Refinery Marketing Communications Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01845011 (England and Wales)

Refinery Marketing Communications Ltd

Unaudited Financial Statements

For The Year Ended 31 October 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P A Armitage

Mr S J Barron

Mr C Bowers

Mr M Laffan

Mr N Papworth

SECRETARY:

Mr C Bowers

REGISTERED OFFICE:

10 Pittbrook Street

Manchester

Lancashire

M12 6JX

REGISTERED NUMBER:

01845011 (England and Wales)

ACCOUNTANTS:

Lloyd Piggott Limited

Chartered Accountants

St George's House

56 Peter Street

Manchester

M2 3NQ

BANKERS:

Lloyds TSB Bank plc

Suite 6

8 - 10 Booth Street

Manchester

M2 4AW

SOLICITORS:

SAS Daniels LLP

30 Greek Street

Stockport

Cheshire

SK3 8AD

FIXED ASSETS

Tangible assets

4

183,418

215,051

CURRENT ASSETS

Stocks

173,876

237,446

Debtors

5

1,334,343

1,375,691

Cash at bank and in hand

94,356

19,546

1,602,575

1,632,683

CREDITORS

Amounts falling due within one year

6

894,536

855,765

NET CURRENT ASSETS

708,039

776,918

TOTAL ASSETS LESS CURRENT LIABILITIES

891,457

991,969

CREDITORS

Amounts falling due after more than one year

7

(3,657

)

(14,061

)

PROVISIONS FOR LIABILITIES

(25,714

)

(30,429

)

NET ASSETS

862,086

947,479

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

861,086

946,479

SHAREHOLDERS' FUNDS

862,086

947,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 9 July 2019 and were signed on its behalf by:

Mr N Papworth - Director

1.	STATUTORY INFORMATION

Refinery Marketing Communications Ltd is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on

the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover, which is stated net of VAT, is recognised upon completion of the service provided or at

regular intervals in the contract for long term contracts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost and 15% on cost

Plant and machinery

-

20% on cost

Computer equipment

-

33% on cost and 20% on cost

All tangible fixed assets are initially recorded at cost.

Stocks and work in progress

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

Financial assets and financial liabilities are recognised in the Company's balance sheet when the

Company becomes a party to the contractual provisions of the instrument. The principal financial

assets and liabilities of the Company are as follows:

(a) Trade receivables and trade payables

Trade receivables do not carry interest and are stated at their initial fair value reduced by appropriate

allowances for estimated irrecoverable amounts.

Trade payables on normal terms are not interest bearing and are stated at their nominal value.

(b) Cash and cash equivalents

Bank overdrafts are included within financial liabilities in current liabilities in the balance sheet.

(c) Bank and other borrowings

Interest-bearing bank and other borrowings are recorded at the fair value of the proceeds received.

Finance charges, including premiums payable on settlement or redemption and direct issue costs, are

accounted for on an accruals basis in the income statement using the effective interest method and are

added to the carrying value of the instrument to the extent that they are not settled in the period in

which they arise.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

Short term employee benefits, including holiday pay are recognised as an expense in the period in

which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2017 - 66 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2017

1,009,171

Additions

15,108

Disposals

(535,073

)

At 31 October 2018

489,206

DEPRECIATION

At 1 November 2017

794,120

Charge for year

46,740

Eliminated on disposal

(535,072

)

At 31 October 2018

305,788

NET BOOK VALUE

At 31 October 2018

183,418

At 31 October 2017

215,051

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,298,020

1,303,649

Amounts owed by group undertakings

7,307

8,145

Amounts owed by associated undertakings

448

10,735

Other debtors

28,568

53,162

1,334,343

1,375,691

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

12,409

17,427

Trade creditors

208,129

230,650

Amounts owed to group undertakings

121,528

50,162

Amounts owed to associated undertakings

110,453

97,470

Taxation and social security

226,059

286,614

Other creditors

215,958

173,442

894,536

855,765

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

3,657

14,061

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

16,066

31,488

There is an all monies Debenture granted by Refinery Marketing Communications Ltd over the whole

assets of the Company.

The HP is secured against the asset in the agreement.

9.	OTHER FINANCIAL COMMITMENTS

Operating Leases

At 31st October 2017, the company had total commitments under non-cancellable operating leases

over the remaining life of those leases of £11,263 (2017: £72,229).

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose

related party transactions with wholly owned subsidiaries within the group.

Associated company with common directors

Sales of £338 (2017: £20,611) and purchases of £169,070 (2017: £217,129) were made during the

year to an associated company.

There were creditors at the balance sheet date amounting to £93,948 (2017: £60,433) and debtors of

£448 (2017:£10,292).

11.	ULTIMATE PARENT COMPANY

The company's parent company is Refinery Group Limited which is itself wholly owned by Refinery

Holdings Limited. Both companies are registered in England and Wales. The registered office of the

ultimate parent company is 10 Pittbrook Street, Manchester, M12 6JX.