Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30true2023-07-01falseNo description of principal activity1313trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03063852 2023-07-01 2024-06-30 03063852 2022-07-01 2023-06-30 03063852 2024-06-30 03063852 2023-06-30 03063852 c:Director1 2023-07-01 2024-06-30 03063852 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 03063852 d:Buildings d:LongLeaseholdAssets 2024-06-30 03063852 d:Buildings d:LongLeaseholdAssets 2023-06-30 03063852 d:PlantMachinery 2023-07-01 2024-06-30 03063852 d:PlantMachinery 2024-06-30 03063852 d:PlantMachinery 2023-06-30 03063852 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03063852 d:MotorVehicles 2023-07-01 2024-06-30 03063852 d:MotorVehicles 2024-06-30 03063852 d:MotorVehicles 2023-06-30 03063852 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03063852 d:FurnitureFittings 2023-07-01 2024-06-30 03063852 d:FurnitureFittings 2024-06-30 03063852 d:FurnitureFittings 2023-06-30 03063852 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03063852 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03063852 d:Goodwill 2023-07-01 2024-06-30 03063852 d:Goodwill 2024-06-30 03063852 d:Goodwill 2023-06-30 03063852 d:CurrentFinancialInstruments 2024-06-30 03063852 d:CurrentFinancialInstruments 2023-06-30 03063852 d:Non-currentFinancialInstruments 2024-06-30 03063852 d:Non-currentFinancialInstruments 2023-06-30 03063852 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03063852 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03063852 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 03063852 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 03063852 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-06-30 03063852 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 03063852 d:ShareCapital 2024-06-30 03063852 d:ShareCapital 2023-06-30 03063852 d:RetainedEarningsAccumulatedLosses 2024-06-30 03063852 d:RetainedEarningsAccumulatedLosses 2023-06-30 03063852 c:FRS102 2023-07-01 2024-06-30 03063852 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 03063852 c:FullAccounts 2023-07-01 2024-06-30 03063852 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03063852 2 2023-07-01 2024-06-30 03063852 d:Goodwill d:OwnedIntangibleAssets 2023-07-01 2024-06-30 03063852 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 03063852









REFLEX TRADING LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
REFLEX TRADING LTD
REGISTERED NUMBER: 03063852

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
-
3,000

Tangible assets
 5 
357,999
151,356

  
357,999
154,356

Current assets
  

Stocks
  
53,397
98,609

Debtors: amounts falling due within one year
 6 
559,614
525,186

Cash at bank and in hand
 7 
476,970
289,304

  
1,089,981
913,099

Creditors: amounts falling due within one year
 8 
(690,292)
(659,248)

Net current assets
  
 
 
399,689
 
 
253,851

Total assets less current liabilities
  
757,688
408,207

Creditors: amounts falling due after more than one year
 9 
(293,380)
(229,059)

  

Net assets
  
464,308
179,148


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
464,208
179,048

Total equity
  
464,308
179,148


Page 1

 
REFLEX TRADING LTD
REGISTERED NUMBER: 03063852
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
N R Murchison
Director

Date: 24 March 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Reflex Trading Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Highlands House, Bath Place, Barnet, Herfordshire, EN5 5XE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the period of the lease
Plant and machinery
-
20%
reducing balance basis
Motor vehicles
-
25%
reducing balance basis
Fixtures and fittings
-
20%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 6

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 13).

Page 7

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
60,000



At 30 June 2024

60,000



Amortisation


At 1 July 2023
57,000


Charge for the year on owned assets
3,000



At 30 June 2024

60,000



Net book value



At 30 June 2024
-



At 30 June 2023
3,000



Page 8

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
166,048
609,353
46,551
232,431
1,054,383


Additions
-
247,247
-
2,490
249,737


Disposals
-
(15,296)
-
-
(15,296)



At 30 June 2024

166,048
841,304
46,551
234,921
1,288,824



Depreciation


At 1 July 2023
166,048
482,271
33,264
221,443
903,026


Charge for the year on owned assets
-
32,229
3,322
2,531
38,082


Disposals
-
(10,283)
-
-
(10,283)



At 30 June 2024

166,048
504,217
36,586
223,974
930,825



Net book value



At 30 June 2024
-
337,087
9,965
10,947
357,999



At 30 June 2023
-
127,082
13,286
10,988
151,356


6.


Debtors

2024
2023
£
£


Trade debtors
533,705
471,556

Other debtors
2,445
1,653

Prepayments and accrued income
23,464
51,977

559,614
525,186


Page 9

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
476,970
289,304



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
84,907
84,907

Trade creditors
401,984
368,002

Corporation tax
23,787
23,929

Other taxation and social security
90,395
115,211

Obligations under finance lease and hire purchase contracts
50,625
-

Other creditors
25,232
40,768

Accruals and deferred income
13,362
26,431

690,292
659,248



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
141,507
226,413

Net obligations under finance leases and hire purchase contracts
151,873
-

Other creditors
-
2,646

293,380
229,059


Page 10

 
REFLEX TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
84,907
84,907



Amounts falling due after more than 5 years

Bank loans
141,507
226,413

226,414
311,320


 
Page 11