Company registration number 05372820 (England and Wales)
Phenomenal Fireworks Limited
Unaudited financial statements
For the year ended 28 February 2025
Phenomenal Fireworks Limited
Company information
Directors
Mr N G Byrom
Mr A J Slinn
Secretary
Ms S Norris
Company number
05372820
Registered office
19 Meadowacre
Standish
Wigan
United Kingdom
WN6 0US
Accountants
DJH Bury Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Phenomenal Fireworks Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Phenomenal Fireworks Limited
Statement of financial position
As at 28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
41,183
74,339
Tangible assets
5
43,389
98,715
84,572
173,054
Current assets
Stocks
61,307
60,914
Debtors
6
34,461
26,958
Cash at bank and in hand
5,479
8,580
101,247
96,452
Creditors: amounts falling due within one year
7
(107,494)
(139,999)
Net current liabilities
(6,247)
(43,547)
Total assets less current liabilities
78,325
129,507
Creditors: amounts falling due after more than one year
8
(26,661)
(41,954)
Provisions for liabilities
(10,848)
(24,679)
Net assets
40,816
62,874
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
40,716
62,774
Total equity
40,816
62,874
Phenomenal Fireworks Limited
Statement of financial position (continued)
As at 28 February 2025
- 2 -
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
Mr A J Slinn
Director
Company registration number 05372820 (England and Wales)
Phenomenal Fireworks Limited
Notes to the financial statements
For the year ended 28 February 2025
- 3 -
1
Accounting policies
Company information
Phenomenal Fireworks Limited is a private company limited by shares incorporated in England and Wales. The company's registered number is 05372820 and its registered office address is 19 Meadowacre, Standish, Wigan, United Kingdom, WN6 0US.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
1.3
Turnover
Turnover represents the value of the sale of goods and services provided, net of value added tax and net of discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
1.4
Intangible fixed assets - goodwill
Goodwill is measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill is being amortised in equal annual instalments over its estimated economic life of 5 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements
10% on cost
Plant and equipment
20% on cost
Computers
20% on cost
Motor vehicles
25% reducing balance
Phenomenal Fireworks Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
1
Accounting policies
(Continued)
- 4 -
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.
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stocks sold is recognised as an expense in the period in which the related revenue is recognised.
1.8
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 current liabilities.
Phenomenal Fireworks Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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
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 statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Phenomenal Fireworks Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
1
Accounting policies
(Continued)
- 6 -
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may defer from those estimates.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:
Estimating the useful economic life of an asset and the anticipated residual value are key in calculating an appropriate depreciation charge.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
9
11
Phenomenal Fireworks Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2024 and 28 February 2025
165,779
Amortisation and impairment
At 1 March 2024
91,440
Amortisation charged for the year
33,156
At 28 February 2025
124,596
Carrying amount
At 28 February 2025
41,183
At 29 February 2024
74,339
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2024
20,248
230,809
251,057
Additions
8,631
8,631
Disposals
(62,871)
(62,871)
At 28 February 2025
20,248
176,569
196,817
Depreciation and impairment
At 1 March 2024
6,033
146,309
152,342
Depreciation charged in the year
2,025
20,242
22,267
Eliminated in respect of disposals
(21,181)
(21,181)
At 28 February 2025
8,058
145,370
153,428
Carrying amount
At 28 February 2025
12,190
31,199
43,389
At 29 February 2024
14,215
84,500
98,715
Phenomenal Fireworks Limited
Notes to the financial statements (continued)
For the year ended 28 February 2025
- 8 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
26,265
18,838
Amounts owed by related parties
4,480
2,800
Other debtors
3,716
5,320
34,461
26,958
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
5,872
5,728
Trade creditors
240
Amounts owed to related parties
15,910
17,500
Taxation and social security
54,500
36,788
Other creditors
30,972
79,983
107,494
139,999
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
26,661
32,532
Other creditors
9,422
26,661
41,954
Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable by instalments
1,648
8,137
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
87,016
106,449