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Registered number: NI622109
Blazequel Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
C&H Stedman
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: NI622109
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 72,588 74,323
72,588 74,323
CURRENT ASSETS
Stocks 57,779 (2,237 )
Debtors 6 1,096,563 891,303
Cash at bank and in hand 341,617 470,073
1,495,959 1,359,139
Creditors: Amounts Falling Due Within One Year 7 (1,223,282 ) (947,363 )
NET CURRENT ASSETS (LIABILITIES) 272,677 411,776
TOTAL ASSETS LESS CURRENT LIABILITIES 345,265 486,099
Creditors: Amounts Falling Due After More Than One Year 8 (20,398 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation - (3,485 )
NET ASSETS 324,867 482,614
CAPITAL AND RESERVES
Called up share capital 500 700
Capital redemption reserve 200 -
Profit and Loss Account 324,167 481,914
SHAREHOLDERS' FUNDS 324,867 482,614
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
Mr A Picton
Director
25 June 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Blazequel Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI622109 . The registered office is 1a Carrakeel Drive, Maydown Industrial Estate, Maydown, Londonderry, BT47 6UQ.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of five years.
2.4. 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:
Plant & Machinery 20% on cost
Motor Vehicles 25% on reducing balance
Computer Equipment 20% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. 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 year 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 asset reflects 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.
3. Average Number of Employees
The average number of employees during the year was 18 (2023: 19)
18 19
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 54,500
As at 31 December 2024 54,500
Amortisation
As at 1 January 2024 54,500
As at 31 December 2024 54,500
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 54,952 86,145 50,082 191,179
Additions 3,236 46,972 - 50,208
Disposals - (35,495 ) - (35,495 )
As at 31 December 2024 58,188 97,622 50,082 205,892
...CONTINUED
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Page 5
Depreciation
As at 1 January 2024 35,057 40,628 41,171 116,856
Provided during the period 5,942 22,692 8,561 37,195
Disposals - (20,747 ) - (20,747 )
As at 31 December 2024 40,999 42,573 49,732 133,304
Net Book Value
As at 31 December 2024 17,189 55,049 350 72,588
As at 1 January 2024 19,895 45,517 8,911 74,323
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 34,421 19,134
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,005,404 749,077
Amounts recoverable on contracts - 70,952
Other debtors 91,159 71,274
1,096,563 891,303
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 15,299 3,971
Trade creditors 223,760 321,756
Other creditors 731,484 362,128
Taxation and social security 252,739 259,508
1,223,282 947,363
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,398 -
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 15,299 3,971
Later than one year and not later than five years 20,398 -
35,697 3,971
35,697 3,971
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10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 47,722 42,582
Later than one year and not later than five years 37,586 62,262
85,308 104,844
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