Acorah Software Products - Accounts Production 14.5.501 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 06766595 Mr Richard Darby Mrs Tracy Darby iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06766595 2022-12-31 06766595 2023-12-31 06766595 2023-01-01 2023-12-31 06766595 frs-core:CurrentFinancialInstruments 2023-12-31 06766595 frs-core:Non-currentFinancialInstruments 2023-12-31 06766595 frs-core:ComputerEquipment 2023-12-31 06766595 frs-core:ComputerEquipment 2023-01-01 2023-12-31 06766595 frs-core:ComputerEquipment 2022-12-31 06766595 frs-core:FurnitureFittings 2023-12-31 06766595 frs-core:FurnitureFittings 2023-01-01 2023-12-31 06766595 frs-core:FurnitureFittings 2022-12-31 06766595 frs-core:MotorVehicles 2023-12-31 06766595 frs-core:MotorVehicles 2023-01-01 2023-12-31 06766595 frs-core:MotorVehicles 2022-12-31 06766595 frs-core:PlantMachinery 2023-12-31 06766595 frs-core:PlantMachinery 2023-01-01 2023-12-31 06766595 frs-core:PlantMachinery 2022-12-31 06766595 frs-core:ShareCapital 2023-12-31 06766595 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 06766595 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06766595 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 06766595 frs-bus:SmallEntities 2023-01-01 2023-12-31 06766595 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06766595 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06766595 frs-bus:Director1 2023-01-01 2023-12-31 06766595 frs-bus:Director2 2023-01-01 2023-12-31 06766595 frs-countries:EnglandWales 2023-01-01 2023-12-31 06766595 2021-12-31 06766595 2022-12-31 06766595 2022-01-01 2022-12-31 06766595 frs-core:CurrentFinancialInstruments 2022-12-31 06766595 frs-core:Non-currentFinancialInstruments 2022-12-31 06766595 frs-core:ShareCapital 2022-12-31 06766595 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 06766595
Reflex Sports Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Turnerwarran
Glanford House
Bridge Street
Brigg
North Lincolnshire
DN20 8NF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06766595
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 44,739 34,980
44,739 34,980
CURRENT ASSETS
Stocks 4 24,786 77,274
Debtors 5 129,682 44,092
Cash at bank and in hand 246,922 307,562
401,390 428,928
Creditors: Amounts Falling Due Within One Year 6 (323,267 ) (302,288 )
NET CURRENT ASSETS (LIABILITIES) 78,123 126,640
TOTAL ASSETS LESS CURRENT LIABILITIES 122,862 161,620
Creditors: Amounts Falling Due After More Than One Year 7 (14,167 ) (24,167 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (50,000 ) (50,000 )
Deferred Taxation (11,185 ) (7,024 )
NET ASSETS 47,510 80,429
CAPITAL AND RESERVES
Called up share capital 8 200 200
Profit and Loss Account 47,310 80,229
SHAREHOLDERS' FUNDS 47,510 80,429
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For the year ending 31 December 2023 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 Richard Darby
Director
12/02/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. 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.
1.3. 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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
1.4. 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.
1.5. 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.
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2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2022: 3)
3 3
3. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 29,298 14,495 12,431 12,085 68,309
Additions - 24,000 1,892 - 25,892
Disposals - (14,495 ) - - (14,495 )
As at 31 December 2023 29,298 24,000 14,323 12,085 79,706
Depreciation
As at 1 January 2023 13,477 8,040 5,451 6,361 33,329
Provided during the period 6,023 1,864 1,974 1,431 11,292
Disposals - (9,654 ) - - (9,654 )
As at 31 December 2023 19,500 250 7,425 7,792 34,967
Net Book Value
As at 31 December 2023 9,798 23,750 6,898 4,293 44,739
As at 1 January 2023 15,821 6,455 6,980 5,724 34,980
4. Stocks
2023 2022
£ £
Stock - materials 24,786 77,274
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 101,153 37,749
Prepayments and accrued income 21,155 2,175
VAT 7,070 4,168
Net wages 304 -
129,682 44,092
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 227,790 217,366
Bank loans and overdrafts 10,000 10,000
Corporation tax 43,060 37,005
Other taxes and social security 19,538 14,754
Accruals and deferred income 22,678 22,550
Directors' loan accounts 201 613
323,267 302,288
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 14,167 24,167
14,167 24,167
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
9. General Information
Reflex Sports Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06766595 . The registered office is 45 Grove Road, Chertsey, Surrey, KT16 9DN.
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