Fireworx Scotland Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC243524 (Scotland)

Fireworx Scotland Limited

Financial Statements For The Year Ended 28 February 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

M Copland

SECRETARY:

Mrs D Newlands

REGISTERED OFFICE:

Craigforthie

Inverurie

Aberdeenshire

AB51 0LT

REGISTERED NUMBER:

SC243524 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Intangible assets

4

340

1,200

Tangible assets

5

60,836

78,833

61,176

80,033

CURRENT ASSETS

Stocks

46,846

50,314

Debtors

6

84,351

53,636

Cash at bank

70,907

40,319

202,104

144,269

CREDITORS

Amounts falling due within one year

7

65,960

30,451

NET CURRENT ASSETS

136,144

113,818

TOTAL ASSETS LESS CURRENT LIABILITIES

197,320

193,851

CREDITORS

Amounts falling due after more than one year

8

(32,394

)

(11,619

)

PROVISIONS FOR LIABILITIES

10

(11,559

)

-

NET ASSETS

153,367

182,232

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

12

152,367

181,232

SHAREHOLDERS' FUNDS

153,367

182,232

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 25 January 2022 and were signed by:

M Copland - Director

1.	STATUTORY INFORMATION

Fireworx Scotland Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

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.

Equipment

-

33% on cost, 33% on reducing balance, 25% on reducing balance and 20% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2020

and 28 February 2021

8,170

AMORTISATION

At 1 March 2020

6,970

Charge for year

860

At 28 February 2021

7,830

NET BOOK VALUE

At 28 February 2021

340

At 29 February 2020

1,200

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 March 2020

209,859

Disposals

(28,999

)

At 28 February 2021

180,860

DEPRECIATION

At 1 March 2020

131,026

Charge for year

17,987

Eliminated on disposal

(28,989

)

At 28 February 2021

120,024

NET BOOK VALUE

At 28 February 2021

60,836

At 29 February 2020

78,833

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

Equipment

£

COST

At 1 March 2020

and 28 February 2021

24,500

DEPRECIATION

At 1 March 2020

2,025

Charge for year

5,619

At 28 February 2021

7,644

NET BOOK VALUE

At 28 February 2021

16,856

At 29 February 2020

22,475

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

79,350

48,191

Other debtors

5,001

5,445

84,351

53,636

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Hire purchase contracts

4,225

4,225

Taxation and social security

17,343

9,717

Other creditors

44,392

16,509

65,960

30,451

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Hire purchase contracts

7,394

11,619

Other creditors

25,000

-

32,394

11,619

9.	SECURED DEBTS

Handelsbanken has a bond and floating charge over the assets of the company

10.	PROVISIONS FOR LIABILITIES

28.2.21

29.2.20

£

£

Deferred tax

11,559

-

Deferred

tax

£

Provided during year

11,559

Balance at 28 February 2021

11,559

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.21

29.2.20

value:

£

£

1,000

Ordinary

£1

1,000

1,000

12.

RESERVES

Retained

earnings

£

At 1 March 2020

181,232

Deficit for the year

(28,565

)

Dividends

(300

)

At 28 February 2021

152,367

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £300 (2020 - £11,700) were paid to the director .

Included in other creditors is an interest free directors loan of £1,524 (2020 - £1,073) due to M Copland. There are no repayment terms.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is M Copland.

The ultimate controlling party is M Copland.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fireworx Scotland Limited for the year ended 28 February 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Fireworx Scotland Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fireworx Scotland Limited and state those matters that we have agreed to state to the director of Fireworx Scotland Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fireworx Scotland Limited and its director for our work or for this report.

It is your duty to ensure that Fireworx Scotland Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fireworx Scotland Limited. You consider that Fireworx Scotland Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fireworx Scotland Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

25 January 2022