Celtic Fireworks Ltd - Accounts to registrar - small 17.2
Celtic Fireworks Ltd - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| CELTIC FIREWORKS LTD |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
| CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CELTIC FIREWORKS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795) |
| BALANCE SHEET |
| 31 DECEMBER 2016 |
| 2016 | 2015 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | 11 |
| SHAREHOLDERS' FUNDS |
| 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. |
| CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2016 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on behalf by: |
| CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 1. | STATUTORY INFORMATION |
| Celtic Fireworks Ltd is a |
| 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 for the year ended 31 December 2016 are the first financial statements that |
| comply with FRS 102 Section 1A. The company transitioned from previously extant UK GAAP to FRS |
| 102 Section 1A as at 1 January 2016. |
| These financial statements are presented in sterling (£) which is also the functional currency for the |
| company. |
| 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. |
| 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 |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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. |
| CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Financial reporting standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial |
| statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and |
| Republic of Ireland": |
| - the requirements of Section 7 Statement of Cash Flows; |
| - the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
| 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. |
| Going concern |
| The accounts are prepared on a going concern basis. The use of the going concern basis accounting |
| is appropriate because there are no material uncertainties related to events or conditions that may cast |
| significant doubt about the ability of the company to continue as a going concern. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and | Motor | Computer |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 5. | STOCKS |
| 2016 | 2015 |
| £ | £ |
| Finished goods |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans and overdrafts (see note 8) |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| VAT | 22,141 | 19,266 |
| Other creditors |
| Directors' current accounts | 199,903 | 497,324 |
| Accruals and deferred income |
| CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2016 | 2015 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| 9. | PROVISIONS FOR LIABILITIES |
| 2016 | 2015 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2016 |
| Balance at 31 December 2016 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 11. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2016 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2016 |
| 12. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £18,579 (2015 - £20,128) were paid to the directors . |
| Included in other creditors is an amount of £199,903 (2015: £497,324) owing to the directors. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company is under the control of the shareholders. |
| CELTIC FIREWORKS LTD (REGISTERED NUMBER: 05097795) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 14. | FIRST YEAR ADOPTION |
| The company has adopted FRS 102 for the first time in the year ended 31 December 2016. The |
| policies applied under the entity's previous accounting framework are not materially different to FRS |
| 102 and have not impacted on the comparative period figures. |