Firebolt Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03779385 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2019

FOR

FIREBOLT GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

E P E Ochtman

SECRETARY:

E P E Ochtman

REGISTERED OFFICE:

Unit 4L, Bramhall Moor Technology Park

Pepper Road

Hazel Grove

Stockport

Cheshire

SK7 5BW

REGISTERED NUMBER:

03779385 (England and Wales)

AUDITORS:

Richardson Jones

Chartered Accountants &

Registered Auditors

Mercury House

19-21 Chapel Street

Marlow

Buckinghamshire

SL7 3HN

FIXED ASSETS

Tangible assets

4

99,331

123,524

CURRENT ASSETS

Stocks

166,049

179,098

Debtors

5

1,789,491

1,715,556

Cash at bank and in hand

168,236

40,576

2,123,776

1,935,230

CREDITORS

Amounts falling due within one year

6

89,103

102,527

NET CURRENT ASSETS

2,034,673

1,832,703

TOTAL ASSETS LESS CURRENT LIABILITIES

2,134,004

1,956,227

CREDITORS

Amounts falling due after more than one year

7

(74,716

)

(90,639

)

PROVISIONS FOR LIABILITIES

8

(15,871

)

-

NET ASSETS

2,043,417

1,865,588

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,043,317

1,865,488

SHAREHOLDERS' FUNDS

2,043,417

1,865,588

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 director and authorised for issue on 10th June 2020 and were signed by:

E P E Ochtman - Director

1.	STATUTORY INFORMATION

Firebolt Group Limited 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

Compliance with accounting standards

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.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (UK

Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxed. Turnover is generally recognised on the delivery of the finished goods.

Tangible fixed assets

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.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

33% on cost and 25% on cost

Computer equipment

-

33% on cost

Stocks

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

moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance

sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the

date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 8 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st January 2019

17,271

36,653

122,200

13,576

189,700

Additions

-

-

-

5,104

5,104

At 31st December 2019

17,271

36,653

122,200

18,680

194,804

DEPRECIATION

At 1st January 2019

11,892

35,811

10,877

7,596

66,176

Charge for year

3,863

229

20,834

4,371

29,297

At 31st December 2019

15,755

36,040

31,711

11,967

95,473

NET BOOK VALUE

At 31st December 2019

1,516

613

90,489

6,713

99,331

At 31st December 2018

5,379

842

111,323

5,980

123,524

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st January 2019

and 31st December 2019

121,005

DEPRECIATION

At 1st January 2019

10,479

Charge for year

20,535

At 31st December 2019

31,014

NET BOOK VALUE

At 31st December 2019

89,991

At 31st December 2018

110,526

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

163,914

418,090

Amounts owed by group undertakings

1,595,789

1,280,917

Security deposits

3,764

3,764

Prepayments

26,024

12,785

1,789,491

1,715,556

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

15,923

14,646

Trade creditors

23,955

36,213

Tax

-

12,876

Social security and other taxes

19,931

17,276

Pension

1,571

-

VAT

18,323

8,793

Directors' current accounts

100

100

Accrued expenses

9,300

12,623

89,103

102,527

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

74,716

90,639

8.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

15,871

-

Deferred

tax

£

Provided during year

15,871

Balance at 31st December 2019

15,871

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Porter (Senior Statutory Auditor)

for and on behalf of Richardson Jones

10.	FINANCIAL COMMITMENTS

The company has provided security for borrowings undertaken by its parent, Firebolt Group Inc, in the form of a

joint-guarantee, in favour of Fifth Third Bank, as lender. At the balance sheet date the parent owed the lender

USD $2,799,955 (2018: $2,658,724), however, there is no evidence to suggest that the parent will not be able to

honour its commitments in this respect.

11.	RELATED PARTY DISCLOSURES

- FIREBOLT GROUP INC.

A company based in the USA which owns 100% of the issued share capital.

During the year the company paid Firebolt Group Inc £66,998 (2018: £111,407) for Research & Development

expenditure from Firebolt Group Inc.

At 31st December 2019, the company was owed £795,366 (2018: £857,547), by Firebolt Group Inc., in respect of

an intercompany balance which is repayable on demand. This is included in Debtors.

- FIREBOLT TECHNOLOGIES INC.

A company based in Canada and a fellow subsidiary of Firebolt Group Inc.

At 31st December 2019, the company was owed £426,344 (2018: £351,927), by Firebolt Technologies Inc, in

respect of an intercompany balance which is repayable on demand. This is included in Debtors.

- FIREBOLT ASIA LIMITED

A company based in China and a fellow subsidiary of Firebolt Group Inc.

At 31st December 2019, the company was owed £374,079 (2018: £71,443), by Firebolt Group Asia Limited, in

respect of an intercompany balance which is repayable on demand. This is included in Debtors.

12.	POST BALANCE SHEET EVENTS

At the date of approval of these financial statements, whilst the directors have no reason to believe that the

Covid-19 pandemic will have a significant impact on the company's performance in the subsequent period, it is

not possible to assess what the impact might be with any certainty. Consequently, no adjustments have been

considered necessary as at the balance sheet date to account for any possible impact.

13.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate controlling party is the director, by virtue of his controlling interest in the parent

company, Firebolt Group Inc.

14.	ULTIMATE AND IMMEDIATE PARENT COMPANY

Firebolt Group, Inc. is the immediate and ultimate parent company. The financial statements of the ultimate

parent company may be obtained by applying to the secretary at the registered office.