Company registration number 06030681 (England and Wales)
BLAST LOG LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
BLAST LOG LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BLAST LOG LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
34,846
13,051
Tangible assets
4
3,858
2,190
38,704
15,241
Current assets
Debtors
5
113,969
58,866
Cash at bank and in hand
76,450
111,685
190,419
170,551
Creditors: amounts falling due within one year
6
(33,118)
(19,488)
Net current assets
157,301
151,063
Total assets less current liabilities
196,005
166,304
Provisions for liabilities
(876)
-
0
Net assets
195,129
166,304
Capital and reserves
Called up share capital
99
99
Profit and loss reserves
195,030
166,205
Total equity
195,129
166,304

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BLAST LOG LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 January 2024 and are signed on its behalf by:
Ms R E Allington
Dr W J Birch
Director
Director
Company registration number 06030681 (England and Wales)
BLAST LOG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

BLAST LOG Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, England, SL9 7QE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Revenue is measured at the fair value of the consideration received or received net of sales tax and trade discounts.

 

Revenue from turnover is recognised as contract activity progresses to reflect the full or partial performance of the contractual obligations.

1.3
Intangible fixed assets other than goodwill

Intangible assets arising from development projects are capitalised when it is feasible that the resulting asset can be used or sold, and that the relevant asset will generate future economic benefits for the company.

 

Development costs are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation commences once the development project has completed, and the resultant asset can either be sold, or utilised by the company.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BLAST LOG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BLAST LOG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
3
Intangible fixed assets
Development costs
£
Cost
At 1 September 2022
13,051
Additions
21,795
At 31 August 2023
34,846
Amortisation and impairment
At 1 September 2022 and 31 August 2023
-
0
Carrying amount
At 31 August 2023
34,846
At 31 August 2022
13,051
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 September 2022
33,360
5,500
38,860
Additions
2,933
-
0
2,933
At 31 August 2023
36,293
5,500
41,793
Depreciation and impairment
At 1 September 2022
31,171
5,499
36,670
Depreciation charged in the year
1,265
-
0
1,265
At 31 August 2023
32,436
5,499
37,935
Carrying amount
At 31 August 2023
3,857
1
3,858
At 31 August 2022
2,189
1
2,190
BLAST LOG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
107,538
48,031
Other debtors
6,431
10,835
113,969
58,866

 

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,914
3,861
Taxation and social security
18,274
12,132
Other creditors
6,930
3,495
33,118
19,488
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