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REGISTERED NUMBER: 08540840 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Titanium Fireworks Ltd

Titanium Fireworks Ltd (Registered number: 08540840)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Titanium Fireworks Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: T A Alloway
D C Fleming
W M Evans





REGISTERED OFFICE: Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW





REGISTERED NUMBER: 08540840 (England and Wales)





ACCOUNTANTS: Willsons
Chartered Accountants
Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW

Titanium Fireworks Ltd (Registered number: 08540840)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 185,196 126,452
185,196 126,452

CURRENT ASSETS
Stocks 366,968 362,593
Debtors 6 65,328 60,464
Cash at bank 134,834 474,994
567,130 898,051
CREDITORS
Amounts falling due within one year 7 161,453 235,613
NET CURRENT ASSETS 405,677 662,438
TOTAL ASSETS LESS CURRENT
LIABILITIES

590,873

788,890

PROVISIONS FOR LIABILITIES 46,299 31,613
NET ASSETS 544,574 757,277

CAPITAL AND RESERVES
Called up share capital 91 130
Capital redemption reserve 39 -
Retained earnings 544,444 757,147
SHAREHOLDERS' FUNDS 544,574 757,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Titanium Fireworks Ltd (Registered number: 08540840)

Balance Sheet - continued
31 May 2024


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 Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:





T A Alloway - Director


Titanium Fireworks Ltd (Registered number: 08540840)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Titanium Fireworks Ltd 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.

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 represents the net invoice value of sales made during the period after an adjustment has been made for the value of uninvoiced work and amounts invoiced in advance, at the balance sheet date.
When the outcome of work can be estimated reliably, turnover from the work done is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to percentage of job completed.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost and Straight line over the life of the lease
Plant and machinery - Straight line over 10 years
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

The plant and machinery is being depreciated straight line over 10 years for additions after 1 June 2022; for earlier items, the depreciation is straight line over three years.

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

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.

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 14 (2023 - 19 ) .

Titanium Fireworks Ltd (Registered number: 08540840)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 6,935
AMORTISATION
At 1 June 2023
and 31 May 2024 6,935
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 June 2023 44,666 357,924 11,004
Additions - 54,496 -
Disposals - (1,641 ) -
At 31 May 2024 44,666 410,779 11,004
DEPRECIATION
At 1 June 2023 17,706 304,590 7,740
Charge for year 6,421 21,688 1,850
Eliminated on disposal - (109 ) -
At 31 May 2024 24,127 326,169 9,590
NET BOOK VALUE
At 31 May 2024 20,539 84,610 1,414
At 31 May 2023 26,960 53,334 3,264

Titanium Fireworks Ltd (Registered number: 08540840)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 44,445 22,973 481,012
Additions 48,859 7,076 110,431
Disposals - (5,234 ) (6,875 )
At 31 May 2024 93,304 24,815 584,568
DEPRECIATION
At 1 June 2023 12,284 12,240 354,560
Charge for year 13,130 6,289 49,378
Eliminated on disposal - (4,457 ) (4,566 )
At 31 May 2024 25,414 14,072 399,372
NET BOOK VALUE
At 31 May 2024 67,890 10,743 185,196
At 31 May 2023 32,161 10,733 126,452

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 36,996 42,834
Other debtors 19,582 8,880
Prepayments 8,750 8,750
65,328 60,464

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Corporation Tax 94,493 102,902
Social security and other taxes 2,590 2,651
Pension 627 1,443
VAT 3,336 1,259
Other creditors 6,214 9,681
Directors' current accounts 47,938 107,998
Accrued expenses 6,255 9,679
161,453 235,613

8. OTHER FINANCIAL COMMITMENTS

The company has non-cancellable lease obligations of £192,500 (2023 £35,000) at the balance sheet date. The lease is over 10 years with a break clause at 5 years and the obligations shown only relate to the next 5 years. The amount due within one year is £38,500 (2023 £35,000) the amount due within two to five years is £154,000 ( 2023 £Nil ).