Firebird Trading Limited 06942215 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is event catering activities, other food services Digita Accounts Production Advanced 6.30.9574.0 true true true 06942215 2023-04-01 2024-03-31 06942215 2024-03-31 06942215 core:CurrentFinancialInstruments 2024-03-31 06942215 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06942215 core:FurnitureFittings 2024-03-31 06942215 core:PlantMachinery 2024-03-31 06942215 bus:SmallEntities 2023-04-01 2024-03-31 06942215 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06942215 bus:FilletedAccounts 2023-04-01 2024-03-31 06942215 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06942215 bus:RegisteredOffice 2023-04-01 2024-03-31 06942215 bus:Director1 2023-04-01 2024-03-31 06942215 bus:Director2 2023-04-01 2024-03-31 06942215 bus:Director4 2023-04-01 2024-03-31 06942215 bus:Director5 2023-04-01 2024-03-31 06942215 bus:Director6 2023-04-01 2024-03-31 06942215 bus:Director7 2023-04-01 2024-03-31 06942215 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06942215 core:FurnitureFittings 2023-04-01 2024-03-31 06942215 core:PlantMachinery 2023-04-01 2024-03-31 06942215 1 2023-04-01 2024-03-31 06942215 countries:England 2023-04-01 2024-03-31 06942215 2023-03-31 06942215 core:FurnitureFittings 2023-03-31 06942215 core:PlantMachinery 2023-03-31 06942215 2022-04-01 2023-03-31 06942215 2023-03-31 06942215 core:CurrentFinancialInstruments 2023-03-31 06942215 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06942215 core:FurnitureFittings 2023-03-31 06942215 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06942215

Firebird Trading Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Firebird Trading Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Firebird Trading Limited

Company Information

Directors

Neville Hammonds

Rosamond Hill

Lisa Jones

Catherine Kersey

Alison Sinclair

Shobna Bazzaz

Registered office

Phoenix Square
4 Midland Street
Leicester
LE1 1TG

Accountants

Evolve Accountants and Business Advisors Limited
Unit 10 Phoenix Park
Stephenson Industrial Estate
Telford Way
Coalville
Leicestershire
LE67 3HB

 

Firebird Trading Limited

(Registration number: 06942215)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,384

2,293

Current assets

 

Stocks

5

17,203

9,603

Debtors

6

41,867

46,219

Cash at bank and in hand

 

86,820

18,551

 

145,890

74,373

Creditors: Amounts falling due within one year

7

(145,886)

(74,369)

Net current assets

 

4

4

Net assets

 

1,388

2,297

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,386

2,295

Shareholders' funds

 

1,388

2,297

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Alison Sinclair
Director

 

Firebird Trading Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Phoenix Square
4 Midland Street
Leicester
LE1 1TG

These financial statements were authorised for issue by the Board on 27 November 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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:

 

Firebird Trading Limited

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

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Kitchen equipment

20% straight line

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Firebird Trading Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 13).

 

Firebird Trading Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

43,839

35,203

79,042

Additions

-

1,432

1,432

At 31 March 2024

43,839

36,635

80,474

Depreciation

At 1 April 2023

41,546

35,203

76,749

Charge for the year

2,293

48

2,341

At 31 March 2024

43,839

35,251

79,090

Carrying amount

At 31 March 2024

-

1,384

1,384

At 31 March 2023

2,293

-

2,293

5

Stocks

2024
£

2023
£

Other inventories

17,203

9,603

6

Debtors

Current

2024
£

2023
£

Trade debtors

39,163

46,219

Prepayments

2,704

-

 

41,867

46,219

7

Creditors

Creditors: amounts falling due within one year

 

Firebird Trading Limited

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

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

24,742

15,454

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

55,461

11,305

Taxation and social security

 

52,351

31,443

Accruals and deferred income

 

13,332

16,167

 

145,886

74,369

8

Related party transactions

Firebird Trading Ltd (FBT) is a wholly owned subsidiary company of Leicester Arts Centre Ltd (LAC). LAC is a charitable company limited by guarantee.

FBT has a separate board of directors appointed by the board of LAC.

The purpose of FBT is to conduct the trading activities of LAC including the cafe, room hire and other commercial activities that contribute to the charity. At the end of each financial year, the directors of FBT donate any taxable surplus of the company to LAC.

LAC holds a lease to the premises and FBT operates within those premises. The overhead costs of the premises are borne directly by LAC and all staff are directly employed by LAC. Relevant payroll costs and a proportional share of overhead costs are passed to FBT through inter-company charges.

9

Parent and ultimate parent undertaking

The company's immediate parent is Leicester Arts Centre Limited, incorporated in England.