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Registration number: 07249178

Reflex Technical Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Reflex Technical Services Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Reflex Technical Services Limited

(Registration number: 07249178)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

784

673

Current assets

 

Debtors

6

10,276

12,908

Cash at bank and in hand

 

14,050

38,746

 

24,326

51,654

Creditors: Amounts falling due within one year

7

(1,941)

(7,673)

Net current assets

 

22,385

43,981

Total assets less current liabilities

 

23,169

44,654

Creditors: Amounts falling due after more than one year

7

(5,834)

(8,634)

Provisions for liabilities

(149)

(128)

Net assets

 

17,186

35,892

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

17,086

35,792

Shareholders' funds

 

17,186

35,892

 

Reflex Technical Services Limited

(Registration number: 07249178)
Statement of Financial Position as at 31 May 2024 (continued)

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 30 November 2024 and signed on its behalf by:
 


Richard John Denton
Director

 

Reflex Technical Services Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 May 2024

1

General information

The address of its registered office is:
Valley View
Churchill
Axminster
Devon
EX13 7LZ

Principal activity
 

The principal activity of the company is Injection moulding industry consultancy

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.

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.

 

Reflex Technical Services Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Reflex Technical Services Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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

Fittings Fixtures and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

 

Reflex Technical Services Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Reflex Technical Services Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 May 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

10,000

10,000

At 31 May 2024

10,000

10,000

Amortisation

At 1 June 2023

10,000

10,000

At 31 May 2024

10,000

10,000

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

228

22,751

600

23,579

Additions

-

525

-

525

At 31 May 2024

228

23,276

600

24,104

Depreciation

At 1 June 2023

215

22,172

519

22,906

Charge for the year

3

395

16

414

At 31 May 2024

218

22,567

535

23,320

Carrying amount

At 31 May 2024

10

709

65

784

At 31 May 2023

13

579

81

673

 

Reflex Technical Services Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 May 2024 (continued)

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

3,840

10,630

Prepayments

 

2,418

2,278

Income tax asset

4,018

-

 

10,276

12,908

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

800

800

Taxation and social security

678

5,435

Other creditors

463

1,438

1,941

7,673

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

5,834

8,634

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,834

8,634

 

Reflex Technical Services Limited

Notes to the Unaudited Financial Statements for the
Year Ended 31 May 2024 (continued)

9

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

(1,438)

34,742

(33,767)

(463)

         
       

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

(6)

1,901

(3,333)

(1,438)