Firewire Surfboards UK Limited 31/12/2022 iXBRL

Firewire Surfboards UK Limited 31/12/2022 iXBRL

FIREWIRE SURFBOARDS UK LIMITED - Company Information

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1 31/12/2022 2022-12-31 false false false false true false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06309826 2022-01-01 2022-12-31 06309826 2022-12-31 06309826 2021-01-01 2021-12-31 06309826 2021-12-31 06309826 bus:RegisteredOffice 2022-01-01 2022-12-31 06309826 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 06309826 bus:Director1 2022-01-01 2022-12-31 06309826 core:WithinOneYear 2022-12-31 06309826 core:WithinOneYear 2021-12-31 06309826 core:ShareCapital 2022-12-31 06309826 core:ShareCapital 2021-12-31 06309826 core:SharePremium 2022-12-31 06309826 core:SharePremium 2021-12-31 06309826 core:RetainedEarningsAccumulatedLosses 2022-12-31 06309826 core:RetainedEarningsAccumulatedLosses 2021-12-31 06309826 bus:SmallEntities 2022-01-01 2022-12-31 06309826 bus:Audited 2022-01-01 2022-12-31 06309826 bus:FullAccounts 2022-01-01 2022-12-31 06309826 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06309826 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06309826 core:WithinOneYear 2022-01-01 2022-12-31
Company registration number: 06309826
Firewire Surfboards UK Limited
Filleted financial statements
31 December 2022
FIREWIRE SURFBOARDS UK LIMITED
DIRECTORS AND OTHER INFORMATION
Director M Price
Company number 06309826
Registered office 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT
Auditor Westcotts (SW) LLP
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
FIREWIRE SURFBOARDS UK LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022
2022 2021
Note £ £ £ £
Current assets
Stocks 454,157 529,720
Debtors 5 247,696 296,891
Cash at bank and in hand 214,855 138,606
_______ _______
916,708 965,217
Creditors: amounts falling due
within one year 6 ( 121,139) ( 222,104)
_______ _______
Net current assets 795,569 743,113
_______ _______
Total assets less current liabilities 795,569 743,113
_______ _______
Net assets 795,569 743,113
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Share premium account 7 92,995 92,995
Profit and loss account 7 692,574 640,118
_______ _______
Shareholders funds 795,569 743,113
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 September 2023 , and are signed on behalf of the board by:
M Price
Director
Company registration number: 06309826
FIREWIRE SURFBOARDS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon, PL6 8LT.
Principal activity
The principal activity of the company is that of wholesale and online retail sales of clothing and footwear
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Debtors
2022 2021
£ £
Trade debtors 197,239 282,639
Amounts owed by group undertakings and undertakings in which the company has a participating interest 32,330 12,735
Other debtors 18,127 1,517
_______ _______
247,696 296,891
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 9,897 51,878
Amounts owed to group undertakings and undertakings in which the company has a participating interest 79,843 108,849
Social security and other taxes 23,399 55,700
Other creditors 8,000 5,677
_______ _______
121,139 222,104
_______ _______
A fixed and floating charge is in place, over all present and future assets of the company.
7. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
8. Summary audit opinion
The auditor's report for the year dated 12 September 2023 was unqualified.
The senior statutory auditor was Valerie Doyle for and on behalf of Westcotts (SW) LLP
9. Called up Share Capital
The share capital is made up of £5,001 of Ordinary 'A' Shares (2021: £5,001) and £4,999 of Ordinary 'B' Shares (2021: £4,999)
10. Parent Company
The company at the year end was owned 100% by Firewire Ltd, a company incorporated in Australia. The registered office of Firewire Ltd is Unit 1, 49 Currumbin Creek Road, Currumbin Waters, Queensland 4223. Firewire Ltd is owned 73% by Eco-Pivot LLC, a company incorporated in America. Eco-Pivot LLC is controlled by K Slater. The registered office address of Eco-Pivot LLC is 2270 Cosmos Court, STE 120, Carlsbad, California 92109.