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COMPANY REGISTRATION NUMBER: 02401890
Blast Technology Limited
Filleted Unaudited Financial Statements
For the year ended
31 July 2023
Blast Technology Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,662
2,253
Current assets
Stocks
400
1,200
Debtors
6
10,134
10,955
Cash at bank and in hand
18,522
26,710
--------
--------
29,056
38,865
Creditors: amounts falling due within one year
7
14,030
19,715
--------
--------
Net current assets
15,026
19,150
--------
--------
Total assets less current liabilities
16,688
21,403
--------
--------
Net assets
16,688
21,403
--------
--------
Capital and reserves
Called up share capital
4
4
Profit and loss account
16,684
21,399
--------
--------
Shareholders funds
16,688
21,403
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Blast Technology Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 4 March 2024 , and are signed on behalf of the board by:
Mr W J F Jarvis
Director
Company registration number: 02401890
Blast Technology Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 106 Station Road, Quorn, Leicestershire, LE12 8EP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 August 2022
72,465
22,421
942
95,828
Disposals
( 6,187)
( 6,187)
--------
--------
----
--------
At 31 July 2023
72,465
16,234
942
89,641
--------
--------
----
--------
Depreciation
At 1 August 2022
70,767
21,866
942
93,575
Charge for the year
426
132
558
Disposals
( 6,154)
( 6,154)
--------
--------
----
--------
At 31 July 2023
71,193
15,844
942
87,979
--------
--------
----
--------
Carrying amount
At 31 July 2023
1,272
390
1,662
--------
--------
----
--------
At 31 July 2022
1,698
555
2,253
--------
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
8,950
8,698
Other debtors
1,184
2,257
--------
--------
10,134
10,955
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,783
2,017
Corporation tax
6,044
13,148
Other creditors
4,203
4,550
--------
--------
14,030
19,715
--------
--------