Celtic Fireworks Ltd - Accounts to registrar (filleted) - small 18.2

Celtic Fireworks Ltd - Accounts to registrar (filleted) - small 18.2

CELTIC FIREWORKS LTD - Company Information

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REGISTERED NUMBER: 05097795 (England and Wales)















CELTIC FIREWORKS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018






CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CELTIC FIREWORKS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2018







DIRECTORS: C R Allen
J M R Finch





REGISTERED OFFICE: C/O Wilkins Kennedy
Anglo House, Bell Lane Office Village
Bell Lane
Amersham
Buckinghamshire
HP6 6FA





REGISTERED NUMBER: 05097795 (England and Wales)
Page 1
CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795)

BALANCE SHEET
31 DECEMBER 2018

2018 2017
Notes £    £   
FIXED ASSETS
Tangible assets 4 9,651 13,036

CURRENT ASSETS
Stocks 5 1,008,028 797,241
Debtors 6 609,547 401,656
Cash at bank 265,496 158,694
1,883,071 1,357,591
CREDITORS
Amounts falling due within one year 7 (623,469 ) (403,449 )
NET CURRENT ASSETS 1,259,602 954,142
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,269,253
967,178

PROVISIONS FOR LIABILITIES (1,641 ) (2,216 )
NET ASSETS 1,267,612 964,962

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,267,512 964,862
SHAREHOLDERS' FUNDS 1,267,612 964,962

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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.

The notes form part of these financial statements

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CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795)

BALANCE SHEET - continued
31 DECEMBER 2018


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 21 September 2019 and were signed on
its behalf by:





J M R Finch - Director


The notes form part of these financial statements

Page 3
CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018


1. STATUTORY INFORMATION

Celtic 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.

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.

Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and
assumptions about the carrying values of assets and liabilities that are not readily apparent from other
sources. The estimates and underlying assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affects both
current and future periods.

In the opinion of the Directors, there are no specific key judgements or areas of estimation to disclose.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax and adjusted
for accrued revenue calculated by reference to the fair value of services performed up to the balance
sheet date but not invoiced.

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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% Straight line

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

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CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


2. ACCOUNTING POLICIES - continued

Debtors
Trade and other debtors are measured at transaction price less any impairment, unless the
arrangement constitutes a financing transaction in which case the transaction is measured at the
present value of the future receipts discounted at the prevailing market rate of interest. Loans are
initially measured at fair value and are subsequently measured at amortised cost using the effective
interest method less any impairment.

Creditors
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a
financing transaction in which case the transaction is measured at present value of future payments
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair
value net of their transaction costs. They are subsequently measured at amortised cost using the
effective interest method.

Cash at bank
Cash at bank in the balance sheet comprise cash at banks and in hand and short term deposits with
an original maturity date of three months or less.

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.

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.

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 5 (2017 - 4 ) .

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CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2018
and 31 December 2018 9,450 14,195 758 24,403
DEPRECIATION
At 1 January 2018 4,566 6,211 590 11,367
Charge for year 1,221 1,996 168 3,385
At 31 December 2018 5,787 8,207 758 14,752
NET BOOK VALUE
At 31 December 2018 3,663 5,988 - 9,651
At 31 December 2017 4,884 7,984 168 13,036

5. STOCKS
2018 2017
£    £   
Finished goods 1,008,028 797,241

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 575,230 381,883
Other debtors 1,425 -
Prepayments and accrued income 32,892 19,773
609,547 401,656

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Bank loans and overdrafts (see note 8) 384,792 102,558
Hire purchase contracts 511 4,861
Trade creditors 21,158 2,473
Tax 126,417 97,871
Social security and other taxes 10,641 4,692
VAT 6,518 19,595
Other creditors 2,359 396
Directors' current accounts 68,903 168,903
Accruals and deferred income 2,170 2,100
623,469 403,449

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CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2018


8. LOANS

An analysis of the maturity of loans is given below:

2018 2017
£    £   
Amounts falling due within one year or on demand:
Bank loans 384,792 102,558

9. RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £68,903 (2017: £168,903) owing to the directors.

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