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

REGISTERED NUMBER: 01845011 (England and Wales)

Refinery Marketing Communications Ltd

Audited Financial Statements

For The Year Ended 31 October 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P A Armitage

Mr S J Barron

Mr C Bowers

Mr M Laffan

Mr N Papworth

Mr D J Pye

Mr J S Bowler

Mr T N Barron

SECRETARY:

Mr C Bowers

REGISTERED OFFICE:

10 Pittbrook Street

Manchester

Lancashire

M12 6JX

REGISTERED NUMBER:

01845011 (England and Wales)

AUDITORS:

Lloyd Piggott Limited

Chartered Accountants and Statutory Auditor

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

215,051

184,050

CURRENT ASSETS

Stocks

237,446

245,827

Debtors

5

1,375,691

1,594,720

Cash at bank

19,546

262,782

1,632,683

2,103,329

CREDITORS

Amounts falling due within one year

6

855,765

1,057,627

NET CURRENT ASSETS

776,918

1,045,702

TOTAL ASSETS LESS CURRENT LIABILITIES

991,969

1,229,752

CREDITORS

Amounts falling due after more than one year

7

(14,061

)

(6,119

)

PROVISIONS FOR LIABILITIES

(30,429

)

(24,456

)

NET ASSETS

947,479

1,199,177

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

946,479

1,198,177

SHAREHOLDERS' FUNDS

947,479

1,199,177

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 27 June 2018 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 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. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

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 66 (2016 - 64 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2016

928,490

Additions

80,681

At 31 October 2017

1,009,171

DEPRECIATION

At 1 November 2016

744,440

Charge for year

49,680

At 31 October 2017

794,120

NET BOOK VALUE

At 31 October 2017

215,051

At 31 October 2016

184,050

The net book value of tangible fixed assets includes £11,826 (2014- £19,533) in respect of assets held

under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,303,649

1,498,939

Amounts owed by group undertakings

8,145

38,374

Amounts owed by associated undertakings

10,735

3,812

Other debtors

53,162

53,595

1,375,691

1,594,720

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

17,427

8,579

Trade creditors

230,650

176,744

Amounts owed to group undertakings

50,162

50,295

Amounts owed to associated undertakings

97,470

36,202

Taxation and social security

286,614

397,457

Other creditors

173,442

388,350

855,765

1,057,627

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

14,061

6,119

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

31,488

14,698

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

The Report of the Auditors was unqualified.

Gary Dodds FCA (Senior Statutory Auditor)

for and on behalf of Lloyd Piggott Limited

10.	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 £26,898 (2016 -

£28,590).

Contributions totalling £Nil (2016 - £Nil) were payable to the scheme at the end of the year.

Operating Leases

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

over the remaining life of those leases of £72,229 (2016: £50,289).

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.

Refinery Photography Limited

Common Directors

Sales of £20,611 (2016: £24,519) were made to Refinery Photography Limited during the year.

Purchases of £217,129 (2016: £284,595) were made from Refinery Photography Limited during the

year.

At the balance sheet date the amount due to Refinery Photography Limited was £60,433 (2016:

£32,390).

Door4 Limited

Common Shareholders

Sales of £589 (2016: £Nil) were made to Door4 Limited during the year.

Purchases of £298,238 (2016: £334,230) were made from Door4 Limited during the year.

At the balance sheet date the amount due to Door4 Limited was £26,302 (2016: £36,824).

12.	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.

13.	FIRST YEAR ADOPTION

These financial statements for the year ended 31st October 2017 are the first financial statements that

comply with FRS102 Section 1A for small entities the transition has not resulted in any changes.