Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-07-01No description of principal activity1312true 03063852 2022-07-01 2023-06-30 03063852 2021-07-01 2022-06-30 03063852 2023-06-30 03063852 2022-06-30 03063852 c:Director1 2022-07-01 2023-06-30 03063852 d:Buildings d:LongLeaseholdAssets 2022-07-01 2023-06-30 03063852 d:Buildings d:LongLeaseholdAssets 2023-06-30 03063852 d:Buildings d:LongLeaseholdAssets 2022-06-30 03063852 d:PlantMachinery 2022-07-01 2023-06-30 03063852 d:PlantMachinery 2023-06-30 03063852 d:PlantMachinery 2022-06-30 03063852 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03063852 d:MotorVehicles 2022-07-01 2023-06-30 03063852 d:MotorVehicles 2023-06-30 03063852 d:MotorVehicles 2022-06-30 03063852 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03063852 d:FurnitureFittings 2022-07-01 2023-06-30 03063852 d:FurnitureFittings 2023-06-30 03063852 d:FurnitureFittings 2022-06-30 03063852 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03063852 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03063852 d:Goodwill 2022-07-01 2023-06-30 03063852 d:Goodwill 2023-06-30 03063852 d:Goodwill 2022-06-30 03063852 d:CurrentFinancialInstruments 2023-06-30 03063852 d:CurrentFinancialInstruments 2022-06-30 03063852 d:Non-currentFinancialInstruments 2023-06-30 03063852 d:Non-currentFinancialInstruments 2022-06-30 03063852 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03063852 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 03063852 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 03063852 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 03063852 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 03063852 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-06-30 03063852 d:ShareCapital 2023-06-30 03063852 d:ShareCapital 2022-06-30 03063852 d:RetainedEarningsAccumulatedLosses 2023-06-30 03063852 d:RetainedEarningsAccumulatedLosses 2022-06-30 03063852 c:FRS102 2022-07-01 2023-06-30 03063852 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 03063852 c:FullAccounts 2022-07-01 2023-06-30 03063852 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03063852 2 2022-07-01 2023-06-30 03063852 d:Goodwill d:OwnedIntangibleAssets 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 03063852









REFLEX TRADING LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
REFLEX TRADING LTD
REGISTERED NUMBER: 03063852

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
3,000
6,000

Tangible assets
 5 
151,358
165,882

  
154,358
171,882

Current assets
  

Stocks
  
98,609
52,562

Debtors: amounts falling due within one year
 6 
525,185
558,965

Cash at bank and in hand
 7 
289,304
48,577

  
913,098
660,104

Creditors: amounts falling due within one year
 8 
(574,341)
(582,553)

Net current assets
  
 
 
338,757
 
 
77,551

Total assets less current liabilities
  
493,115
249,433

Creditors: amounts falling due after more than one year
 9 
(313,966)
(383,372)

  

Net assets/(liabilities)
  
179,149
(133,939)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
179,049
(134,039)

  
179,149
(133,939)


Page 1

 
REFLEX TRADING LTD
REGISTERED NUMBER: 03063852
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
N R Murchison
Director

Date: 19 January 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Reflex Trading Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Highlands House, Bath Place, Barnet, Herfordshire, EN5 5XE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the period of the lease
Plant and machinery
-
20%
reducing balance basis
Motor vehicles
-
25%
reducing balance basis
Fixtures and fittings
-
20%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 12).


4.


Intangible assets




Goodwill

£



Cost


At 1 July 2022
60,000



At 30 June 2023

60,000



Amortisation


At 1 July 2022
54,000


Charge for the year on owned assets
3,000



At 30 June 2023

57,000



Net book value



At 30 June 2023
3,000



At 30 June 2022
6,000



Page 6

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
166,048
590,768
46,551
229,173
1,032,540


Additions
-
18,585
-
3,258
21,843



At 30 June 2023

166,048
609,353
46,551
232,431
1,054,383



Depreciation


At 1 July 2022
166,048
452,478
28,835
219,296
866,657


Charge for the year on owned assets
-
29,793
4,429
2,146
36,368



At 30 June 2023

166,048
482,271
33,264
221,442
903,025



Net book value



At 30 June 2023
-
127,082
13,287
10,989
151,358



At 30 June 2022
-
138,290
17,715
9,877
165,882

Page 7

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Trade debtors
471,556
524,898

Other debtors
1,652
1,921

Prepayments and accrued income
51,977
32,146

525,185
558,965



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
289,304
48,577

289,304
48,577



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
368,002
381,096

Corporation tax
23,929
-

Other taxation and social security
115,211
106,899

Other creditors
40,768
50,618

Accruals and deferred income
26,431
43,940

574,341
582,553



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
311,320
375,000

Other creditors
2,646
8,372

313,966
383,372


Page 8

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
311,320
375,000

311,320
375,000



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £9,663 (2022 - £8,151) 

 
Page 9