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Registration number: 04647175

Blast Clean and Coatings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Blast Clean and Coatings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Blast Clean and Coatings Limited

(Registration number: 04647175)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

122,401

153,061

Current assets

 

Stocks

6

8,000

8,000

Debtors

7

250,012

132,879

Cash at bank and in hand

 

291,108

296,420

 

549,120

437,299

Creditors: Amounts falling due within one year

8

(177,328)

(78,034)

Net current assets

 

371,792

359,265

Total assets less current liabilities

 

494,193

512,326

Provisions for liabilities

(24,346)

(18,401)

Net assets

 

469,847

493,925

Capital and reserves

 

Called up share capital

125

125

Retained earnings

469,722

493,800

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 23 January 2024
 

Mr M E Kelly
Director

   
     
 

Blast Clean and Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Lower Trolvis Works
Longdowns
Penryn
Cornwall
TR10 9DL

These financial statements were authorised for issue by the director on 23 January 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 11 (2022 - 13).

 

Blast Clean and Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Website
 £

Total
£

Cost or valuation

At 1 August 2022

35,000

1,410

36,410

At 31 July 2023

35,000

1,410

36,410

Amortisation

At 1 August 2022

35,000

1,410

36,410

At 31 July 2023

35,000

1,410

36,410

Carrying amount

At 31 July 2023

-

-

-

 

Blast Clean and Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 August 2022

218,327

212,511

9,057

142,421

Disposals

-

-

-

(18,500)

At 31 July 2023

218,327

212,511

9,057

123,921

Depreciation

At 1 August 2022

188,483

160,236

6,561

73,975

Charge for the year

4,828

7,841

374

16,946

Eliminated on disposal

-

-

-

(17,829)

At 31 July 2023

193,311

168,077

6,935

73,092

Carrying amount

At 31 July 2023

25,016

44,434

2,122

50,829

At 31 July 2022

29,844

52,275

2,496

68,446

Total
£

Cost or valuation

At 1 August 2022

582,316

Disposals

(18,500)

At 31 July 2023

563,816

Depreciation

At 1 August 2022

429,255

Charge for the year

29,989

Eliminated on disposal

(17,829)

At 31 July 2023

441,415

Carrying amount

At 31 July 2023

122,401

At 31 July 2022

153,061

 

Blast Clean and Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Stocks

2023
£

2022
£

Raw materials and consumables

8,000

8,000

7

Debtors

2023
£

2022
£

Trade debtors

168,423

122,423

Other debtors

68,687

-

Prepayments

12,902

10,456

250,012

132,879

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

45,175

13,479

Social security and other taxes

 

42,459

39,222

Other creditors

 

50,848

13,500

Accruals

 

6,187

6,275

Corporation tax liability

27,935

-

Deferred income

 

4,724

5,558

 

177,328

78,034

 

Blast Clean and Coatings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

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

12,434

Advanced

119,107

Repaid

(80,310)

At end of period

51,231

Period ended 31 July 2021

Key management
£

At start of period

11,794

Advanced

126,547

Repaid

(125,907)

At end of period

12,434