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Registered number: 03077246









REFLEC PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

 
REFLEC PLC
 
 
COMPANY INFORMATION


Directors
P Holdcroft 
T Robinson 




Company secretary
M Donnan



Registered number
03077246



Registered office
Road One
Winsford Industrial Estate

Winsford

Cheshire

CW7 3QQ




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Drake House

Gadbrook Park

Northwich

Cheshire

CW9 7RA





 
REFLEC PLC
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 26


 
REFLEC PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025

Introduction
 
The directors present the strategic report for the year ended 28 February 2025.

Reflec plc
 
As well as its function as parent company for the Group, Reflec Plc provides management services to both Reflec Evolution Ltd and Reflecmedia Ltd. Group costs remain under tight control.

Principal risks and uncertainties
 
The company is exposed to one or more of the following financial risks
 
Fair value or cash flow interest rate risk

Liquidity risk

Management charge
 
Policy for managing these risks is set by the board. Certain risks are managed centrally, while others are managed locally following guidelines communicated from the centre. The policy for each of the above is described in more detail below.
There have been no substantive changes from previous periods in the company’s exposure to financial instrument risk, its objectives, policies and processes for managing those risks or methods to measure them.

Interest rate risk

Where the company has generated a significant amount of surplus cash it invests in money markets. The results of the company would not be impacted by a change in interest rates.

Liquidity risk

The liquidity risk of the company is managed by the board comparing actual results to monthly budgets.

Management charge or dividends received

The company receives income from management charges to subsidiary companies. If these charges cannot be paid then this could affect the performance of the company. The ability of the subsidiary companies to pay the management charges or dividends may be affected by economic, political, and global circumstances such as pandemics, trade wars and recession.

The management team are working with customers and suppliers to mitigate the effect of uncertain worldwide events and future regarding supply chain issues, employment issues and inflation.

Financial key performance indicators

 2025
2024
        £
        £
Ordinary dividends paid per share

1,000

500
 

Adjusted for treasury shares and based on 214 shares receiving dividends.

Page 1

 
REFLEC PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025


This report was approved by the board on 25 May 2025 and signed on its behalf.



P Holdcroft
Director

Page 2

 
REFLEC PLC
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025

The directors present their report and the financial statements for the year ended 28 February 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company in the year under review continued to be that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £422,871 (2024 - £300,310).

Dividends paid in the 12 months before approval of the Report and Financial Statements amounted to £214,000 (2024 - £107,000) (equivalent to a total of £1,000 (2024 - £500) per share in circulation.

Directors

The directors who served during the year were:

P Holdcroft 
T Robinson 

Page 3

 
REFLEC PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006WR Partners will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 25 May 2025 and signed on its behalf.
 





P Holdcroft
Director

Page 4

 
REFLEC PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REFLEC PLC
 

Opinion


We have audited the financial statements of Reflec PLC (the 'Company') for the year ended 28 February 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 28 February 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
REFLEC PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REFLEC PLC (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
REFLEC PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REFLEC PLC (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, health and safety regulations and UK General Data Protection Regulation.
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to gain their understanding.  Based on our understanding, our procedures involved enquiries of management, manual journal testing, cash book reviews for large and unusual transactions and challenging management on key accounting estimates and judgements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 7

 
REFLEC PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REFLEC PLC (CONTINUED)





Fran Johnson BSc BFP FCA (Senior Statutory Auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Drake House
Gadbrook Park
Northwich
Cheshire
CW9 7RA

23 June 2025
Page 8

 
REFLEC PLC
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025

2025
2024
Note
£
£

  

Administrative expenses
  
(156,192)
(205,762)

Other operating income
  
10,947
12

Operating loss
  
(145,245)
(205,750)

Income from shares in group undertakings
  
550,000
500,000

Interest receivable and similar income
 7 
19,189
7,018

Interest payable and similar expenses
 8 
(1,073)
(958)

Profit before tax
  
422,871
300,310

Tax on profit
 9 
-
-

Profit for the financial year
  
422,871
300,310

The notes on pages 14 to 26 form part of these financial statements.

Page 9

 
REFLEC PLC
REGISTERED NUMBER: 03077246

BALANCE SHEET
AS AT 28 FEBRUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 12 
338
1,799

Investments
 13 
1,199,124
1,199,124

  
1,199,462
1,200,923

Current assets
  

Debtors: amounts falling due within one year
 15 
99,978
13,613

Cash at bank and in hand
 16 
1,066,938
857,454

  
1,166,916
871,067

Creditors: amounts falling due within one year
 17 
(136,854)
(53,339)

Net current assets
  
 
 
1,030,062
 
 
817,728

Total assets less current liabilities
  
2,229,524
2,018,651

  

Net assets
  
2,229,524
2,018,651


Capital and reserves
  

Called up share capital 
 19 
535,000
535,000

Capital redemption reserve
 20 
95,050
95,050

Other reserves
 20 
113,364
113,364

Profit and loss account
 20 
1,486,110
1,275,237

  
2,229,524
2,018,651


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 May 2025.




T Robinson
Director

The notes on pages 14 to 26 form part of these financial statements.

Page 10

 
REFLEC PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 29 February 2024
535,000
95,050
113,364
1,275,237
2,018,651



Profit for the year
-
-
-
422,871
422,871
Total comprehensive income for the year
-
-
-
422,871
422,871


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(214,000)
(214,000)

Dividends unclaimed and returned
-
-
-
2,002
2,002


At 28 February 2025
535,000
95,050
113,364
1,486,110
2,229,524



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 March 2023
535,000
95,050
113,364
1,081,927
1,825,341



Profit for the year
-
-
-
300,310
300,310
Total comprehensive income for the year
-
-
-
300,310
300,310


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(107,000)
(107,000)


At 28 February 2024
535,000
95,050
113,364
1,275,237
2,018,651


The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
REFLEC PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
422,871
300,310

Adjustments for:

Depreciation of tangible assets
1,461
1,605

Interest paid
1,073
958

Interest and dividends received
(569,189)
(507,030)

(Increase) in debtors
(10,831)
(6,813)

(Increase)/decrease in amounts owed by groups
(75,534)
3,894

Increase in creditors
8,360
3,022

Increase in amounts owed to groups
75,155
2,801

Net cash generated from operating activities

(146,634)
(201,253)


Cash flows from investing activities

Interest received
19,189
7,030

Dividends received
550,000
500,000

Net cash from investing activities

569,189
507,030

Cash flows from financing activities

Dividends paid
(214,000)
(107,000)

Interest paid
(1,073)
(958)

Dividends unclaimed and returned
2,002
-

Net cash used in financing activities
(213,071)
(107,958)

Net increase in cash and cash equivalents
209,484
197,819

Cash and cash equivalents at beginning of year
857,454
659,635

Cash and cash equivalents at the end of year
1,066,938
857,454


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,066,938
857,454

1,066,938
857,454


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
REFLEC PLC
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 FEBRUARY 2025




At 29 February 2024
Cash flows
At 28 February 2025
£

£

£

Cash at bank and in hand

857,454

209,484

1,066,938


857,454
209,484
1,066,938

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

1.


General information

Reflec Plc is an unlisted public company, limited by shares and incorporated in England and Wales. The address of the registered office and the principal place of business are the same and detailed on the company information page.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors have considered the expected future cash flows for the business, taking into account potential risks. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements.

 
2.4

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 14

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Company contributes to a defined contribution plan. 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.

 
2.8

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.

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 15

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20%
on cost
Fixtures and fittings
-
20%
on cost
Computer equipment
-
33%
on cost

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

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.

 
2.14

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
Page 16

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2.Accounting policies (continued)


2.14
Financial instruments (continued)

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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
Page 17

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Other operating income

2025
2024
£
£

Sundry income
10,947
12

10,947
12


Page 18

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2025
2024
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
5,545
5,230

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
625
590

All non-audit services not included above
1,748
2,443


5.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
45,488
50,160

Social security costs
3,990
4,968

Cost of defined contribution scheme
14,391
4,780

63,869
59,908


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Management
2
2

Page 19

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

6.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
39,957
45,095

Company contributions to defined contribution pension schemes
14,391
4,780

54,348
49,875


During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.

The directors constitute key management of the company


7.


Interest receivable

2025
2024
£
£


Other interest receivable
19,189
7,018

19,189
7,018


8.


Interest payable and similar expenses

2025
2024
£
£


Bank interest payable
1,073
958

1,073
958


9.


Taxation


2025
2024
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on profit
-
-
Page 20

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 24.5   %). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
422,871
300,310


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.5   %)
105,718
73,576

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
40
(30)

Capital allowances for year in excess of depreciation
(926)
(1,150)

Non-taxable income
(137,500)
(122,500)

Unrelieved tax losses carried forward
32,668
50,104

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2025
2024
£
£


Ordinary dividends paid
214,000
107,000

214,000
107,000

Page 21

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

11.


Intangible assets




Patents

£





At 29 February 2024
210,600


Disposals
(210,600)



At 28 February 2025

-





At 29 February 2024
210,600


On disposals
(210,600)



At 28 February 2025

-



Net book value



At 28 February 2025
-



At 28 February 2024
-



Page 22

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

12.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 29 February 2024
3,778
7,141
158,385
169,304



At 28 February 2025

3,778
7,141
158,385
169,304



Depreciation


At 29 February 2024
3,778
7,141
156,586
167,505


Charge for the year on owned assets
-
-
1,461
1,461



At 28 February 2025

3,778
7,141
158,047
168,966



Net book value



At 28 February 2025
-
-
338
338



At 28 February 2024
-
-
1,799
1,799


13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 29 February 2024
1,199,124



At 28 February 2025
1,199,124




Page 23

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

14.



Subsidiary undertakings



Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Reflec Evolution Limited
1
Ordinary
  100%
Reflec Media Limited
1
Ordinary
100%
Reflec Technology Limited
1
Ordinary
100%

1. Road One, Winsford Industrial Estate, Winsford, Cheshire, CW7 3QQ


15.


Debtors

2025
2024
£
£


Amounts owed by group undertakings
78,211
2,677

Other debtors
1,722
1,269

Prepayments and accrued income
20,045
9,667

99,978
13,613



16.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
1,066,938
857,454

1,066,938
857,454



17.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
15,926
7,043

Amounts owed to group undertakings
78,008
2,853

Accruals and deferred income
42,920
43,443

136,854
53,339


Page 24

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

18.


Security

HSBC UK Bank plc hold a fixed and floating charge over the assets of the company dated 3 December 2014.


19.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



214 (2024 - 214) Ordinary shares of £2,500.00 each
535,000
535,000



20.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve that represents the paid up share capital of ordinary shares bought back and cancelled by the company.

Other reserves

Other reserves consist of £100,000 (2024 - £100,000) representing the par value of ordinary shares bought back by the company and held in treasury and £13,364 (2024 - £13,364) representing the fair value of equity instruments granted under equity settled share based payment.

Profit and loss account

The profit and loss reserve includes all current and prior retained profit and loss after the distribution of dividends to shareholders.


21.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to  £14,391 (2024 - £4,780). Contributions totalling £0 (2024 - £0) were payable to the fund at the balance sheet date and are included in creditors.

Page 25

 
REFLEC PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

22.


Related party transactions

During the year the company entered into the following transactions with entities over which the entity has control, joint control or significant influence:

2025
2024
£
£
Dividends received from related parties

550,000

500,000
 
Amounts due to related parties

78,008

2,853
 
Amounts due from related parties

78,211

6,571
 

Page 26