REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Titanium Fireworks Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Leasehold improvements | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
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 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Corporation Tax |
Social security and other taxes |
Pension | 627 | 1,443 |
VAT | 3,336 | 1,259 |
Other creditors |
Directors' current accounts | 47,938 | 107,998 |
Accrued expenses |
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 ). |