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REGISTERED NUMBER: 08395879 (England and Wales)














WIZARD FIREWORKS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






WIZARD FIREWORKS LIMITED (REGISTERED NUMBER: 08395879)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


WIZARD FIREWORKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: G C S Bridgland





REGISTERED OFFICE: Heathwood Timber Yard
Marden Road
Cranbrook
Kent
TN17 2LP





REGISTERED NUMBER: 08395879 (England and Wales)





ACCOUNTANTS: Gibbons Mannington & Phipps LLP
Chartered Accountants
82 High Street
Tenterden
Kent
TN30 6JG

WIZARD FIREWORKS LIMITED (REGISTERED NUMBER: 08395879)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,500 5,000
Tangible assets 5 7,312 5,623
11,812 10,623

CURRENT ASSETS
Stocks 135,149 138,690
Debtors 6 52,502 38,150
Cash at bank 60,960 110,752
248,611 287,592
CREDITORS
Amounts falling due within one year 7 582,930 589,387
NET CURRENT LIABILITIES (334,319 ) (301,795 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(322,507

)

(291,172

)

CREDITORS
Amounts falling due after more than one
year

8

3,001

5,000
NET LIABILITIES (325,508 ) (296,172 )

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings (325,509 ) (296,173 )
SHAREHOLDERS' FUNDS (325,508 ) (296,172 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

WIZARD FIREWORKS LIMITED (REGISTERED NUMBER: 08395879)

BALANCE SHEET - continued
31 DECEMBER 2023


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 3 February 2025 and were signed by:





G C S Bridgland - Director


WIZARD FIREWORKS LIMITED (REGISTERED NUMBER: 08395879)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The accounts are prepared on a going concern basis even though the company has negative reserves as the director intends to continue to support the company for the foreseeable future.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% 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.


WIZARD FIREWORKS LIMITED (REGISTERED NUMBER: 08395879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Grant income recognition
Grant income has been recognised under the performance model.

Grants that do not specify any future performance-related conditions are recorded when the grant proceeds are received or receivable. Any grant that imposes specified future performance-related conditions is recognised only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 10,000
AMORTISATION
At 1 January 2023 5,000
Charge for year 500
At 31 December 2023 5,500
NET BOOK VALUE
At 31 December 2023 4,500
At 31 December 2022 5,000

WIZARD FIREWORKS LIMITED (REGISTERED NUMBER: 08395879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 11,849 20,045 646 32,540
Additions 3,180 - - 3,180
At 31 December 2023 15,029 20,045 646 35,720
DEPRECIATION
At 1 January 2023 7,927 18,708 282 26,917
Charge for year 1,065 335 91 1,491
At 31 December 2023 8,992 19,043 373 28,408
NET BOOK VALUE
At 31 December 2023 6,037 1,002 273 7,312
At 31 December 2022 3,922 1,337 364 5,623

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 50,796 36,785
Other debtors 1,706 1,365
52,502 38,150

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,000 2,000
Trade creditors 5,908 4,099
Taxation and social security 33,170 28,634
Other creditors 541,852 554,654
582,930 589,387

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 3,001 5,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

WIZARD FIREWORKS LIMITED (REGISTERED NUMBER: 08395879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. FINANCIAL COMMITMENTS

The company has total operating lease commitments of £37,026 (2022: £32,208).

11. RELATED PARTY DISCLOSURES

Included in other creditors is £539,565 (£551,821 - 2022) owed to G Bridgland Limited. and £631 (£631 - 2022) owed to Illusion Pyrotechnics Limited. Both companies are controlled by G C S Bridgland.