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Registered number: 09352088
BlankIT Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Key Accountancy Services
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09352088
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 55,613 63,408
55,613 63,408
CURRENT ASSETS
Debtors 5 93,467 98,179
Cash at bank and in hand 104,351 171,110
197,818 269,289
Creditors: Amounts Falling Due Within One Year 6 (62,278 ) (75,398 )
NET CURRENT ASSETS (LIABILITIES) 135,540 193,891
TOTAL ASSETS LESS CURRENT LIABILITIES 191,153 257,299
Creditors: Amounts Falling Due After More Than One Year 7 (16,000 ) (16,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (8,567 )
NET ASSETS 175,153 232,732
CAPITAL AND RESERVES
Called up share capital 8 1,333 1,333
Share premium account 49,628 49,628
Profit and Loss Account 124,192 181,771
SHAREHOLDERS' FUNDS 175,153 232,732
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Sharon Schofield
Director
07/03/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
BlankIT Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09352088 . The registered office is Unit 43, Parkhall Business Village, Stoke-on-Trent, Staffordshire, ST3 5XA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold straight line over the lease period
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 2 years straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 12)
11 12
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2024 70,267 22,486 22,055 40,908
Additions - - - 1,781
As at 31 December 2024 70,267 22,486 22,055 42,689
Depreciation
As at 1 January 2024 32,957 15,176 10,683 35,366
Provided during the period 7,807 1,828 2,843 1,938
As at 31 December 2024 40,764 17,004 13,526 37,304
Net Book Value
As at 31 December 2024 29,503 5,482 8,529 5,385
As at 1 January 2024 37,310 7,310 11,372 5,542
Computer Equipment Total
£ £
Cost
As at 1 January 2024 42,792 198,508
Additions 6,953 8,734
As at 31 December 2024 49,745 207,242
Depreciation
As at 1 January 2024 40,918 135,100
Provided during the period 2,113 16,529
As at 31 December 2024 43,031 151,629
Net Book Value
As at 31 December 2024 6,714 55,613
As at 1 January 2024 1,874 63,408
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 59,087 79,549
Other debtors 30,364 18,630
89,451 98,179
Due after more than one year
Other debtors 4,016 -
93,467 98,179
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,331 3,699
Bank loans and overdrafts 3,524 6,012
Other creditors 23,674 26,684
Taxation and social security 33,749 39,003
62,278 75,398
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 16,000 16,000
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,333 1,333
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mrs Sharon Schofield - 142 - - 142
Mr Paul Schofield 1,702 - 1,702 - -
The above loan is unsecured, interest free and repayable on demand.
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