REGISTERED NUMBER: 05644247 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Blast Properties Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A C Bristow

Mr J C G Dellow

Mr P A House

Mr R H Sawyer

Mr P W Hevingham

Mr P J Ealey

SECRETARY:

Mrs S J Sawyer

REGISTERED OFFICE:

69 High Street

Bideford

Devon

EX39 2AT

REGISTERED NUMBER:

05644247 (England and Wales)

ACCOUNTANTS:

R T Marke & Co Ltd

Chartered Accountants

69 High Street

Bideford

Devon

EX39 2AT

FIXED ASSETS

Tangible assets

5

3,908

7,690

Investments

6

2

2

3,910

7,692

CURRENT ASSETS

Stocks

322,372

322,372

Debtors

1,062

92,762

Cash at bank

44,380

17,071

367,814

432,205

CREDITORS

Amounts falling due within one year

3,326,272

3,279,713

NET CURRENT LIABILITIES

(2,958,458

)

(2,847,508

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,954,548

)

(2,839,816

)

CREDITORS

Amounts falling due after more than one year

11,370

21,592

NET LIABILITIES

(2,965,918

)

(2,861,408

)

CAPITAL AND RESERVES

Called up share capital

7

660

660

Share premium

149,940

149,940

Retained earnings

(3,116,518

)

(3,012,008

)

SHAREHOLDERS' FUNDS

(2,965,918

)

(2,861,408

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

Mr J C G Dellow - Director

1.	STATUTORY INFORMATION

Blast Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

It is the intention of the directors for the company to cease trading within 12 months of the approval of these financial statements. The financial statements have not, therefore, been prepared on a going concern basis. Accordingly, full provision has been made in these accounts for all known liabilities and anticipated losses on realisation of assets, other than costs arising in the normal course of business in the company's final period to cessation. This is in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006.

Preparation of consolidated financial statements

The financial statements contain information about Blast Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% straight line

Fixtures and fittings

-

15% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stock and work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell.

Cost of raw materials is determined on the first-in first-out basis. In the case of work in progress and finished goods, cost includes all direct expenditure and borrowing costs.

Work in progress includes capitalised interest and costs of finance of £35,186 (2023 - £35,186).

Financial instruments

Basic financial instruments 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 in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Going concern

The company has retained losses of £3,116,518 (2023 - £3,012,008). It also has net current liabilities of £2,958,458 (2023 - £2,847,508) and net liabilities of £2,965,918 (2023 - £2,861,408).

The company is ceasing to trade and will be closing within 12 months of the balance sheet date. Creditors include an amount of £626,160 due to the local authority for a S106 contribution which the directors do not believe is due and are disputing in view of the substantial loss reported on the development.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

16,961

Disposals

(2,630

)

At 31 December 2024

14,331

DEPRECIATION

At 1 January 2024

9,271

Charge for year

2,616

Eliminated on disposal

(1,464

)

At 31 December 2024

10,423

NET BOOK VALUE

At 31 December 2024

3,908

At 31 December 2023

7,690

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2024

and 31 December 2024

2

NET BOOK VALUE

At 31 December 2024

2

At 31 December 2023

2

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

120

Ordinary A

£1

120

120

100

Ordinary B

£1

100

100

110

Ordinary C

£1

110

110

110

Ordinary D

£1

110

110

110

Ordinary E

£1

110

110

110

Ordinary F

£1

110

110

660

660

8.	CONTINGENT LIABILITIES

Under the terms of an agreement between the shareholders, charges can be raised to the company by the shareholders for time they spend working on the company's development project. The shareholders have reserved their rights to make such charges in accordance with this agreement, but the amounts have yet to be quantified and agreed. Accordingly, no provision has been made at the balance sheet date for amounts due and unpaid to shareholders in this respect.