Company Registration No. 12118557 (England and Wales)
REFNOW LTD
Unaudited accounts
for the year ended 31 July 2024
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
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
REFNOW LTD
Statement of financial position
as at 31 July 2024
Called up share capital not paid
274
274
Tangible assets
2,747
3,118
Cash at bank and in hand
75,584
71,461
Creditors: amounts falling due within one year
(118,540)
(91,322)
Net current assets
12,499
13,070
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
REFNOW LTD
Notes to the Accounts
for the year ended 31 July 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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
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.
Accounts are prepared on the basis of continuing to trade as a going concern
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 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.
REFNOW LTD
Notes to the Accounts
for the year ended 31 July 2024
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.
Expenditure on research and development is written off in the year in which it is incurred.
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
Amounts falling due within one year
Trade debtors
1,317
12,741
Accrued income and prepayments
-
20,190
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
3,722
11,568
Taxes and social security
8,000
1,584
Loans from directors
545
-
Deferred income
91,712
68,115
REFNOW LTD
Notes to the Accounts
for the year ended 31 July 2024
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).