Reflections South West Limited 09905724 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is a bistro. Digita Accounts Production Advanced 6.30.9574.0 true true 09905724 2023-03-01 2024-02-29 09905724 2024-02-29 09905724 core:RetainedEarningsAccumulatedLosses 2024-02-29 09905724 core:ShareCapital 2024-02-29 09905724 core:CurrentFinancialInstruments 2024-02-29 09905724 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 09905724 core:Non-currentFinancialInstruments 2024-02-29 09905724 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 09905724 core:MoreThanFiveYears 1 2024-02-29 09905724 core:FurnitureFittingsToolsEquipment 2024-02-29 09905724 core:LandBuildings 2024-02-29 09905724 bus:SmallEntities 2023-03-01 2024-02-29 09905724 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 09905724 bus:FullAccounts 2023-03-01 2024-02-29 09905724 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09905724 bus:RegisteredOffice 2023-03-01 2024-02-29 09905724 bus:Director1 2023-03-01 2024-02-29 09905724 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09905724 core:FurnitureFittings 2023-03-01 2024-02-29 09905724 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 09905724 core:LandBuildings 2023-03-01 2024-02-29 09905724 core:OfficeEquipment 2023-03-01 2024-02-29 09905724 countries:EnglandWales 2023-03-01 2024-02-29 09905724 2023-02-28 09905724 core:FurnitureFittingsToolsEquipment 2023-02-28 09905724 core:LandBuildings 2023-02-28 09905724 2022-03-01 2023-02-28 09905724 2023-02-28 09905724 core:RetainedEarningsAccumulatedLosses 2023-02-28 09905724 core:ShareCapital 2023-02-28 09905724 core:CurrentFinancialInstruments 2023-02-28 09905724 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 09905724 core:Non-currentFinancialInstruments 2023-02-28 09905724 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 09905724 core:MoreThanFiveYears 1 2023-02-28 09905724 core:FurnitureFittingsToolsEquipment 2023-02-28 09905724 core:LandBuildings 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 09905724

Reflections South West Limited

Filleted Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Reflections South West Limited
(Registration number: 09905724)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Reflections South West Limited
(Registration number: 09905724)

Company Information

Director

Mrs M J Webb

Registered office

Reflections Bistro
33 The Strand
Dawlish
Devon
EX7 9PT

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Reflections South West Limited
(Registration number: 09905724)

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,172

4,933

Current assets

 

Stocks

5

3,500

3,000

Debtors

6

1,291

1,618

Cash at bank and in hand

 

70,592

86,124

 

75,383

90,742

Creditors: Amounts falling due within one year

7

(65,258)

(80,925)

Net current assets

 

10,125

9,817

Total assets less current liabilities

 

13,297

14,750

Creditors: Amounts falling due after more than one year

7

(29,104)

(34,664)

Net liabilities

 

(15,807)

(19,914)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(15,809)

(19,916)

Total equity

 

(15,807)

(19,914)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 November 2024
 

 

Reflections South West Limited
(Registration number: 09905724)

Balance Sheet as at 29 February 2024

.........................................
Mrs M J Webb
Director

 

Reflections South West Limited
(Registration number: 09905724)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Reflections Bistro
33 The Strand
Dawlish
Devon
EX7 9PT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The director has acknowledged the negative reserves at the balance sheet date. The director has pledged to support the company going forward and is in the process of implementing changes to enable increased turnover and profitability. The financial statements have therefore been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Reflections South West Limited
(Registration number: 09905724)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line basis

Office Equpment

33% straight line basis

Short leasehold improvements

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Reflections South West Limited
(Registration number: 09905724)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 8).

 

Reflections South West Limited
(Registration number: 09905724)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Short leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

3,500

16,551

20,051

Additions

-

254

254

At 29 February 2024

3,500

16,805

20,305

Depreciation

At 1 March 2023

2,100

13,018

15,118

Charge for the year

700

1,315

2,015

At 29 February 2024

2,800

14,333

17,133

Carrying amount

At 29 February 2024

700

2,472

3,172

At 28 February 2023

1,400

3,533

4,933

5

Stocks

2024
£

2023
£

Other stocks

3,500

3,000

6

Debtors

2024
£

2023
£

Other debtors

-

198

Prepayments and accrued income

1,291

1,420

Total current trade and other debtors

1,291

1,618

 

Reflections South West Limited
(Registration number: 09905724)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,500

5,500

Trade creditors

 

3,608

191

Taxation and social security

 

46,465

44,901

Other creditors

 

8,071

27,402

Accrued expenses

 

1,614

2,931

 

65,258

80,925

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

29,104

34,664

2024
£

2023
£

Due after more than five years

After more than five years by instalments

7,104

12,664

-

-

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,500

5,500

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

29,104

34,664

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

7,104

12,664