Celtic Fireworks Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05097795 (England and Wales)

CELTIC FIREWORKS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C R Allen

J M R Finch

REGISTERED OFFICE:

C/O Wilkins Kennedy LLP

Bridge House

London Bridge

London

SE1 9QR

REGISTERED NUMBER:

05097795 (England and Wales)

FIXED ASSETS

Tangible assets

4

13,036

22,280

CURRENT ASSETS

Stocks

5

797,241

535,528

Debtors

6

401,656

619,021

Cash at bank

158,694

7,466

1,357,591

1,162,015

CREDITORS

Amounts falling due within one year

7

(403,449

)

(573,890

)

NET CURRENT ASSETS

954,142

588,125

TOTAL ASSETS LESS CURRENT LIABILITIES

967,178

610,405

PROVISIONS FOR LIABILITIES

(2,216

)

(5,525

)

NET ASSETS

964,962

604,880

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

964,862

604,780

SHAREHOLDERS' FUNDS

964,962

604,880

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 17 August 2018 and were signed on its behalf by:

J M R Finch - Director

1.	STATUTORY INFORMATION

Celtic Fireworks Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

In the opinion of the Directors, there are no specific key judgements or areas of estimation to disclose.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% Straight line

Stocks

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

obsolete and slow moving items.

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.

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.

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 4 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2017

51,308

14,195

758

66,261

Disposals

(41,858

)

-

-

(41,858

)

At 31 December 2017

9,450

14,195

758

24,403

DEPRECIATION

At 1 January 2017

40,095

3,549

337

43,981

Charge for year

1,629

2,662

253

4,544

Eliminated on disposal

(37,158

)

-

-

(37,158

)

At 31 December 2017

4,566

6,211

590

11,367

NET BOOK VALUE

At 31 December 2017

4,884

7,984

168

13,036

At 31 December 2016

11,213

10,646

421

22,280

5.

STOCKS

2017

2016

£

£

Finished goods

797,241

535,528

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

381,883

607,550

Other debtors

-

900

Prepayments and accrued income

19,773

10,571

401,656

619,021

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 8)

102,558

250,511

Hire purchase contracts

4,861

9,028

Trade creditors

2,473

51,847

Tax

97,871

37,392

Social security and other taxes

4,692

-

VAT

19,595

22,141

Other creditors

396

1,068

Directors' current accounts

168,903

199,903

Accruals and deferred income

2,100

2,000

403,449

573,890

8.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

82,484

Bank loans

102,558

168,027

102,558

250,511

9.	RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £168,903 (2016: £199,903) owing to the directors.