We present the results of a 500 ks long XMM–Newton observation and a 120 ks long quasi-simultaneous Chandra observation of the Narrow-Line Seyfert 1 galaxy 1H 0707−495 performed in 2010 September. Consistent with earlier results by Fabian et al. and Zoghbi et al., the spectrum is found to be dominated by relativistically broadened reflection features from an ionized accretion disc around a maximally rotating black hole. Even though the spectra changed between this observation and earlier XMM–Newton observations, the physical parameters of the black hole and accretion disc (i.e. spin and inclination) are consistent between both observations. We show that this reflection spectrum is slightly modified by absorption in a mildly relativistic, highly ionized outflow which changed velocity from around 0.11 c to 0.18 c between 2008 January and 2010 September. Alternative models, in which the spectral shape is dominated by absorption, lead to spectral fits of similar quality, however, the parameters inferred for the putative absorber are unphysical.