Year Ended
Registration number:
Reflex Marine Limited
Balance Sheet
31 May 2024
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2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Revaluation reserve |
( |
( |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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Reflex Marine Limited
Balance Sheet
31 May 2024
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:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: SC141517
Reflex Marine Limited
Notes to the Financial Statements
Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
The principal place of business is:
Old School House
School Hill
Shortlanesend
Truro
Cornwall
TR4 9DU
These financial statements were authorised for issue by the
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 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Group accounts not prepared
Going concern
The directors have considered a period of 12 months from approval of these accounts, including appropriate forecasts and are satisfied that the going concern basis continues to be appropriate.
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.
Reflex Marine Limited
Notes to the Financial Statements
Year Ended 31 May 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Freehold land and buildings |
At valuation |
Plant and machinery |
10% straight line |
Fixtures, fittings and equipment |
25% straight line |
Development costs
Research expenditure is written off to the profit and loss account in the year in which it is incurred except development expenditure incurred on certain individual projects. Where the recoverability of this development expenditure can be foreseen with reasonable assurance it is capitalised and amortised on a straight line basis over 10 years from the date of product launch.
Research and development expenditure which has been capitalised is subsequently reviewed annually for evidence of any impairment which is written off to the profit and loss account accordingly.
Reflex Marine Limited
Notes to the Financial Statements
Year Ended 31 May 2024
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:
Asset class |
Amortisation method and rate |
Patents |
10 years straight line |
Development costs |
10 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling cost.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Reflex Marine Limited
Notes to the Financial Statements
Year Ended 31 May 2024
Financial instruments
The company holds the following financial instruments, all of which meet the conditions to be classified as basic instruments:
Short term debtors and creditors
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment judgements.
Bank loans
Loans which meet the criteria under FRS 102 to be classed as 'basic financial instruments' are initially recorded at transaction price and subsequently measured at amortised cost using the effective interest method.
Investments
Investments in unlisted shares which are not subsidiaries are initially measured at transaction price and then subsequently re-measured at fair value at each reporting date, with changes recognised through the profit and loss account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Reflex Marine Limited
Notes to the Financial Statements
Year Ended 31 May 2024
Intangible assets |
Patents |
Development costs |
Computer software |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions acquired separately |
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At 31 May 2024 |
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Amortisation |
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At 1 June 2023 |
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Amortisation charge |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £
Reflex Marine Limited
Notes to the Financial Statements
Year Ended 31 May 2024
Tangible assets |
Freehold land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
- |
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- |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
- |
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Charge for the year |
- |
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At 31 May 2024 |
- |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Reflex Marine Limited
Notes to the Financial Statements
Year Ended 31 May 2024
Revaluation
The fair value of the company's Freehold property was independently revalued on
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 June 2023 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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USA |
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Europe |
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The principal activity of Reflex Marine Inc is |
The principal activity of Reflex Marine S.L.U. is |
The loss for the financial period of Reflex Marine Inc ended 31 May 2024 was £1,357 and the aggregate amount of capital and reserves at the end of the period was £(79,815). |
Reflex Marine Limited
Notes to the Financial Statements
Year Ended 31 May 2024
Stocks |
2024 |
2023 |
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Finished goods and goods for resale |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Reflex Marine Limited
Notes to the Financial Statements
Year Ended 31 May 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
- |
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Bank overdrafts |
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Other borrowings |
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The bank overdraft and bank loans are secured by a fixed charge over the freehold property and by a floating charge over other assets within the company.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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3,127 |
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3,127 |
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401 |
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401 |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Reflex Marine Limited
Notes to the Financial Statements
Year Ended 31 May 2024
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
In accordance with the supplier contract the company is committed to purchase this stock from Woollard and Henry Limited. In the event that Woollard and Henry Limited terminated the agreement then Reflex Marine Limited would be committed to purchase the stock at the above value less 10%.
Related party transactions |
Transactions with directors |
2024 |
At 1 June 2023 |
Advances to director |
Repayments by director |
At 31 May 2024 |
Mr P Strong |
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Directors loan - interest at 4% |
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( |
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2023 |
At 1 June 2022 |
Advances to director |
Repayments by director |
At 31 May 2023 |
Mr P Strong |
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Directors loan - interest at 4% |
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( |
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Other transactions with directors |
During the year business support consultancy services were provided from a director to the company in total of £32,270 (2023 - £nil).
Summary of transactions with subsidiaries