Reflec Media Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02786609 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

FOR

REFLEC MEDIA LTD

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

5

18,262

24,370

Tangible assets

6

450

1,967

18,712

26,337

CURRENT ASSETS

Stocks

301,199

358,806

Debtors

7

437,907

319,790

Cash at bank and in hand

323,660

111,561

1,062,766

790,157

CREDITORS

Amounts falling due within one year

8

21,909

24,775

NET CURRENT ASSETS

1,040,857

765,382

TOTAL ASSETS LESS CURRENT LIABILITIES

1,059,569

791,719

CAPITAL AND RESERVES

Called up share capital

238,525

238,525

Retained earnings

821,044

553,194

SHAREHOLDERS' FUNDS

1,059,569

791,719

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 director on 17 April 2018 and were signed by:

P W Holdcroft - Director

1.	STATUTORY INFORMATION

Reflec Media Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

02786609

Registered office:

Road One

Winsford Industrial Estate

Winsford

Cheshire

CW7 3QQ

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

Transactions are rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Turnover

Turnover represents the value of goods despatched to customers, net of VAT and is recognised at the

point of despatch.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of eight years.

Development costs

Development costs are amortised from the point at which the asset begins to generate income for the

company. Amortisation is provided on a straight line basis over the expected useful life of the product

capitalised.

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

33% on cost and 20% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated

impairment losses. At each reporting date fixed assets are reviewed to determine whether there is any

indication that those assets have suffered an impairment loss. If there is an indication of possible

impairment, the recoverable amount of any affected asset is estimated and compared with its carrying

amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated

recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an

impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised

estimate of its recoverable amount, but not in excess of the amount that would have been determined

had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss

is recognised immediately in profit or loss.

Stocks

Stocks are stated at the lower of cost, using the average cost method, and current market values less

costs to sell.

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.

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.

Foreign currencies

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded

at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of

exchange ruling at the balance sheet date. Non-monetary assets and liabilities denominated in foreign

currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is

measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or

losses on non-monetary items recognised in other comprehensive income, when the related

translation gain or loss is also recognised in other comprehensive income.

Hire purchase and leasing

All leases are operating leases and annual rentals are charged to profit or loss on a straight-line basis

over the lease term.

Rent free periods or other incentives received for entering into an operating lease are accounted for as

a reduction to the expense and are recognised on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits

Short term employee benefits and contributions to defined contribution plans are recognised as an

expense in the period in which they are incurred.

Financial assets

Trade, group and other debtors

Trade, group and other debtors (including accrued income) which are receivable within one year and

which do not constitute a financing transaction are initially measured at the transaction price and

subsequently measured at amortised cost, being the transaction price less any amounts settled and

any impairment losses.

A provision for impairment of trade debtors is established where there is objective evidence that the

amounts due will not be collected according to the original terms of the contract. Impairment losses

are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present

value of the future cash flows discounted using the original effective interest rate. Subsequent

reversals of an impairment loss that objectively relate to an event occurring after the impairment loss

was recognised, are recognised immediately in profit or loss.

Financial liabilities

Trade, group and other creditors

Trade, group and other creditors (including accruals) payable within one year that do not constitute a

financing transaction are initially measured at the transaction price and subsequently measured at

amortised cost, being transaction price less any amounts settled.

Derecognition of financial assets and liabilities

A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or

substantially all the risks and rewards of ownership are transferred to another party, or if some

significant risks and rewards of ownership are retained but control of the asset has transferred to

another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability

(or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled

or expires.

Provisions for liabilities

Provisions are recognised when the company has a present obligation (legal or constructive) as a

result of a past event, it is probable that the company will be required to settle the obligation, and a

reliable estimate can be made of the obligation. The amount recognised as a provision is the best

estimate of the consideration required to settle the present obligation at the end of the reporting period,

taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time

value of money is material, the amount expected to be required to settle the obligation is recognised at

present value using a pre tax discount rate. The unwinding of the discount is recognised as a finance

cost in profit or loss in the period it arises. The company recognises a provision for annual leave

accrued by employees as a result of services rendered in the current period, and which employees are

entitled to carry forward and use within the next 12 months. The provision is measured at the salary

cost payable for the period of absence.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2017

and 28 February 2018

78,886

AMORTISATION

At 1 March 2017

54,516

Charge for year

6,108

At 28 February 2018

60,624

NET BOOK VALUE

At 28 February 2018

18,262

At 28 February 2017

24,370

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 March 2017

11,196

37,238

48,434

Exchange differences

-

(534

)

(534

)

At 28 February 2018

11,196

36,704

47,900

DEPRECIATION

At 1 March 2017

11,196

35,271

46,467

Charge for year

-

983

983

At 28 February 2018

11,196

36,254

47,450

NET BOOK VALUE

At 28 February 2018

-

450

450

At 28 February 2017

-

1,967

1,967

7.

DEBTORS

28/2/18

28/2/17

£

£

Amounts falling due within one year:

Trade debtors

15,840

19,653

Amounts owed by group undertakings

294,638

243,347

VAT

1,302

5,399

Deferred tax asset

79,100

7,500

Prepayments and accrued income

22,127

18,991

413,007

294,890

28/2/18

28/2/17

£

£

Amounts falling due after more than one year:

Deferred tax asset

24,900

24,900

Aggregate amounts

437,907

319,790

A deferred tax asset has been recognised on depreciation charged to the financial statements in

excess of capital allowances deducted.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/18

28/2/17

£

£

Trade creditors

15,669

19,849

Social security and other taxes

-

426

Other creditors

1,740

-

Accrued expenses

4,500

4,500

21,909

24,775

9.	SECURED DEBTS

HSBC Bank plc holds a composite company limited multilateral guarantee dated 3rd December 2014

given by Reflec plc, Reflec Evolution Limited and Reflec Media Limited.

HSBC Bank plc holds a debenture including fixed charge over all present freehold and leasehold

property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both

present and future; and first floating charge over all assets and undertaking both present and future

dated 3rd December 2014.

HSBC Bank plc hold a group set-off.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Fran Johnson BSc FCA (Senior Statutory Auditor)

for and on behalf of Howard Worth