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

REGISTERED NUMBER: 08540840 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2018

for

Titanium Fireworks Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T A Alloway

S F J Page

D C Fleming

I M Walker

REGISTERED OFFICE:

Carlton House

High Street

Higham Ferrers

Northamptonshire

NN10 8BW

REGISTERED NUMBER:

08540840 (England and Wales)

ACCOUNTANTS:

Willsons

Chartered Accountants

Carlton House

High Street

Higham Ferrers

Northamptonshire

NN10 8BW

FIXED ASSETS

Intangible assets

4

4,392

5,779

Tangible assets

5

37,967

67,055

42,359

72,834

CURRENT ASSETS

Stocks

208,579

141,213

Debtors

6

69,024

68,965

Cash at bank

38,770

26,256

316,373

236,434

CREDITORS

Amounts falling due within one year

7

86,483

79,840

NET CURRENT ASSETS

229,890

156,594

TOTAL ASSETS LESS CURRENT LIABILITIES

272,249

229,428

PROVISIONS FOR LIABILITIES

6,247

11,192

NET ASSETS

266,002

218,236

CAPITAL AND RESERVES

Called up share capital

130

130

Retained earnings

265,872

218,106

SHAREHOLDERS' FUNDS

266,002

218,236

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 21 August 2018 and were signed on its behalf by:

S F J Page - Director

1.	STATUTORY INFORMATION

Titanium 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.

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.

Turnover

Turnover represents the net invoice value of sales made during the period after an adjustment has been made for

the value of uninvoiced work and amounts invoiced in advance, at the balance sheet date.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

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.

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

-

33% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

moving items.

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 17 (2017 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2017

and 31 May 2018

6,935

AMORTISATION

At 1 June 2017

1,156

Amortisation for year

1,387

At 31 May 2018

2,543

NET BOOK VALUE

At 31 May 2018

4,392

At 31 May 2017

5,779

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2017

243,773

1,501

3,100

6,681

255,055

Additions

5,364

-

-

5,578

10,942

At 31 May 2018

249,137

1,501

3,100

12,259

265,997

DEPRECIATION

At 1 June 2017

182,446

250

-

5,304

188,000

Charge for year

37,090

300

775

1,865

40,030

At 31 May 2018

219,536

550

775

7,169

228,030

NET BOOK VALUE

At 31 May 2018

29,601

951

2,325

5,090

37,967

At 31 May 2017

61,327

1,251

3,100

1,377

67,055

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Trade debtors

51,330

60,450

Other debtors

5,130

5,141

VAT

8,722

-

Prepayments

3,842

3,374

69,024

68,965

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Corporation Tax

61,545

50,023

Social security and other taxes

-

1,129

Pension

273

-

VAT

-

9,515

Other creditors

4,558

5,573

Directors' current accounts

17,737

11,400

Accrued expenses

2,370

2,200

86,483

79,840

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.