Registration number:
Blast Clean and Coatings Limited
for the Year Ended 31 July 2023
Blast Clean and Coatings Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Blast Clean and Coatings Limited
(Registration number: 04647175)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
125 |
125 |
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Retained earnings |
469,722 |
493,800 |
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Shareholders' funds |
469,847 |
493,925 |
Blast Clean and Coatings Limited
(Registration number: 04647175)
Balance Sheet as at 31 July 2023
For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Blast Clean and Coatings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
The director has reviewed the company’s operations, order book and cash flow to ensure that the company is able to continue trading for the foreseeable future. Following this review, the director considers there to be no significant impact on the company’s ability to continue as a going concern.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Blast Clean and Coatings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
Straight line over the life of the lease |
Plant and machinery |
15% reducing balance and 33% straight line basis |
Motor vehicles |
25% reducing balance basis |
Office equipment |
15% reducing balance basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line basis |
Website |
33% straight line basis |
Blast Clean and Coatings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Blast Clean and Coatings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Blast Clean and Coatings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Intangible assets |
Goodwill |
Website |
Total |
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Cost or valuation |
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At 1 August 2022 |
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At 31 July 2023 |
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Amortisation |
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At 1 August 2022 |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
- |
- |
- |
Blast Clean and Coatings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Tangible assets |
Freehold land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 1 August 2022 |
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Disposals |
- |
- |
- |
( |
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At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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Total |
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Cost or valuation |
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At 1 August 2022 |
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Disposals |
( |
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At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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Blast Clean and Coatings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Stocks |
2023 |
2022 |
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Raw materials and consumables |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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- |
Prepayments |
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Creditors |
Due within one year |
Note |
2023 |
2022 |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Corporation tax liability |
27,935 |
- |
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Deferred income |
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Blast Clean and Coatings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Related party transactions |
During the year, the company paid £12,000 of rent to M E Kelly and £10,000 of rent was paid in to the pension scheme of M E Kelly.
During the year, the company incurred expenditure of £68,686 on the construction of a new industrial unit, on behalf of the director’s pension scheme. This short term will be repaid by the pension scheme in due course.
Loans from related parties
Year ended 31 July 2022 |
Key management |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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Period ended 31 July 2021 |
Key management |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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