The hand held flare is less easily seen from the surface. (When using this flare do not look at it directly, and hold it downwind and well clear of the vessel.)
The smoke flare is used as a day distress signal only. It may not be mandatory for your vessel.
All flares should be stored in a watertight container, in a cool dry location. Flares are valid for four years from date of manufacture, and should be disposed of after that time.
For disposal of outdated flares, contact a fire department, or the local police for advice.