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COMPANY REGISTRATION NUMBER: 09099683
Intake Shot Blasting & Painting Limited
Filleted Unaudited Financial Statements
28 February 2025
Intake Shot Blasting & Painting Limited
Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
5
336,980
232,796
Current assets
Debtors
6
300,309
314,821
Cash at bank and in hand
125,347
63,209
---------
---------
425,656
378,030
Creditors: amounts falling due within one year
7
303,277
336,829
---------
---------
Net current assets
122,379
41,201
---------
---------
Total assets less current liabilities
459,359
273,997
Creditors: amounts falling due after more than one year
8
85,873
68,045
Provisions
48,090
40,762
---------
---------
Net assets
325,396
165,190
---------
---------
Capital and reserves
Called up share capital
3
3
Share premium account
39,999
39,999
Profit and loss account
285,394
125,188
---------
---------
Shareholders funds
325,396
165,190
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2025 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Intake Shot Blasting & Painting Limited
Statement of Financial Position (continued)
28 February 2025
These financial statements were approved by the board of directors and authorised for issue on 12 August 2025 , and are signed on behalf of the board by:
Mr J D Burgin
Mr RJ Burgin
Director
Director
Company registration number: 09099683
Intake Shot Blasting & Painting Limited
Notes to the Financial Statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixth Avenue, Flixborough Industrial Estate, Scunthorpe, DN15 8SL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
2% straight line
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2024: 7 ).
5. Tangible assets
Plant and machinery
Improvements to property
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2024
347,264
66,757
4,750
418,771
Additions
75,578
92,152
167,730
Disposals
( 43,288)
( 43,288)
---------
--------
--------
---------
At 28 February 2025
379,554
66,757
96,902
543,213
---------
--------
--------
---------
Depreciation
At 1 March 2024
172,229
13,350
396
185,975
Charge for the year
48,038
1,992
13,516
63,546
Disposals
( 43,288)
( 43,288)
---------
--------
--------
---------
At 28 February 2025
176,979
15,342
13,912
206,233
---------
--------
--------
---------
Carrying amount
At 28 February 2025
202,575
51,415
82,990
336,980
---------
--------
--------
---------
At 29 February 2024
175,035
53,407
4,354
232,796
---------
--------
--------
---------
6. Debtors
2025
2024
£
£
Trade debtors
297,814
220,866
Other debtors
2,495
93,955
---------
---------
300,309
314,821
---------
---------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
75,637
268,012
Corporation tax
60,352
Social security and other taxes
35,117
22,291
Other creditors
132,171
46,526
---------
---------
303,277
336,829
---------
---------
Included within other creditors above are hire purchase liabilities amounting to £51,457 which are secured on the subject assets.
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
85,873
68,045
--------
--------
Included within other creditors above are hire purchase liabilities amounting to £85,873 which are secured on the subject assets.
9. Related party transactions
Included in other creditors is an amount due to Intake Cutting and Drilling Limited of £70,386, a company with common ownership. No interest has been charged on this balance and the amount is payable on demand.