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 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P N Bradshaw

M Lawton-Johal

R Kara

SECRETARY:

Ms A Taylor

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

SOLICITORS:

SAS Daniels LLP

30 Greek Street

Stockport

Cheshire

SK3 8AD

FIXED ASSETS

Tangible assets

4

173,062

183,418

CURRENT ASSETS

Stocks

170,702

173,876

Debtors

5

638,346

1,334,343

Cash at bank and in hand

319,001

94,356

1,128,049

1,602,575

CREDITORS

Amounts falling due within one year

6

535,359

894,536

NET CURRENT ASSETS

592,690

708,039

TOTAL ASSETS LESS CURRENT LIABILITIES

765,752

891,457

CREDITORS

Amounts falling due after more than one year

7

-

(3,657

)

PROVISIONS FOR LIABILITIES

(9,336

)

(25,714

)

NET ASSETS

756,416

862,086

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

755,416

861,086

SHAREHOLDERS' FUNDS

756,416

862,086

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 16 June 2020 and were signed on its behalf by:

P N Bradshaw - 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

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 44 (2018 - 64 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2018

489,206

Additions

29,472

Disposals

(6,100

)

At 31 October 2019

512,578

DEPRECIATION

At 1 November 2018

305,788

Charge for year

38,239

Eliminated on disposal

(4,511

)

At 31 October 2019

339,516

NET BOOK VALUE

At 31 October 2019

173,062

At 31 October 2018

183,418

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

611,305

1,298,020

Amounts owed by group undertakings

8,000

7,307

Amounts owed by associated undertakings

186

448

Other debtors

18,855

28,568

638,346

1,334,343

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

3,806

12,409

Trade creditors

177,892

208,129

Amounts owed to group undertakings

51,256

121,528

Amounts owed to associated undertakings

44,472

110,453

Taxation and social security

84,408

226,059

Other creditors

173,525

215,958

535,359

894,536

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

-

3,657

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

3,806

16,066

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

Pension Commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents

contributions payable by the company to the scheme and amounted to £90,000 (2018 - £Nil).

Contributions totalling £Nil (2018 - £Nil) were payable to the scheme at the end of the year and are included in

creditors.

Operating Leases

At 31st October 2019, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £3,313 (2018: £11,263).

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 £3,128 (2018: £338) and purchases of £87,975 (2018: £169,070) were made during the year to an

associated company.

There were creditors at the balance sheet date amounting to £44,472 (2018: £110,453) and debtors of £186

(2018: £448).

11.	ULTIMATE PARENT COMPANY

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

Limited, and it in turn is wholly owned by Oakbase Integrated Marketing Limited. All companies are registered in

England and Wales. The registered office of the ultimate parent company is 10 Pittbrook Street, Manchester,

M12 6JX.