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Company No: 03467530 (England and Wales)

REFINA LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

REFINA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

REFINA LIMITED

BALANCE SHEET

As at 31 December 2024
REFINA LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 59,076 61,612
Tangible assets 4 307,336 274,769
Investment property 5 1,500,000 1,266,350
Investments 6 6 6
1,866,418 1,602,737
Current assets
Stocks 7 1,261,514 1,374,920
Debtors 8 473,829 482,744
Cash at bank and in hand 384,932 427,084
2,120,275 2,284,748
Creditors: amounts falling due within one year 9 ( 529,038) ( 636,650)
Net current assets 1,591,237 1,648,098
Total assets less current liabilities 3,457,655 3,250,835
Provision for liabilities ( 140,056) ( 84,096)
Net assets 3,317,599 3,166,739
Capital and reserves
Called-up share capital 10 1,000 1,000
Profit and loss account 3,316,599 3,165,739
Total shareholders' funds 3,317,599 3,166,739

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Refina Limited (registered number: 03467530) were approved and authorised for issue by the Board of Directors on 04 August 2025. They were signed on its behalf by:

P Gray
Director
REFINA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
REFINA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Refina Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 7 Factory Road, Upton Industrial Estate, Poole, BH16 5SL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Current tax

Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Website costs 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements 10 years straight line
Fixtures and fittings 15 % reducing balance
Office equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 24

3. Intangible assets

Trademarks, patents
and licences
Website costs Total
£ £ £
Cost
At 01 January 2024 9,667 74,944 84,611
Additions 5,464 0 5,464
At 31 December 2024 15,131 74,944 90,075
Accumulated amortisation
At 01 January 2024 862 22,137 22,999
Charge for the financial year 1,172 6,828 8,000
At 31 December 2024 2,034 28,965 30,999
Net book value
At 31 December 2024 13,097 45,979 59,076
At 31 December 2023 8,805 52,807 61,612

4. Tangible assets

Land and buildings Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2024 21,087 19,586 480,956 77,547 599,176
Additions 0 61,035 5,019 3,440 69,494
At 31 December 2024 21,087 80,621 485,975 80,987 668,670
Accumulated depreciation
At 01 January 2024 21,087 5,876 235,417 62,027 324,407
Charge for the financial year 0 3,151 27,904 5,872 36,927
At 31 December 2024 21,087 9,027 263,321 67,899 361,334
Net book value
At 31 December 2024 0 71,594 222,654 13,088 307,336
At 31 December 2023 0 13,710 245,539 15,520 274,769

5. Investment property

Investment property
£
Valuation
As at 01 January 2024 1,266,350
Fair value movement 233,650
As at 31 December 2024 1,500,000

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,266,350 1,266,350

6. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 January 2024 6 6
At 31 December 2024 6 6
Carrying value at 31 December 2024 6 6
Carrying value at 31 December 2023 6 6

7. Stocks

2024 2023
£ £
Stocks 1,261,514 1,374,920

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

8. Debtors

2024 2023
£ £
Trade debtors 404,524 430,884
Other debtors 69,305 51,860
473,829 482,744

9. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 230,371 395,078
Taxation and social security 171,210 215,786
Other creditors 127,457 25,786
529,038 636,650

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
900 Ordinary shares shares of £ 1.00 each 900 900
100 Ordinary B shares shares of £ 1.00 each 100 100
1,000 1,000

11. Related party transactions

Other related party transactions

2024 2023
£ £
Related parties 0 24,129

Interest has been charged in line with HMRC's official rate of interest.

12. Reserves

Included in the profit and loss reserve is £175,237 ( 2023 - £nil) of non-distributable reserves.