The Powder Keg Firework Company Limited 08413094 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the retail of fireworks. Digita Accounts Production Advanced 6.30.9574.0 true 08413094 2023-02-01 2024-01-31 08413094 2024-01-31 08413094 core:RetainedEarningsAccumulatedLosses 2024-01-31 08413094 core:ShareCapital 2024-01-31 08413094 core:CurrentFinancialInstruments 2024-01-31 08413094 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 08413094 core:Non-currentFinancialInstruments 2024-01-31 08413094 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 08413094 core:FurnitureFittingsToolsEquipment 2024-01-31 08413094 core:LandBuildings 2024-01-31 08413094 core:MotorVehicles 2024-01-31 08413094 bus:SmallEntities 2023-02-01 2024-01-31 08413094 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08413094 bus:FilletedAccounts 2023-02-01 2024-01-31 08413094 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08413094 bus:RegisteredOffice 2023-02-01 2024-01-31 08413094 bus:Director1 2023-02-01 2024-01-31 08413094 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08413094 core:FurnitureFittings 2023-02-01 2024-01-31 08413094 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 08413094 core:LandBuildings 2023-02-01 2024-01-31 08413094 core:MotorVehicles 2023-02-01 2024-01-31 08413094 core:PlantMachinery 2023-02-01 2024-01-31 08413094 core:OtherRelatedParties 2023-02-01 2024-01-31 08413094 countries:AllCountries 2023-02-01 2024-01-31 08413094 2023-01-31 08413094 core:FurnitureFittingsToolsEquipment 2023-01-31 08413094 core:LandBuildings 2023-01-31 08413094 core:MotorVehicles 2023-01-31 08413094 2022-02-01 2023-01-31 08413094 2023-01-31 08413094 core:RetainedEarningsAccumulatedLosses 2023-01-31 08413094 core:ShareCapital 2023-01-31 08413094 core:CurrentFinancialInstruments 2023-01-31 08413094 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08413094 core:Non-currentFinancialInstruments 2023-01-31 08413094 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 08413094 core:FurnitureFittingsToolsEquipment 2023-01-31 08413094 core:LandBuildings 2023-01-31 08413094 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 08413094

The Powder Keg Firework Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

The Powder Keg Firework Company Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The Powder Keg Firework Company Limited

Company Information

Director

P C Robinson

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

The Powder Keg Firework Company Limited

(Registration number: 08413094)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

77,113

66,751

Current assets

 

Stocks

5

475,000

525,000

Debtors

6

18,429

5,377

Cash at bank and in hand

 

96,307

5,000

 

589,736

535,377

Creditors: Amounts falling due within one year

7

(482,814)

(387,007)

Net current assets

 

106,922

148,370

Total assets less current liabilities

 

184,035

215,121

Creditors: Amounts falling due after more than one year

7

(46,974)

(59,177)

Provisions for liabilities

(14,651)

(12,682)

Net assets

 

122,410

143,262

Capital and reserves

 

Called up share capital

2

2

Retained earnings

122,408

143,260

Shareholders' funds

 

122,410

143,262

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 October 2024
 

.........................................
P C Robinson
Director

 

The Powder Keg Firework Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 08413094.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT
England

The principal place of business is:
Units 6 - 9
Aire Street
Castleford
West Yorkshire
WF10 1JJ

These financial statements were authorised for issue by the director on 23 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover arises from the sale of fireworks. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the sale of fireworks in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the sale of fireworks is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met of each of the companies activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Powder Keg Firework Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 exceptions. 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 the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Powder Keg Firework Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2023 - 1).

 

The Powder Keg Firework Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Improvements to property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

13,717

8,923

65,236

87,876

Additions

-

-

28,225

28,225

At 31 January 2024

13,717

8,923

93,461

116,101

Depreciation

At 1 February 2023

3,429

6,966

10,730

21,125

Charge for the year

2,572

489

14,802

17,863

At 31 January 2024

6,001

7,455

25,532

38,988

Carrying amount

At 31 January 2024

7,716

1,468

67,929

77,113

At 31 January 2023

10,288

1,957

54,506

66,751

5

Stocks

2024
£

2023
£

Other inventories

475,000

525,000

6

Debtors

2024
£

2023
£

Prepayments

5,809

5,375

Other debtors

12,620

2

18,429

5,377

 

The Powder Keg Firework Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

416,789

343,049

Trade creditors

 

20,986

1,636

Taxation and social security

 

43,017

40,622

Accruals and deferred income

 

2,022

1,700

 

482,814

387,007

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

46,974

59,177

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

17,424

27,740

Obligations under hire purchase and finance lease agreements

29,550

31,437

46,974

59,177

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,076

9,847

Bank overdrafts

-

177,214

Other borrowings

404,825

154,309

Obligations under hire purchase and finance lease agreements

1,888

1,679

416,789

343,049

9

Related party transactions

Other transactions with the Director

At the year end, the Company owed the Director £225,334 (2023: £916). The amount is unsecured, interest-free and repayable on demand.

Summary of transactions with other related parties

Davison and Robinson Limited (a Company under common control)

At the year end, the amount due from Davison and Robinson Limited was £142,481 (2023: £116,393). The amount is unsecured, interest-free and repayable on demand.