Refinery Marketing Communications Limite - Accounts to registrar (filleted) - small 18.2
Refinery Marketing Communications Limite - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2020 |
| for |
| Refinery Marketing Communications |
| Limited |
| Refinery Marketing Communications |
| Limited (Registered number: 01845011) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 9 |
| Refinery Marketing Communications |
| Limited |
| Company Information |
| for the Year Ended 31 October 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: | Pittbrook Street |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 8 Winmarleigh Street |
| Warrington |
| Cheshire |
| WA1 1JW |
| Refinery Marketing Communications |
| Limited (Registered number: 01845011) |
| Balance Sheet |
| 31 October 2020 |
| 31.10.20 | 31.10.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Refinery Marketing Communications |
| Limited (Registered number: 01845011) |
| Balance Sheet - continued |
| 31 October 2020 |
| 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 |
| Refinery Marketing Communications |
| Limited (Registered number: 01845011) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2020 |
| 1. | STATUTORY INFORMATION |
| Refinery Marketing Communications Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Monetary amounts in these financial statements are rounded to the nearest £. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgements, |
| estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Computer equipment | - |
| Stocks |
| 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. |
| 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 balance sheet date. |
| Refinery Marketing Communications |
| Limited (Registered number: 01845011) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Refinery Marketing Communications |
| Limited (Registered number: 01845011) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and | Computer |
| property | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2019 |
| Additions |
| At 31 October 2020 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for year |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| 5. | STOCKS |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Work-in-progress |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts owed by associates |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to associates | - | 44,472 |
| Tax |
| Social security and other taxes |
| VAT | 254,696 | 52,774 |
| Other creditors |
| Accrued expenses |
| Refinery Marketing Communications |
| Limited (Registered number: 01845011) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| Hire purchase contracts |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| At 31st October 2020 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £7,466 (2019: £3,313). |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Hire purchase contracts | - | 3,806 |
| 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. |
| 10. | PROVISIONS FOR LIABILITIES |
| 31.10.20 | 31.10.19 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2019 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 October 2020 |
| 11. | 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 £nil (2019: £3,128) and purchases of £nil (2019: £187,975) were made during the year to an associated company. |
| There were creditors at the balance sheet date amounting to £nil (2019: £44,472) and debtors of £nil (2019: £186). |
| Refinery Marketing Communications |
| Limited (Registered number: 01845011) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Refinery Group Limited. |
| The ultimate controlling party is |
| 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. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Refinery Marketing Communications |
| Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Refinery Marketing Communications Limited for the year ended 31 October 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Refinery Marketing Communications Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Refinery Marketing Communications Limited and state those matters that we have agreed to state to the Board of Directors of Refinery Marketing Communications Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Refinery Marketing Communications Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Refinery Marketing Communications Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Refinery Marketing Communications Limited. You consider that Refinery Marketing Communications Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Refinery Marketing Communications Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| 8 Winmarleigh Street |
| Warrington |
| Cheshire |
| WA1 1JW |