Company Registration No. 06917936 (England and Wales)
Society Limited
Unaudited accounts
for the year ended 31 December 2021
Society Limited
Unaudited accounts
Contents
Society Limited
Company Information
for the year ended 31 December 2021
Directors
Emma Louise Hart
Simon Roy Laver
Simon Lucas
Daniel Ronald Perrett
Company Number
06917936 (England and Wales)
Registered Office
The Fulwood
Fulwood Place
London
WC1V 6HG
Society Limited
Statement of financial position
as at 31 December 2021
Tangible assets
2,308
65,669
Cash at bank and in hand
361,601
83,356
Creditors: amounts falling due within one year
(189,509)
(150,643)
Net current assets
453,121
238,550
Total assets less current liabilities
456,115
304,905
Creditors: amounts falling due after more than one year
(41,204)
(90,153)
Provisions for liabilities
Net assets
414,472
214,752
Called up share capital
100
100
Profit and loss account
414,372
214,652
Shareholders' funds
414,472
214,752
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2022 and were signed on its behalf by
Simon Lucas
Director
Company Registration No. 06917936
Society Limited
Notes to the Accounts
for the year ended 31 December 2021
Society Limited is a private company, limited by shares, registered in England and Wales, registration number 06917936. The registered office is The Fulwood, Fulwood Place, London, WC1V 6HG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Society Limited
Notes to the Accounts
for the year ended 31 December 2021
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Plant & machinery
At 31 December 2021
29,589
At 31 December 2021
27,281
At 31 December 2020
65,669
5
Investments
Subsidiary undertakings
Valuation at 1 January 2021
686
Valuation at 31 December 2021
686
Society Limited
Notes to the Accounts
for the year ended 31 December 2021
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
162,749
131,107
Amounts due from group undertakings etc.
116,438
47,209
Deferred tax asset
-
21,908
Accrued income and prepayments
1,833
40,599
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
5,555
-
Obligations under finance leases and hire purchase contracts
-
24,845
Trade creditors
3,818
5,010
Amounts owed to group undertakings and other participating interests
1,749
-
Taxes and social security
22,008
16,859
Loans from directors
19,730
19,730
8
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
-
40,153
9
Operating lease commitments
2021
2020
At 31 December 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
-
439,242
Society Limited
Notes to the Accounts
for the year ended 31 December 2021
10
Transactions with related parties
At the balance sheet date the company was owed £114,689 (2020 - £125,723) by Society Inc, a wholly owned subsidiary. This loan is interest-free and there are no terms for repayment. During the year the company made sales to Society Inc of £67,480 (2020 - £ 78,513) and purchases from Society Inc of £1,749 (2020 - £nil).
At the balance sheet date the company owed £10,000 (2020 - £10,000) to D Perrett, a director and 30% shareholder. This loan is interest free and there are no terms for repayment.
At the balance sheet date the company owed £10,000 (2020 - £10,000) to S Laver, a director and 30% shareholder. The loan is interest free and there are no terms for repayment.
At the balance sheet date the company was owed £270 (2020 - £270) by S Lucas, a director and 35% shareholder. The loan was interest free and has been repaid in full.
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Average number of employees
During the year the average number of employees was 16 (2020: 16).
