REFLEX_MOODYS_LIMITED - Accounts


Company Registration No. 05186435 (England and Wales)
REFLEX MOODYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
REFLEX MOODYS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
REFLEX MOODYS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2019
31 July 2019
- 1 -
2019
2018
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
54,319
49,148
Current assets
Inventories
5,000
5,000
Trade and other receivables
5
43,042
37,809
Cash and cash equivalents
182,809
179,443
230,851
222,252
Current liabilities
6
(67,488)
(63,446)
Net current assets
163,363
158,806
Total assets less current liabilities
217,682
207,954
Provisions for liabilities
(8,045)
(6,562)
Net assets
209,637
201,392
Equity
Called up share capital
7
1
1
Retained earnings
209,636
201,391
Total equity
209,637
201,392

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

REFLEX MOODYS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JULY 2019
31 July 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 1 November 2019
Mr P J Rattue
Director
Company Registration No. 05186435
REFLEX MOODYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 3 -
1
Accounting policies
Company information

Reflex Moodys Limited is a private company limited by shares incorporated in England and Wales. The registered office is Castlegate Business Park, Old Sarum, Salisbury, Wiltshire, SP4 6QX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised over a period of 5 years.

 

 

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
REFLEX MOODYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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, 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 receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

REFLEX MOODYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

REFLEX MOODYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 10 (2018 - 12).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2018 and 31 July 2019
195,000
Amortisation and impairment
At 1 August 2018 and 31 July 2019
195,000
Carrying amount
At 31 July 2019
-
At 31 July 2018
-
REFLEX MOODYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 7 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 August 2018
264,591
Additions
24,858
Disposals
(26,949)
At 31 July 2019
262,500
Depreciation and impairment
At 1 August 2018
215,443
Depreciation charged in the year
16,471
Eliminated in respect of disposals
(23,733)
At 31 July 2019
208,181
Carrying amount
At 31 July 2019
54,319
At 31 July 2018
49,148
5
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Trade receivables
11,533
5,726
Other receivables
31,509
32,083
43,042
37,809
6
Current liabilities
2019
2018
£
£
Trade payables
22,226
19,963
Corporation tax
6,219
13,698
Other taxation and social security
5,137
8,772
Other payables
33,906
21,013
67,488
63,446
REFLEX MOODYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 8 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
8
Directors' transactions

Dividends totalling £24,600 (2018 - £24,600) were paid in the year in respect of shares held by the company's director.

Advances or credits have been granted by the company to its director as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' Loan Account
-
2,788
15,552
(16,688)
1,652
2,788
15,552
(16,688)
1,652
2019-07-312018-08-01false01 November 2019CCH SoftwareCCH Accounts Production 2019.301No description of principal activityMr P J RattueMrs Lesley Rattue051864352018-08-012019-07-31051864352019-07-31051864352018-07-3105186435core:OtherPropertyPlantEquipment2019-07-3105186435core:OtherPropertyPlantEquipment2018-07-3105186435core:CurrentFinancialInstrumentscore:WithinOneYear2019-07-3105186435core:CurrentFinancialInstrumentscore:WithinOneYear2018-07-3105186435core:CurrentFinancialInstruments2019-07-3105186435core:CurrentFinancialInstruments2018-07-3105186435core:ShareCapital2019-07-3105186435core:ShareCapital2018-07-3105186435core:RetainedEarningsAccumulatedLosses2019-07-3105186435core:RetainedEarningsAccumulatedLosses2018-07-3105186435bus:Director12018-08-012019-07-3105186435core:Goodwill2018-08-012019-07-3105186435core:PlantMachinery2018-08-012019-07-3105186435core:FurnitureFittings2018-08-012019-07-3105186435core:MotorVehicles2018-08-012019-07-3105186435core:NetGoodwill2018-07-3105186435core:OtherPropertyPlantEquipment2018-07-3105186435core:OtherPropertyPlantEquipment2018-08-012019-07-3105186435core:WithinOneYear2019-07-3105186435core:WithinOneYear2018-07-3105186435bus:PrivateLimitedCompanyLtd2018-08-012019-07-3105186435bus:SmallCompaniesRegimeForAccounts2018-08-012019-07-3105186435bus:FRS1022018-08-012019-07-3105186435bus:AuditExemptWithAccountantsReport2018-08-012019-07-3105186435bus:CompanySecretary12018-08-012019-07-3105186435bus:FullAccounts2018-08-012019-07-31xbrli:purexbrli:sharesiso4217:GBP