4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-28 Sage Accounts Production Advanced 2023 - FRS102_2023 171,016 14,500 185,516 185,516 171,016 xbrli:pure xbrli:shares iso4217:GBP 05354862 2023-02-28 2024-02-27 05354862 2024-02-27 05354862 2023-02-27 05354862 2022-02-28 2023-02-27 05354862 2023-02-27 05354862 2022-02-27 05354862 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 2024-02-27 05354862 core:MotorVehicles 2023-02-28 2024-02-27 05354862 bus:OrdinaryShareClass1 2023-02-28 2024-02-27 05354862 bus:Director2 2023-02-28 2024-02-27 05354862 core:WithinOneYear 2024-02-27 05354862 core:WithinOneYear 2023-02-27 05354862 core:LandBuildings core:ShortLeaseholdAssets 2023-02-27 05354862 core:PlantMachinery 2023-02-27 05354862 core:MotorVehicles 2023-02-27 05354862 core:LandBuildings core:ShortLeaseholdAssets 2024-02-27 05354862 core:PlantMachinery 2024-02-27 05354862 core:MotorVehicles 2024-02-27 05354862 core:PlantMachinery 2023-02-28 2024-02-27 05354862 core:ShareCapital 2024-02-27 05354862 core:ShareCapital 2023-02-27 05354862 core:RetainedEarningsAccumulatedLosses 2024-02-27 05354862 core:RetainedEarningsAccumulatedLosses 2023-02-27 05354862 core:CostValuation core:Non-currentFinancialInstruments 2023-02-27 05354862 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-02-27 05354862 core:CostValuation core:Non-currentFinancialInstruments 2024-02-27 05354862 core:Non-currentFinancialInstruments 2024-02-27 05354862 core:Non-currentFinancialInstruments 2023-02-27 05354862 core:AcceleratedTaxDepreciationDeferredTax 2024-02-27 05354862 core:AcceleratedTaxDepreciationDeferredTax 2023-02-27 05354862 core:PlantMachinery 2023-02-27 05354862 bus:SmallEntities 2023-02-28 2024-02-27 05354862 bus:AuditExemptWithAccountantsReport 2023-02-28 2024-02-27 05354862 bus:SmallCompaniesRegimeForAccounts 2023-02-28 2024-02-27 05354862 bus:PrivateLimitedCompanyLtd 2023-02-28 2024-02-27 05354862 bus:FullAccounts 2023-02-28 2024-02-27 05354862 bus:OrdinaryShareClass1 2024-02-27 05354862 bus:OrdinaryShareClass1 2023-02-27
COMPANY REGISTRATION NUMBER: 05354862
REF METALS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
27 February 2024
REF METALS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 27th FEBRUARY 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
REF METALS LIMITED
STATEMENT OF FINANCIAL POSITION
27 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
80,798
1,386
Investment property
6
185,516
171,016
----------
----------
266,314
172,402
CURRENT ASSETS
Debtors
7
47,603
26,585
Cash at bank and in hand
428,021
491,835
----------
----------
475,624
518,420
CREDITORS: amounts falling due within one year
8
42,922
51,410
----------
----------
NET CURRENT ASSETS
432,702
467,010
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
699,016
639,412
PROVISIONS
Taxation including deferred tax
19,450
346
----------
----------
NET ASSETS
679,566
639,066
----------
----------
CAPITAL AND RESERVES
Called up share capital
10
1,000
1,000
Profit and loss account
678,566
638,066
----------
----------
SHAREHOLDERS FUNDS
679,566
639,066
----------
----------
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.
For the year ending 27th February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
REF METALS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
27 February 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
R. E. Fish (Snr)
Director
Company registration number: 05354862
REF METALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 27th FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Bill Quay Industrial Estate, Gateshead, Tyne and Wear, NE10 0SQ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property Improvements
-
15% straight line
Plant and Machinery
-
15/25% straight line
Motor Vehicles
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised through the income statement.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. The investment property is not depreciated.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. TANGIBLE ASSETS
Property improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 28th February 2023
21,034
24,156
128,573
173,763
Additions
106,000
106,000
Disposals
( 67,800)
( 67,800)
---------
---------
----------
----------
At 27th February 2024
21,034
24,156
166,773
211,963
---------
---------
----------
----------
Depreciation
At 28th February 2023
21,034
22,770
128,573
172,377
Charge for the year
588
26,000
26,588
Disposals
( 67,800)
( 67,800)
---------
---------
----------
----------
At 27th February 2024
21,034
23,358
86,773
131,165
---------
---------
----------
----------
Carrying amount
At 27th February 2024
798
80,000
80,798
---------
---------
----------
----------
At 27th February 2023
1,386
1,386
---------
---------
----------
----------
6. INVESTMENT PROPERTY
Investment property
£
Cost or valuation
At 28th February 2023
171,016
Additions
14,500
----------
At 27th February 2024
185,516
----------
Impairment
At 28th February 2023 and 27th February 2024
----------
Carrying amount
At 27th February 2024
185,516
----------
At 27th February 2023
171,016
----------
Investment property is stated at the directors' opinion of fair value which is equal to cost.
7. DEBTORS
2024
2023
£
£
Trade debtors
35,733
15,962
Prepayments and accrued income
11,870
10,623
---------
---------
47,603
26,585
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,036
128
Accruals and deferred income
2,725
2,700
Corporation tax
17,936
36,309
Social security and other taxes
17,472
11,976
Director loan accounts
1,753
297
---------
---------
42,922
51,410
---------
---------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
19,450
346
---------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
19,450
346
---------
----
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
11. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.