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Reflex Marine Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 May 2024

Registration number: SC141517

 

Reflex Marine Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 12

 

Reflex Marine Limited

Balance Sheet

31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,203,901

2,856,042

Tangible assets

5

395,807

375,273

Investments

6

134,120

134,120

 

4,733,828

3,365,435

Current assets

 

Stocks

7

680,724

576,935

Debtors

8

2,164,020

2,326,649

Cash at bank and in hand

 

24,246

27,774

 

2,868,990

2,931,358

Creditors: Amounts falling due within one year

9

(3,054,124)

(2,473,175)

Net current (liabilities)/assets

 

(185,134)

458,183

Total assets less current liabilities

 

4,548,694

3,823,618

Creditors: Amounts falling due after more than one year

9

(191,708)

(304,115)

Provisions for liabilities

(955,895)

(788,566)

Net assets

 

3,401,091

2,730,937

Capital and reserves

 

Called up share capital

11

3,528

3,528

Share premium reserve

128,036

128,036

Capital redemption reserve

210

210

Revaluation reserve

(224,944)

(224,944)

Other reserves

18,883

18,883

Profit and loss account

3,475,378

2,805,224

Shareholders' funds

 

3,401,091

2,730,937

 

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:

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 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 Board on 19 February 2025 and signed on its behalf by:
 

.........................................
Mr P Strong
Director

Company Registration Number: SC141517

 

Reflex Marine Limited

Notes to the Financial Statements

Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
12-16 Albyn Place
Aberdeen
AB10 1PS

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 Board on 19 February 2025.

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 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

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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


Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the asset expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

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.

 


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 16).

 

Reflex Marine Limited

Notes to the Financial Statements

Year Ended 31 May 2024

4

Intangible assets

Patents
 £

Development costs
 £

Computer software
 £

Total
£

Cost or valuation

At 1 June 2023

78,309

4,575,647

43,940

4,697,896

Additions acquired separately

44,638

1,390,682

103,916

1,539,236

At 31 May 2024

122,947

5,966,329

147,856

6,237,132

Amortisation

At 1 June 2023

39,835

1,793,231

8,788

1,841,854

Amortisation charge

3,128

173,464

14,785

191,377

At 31 May 2024

42,963

1,966,695

23,573

2,033,231

Carrying amount

At 31 May 2024

79,984

3,999,634

124,283

4,203,901

At 31 May 2023

38,474

2,782,416

35,152

2,856,042

The aggregate amount of research and development expenditure recognised as an expense during the period is £5,242 (2023 - £-).
 

 

Reflex Marine Limited

Notes to the Financial Statements

Year Ended 31 May 2024

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

350,000

318,531

200,022

868,553

Additions

-

42,475

-

42,475

At 31 May 2024

350,000

361,006

200,022

911,028

Depreciation

At 1 June 2023

-

306,505

186,775

493,280

Charge for the year

-

16,263

5,678

21,941

At 31 May 2024

-

322,768

192,453

515,221

Carrying amount

At 31 May 2024

350,000

38,238

7,569

395,807

At 31 May 2023

350,000

12,026

13,247

375,273

 

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 7 July 2022 by Miller Commercial Valuers Limited. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £574,944 (2023 - £574,944). The directors consider the value of the freehold property at the year end to be appropriate.

6

Investments

2024
£

2023
£

Investments in subsidiaries

134,120

134,120

Subsidiaries

£

Cost or valuation

At 1 June 2023

134,120

Carrying amount

At 31 May 2024

134,120

At 31 May 2023

134,120

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

2024

2023

Subsidiary undertakings

Reflex Marine Inc

USA

Ordinary

100%

100%

Reflex Marine S.L.U.

Europe

Ordinary

100%

100%

The principal activity of Reflex Marine Inc is the sale of products developed within the parent Reflex Marine Limited to the US. Its financial period end is 31 May.

The principal activity of Reflex Marine S.L.U. is the sale of products developed within the parent Reflex Marine Limited to Europe.

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

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

680,724

576,935

8

Debtors

2024
£

2023
£

Trade debtors

1,590,227

1,761,173

Prepayments

78,701

87,402

Other debtors

495,092

478,074

2,164,020

2,326,649

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

474,474

628,205

Trade creditors

 

889,835

701,402

Taxation and social security

 

35,688

33,150

Accruals and deferred income

 

496,297

262,118

Other creditors

 

1,157,830

848,300

 

3,054,124

2,473,175

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

191,708

304,115

 

Reflex Marine Limited

Notes to the Financial Statements

Year Ended 31 May 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

191,708

304,115

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

5,626

Bank overdrafts

5,357

164,816

Other borrowings

469,117

457,763

474,474

628,205

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.

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.10 each

31,270

3,127

31,270

3,127

Ordinary B shares of £0.10 each

4,005

401

4,005

401

35,275

3,528

35,275

3,528

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

15,516

10,176

Later than one year and not later than five years

16,021

10,176

31,537

20,352

 

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 £12,480 (2023 - £13,340).

13

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 £425,000 (2023 - £400,000). The company is contracted with its supplier Woollard and Henry Limited in relation to the purchase and management of spares and accessories stock.

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%.

14

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Mr P Strong

Directors loan - interest at 4%

63,450

22,789

(16,408)

69,831

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr P Strong

Directors loan - interest at 4%

121,967

6,035

(64,552)

63,450

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

During the year the company provided funds to cover expenditure of one of its wholly owned subsidiaries of £6,327, which is reflected in an intercompany loan account. The board have made the decision to waive this loan of £6,327. As at the balance sheet date the balance owed to the company from the subsidiary was £nil (2023 - £nil).