COMPANY REGISTRATION NUMBER:
13313762
Filleted Financial Statements |
|
Statement of Financial Position |
|
30 September 2023
Current assets
Debtors |
5 |
34,826 |
1,179 |
Cash at bank and in hand |
8,712 |
922 |
|
-------- |
------- |
|
43,538 |
2,101 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
153,045) |
(
56,323) |
|
--------- |
-------- |
Net current liabilities |
(
109,507) |
(
54,222) |
|
--------- |
-------- |
Total assets less current liabilities |
(
109,507) |
(
54,222) |
|
--------- |
-------- |
Net liabilities |
(
109,507) |
(
54,222) |
|
--------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
7 |
1 |
1 |
Profit and loss account |
(
109,508) |
(
54,223) |
|
--------- |
-------- |
Shareholders deficit |
(
109,507) |
(
54,222) |
|
--------- |
-------- |
|
|
|
|
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.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
11 October 2024
, and are signed on behalf of the board by:
Company registration number:
13313762
Notes to the Financial Statements |
|
Year ended 30 September 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 32-38 2nd Floor, Saffron Hill, London, EC1N 8FH, England.
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.
Going concern
The financial statements have been prepared on a going concern basis, which assumes Reflect Agency Limited will continue to be able to meet its liabilities as they fall due for the foreseeable future. At 30 September 2023, the company has net liabilities of £110k (2022: £54k) and a loss of £55k (2022: £27k). In considering the Group and the Parent company's going concern status, successful negotiations with the landlord and third party loan lender has meant that, as at the time of writing, the lease liability has been reduced to peppercorn rent from £674k payable per the signed rent agreement, and only £125k of the £249k third party loan is payable within 1 year. The parent company is River Holdings and Content limited as disclosed in the "Controlling Party" note. A letter of support was obtained from the parent company. Consequently, the directors have concluded that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these accounts and therefore have prepared the financial statements on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil(2022: Nil).
Staff are under contracts of employment from the immediate and ultimate parent company as disclosed in the controlling party note.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
34,825 |
1,140 |
Prepayments and accrued income |
– |
38 |
Other debtors |
1 |
1 |
|
-------- |
------- |
|
34,826 |
1,179 |
|
-------- |
------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
2,080 |
– |
Amounts owed to group undertakings |
136,814 |
55,591 |
Accruals and deferred income |
12,896 |
160 |
Social security and other taxes |
1,255 |
572 |
|
--------- |
-------- |
|
153,045 |
56,323 |
|
--------- |
-------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
8.
Summary audit opinion
The auditor's report dated
17 October 2024
was
unqualified
.
The senior statutory auditor was
Terrence Bourne
, for and on behalf of
Shipleys LLP
.
9.
Related party transactions
The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
10.
Controlling party
The ultimate parent entity is
River Holdings and Content Limited
, a company incorporated in England and Wales. The address of the registered office of River Holdings and Content Limited is 32-38 2nd Floor Saffron Hill, London, England, EC1N 8FH. The results of Reflect Agency Limited
are consolidated into the financial statements of River Holdings and Content Limited, which are publicly available from Companies House. In the opinion of the directors, the ultimate controlling party is N S Murphy
by virtue of her shareholding.