Silverfin false false 31/08/2024 01/09/2023 31/08/2024 J Sharman 31/08/2022 22 May 2025 no description of principal activity 14326937 2024-08-31 14326937 bus:Director1 2024-08-31 14326937 2023-08-31 14326937 core:CurrentFinancialInstruments 2024-08-31 14326937 core:CurrentFinancialInstruments 2023-08-31 14326937 core:Non-currentFinancialInstruments 2024-08-31 14326937 core:Non-currentFinancialInstruments 2023-08-31 14326937 core:ShareCapital 2024-08-31 14326937 core:ShareCapital 2023-08-31 14326937 core:RetainedEarningsAccumulatedLosses 2024-08-31 14326937 core:RetainedEarningsAccumulatedLosses 2023-08-31 14326937 core:FurnitureFittings 2023-08-31 14326937 core:ComputerEquipment 2023-08-31 14326937 core:FurnitureFittings 2024-08-31 14326937 core:ComputerEquipment 2024-08-31 14326937 core:Non-currentFinancialInstruments 1 2024-08-31 14326937 core:Non-currentFinancialInstruments 1 2023-08-31 14326937 2023-09-01 2024-08-31 14326937 bus:FilletedAccounts 2023-09-01 2024-08-31 14326937 bus:SmallEntities 2023-09-01 2024-08-31 14326937 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 14326937 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 14326937 bus:Director1 2023-09-01 2024-08-31 14326937 core:FurnitureFittings 2023-09-01 2024-08-31 14326937 core:ComputerEquipment 2023-09-01 2024-08-31 14326937 2022-08-31 2023-08-31 14326937 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Company No: 14326937 (England and Wales)

FIRST STRIKE FIREWORKS LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

FIRST STRIKE FIREWORKS LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

FIRST STRIKE FIREWORKS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
FIRST STRIKE FIREWORKS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 31.08.2024 31.08.2023
£ £
Fixed assets
Tangible assets 3 3,662 218
3,662 218
Current assets
Stocks 20,000 13,400
Debtors 4 1,716 984
Cash at bank and in hand 396 16
22,112 14,400
Creditors: amounts falling due within one year 5 ( 16,755) ( 9,358)
Net current assets 5,357 5,042
Total assets less current liabilities 9,019 5,260
Creditors: amounts falling due after more than one year 6 ( 4,209) ( 41)
Provision for liabilities ( 696) 0
Net assets 4,114 5,219
Capital and reserves
Called-up share capital 100 100
Profit and loss account 4,014 5,119
Total shareholder's funds 4,114 5,219

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

Director's responsibilities:

The financial statements of First Strike Fireworks Ltd (registered number: 14326937) were approved and authorised for issue by the Director. They were signed on its behalf by:

J Sharman
Director

22 May 2025

FIRST STRIKE FIREWORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
FIRST STRIKE FIREWORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

First Strike Fireworks Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Faiers House, Gilray Road, Diss, IP22 4WR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
31.08.2024
Period from
31.08.2022 to
31.08.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 September 2023 291 0 291
Additions 3,289 349 3,638
At 31 August 2024 3,580 349 3,929
Accumulated depreciation
At 01 September 2023 73 0 73
Charge for the financial year 187 7 194
At 31 August 2024 260 7 267
Net book value
At 31 August 2024 3,320 342 3,662
At 31 August 2023 218 0 218

4. Debtors

31.08.2024 31.08.2023
£ £
Prepayments 802 884
Corporation tax 914 0
Other debtors 0 100
1,716 984

5. Creditors: amounts falling due within one year

31.08.2024 31.08.2023
£ £
Bank loans 500 0
Trade creditors 2,277 0
Amounts owed to director 10,120 5,332
Accruals 1,968 1,728
Corporation tax 0 1,534
Other creditors 1,890 764
16,755 9,358

6. Creditors: amounts falling due after more than one year

31.08.2024 31.08.2023
£ £
Bank loans 4,209 0
Deferred tax liability 0 41
4,209 41

There are no amounts included above in respect of which any security has been given by the small entity.