Silverfin false false 31/12/2023 01/01/2023 31/12/2023 A Gray 19/03/1998 L Gray 01/01/2021 P Gray 19/03/1998 23 September 2024 The principal activity of the Company during the financial year was that of the sale of goods to customers and the rental of furnished holiday lets. 03467530 2023-12-31 03467530 bus:Director1 2023-12-31 03467530 bus:Director2 2023-12-31 03467530 bus:Director3 2023-12-31 03467530 2022-12-31 03467530 core:CurrentFinancialInstruments 2023-12-31 03467530 core:CurrentFinancialInstruments 2022-12-31 03467530 core:ShareCapital 2023-12-31 03467530 core:ShareCapital 2022-12-31 03467530 core:RetainedEarningsAccumulatedLosses 2023-12-31 03467530 core:RetainedEarningsAccumulatedLosses 2022-12-31 03467530 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03467530 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-12-31 03467530 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03467530 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 03467530 core:LandBuildings 2022-12-31 03467530 core:LeaseholdImprovements 2022-12-31 03467530 core:FurnitureFittings 2022-12-31 03467530 core:OfficeEquipment 2022-12-31 03467530 core:LandBuildings 2023-12-31 03467530 core:LeaseholdImprovements 2023-12-31 03467530 core:FurnitureFittings 2023-12-31 03467530 core:OfficeEquipment 2023-12-31 03467530 core:CostValuation 2022-12-31 03467530 core:AdditionsToInvestments 2023-12-31 03467530 core:CostValuation 2023-12-31 03467530 2023-01-01 2023-12-31 03467530 bus:FilletedAccounts 2023-01-01 2023-12-31 03467530 bus:SmallEntities 2023-01-01 2023-12-31 03467530 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03467530 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03467530 bus:Director1 2023-01-01 2023-12-31 03467530 bus:Director2 2023-01-01 2023-12-31 03467530 bus:Director3 2023-01-01 2023-12-31 03467530 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-01-01 2023-12-31 03467530 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-01-01 2023-12-31 03467530 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 03467530 core:FurnitureFittings 2023-01-01 2023-12-31 03467530 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 03467530 2022-01-01 2022-12-31 03467530 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 03467530 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 03467530 core:LandBuildings 2023-01-01 2023-12-31 03467530 core:LeaseholdImprovements 2023-01-01 2023-12-31 03467530 core:OfficeEquipment 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 03467530 (England and Wales)

REFINA LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

REFINA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

REFINA LIMITED

BALANCE SHEET

As at 31 December 2023
REFINA LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 61,612 65,547
Tangible assets 4 274,769 305,030
Investment property 5 1,266,350 1,266,350
Investments 6 6 0
1,602,737 1,636,927
Current assets
Stocks 7 1,374,920 1,386,083
Debtors 8 482,744 492,755
Cash at bank and in hand 427,084 356,246
2,284,748 2,235,084
Creditors: amounts falling due within one year 9 ( 636,650) ( 509,024)
Net current assets 1,648,098 1,726,060
Total assets less current liabilities 3,250,835 3,362,987
Provision for liabilities ( 84,096) ( 86,760)
Net assets 3,166,739 3,276,227
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 3,165,739 3,275,227
Total shareholders' funds 3,166,739 3,276,227

For the financial 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.

Directors' responsibilities:

The financial statements of Refina Limited (registered number: 03467530) were approved and authorised for issue by the Board of Directors on 23 September 2024. They were signed on its behalf by:

P Gray
Director
REFINA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
REFINA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Refina Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 7 Factory Road, Upton Industrial Estate, Poole, BH16 5SL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Website costs 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements 10 years straight line
Fixtures and fittings 15 % reducing balance
Office equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 24 25

3. Intangible assets

Trademarks, patents
and licences
Website costs Total
£ £ £
Cost
At 01 January 2023 5,912 74,944 80,856
Additions 3,755 0 3,755
At 31 December 2023 9,667 74,944 84,611
Accumulated amortisation
At 01 January 2023 0 15,309 15,309
Charge for the financial year 862 6,828 7,690
At 31 December 2023 862 22,137 22,999
Net book value
At 31 December 2023 8,805 52,807 61,612
At 31 December 2022 5,912 59,635 65,547

4. Tangible assets

Land and buildings Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 21,087 19,586 476,671 73,254 590,598
Additions 0 0 4,285 4,293 8,578
At 31 December 2023 21,087 19,586 480,956 77,547 599,176
Accumulated depreciation
At 01 January 2023 21,087 3,918 205,619 54,944 285,568
Charge for the financial year 0 1,958 29,798 7,083 38,839
At 31 December 2023 21,087 5,876 235,417 62,027 324,407
Net book value
At 31 December 2023 0 13,710 245,539 15,520 274,769
At 31 December 2022 0 15,668 271,052 18,310 305,030

5. Investment property

Investment property
£
Valuation
As at 01 January 2023 1,266,350
As at 31 December 2023 1,266,350

6. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 January 2023 0 0
Additions 6 6
At 31 December 2023 6 6
Carrying value at 31 December 2023 6 6
Carrying value at 31 December 2022 0 0

7. Stocks

2023 2022
£ £
Stocks 1,374,920 1,386,083

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

8. Debtors

2023 2022
£ £
Trade debtors 430,884 377,152
Other debtors 51,860 115,603
482,744 492,755

9. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 395,078 258,320
Taxation and social security 215,786 223,758
Other creditors 25,786 26,946
636,650 509,024

10. Related party transactions

Other related party transactions

2023 2022
£ £
Related parties 24,129 76,456

Interest has been charged in line with HMRC's official rate of interest.