Angelfire Pyrotechnics Limited Accounts

ANGELFIRE PYROTECHNICS LTD - Company Information






Angelfire Pyrotechnics Limited
	Company No. 05428566
		Information for Filing with The Registrar
		31 May 2017

The Director presents his report and the accounts for the year ended 31 May 2017.

Principal activities
The principal activity of the company during the year under review was pyrotechnic displays and supplies.




Director

The Director who served at any time during the year was as follows:

R. Little



































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

R. Little
Director
10 July 2017

at	31 May 2017

Company No.		05428566	Notes	2017	2016
				£	£
Fixed assets

	Tangible assets		3	29,401	38,247


				29,401	38,247
Current assets
	Stocks		4	22,242	25,734
	Debtors		5	89,415	12,890

	Cash at bank and in hand			69,162	36,496
				180,819	75,120
Creditors: Amount falling due within one year			6	(126,216)	(68,569)
Net current assets				54,603	6,551
Total assets less current liabilities				84,004	44,798




Net assets				84,004	44,798

Capital and reserves
	Called up share capital			20	20



	Profit and loss account		7	83,984	44,778

Total equity				84,004	44,798


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 May 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 31 May 2017

And signed on its behalf by:

R. Little
Director
31 May 2017

for the year ended 31 May 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

25% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Employees
			2017	2016
			Number	Number
		The average number of persons employed during the year :	2	2

3	Tangible fixed assets
			Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 June 2016	9,225	78,935	88,160
		Additions	-	955	955



		At 31 May 2017	9,225	79,890	89,115
		Depreciation
		At 1 June 2016	4,036	45,877	49,913
		Charge for the year	1,297	8,504	9,801



		At 31 May 2017	5,333	54,381	59,714
		Net book values
		At 31 May 2017	3,892	25,509	29,401
		At 31 May 2016	5,189	33,058	38,247

4	Stocks
			2017	2016
			£	£


		Finished goods	22,242	25,734
			22,242	25,734

5	Debtors
			2017	2016
			£	£
		Trade debtors	26,266	12,890





		Other debtors	63,149	-

			89,415	12,890

6	Creditors:
		amounts falling due within one year
			2017	2016
			£	£




		Trade creditors	6,510	5,594

		Corporation tax	13,558	3,430
		Other taxes and social security	6,194	695
		Loans from directors	50,722	43,740
		Other creditors	48,732	14,510
		Accruals and deferred income	500	600
			126,216	68,569

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

Controlling parties

Immediate controlling parties

R Little

Ultimate controlling party

R Little

Additional information

Its registered number is:

05428566

Its registered office is:

Coldharbour Mill

Coldharbour

Uffculme

Cullompton

EX15 3EE