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Company Registration No. 12118557 (England and Wales)
REFNOW LTD Unaudited accounts for the year ended 31 July 2024
REFNOW LTD Unaudited accounts Contents
Page
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REFNOW LTD Company Information for the year ended 31 July 2024
Directors
James Fall Jordan Gutteridge Benjamin Adams
Company Number
12118557 (England and Wales)
Registered Office
71-75 SHELTON STREET LONDON WC2H 9JQ UNITED KINGDOM
Accountants
Tungsten Wolfram Ltd Stanton Court London N3 2DF
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REFNOW LTD Accountants' report
Accountants' report to the board of directors of REFNOW LTD on the preparation of the unaudited statutory accounts for the year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of REFNOW LTD for the year ended 31 July 2024 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of REFNOW LTD, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of REFNOW LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than REFNOW LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that REFNOW LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of REFNOW LTD. You consider that REFNOW LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of REFNOW LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Tungsten Wolfram Ltd Stanton Court London N3 2DF 10 February 2025
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REFNOW LTD Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Called up share capital not paid
274 
274 
Fixed assets
Tangible assets
2,747 
3,118 
Current assets
Debtors
55,455 
32,931 
Cash at bank and in hand
75,584 
71,461 
131,039 
104,392 
Creditors: amounts falling due within one year
(118,540)
(91,322)
Net current assets
12,499 
13,070 
Net assets
15,520 
16,462 
Capital and reserves
Called up share capital
274 
274 
Profit and loss account
15,246 
16,188 
Shareholders' funds
15,520 
16,462 
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by
James Fall Director Company Registration No. 12118557
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REFNOW LTD Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
REFNOW LTD is a private company, limited by shares, registered in England and Wales, registration number 12118557. The registered office is 71-75 SHELTON STREET, LONDON, WC2H 9JQ, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
50% Reducing Balance
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Going concern
Accounts are prepared on the basis of continuing to trade as a going concern
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred taxation
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 accounts. 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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REFNOW LTD Notes to the Accounts for the year ended 31 July 2024
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 August 2023
9,540 
Additions
2,375 
At 31 July 2024
11,915 
Depreciation
At 1 August 2023
6,422 
Charge for the year
2,746 
At 31 July 2024
9,168 
Net book value
At 31 July 2024
2,747 
At 31 July 2023
3,118 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,317 
12,741 
Accrued income and prepayments
- 
20,190 
Other debtors
54,138 
- 
55,455 
32,931 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
14,561 
9,884 
Trade creditors
3,722 
11,568 
Taxes and social security
8,000 
1,584 
Other creditors
- 
171 
Loans from directors
545 
- 
Deferred income
91,712 
68,115 
118,540 
91,322 
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REFNOW LTD Notes to the Accounts for the year ended 31 July 2024
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
274 Ordinary shares of £1 each
274 
274 
8
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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