Company registration number 07446240 (England and Wales)
BELMONT SHOT BLASTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BELMONT SHOT BLASTING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BELMONT SHOT BLASTING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
204,283
121,335
Current assets
Stocks
2,000
2,000
Debtors
4
213,349
217,763
Cash at bank and in hand
134,861
160,985
350,210
380,748
Creditors: amounts falling due within one year
5
(114,640)
(114,664)
Net current assets
235,570
266,084
Total assets less current liabilities
439,853
387,419
Creditors: amounts falling due after more than one year
6
(25,587)
(23,289)
Provisions for liabilities
(31,096)
(20,225)
Net assets
383,170
343,905
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
383,169
343,904
Total equity
383,170
343,905

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 his 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.

BELMONT SHOT BLASTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 October 2024
Mr G I Carrington
Director
Company registration number 07446240 (England and Wales)
BELMONT SHOT BLASTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Belmont Shot Blasting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Compton Street, Ashbourne, Derbyshire, DE6 1BX. The company registration number is 07446240.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 March 2024 are the first financial statements of Belmont Shot Blasting Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2022. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 8.

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.

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.

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:

Leasehold land and buildings
Not depreciated
Plant and equipment
20% reducing balance
Computers
20% reducing balance
Motor vehicles
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.

BELMONT SHOT BLASTING 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.

 

 

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
Basic financial assets

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Basic financial liabilities

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.

1.7
Taxation

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

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]

1.8
Retirement benefits

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

BELMONT SHOT BLASTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
6
6
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
40,435
179,512
2,365
52,912
275,224
Additions
-
0
103,890
-
0
34,000
137,890
Disposals
-
0
(17,250)
-
0
-
0
(17,250)
At 31 March 2024
40,435
266,152
2,365
86,912
395,864
Depreciation and impairment
At 1 April 2023
-
0
112,008
2,019
39,862
153,889
Depreciation charged in the year
-
0
32,071
69
11,762
43,902
Eliminated in respect of disposals
-
0
(6,210)
-
0
-
0
(6,210)
At 31 March 2024
-
0
137,869
2,088
51,624
191,581
Carrying amount
At 31 March 2024
40,435
128,283
277
35,288
204,283
At 31 March 2023
40,435
67,504
346
13,050
121,335
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
170,432
101,615
Corporation tax recoverable
10,262
11,168
Other debtors
32,655
104,980
213,349
217,763
BELMONT SHOT BLASTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,191
9,936
Trade creditors
40,642
8,000
Corporation tax
7,050
43,324
Other taxation and social security
47,531
35,397
Other creditors
9,226
18,007
114,640
114,664
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,045
23,289
Other creditors
12,542
-
0
25,587
23,289
7
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
103,091
113,856
(186,540)
30,407
103,091
113,856
(186,540)
30,407
8
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2022
2023
Notes
£
£
Equity as reported under previous UK GAAP
268,356
364,130
Adjustments arising from transition to FRS 102:
Deferred tax adjustment
-
(20,225)
Equity reported under FRS 102
268,356
343,905
BELMONT SHOT BLASTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Reconciliations on adoption of FRS 102
(Continued)
- 7 -
Reconciliation of profit for the financial period
2023
Notes
£
Profit as reported under previous UK GAAP
135,774
Adjustments arising from transition to FRS 102:
Deferred tax adjustment
(20,225)
Profit reported under FRS 102
115,549
Notes to reconciliations on adoption of FRS 102
2024-03-312023-04-01false14 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr G I Carringtonfalsefalse074462402023-04-012024-03-31074462402024-03-31074462402023-03-3107446240core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3107446240core:PlantMachinery2024-03-3107446240core:ComputerEquipment2024-03-3107446240core:MotorVehicles2024-03-3107446240core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3107446240core:PlantMachinery2023-03-3107446240core:ComputerEquipment2023-03-3107446240core:MotorVehicles2023-03-3107446240core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107446240core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107446240core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3107446240core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3107446240core:CurrentFinancialInstruments2024-03-3107446240core:CurrentFinancialInstruments2023-03-3107446240core:Non-currentFinancialInstruments2024-03-3107446240core:Non-currentFinancialInstruments2023-03-3107446240core:ShareCapital2024-03-3107446240core:ShareCapital2023-03-3107446240core:RetainedEarningsAccumulatedLosses2024-03-3107446240core:RetainedEarningsAccumulatedLosses2023-03-3107446240bus:Director12023-04-012024-03-3107446240core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3107446240core:PlantMachinery2023-04-012024-03-3107446240core:ComputerEquipment2023-04-012024-03-3107446240core:MotorVehicles2023-04-012024-03-31074462402022-04-012023-03-3107446240core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3107446240core:PlantMachinery2023-03-3107446240core:ComputerEquipment2023-03-3107446240core:MotorVehicles2023-03-31074462402023-03-3107446240core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3107446240core:WithinOneYear2024-03-3107446240core:WithinOneYear2023-03-3107446240bus:PrivateLimitedCompanyLtd2023-04-012024-03-3107446240bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107446240bus:FRS1022023-04-012024-03-3107446240bus:AuditExemptWithAccountantsReport2023-04-012024-03-3107446240bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP