in the business. Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Research and development The company continues to take advantage of technical advances as they arise and strives to develop new processes that increase efficiency in all aspects of the company's operations. Financial key performance indicators The directors use a range of key performance indicators to aid management of the business. These include measures on bank facility headroom, working capital, orders received and outstanding, gross sales, profit margin achieved and stock turnover. Outlook The directors continue to examine opportunities for further development of the business and its efficiencies, including the acquisition of appropriate businesses where there is scope to add value. The directors have considered the results of the current financial year up to the date of this report, and are confident the company will further enhance shareholder value in 2024.
This report was approved by the board of directors on 30 September 2024 and signed on behalf of the board by:
R M Kaye
Director
FIRED UP CORPORATION LIMITED
DIRECTOR'S REPORT
YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements of the company for the year ended 31 December 2023 .
Director
The director who served the company during the year was as follows:
R M Kaye
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Disclosure of information in the strategic report
In accordance with Section 414C(11), Companies Act 2006, the following information required to be contained in this report is set out in the company's Strategic Report on pages 2 to 3: principal activities, business review, future developments, financial risks and research and development.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 30 September 2024 and signed on behalf of the board by:
R M Kaye
Director
FIRED UP CORPORATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FIRED UP CORPORATION LIMITED
YEAR ENDED 31 DECEMBER 2023
Opinion
We have audited the financial statements of Fired Up Corporation Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, balance sheet, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Obtained an understanding of the legal and regulatory framework applicable to the entity, including enquiries of management regarding known or suspected instances of non-compliance with laws and regulations; Assessment of the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur; and Gained clear understanding of the entity's current activities, including obtaining an understanding of its control environment. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Butterworth
(Senior Statutory Auditor)
For and on behalf of
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
30 September 2024
FIRED UP CORPORATION LIMITED
PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
£
£
Turnover
4
13,997,125
13,163,872
Cost of sales
( 7,849,553)
( 8,573,510)
-------------
-------------
Gross profit
6,147,572
4,590,362
Distribution costs
( 1,290,217)
( 1,046,030)
Administrative expenses
( 3,478,751)
( 2,894,072)
------------
------------
Operating profit
5
1,378,604
650,260
Income from shares in group undertakings
9
50,000
Interest payable and similar expenses
10
( 26,503)
( 48,691)
------------
------------
Profit before taxation
1,402,101
601,569
Tax on profit
11
( 316,549)
( 99,950)
------------
------------
Profit for the financial year and total comprehensive income
1,085,552
501,619
------------
------------
All the activities of the company are from continuing operations.
FIRED UP CORPORATION LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
13
1,850
2,650
Tangible assets
14
149,977
131,450
Investments
15
314,890
314,890
------------
------------
466,717
448,990
Current assets
Stocks
16
3,320,073
3,048,840
Debtors
17
2,278,031
2,338,500
Cash at bank and in hand
756,028
729,512
------------
------------
6,354,132
6,116,852
Creditors: amounts falling due within one year
18
( 1,553,139)
( 2,339,470)
------------
------------
Net current assets
4,800,993
3,777,382
------------
------------
Total assets less current liabilities
5,267,710
4,226,372
Creditors: amounts falling due after more than one year
19
( 42,763)
Provisions
Taxation including deferred tax
20
( 29,500)
( 30,951)
------------
------------
Net assets
5,238,210
4,152,658
------------
------------
Capital and reserves
Called up share capital
23
25,000
25,000
Profit and loss account
24
5,213,210
4,127,658
------------
------------
Shareholders funds
5,238,210
4,152,658
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
R M Kaye
Director
Company registration number: 3205943
FIRED UP CORPORATION LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
25,000
3,665,789
3,690,789
Profit for the year
501,619
501,619
------------
------------
------------
Total comprehensive income for the year
501,619
501,619
Dividends paid and payable
12
( 39,750)
( 39,750)
------------
------------
------------
Total investments by and distributions to owners
( 39,750)
( 39,750)
At 31 December 2022
25,000
4,127,658
4,152,658
Profit for the year
1,085,552
1,085,552
------------
------------
------------
Total comprehensive income for the year
1,085,552
1,085,552
------------
------------
------------
At 31 December 2023
25,000
5,213,210
5,238,210
------------
------------
------------
FIRED UP CORPORATION LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
1,085,552
501,619
Adjustments for:
Depreciation of tangible assets
51,177
54,698
Amortisation of intangible assets
800
750
Income from shares in group undertakings
( 50,000)
Interest payable and similar expenses
26,503
48,691
Gains on disposal of tangible assets
( 1,158)
( 6,002)
Tax on profit
316,549
99,950
Changes in:
Stocks
( 271,233)
174,719
Trade and other debtors
( 283,075)
516,388
Trade and other creditors
( 909,764)
( 711,351)
------------
------------
Cash generated from operations
( 34,649)
679,462
Interest paid
( 26,503)
( 48,691)
Tax paid
( 251,346)
( 115,893)
------------
------------
Net cash (used in)/from operating activities
( 312,498)
514,878
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 70,347)
( 13,151)
Proceeds from sale of tangible assets
1,801
29,076
Purchase of intangible assets
( 3,000)
Acquisition of subsidiaries
( 218,000)
Dividends received
50,000
------------
------------
Net cash used in investing activities
( 18,546)
( 205,075)
------------
------------
Cash flows from financing activities
Proceeds from loans from group undertakings
22,518
12,503
Dividends paid
( 39,750)
Proceeds from other loans
2,008
101,096
Loans made to group undertakings
333,034
( 227,675)
------------
------------
Net cash from/(used in) financing activities
357,560
( 153,826)
------------
------------
Net increase in cash and cash equivalents
26,516
155,977
Cash and cash equivalents at beginning of year
729,512
573,535
------------
------------
Cash and cash equivalents at end of year
756,028
729,512
------------
------------
FIRED UP CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fired Up Buildings, St Thomas Road, Longroyd Bridge, Huddersfield, HD1 3LF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Research and development
Research and development expenditure is written off in the year in which it is incurred.
Consolidation
The trading results and balance sheet values of the company's three wholly-owned subsidiary companies have no material impact on the group as a whole. Consequently consolidated accounts have not been prepared.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents amounts invoiced during the year, exclusive of discounts and Value Added Tax. Revenue is recognised at the date of invoicing to the customers.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences with certain exemptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 tax rates and laws that have been enacted or substantially enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Amortised over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance / 33% straight line
Computer equipment
-
33% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
13,997,125
13,163,872
-------------
-------------
The turnover and profit before taxation are attributable to the company's principal activity.
Analysis of turnover by geographical destination:
2023
2022
£
£
United Kingdom
11,912,122
10,425,237
Other Europe
1,223,626
1,990,295
Japan
256,095
267,616
United States
32,582
1,870
Rest of the world
572,700
478,854
-------------
-------------
13,997,125
13,163,872
-------------
-------------
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
800
750
Depreciation of tangible assets
51,177
54,698
Gains on disposal of tangible assets
( 1,158)
( 6,002)
Impairment of trade debtors
850
5,905
Operating lease rentals
1,417
2,379
Foreign exchange differences
7,063
20,116
------------
------------
6. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
15,000
14,000
------------
------------
7. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2023
2022
No.
No.
Production staff
18
20
Administrative staff
43
50
Management staff
6
4
------------
------------
67
74
------------
------------
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,017,685
2,014,449
Social security costs
166,139
177,951
Other pension costs
156,998
120,993
------------
------------
2,340,822
2,313,393
------------
------------
8. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
59,300
58,159
Company contributions to defined contribution pension plans
60,000
40,000
------------
------------
119,300
98,159
------------
------------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
1
1
------------
------------
9. Income from shares in group undertakings
2023
2022
£
£
Income from group undertakings
50,000
------------
------------
10. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
26,503
48,691
------------
------------
11. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
318,000
121,346
Adjustments in respect of prior periods
( 5,522)
------------
------------
Total current tax
318,000
115,824
------------
------------
Deferred tax:
Origination and reversal of timing differences
( 1,451)
( 15,874)
------------
------------
Tax on profit
316,549
99,950
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 23.52 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
1,402,101
601,569
------------
------------
Profit on ordinary activities by rate of tax
329,782
114,298
Adjustment to tax charge in respect of prior periods
( 5,522)
Effect of expenses not deductible for tax purposes
333
209
Effect of capital allowances and depreciation
27
( 3,687)
Effect of revenue exempt from tax
( 11,760)
Rounding on tax charge
( 1,797)
Additional deduction for R&D expenditure
( 5,348)
Change in deferred tax rate
( 36)
------------
------------
Tax on profit
316,549
99,950
------------
------------
12. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
39,750
------------
------------
13. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
74,749
------------
Amortisation
At 1 January 2023
72,099
Charge for the year
800
------------
At 31 December 2023
72,899
------------
Carrying amount
At 31 December 2023
1,850
------------
At 31 December 2022
2,650
------------
14. Tangible assets
Plant and machinery
Computer Equipment
Motor vehicles
Office Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
660,827
179,735
33,614
186,161
1,060,337
Additions
27,375
2,355
40,617
70,347
Disposals
( 5,990)
( 5,990)
------------
------------
------------
------------
------------
At 31 December 2023
688,202
182,090
68,241
186,161
1,124,694
------------
------------
------------
------------
------------
Depreciation
At 1 January 2023
566,997
164,381
19,227
178,282
928,887
Charge for the year
32,635
11,078
5,920
1,544
51,177
Disposals
( 5,347)
( 5,347)
------------
------------
------------
------------
------------
At 31 December 2023
599,632
175,459
19,800
179,826
974,717
------------
------------
------------
------------
------------
Carrying amount
At 31 December 2023
88,570
6,631
48,441
6,335
149,977
------------
------------
------------
------------
------------
At 31 December 2022
93,830
15,354
14,387
7,879
131,450
------------
------------
------------
------------
------------
15. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
314,890
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
314,890
------------
At 31 December 2022
314,890
------------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Fireplace Factory Outlet Limited
ordinary
100
Fired Up Corporation Ireland (dormant)
ordinary
100
Fired Up Corporation USA
ordinary
100
16. Stocks
2023
2022
£
£
Raw materials and consumables
503,918
545,140
Work in progress
25,248
40,112
Finished goods and goods for resale
2,790,907
2,463,588
------------
------------
3,320,073
3,048,840
------------
------------
17. Debtors
2023
2022
£
£
Trade debtors
1,482,300
1,464,394
Prepayments and accrued income
93,951
108,256
Director's loan account
269,033
Amounts owed by related undertakings (note 29)
432,747
765,783
Other debtors
67
------------
------------
2,278,031
2,338,500
------------
------------
Part of the amounts owed by related undertakings is recoverable more than one year after the balance sheet date.
18. Creditors: amounts falling due within one year
2023
2022
£
£
Other loans
103,104
58,333
Bank loans and overdrafts
585,536
Trade creditors
835,873
1,043,167
Amounts owed to group undertakings
100,731
78,213
Accruals and deferred income
115,993
107,649
Corporation tax
188,000
121,346
Social security and other taxes
207,356
334,122
Director loan accounts
10,509
Other creditors
2,082
595
------------
------------
1,553,139
2,339,470
------------
------------
19. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other loans
42,763
------------
------------
20. Provisions
Deferred tax (note 21)
£
At 1 January 2023
30,951
Charge against provision
( 1,451)
------------
At 31 December 2023
29,500
------------
21. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 20)
29,500
30,951
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
29,500
30,951
------------
------------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 156,998 (2022: £ 120,993 ).
23. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
25,000
25,000
25,000
25,000
------------
------------
------------
------------
24. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
25. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
729,512
26,516
756,028
Debt due within one year
(732,591)
528,756
(203,835)
Debt due after one year
(42,763)
42,763
------------
------------
------------
( 45,842)
598,035
552,193
------------
------------
------------
26. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
294,446
280,413
Later than 1 year and not later than 5 years
595,688
841,114
------------
------------
890,134
1,121,527
------------
------------
27. Contingencies
The company has indemnified its bank in relation to a £40,000 (2022: £40,000) VAT deferment guarantee given by the bank to H M Revenue & Customs.
28. Director's advances, credits and guarantees
Included in debtors at note 17 above is an amount of £269,033 (2022: £10,509) owed by R M Kaye . This loan is unsecured, repayable on demand and currently interest free.
FIRED UP CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2023
29. Related party transactions
R M Kaye acted during the year as director of Fireplace World (UK) Limited, Adam Fire Surrounds Limited, John Corby Limited, Fired Up Group Limited, Fired Up Group Limited (Hong Kong) Fired Up Corporation (USA) and Fired Up Corporation (Ireland) Limited. During the year the company traded with certain of these related entities. Transactions were carried out on an arm's length basis. Balances at the balance sheet date are disclosed in debtors and creditors above .
30. Control
The company is controlled by R M Kaye.