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Registration number: 04441491

Blockfree Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Blockfree Services Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Blockfree Services Limited

Company Information

Directors

S R Green

S J Foxlow

Registered office

Nottingham Road
Louth
Lincolnshire
LN11 0WB

 

Blockfree Services Limited

Directors' Report for the Year Ended 31 May 2024

The Directors present their report and the financial statements for the year ended 31 May 2024.

Directors of the Company

The Directors who held office during the year were as follows:

S R Green

S J Foxlow

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

.........................................
S R Green
Director

.........................................
S J Foxlow
Director

 

Blockfree Services Limited

(Registration number: 04441491)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,995

13,755

Tangible assets

5

1,668,201

1,666,498

 

1,675,196

1,680,253

Current assets

 

Stocks

6

8,690

14,490

Debtors

7

302,368

325,319

Cash at bank and in hand

 

24,589

59,980

 

335,647

399,789

Creditors: Amounts falling due within one year

8

(574,596)

(630,829)

Net current liabilities

 

(238,949)

(231,040)

Total assets less current liabilities

 

1,436,247

1,449,213

Creditors: Amounts falling due after more than one year

8

(220,382)

(369,226)

Provisions for liabilities

(429,533)

(276,359)

Net assets

 

786,332

803,628

Capital and reserves

 

Called up share capital

9

2

2

Profit and loss account

786,330

803,626

Total equity

 

786,332

803,628

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

.........................................
S R Green
Director

.........................................
S J Foxlow
Director

 
     
 

Blockfree Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 04441491.

The address of its registered office is:
Nottingham Road
Louth
Lincolnshire
LN11 0WB

These financial statements cover the individual entity, Blockfree Services Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Tax

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

 

Blockfree Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% reducing balance and 25% straight line

Portaloos and equipment

15% and 20% reducing balance

Motor vehicles

15% and 25% reducing balance

Tenants improvements

10% reducing balance and 5% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life.

Intangible assets

Website costs, registration plates and separately acquired goodwill are shown at historical cost.

Website costs, registration plates and goodwill have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Website costs

20% reducing balance

Registration plates

5 years straight line

 

Blockfree Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Blockfree Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 16 (2023 - 15).

4

Intangible assets

Goodwill
 £

Website costs
£

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

103,000

3,350

5,957

112,307

At 31 May 2024

103,000

3,350

5,957

112,307

Amortisation

At 1 June 2023

95,167

1,278

2,107

98,552

Amortisation charge

5,150

416

1,194

6,760

At 31 May 2024

100,317

1,694

3,301

105,312

Carrying amount

At 31 May 2024

2,683

1,656

2,656

6,995

At 31 May 2023

7,833

2,072

3,850

13,755

 

Blockfree Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

15,706

1,337,098

1,104,467

2,457,271

Additions

-

200,498

111,458

311,956

Disposals

-

(16,969)

(9,606)

(26,575)

At 31 May 2024

15,706

1,520,627

1,206,319

2,742,652

Depreciation

At 1 June 2023

2,544

510,665

277,564

790,773

Charge for the year

489

180,030

128,315

308,834

Eliminated on disposal

-

(15,801)

(9,355)

(25,156)

At 31 May 2024

3,033

674,894

396,524

1,074,451

Carrying amount

At 31 May 2024

12,673

845,733

809,795

1,668,201

At 31 May 2023

13,162

826,433

826,903

1,666,498

6

Stocks

2024
£

2023
£

Raw materials and consumables

8,690

14,490

7

Debtors

Current

2024
£

2023
£

Trade debtors

255,104

286,968

Prepayments and accrued income

47,264

38,351

 

302,368

325,319

 

Blockfree Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

92,197

148,421

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

125,180

167,483

Taxation and social security

 

135,568

30,204

Other creditors

 

135,523

192,837

Accruals and deferred income

 

86,128

91,884

 

574,596

630,829

Due after one year

 

Loans and borrowings

10

219,132

366,726

Deferred income

 

1,250

2,500

 

220,382

369,226

Creditors amounts falling within one year on which security has been given includes finance leases of £134,523 (2023 - £190,067).

Creditors amounts falling due after more than one year on which security has been given includes finance leases of £219,132 (2023 - £366,726).

The finance leases are secured against the assets to which they relate.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       
 

Blockfree Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilites

219,132

366,726

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

134,523

190,067

Other borrowings

463

2,180

134,986

192,247

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,609 (2023 - £15,523).

12

Related party transactions

Summary of transactions with parent

Income and receivables from related parties

2024

Parent
£

Amounts receivable from related party

125,180

2023

Parent
£

Amounts receivable from related party

185,848

Expenditure with and payables to related parties

2024

Parent
£

Leases

10,000

2023

Parent
£

Leases

10,000