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REGISTERED NUMBER: SC243524 (Scotland)















Fireworx Scotland Limited

Financial Statements For The Year Ended 29 February 2024






Fireworx Scotland Limited (Registered number: SC243524)






Contents of the Financial Statements
For The Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Fireworx Scotland Limited

Company Information
For The Year Ended 29 February 2024







DIRECTOR: M Copland





SECRETARY: Mrs D Newlands





REGISTERED OFFICE: Craigforthie
Inverurie
Aberdeenshire
AB51 0LT





REGISTERED NUMBER: SC243524 (Scotland)





ACCOUNTANTS: The Long Partnership
Park House Centre
South Street
Elgin
IV30 1JB

Fireworx Scotland Limited (Registered number: SC243524)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 43,797 59,169
43,797 59,169

CURRENT ASSETS
Stocks 61,773 63,288
Debtors 6 37,441 50,265
Cash at bank 69,937 112,033
169,151 225,586
CREDITORS
Amounts falling due within one year 7 35,215 71,875
NET CURRENT ASSETS 133,936 153,711
TOTAL ASSETS LESS CURRENT
LIABILITIES

177,733

212,880

CREDITORS
Amounts falling due after more than one
year

8

(10,228

)

(14,186

)

PROVISIONS FOR LIABILITIES 10 (8,321 ) (11,242 )
NET ASSETS 159,184 187,452

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 12 158,184 186,452
SHAREHOLDERS' FUNDS 159,184 187,452

Fireworx Scotland Limited (Registered number: SC243524)

Balance Sheet - continued
29 February 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





M Copland - Director


Fireworx Scotland Limited (Registered number: SC243524)

Notes to the Financial Statements
For The Year Ended 29 February 2024

1. STATUTORY INFORMATION

Fireworx Scotland Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Equipment - 33% on cost, 33% on reducing balance, 25% on reducing balance and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Fireworx Scotland Limited (Registered number: SC243524)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 8,170
AMORTISATION
At 1 March 2023
and 29 February 2024 8,170
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

Fireworx Scotland Limited (Registered number: SC243524)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Equipment
£   
COST
At 1 March 2023 207,522
Additions 3,441
Disposals (28,854 )
At 29 February 2024 182,109
DEPRECIATION
At 1 March 2023 148,353
Charge for year 13,451
Eliminated on disposal (23,492 )
At 29 February 2024 138,312
NET BOOK VALUE
At 29 February 2024 43,797
At 28 February 2023 59,169

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Equipment
£   
COST
At 1 March 2023 47,216
Disposals (721 )
Transfer to ownership (24,500 )
At 29 February 2024 21,995
DEPRECIATION
At 1 March 2023 18,516
Charge for year 4,700
Eliminated on disposal (304 )
Transfer to ownership (15,018 )
At 29 February 2024 7,894
NET BOOK VALUE
At 29 February 2024 14,101
At 28 February 2023 28,700

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 36,194 48,427
Other debtors 1,247 1,838
37,441 50,265

Fireworx Scotland Limited (Registered number: SC243524)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 3,959 7,158
Taxation and social security 10,096 13,609
Other creditors 21,160 51,108
35,215 71,875

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 10,228 14,186

9. SECURED DEBTS

Handelsbanken has a bond and floating charge over the assets of the company

10. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 8,321 11,242

Deferred
tax
£   
Balance at 1 March 2023 11,242
Provided during year (2,921 )
Balance at 29 February 2024 8,321

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

12. RESERVES
Retained
earnings
£   

At 1 March 2023 186,452
Deficit for the year (17,268 )
Dividends (11,000 )
At 29 February 2024 158,184

Fireworx Scotland Limited (Registered number: SC243524)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £11,000 (2023 - £16,400) were paid to the director .

Included in other creditors is an interest free directors loan of £83 (2023 - £1,457) due to M Copland. There are no repayment terms.

14. ULTIMATE CONTROLLING PARTY

The controlling party is M Copland.

The ultimate controlling party is M Copland.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Fireworx Scotland Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fireworx Scotland Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Fireworx Scotland Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fireworx Scotland Limited and state those matters that we have agreed to state to the director of Fireworx Scotland Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fireworx Scotland Limited and its director for our work or for this report.

It is your duty to ensure that Fireworx Scotland Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fireworx Scotland Limited. You consider that Fireworx Scotland Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fireworx Scotland Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The Long Partnership
Park House Centre
South Street
Elgin
IV30 1JB


29 November 2024