The design of a time-of-flight neutron reflectometer proposed for the new generation of compact neutron sources is presented. The reflectometer offers the possibility to use spin-polarized neutrons. The reflectometer design presented here takes advantage of a cold neutron source and uses neutrons with wavelengths in the range of 2–15 Å for the unpolarized mode. In general, due to tight spatial restrictions and the need to avoid moving parts inside the beam channel, a multi-channel collimator guide and reflective neutron guide are used for the first section of the instrument. This enables definition of the desired wavelength band and easy selection of one out of three different Q-resolutions. A low background for the collimator system and the reflectometer is ensured by employing a tangential beam channel and an in-channel sapphire filter. The second section is the time-of-flight (TOF) system, which uses a double-disk neutron chopper followed by polarization elements, the sample environment and the neutron detector system. Monte Carlo simulations and neutron beamline intensity measurements are presented. The design considerations are adoptable for neutron sources where space is limited and sections of the instrument are in a high-radiation environment.