The Refractor Limited - Period Ending 2018-03-31

Registration number: 05980071

The Refractor Limited

Unaudited Financial Statements

for the Year Ended 31 March 2018

The Refractor Limited

Contents

Statement of Financial Position	1
Notes to the Financial Statements	2 to 5

The Refractor Limited

(Registration number: 05980071)
Statement of Financial Position as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	9,677	11,249
Current assets
Debtors	5	2,853	3,012
Cash at bank and in hand		1	1
		2,854	3,013
Creditors: Amounts falling due within one year	6	(72,862)	(51,037)
Net current liabilities		(70,008)	(48,024)
Net liabilities		(60,331)	(36,775)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(60,333)	(36,777)
Shareholders funds		(60,331)	(36,775)

For the financial year ending 31 March 2018 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 19 December 2018 and signed on its behalf by:
 

.........................................

C Williams
Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

The Refractor Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

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

The address of its registered office is:
The Media Centre
7 Northumberland Street
Huddersfield
HD1 1RL

These financial statements were authorised for issue by the Board on 19 December 2018.

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 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.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from the director that she will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of approval of these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Computer equipment	33.33% reducing balance

Page 2

The Refractor Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2017 - 1).

Page 3

The Refractor Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2017	20,048	20,048
Additions	3,266	3,266
At 31 March 2018	23,314	23,314
Depreciation
At 1 April 2017	8,799	8,799
Charge for the year	4,838	4,838
At 31 March 2018	13,637	13,637
Carrying amount
At 31 March 2018	9,677	9,677
At 31 March 2017	11,249	11,249

5

Debtors

	2018 £	2017 £
Other debtors	2,853	3,012
	2,853	3,012

Page 4

The Refractor Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	7	2,286	2,748
Trade creditors		3,600	3,600
Taxation and social security		472	493
Other creditors		66,504	44,196
		72,862	51,037

7	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	2,286	2,748

Page 5