Company Registration No. 02061578 (England and Wales)
BLAST POWER SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BLAST POWER SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BLAST POWER SERVICES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,244
16,650
Current assets
Stocks
6,583
7,031
Debtors
4
6,271
25,534
Cash at bank and in hand
31,242
27,537
44,096
60,102
Creditors: amounts falling due within one year
5
(44,345)
(34,463)
Net current (liabilities)/assets
(249)
25,639
Total assets less current liabilities
22,995
42,289
Provisions for liabilities
(4,416)
(3,164)
Net assets
18,579
39,125
Capital and reserves
Called up share capital
8
3,000
3,000
Profit and loss reserves
15,579
36,125
Total equity
18,579
39,125
BLAST POWER SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 9 August 2024
Miss G M Gooderham
Director
Company Registration No. 02061578
BLAST POWER SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Blast Power Services Ltd is a private company, limited by shares, incorporated in the United Kingdom. It is registered in England and Wales, company number 02061578. The registered office is Unit 2, Airfield Road, Fersfield, Diss, Norfolk, IP22 2FF.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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:

Short-term leasehold property
Over the lease term
Plant and machinery
25% Reducing balance
Fixtures and fittings
15% Reducing balance
Office equipment
25% Reducing balance

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.

BLAST POWER SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BLAST POWER SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation

The tax expense is the deferred tax charge.

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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.9
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.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to that standard 01 April 2018 to continue to be charged over the period to the first market rent review than the term of the lease.

2
Employees

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

2024
2023
Number
Number
Total
2
2
BLAST POWER SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
7,846
50,133
17,822
1,075
76,876
Additions
-
0
13,000
-
0
-
0
13,000
At 31 March 2024
7,846
63,133
17,822
1,075
89,876
Depreciation and impairment
At 1 April 2023
7,846
43,598
7,756
1,026
60,226
Depreciation charged in the year
-
0
4,884
1,510
12
6,406
At 31 March 2024
7,846
48,482
9,266
1,038
66,632
Carrying amount
At 31 March 2024
-
0
14,651
8,556
37
23,244
At 31 March 2023
-
0
6,535
10,066
49
16,650
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,221
25,484
Other debtors
50
50
6,271
25,534
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,073
4,157
Taxation and social security
6,034
7,459
Other creditors
33,238
22,847
44,345
34,463

 

BLAST POWER SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
4,416
3,164
2024
Movements in the year:
£
Liability at 1 April 2023
3,164
Charge to profit or loss
1,252
Liability at 31 March 2024
4,416
7
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,307
1,311

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Pension contributions outstanding at the balance sheet date totalled £230 (2023 - £295).

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,000
3,000
3,000
3,000
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
8,640
8,640
2024-03-312023-04-01false09 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMiss G M Gooderhamfalsefalse020615782023-04-012024-03-31020615782024-03-31020615782023-03-3102061578core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3102061578core:PlantMachinery2024-03-3102061578core:FurnitureFittings2024-03-3102061578core:ComputerEquipment2024-03-3102061578core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3102061578core:PlantMachinery2023-03-3102061578core:FurnitureFittings2023-03-3102061578core:ComputerEquipment2023-03-3102061578core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102061578core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102061578core:CurrentFinancialInstruments2024-03-3102061578core:CurrentFinancialInstruments2023-03-3102061578core:ShareCapital2024-03-3102061578core:ShareCapital2023-03-3102061578core:RetainedEarningsAccumulatedLosses2024-03-3102061578core:RetainedEarningsAccumulatedLosses2023-03-3102061578bus:Director12023-04-012024-03-3102061578core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3102061578core:PlantMachinery2023-04-012024-03-3102061578core:FurnitureFittings2023-04-012024-03-3102061578core:ComputerEquipment2023-04-012024-03-31020615782022-04-012023-03-3102061578core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3102061578core:PlantMachinery2023-03-3102061578core:FurnitureFittings2023-03-3102061578core:ComputerEquipment2023-03-31020615782023-03-3102061578core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3102061578core:WithinOneYear2024-03-3102061578core:WithinOneYear2023-03-3102061578bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102061578bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102061578bus:FRS1022023-04-012024-03-3102061578bus:AuditExemptWithAccountantsReport2023-04-012024-03-3102061578bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP