Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The company's principal activity is that of a letting business.2023-03-01false00truetruefalse 11181039 2023-03-01 2024-02-29 11181039 2022-03-01 2023-02-28 11181039 2024-02-29 11181039 2023-02-28 11181039 c:Director1 2023-03-01 2024-02-29 11181039 c:Director2 2023-03-01 2024-02-29 11181039 c:RegisteredOffice 2023-03-01 2024-02-29 11181039 d:OfficeEquipment 2023-03-01 2024-02-29 11181039 d:OfficeEquipment 2024-02-29 11181039 d:OfficeEquipment 2023-02-28 11181039 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 11181039 d:FreeholdInvestmentProperty 2024-02-29 11181039 d:FreeholdInvestmentProperty 2023-02-28 11181039 d:FreeholdInvestmentProperty 2 2023-03-01 2024-02-29 11181039 d:CurrentFinancialInstruments 2024-02-29 11181039 d:CurrentFinancialInstruments 2023-02-28 11181039 d:Non-currentFinancialInstruments 2024-02-29 11181039 d:Non-currentFinancialInstruments 2023-02-28 11181039 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 11181039 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11181039 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 11181039 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 11181039 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 11181039 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 11181039 d:ShareCapital 2024-02-29 11181039 d:ShareCapital 2023-02-28 11181039 d:InvestmentPropertiesRevaluationReserve 2024-02-29 11181039 d:InvestmentPropertiesRevaluationReserve 2023-02-28 11181039 d:RetainedEarningsAccumulatedLosses 2024-02-29 11181039 d:RetainedEarningsAccumulatedLosses 2023-02-28 11181039 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-02-29 11181039 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 11181039 c:FRS102 2023-03-01 2024-02-29 11181039 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11181039 c:FullAccounts 2023-03-01 2024-02-29 11181039 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11181039 f:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 11181039










BLASM LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
BLASM LIMITED
 
 
COMPANY INFORMATION


Directors
Bharat Mistry 
Sarita Mistry 




Registered number
11181039



Registered office
7 Chatsworth Close

Bishops Stortford

Hertfordshire

CM23 4PP





 
BLASM LIMITED
 

CONTENTS



Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 12


 
BLASM LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BLASM LIMITED
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BLASM Limited for the year ended 29 February 2024 which comprise the balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of BLASM Limited, as a body, in accordance with the terms of our engagement letter dated 1 November 2023Our work has been undertaken solely to prepare for your approval the financial statements of BLASM Limited and state those matters that we have agreed to state to the board of directors of BLASM Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BLASM Limited and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that BLASM Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BLASM Limited. You consider that BLASM Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of BLASM Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
30 September 2024
Page 1

 
BLASM LIMITED
REGISTERED NUMBER: 11181039

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
260
325

Investment property
 5 
505,000
499,000

  
505,260
499,325

Current assets
  

Debtors: amounts falling due within one year
 6 
1,448
1,333

Cash at bank and in hand
 7 
9,261
5,606

  
10,709
6,939

Creditors: amounts falling due within one year
 8 
(171,289)
(131,307)

Net current liabilities
  
 
 
(160,580)
 
 
(124,368)

Total assets less current liabilities
  
344,680
374,957

Creditors: amounts falling due after more than one year
 9 
(233,268)
(270,080)

Provisions for liabilities
  

Deferred tax
  
(30,538)
(28,846)

  
 
 
(30,538)
 
 
(28,846)

Net assets
  
80,874
76,031


Capital and reserves
  

Called up share capital 
  
200
200

Investment property reserve
  
92,194
87,784

Profit and loss account
  
(11,520)
(11,953)

  
80,874
76,031


Page 2

 
BLASM LIMITED
REGISTERED NUMBER: 11181039
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Bharat Mistry
................................................
Sarita Mistry
Director
Director


Date: 30 September 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
BLASM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

BLASM Limited is a company limited by shares, incorporated in England and Wales. Its registered office address is 7 Chatsworth Close, Bishops Stortford, CM23 4PP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company had net assets of £80,874 and had made a profit after tax for the period then ended. The company is supported financially by its directors and existing finance arrangements and it is the directors' belief, after having given consideration to all available information about the future, that the company will continue in existence for the foreseeable future. The company has not been materially financially affected by the impact of coronavirus and the measures taken both in the UK and overseas.
As a result, having considered a period of twelve months from the date of the approval of the financial statements, the going concern basis of accounts preparation has been deemed appropriate. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
BLASM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
BLASM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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
Page 6

 
BLASM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).

Page 7

 
BLASM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 March 2023
799



At 29 February 2024

799



Depreciation


At 1 March 2023
474


Charge for the year on owned assets
65



At 29 February 2024

539



Net book value



At 29 February 2024
260



At 28 February 2023
325

Page 8

 
BLASM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
499,000


Surplus on revaluation
6,000



At 29 February 2024
505,000

The 2024 valuations were made by Zoopla, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

29 February
28 February
2024
2023
£
£


Historic cost
379,565
379,565

Accumulated depreciation and impairments
45,548
37,957

425,113
417,522


6.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
800
800

Prepayments and accrued income
648
533

1,448
1,333


Page 9

 
BLASM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
9,261
5,606

9,261
5,606



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Other creditors
170,144
130,150

Accruals and deferred income
1,145
1,157

171,289
131,307


Page 10

 
BLASM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
233,268
270,080

233,268
270,080


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Bank loans
233,268
270,080

233,268
270,080

Details of security provided:

The above loans are secured against the investment properties to which they relate.
 
Page 11

 
BLASM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

29 February
28 February
2024
2023
£
£


Repayable other than by instalments
233,268
270,080

233,268
270,080

The above loans consist of interest-only mortgages of £98,985 and £134,283, on which interest is charged at 5.39% and 3.59% respectively, and which are repayable in full at the end of the mortgage term.


10.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
233,268
270,080

233,268
270,080



11.


Financial instruments

29 February
28 February
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
9,261
5,606




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


12.


Related party transactions

At the year end the company owed its directors £169,344 (2023 : £129,350) in respect of an interest-free directors' loan account. The loan is unsecured and is repayable on demand.

 
Page 12