Society Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06917936 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

SOCIETY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms E L Hart

Mr S R Laver

Mr S Lucas

Mr D R Perrett

REGISTERED OFFICE:

The Fulwood

Fulwood Place

London

WC1V 6HG

REGISTERED NUMBER:

06917936 (England and Wales)

ACCOUNTANTS:

Kings Chartered Accountants

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

FIXED ASSETS

Tangible assets

4

5,296

2,308

Investments

5

686

686

5,982

2,994

CURRENT ASSETS

Debtors

6

441,890

279,541

Cash at bank

223,371

361,601

665,261

641,142

CREDITORS

Amounts falling due within one year

7

199,340

188,020

NET CURRENT ASSETS

465,921

453,122

TOTAL ASSETS LESS CURRENT LIABILITIES

471,903

456,116

CREDITORS

Amounts falling due after more than one year

8

(35,649

)

(41,204

)

PROVISIONS FOR LIABILITIES

9

(1,006

)

(439

)

NET ASSETS

435,248

414,473

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

435,148

414,373

SHAREHOLDERS' FUNDS

435,248

414,473

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 July 2023 and were signed on its behalf by:

Mr S Lucas - Director

1.	STATUTORY INFORMATION

Society Limited 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Society Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

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

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

Computer equipment

-

25% on cost

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to income over the expected useful lives of the asset.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets,are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2021 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2022

29,589

Additions

4,454

Disposals

(1,148

)

At 31 December 2022

32,895

DEPRECIATION

At 1 January 2022

27,281

Charge for year

1,466

Eliminated on disposal

(1,148

)

At 31 December 2022

27,599

NET BOOK VALUE

At 31 December 2022

5,296

At 31 December 2021

2,308

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2022

and 31 December 2022

686

NET BOOK VALUE

At 31 December 2022

686

At 31 December 2021

686

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

247,200

162,749

Amounts owed by group undertakings

180,466

114,689

Other debtors

8,100

-

Directors' current accounts

-

270

Prepayments

6,124

1,833

441,890

279,541

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

5,556

5,556

Trade creditors

7,457

3,818

Taxation

27,444

10,269

Social security and other taxes

16,916

11,775

Value added tax

28,182

29,039

Other creditors

7,440

6,053

Directors' current accounts

20,000

20,000

Accruals

86,345

101,510

199,340

188,020

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans - 1-2 years

5,556

-

Bank loans - 2-5 years

16,667

-

Bank loans more than 5 years

by instalments

13,426

41,204

35,649

41,204

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

13,426

41,204

13,426

41,204

9.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

Accelerated capital allowances

1,006

439

Deferred

tax

£

Balance at 1 January 2022

439

Charge to Statement of Income and Retained Earnings during year

567

Balance at 31 December 2022

1,006

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

Mr S Lucas

Balance outstanding at start of year

270

270

Amounts repaid

(270

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

270

12.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £87,644 (2021 - £114,689) 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 £54,945 (2021 - £67,480) and purchases from Society Inc of £14,511 (2021 - £1,749).

At the balance sheet date the company was owed £92,822 (2021 - £nil) by Society APAC, 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 APAC of £79,307 (2021 - £nil) and purchases from Society APAC of £39,858 (2021 - £nil).

At the balance sheet date the company owed £10,000 (2021 - £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 (2021 - £10,000) to S Laver, a director and 30% shareholder. The loan is interest free and there are no terms for repayment.