COLLECTIVE SOCIETY LTD Accounts

COLLECTIVE SOCIETY LTD - Company Information






COLLECTIVE SOCIETY LTD

	Company No. 11789182
		Information for Filing with The Registrar
		31 December 2022

The Directors present their report and the accounts for the year ended 31 December 2022.

Principal activities
The principal activity of the company during the year under review was providing a benefits platform for the self-employed.




Directors

The Directors who served at any time during the year were as follows:

A. Beilin
F.G.A. Destin			(Resigned 1 July 2022)
B.J. Hay
I. Linshits			(Resigned 1 July 2022)




































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

B.J. Hay
Director
31 August 2023

at	31 December 2022
Company No.		11789182	Notes	2022	2021
				£	£
Fixed assets
	Intangible assets		4	40,393	1,458
	Tangible assets		5	85,253	45,001

	Investments		6	4,769	4,847
				130,415	51,306
Current assets

	Debtors		7	1,670,284	543,081

	Cash at bank and in hand			6,399,419	12,230,373
				8,069,703	12,773,454
Creditors: Amount falling due within one year			8	(911,971)	(438,519)
Net current assets				7,157,732	12,334,935
Total assets less current liabilities				7,288,147	12,386,241
Creditors: Amounts falling due after more than one year			9	(7,500,000)	(6,937,901)
Provisions for liabilities

	Other provisions			(7,476)	-
Net (liabilities)/assets				(219,329)	5,448,340

Capital and reserves
	Called up share capital			341	340
	Share premium account		11	9,247,062	9,238,926

	Other reserves			-	62,099
	Profit and loss account		11	(9,466,732)	(3,853,025)

Total equity				(219,329)	5,448,340



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 December 2022 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 31 August 2023
And signed on its behalf by:
B.J. Hay
Director
31 August 2023

for the year ended 31 December 2022

General information

Its registered number is: 11789182

Its registered office is:

201 Haverstock Hill

Second Floor C/O Fkgb

London

England

NW3 4QG

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Going concern

The accounts are prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The company’s ability to meet its future working capital requirements and therefore continue as a going concern is dependent on it being able to generate future revenues and free cash flow. It is difficult to predict the timing and extent of future revenues. However, the directors have prepared projections for a period of 12 months from the date of approval of these financial statements which they consider to be prudent and which demonstrate that given the company's positive net asset position, and range of proposed expenditure, the business is well placed to operate within its existing cash resources.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses. Intangible fixed assets are amortised over 10% straight line method.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

25% Straight line

Research and development costs

Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Investments

Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2022	2021
			Number	Number
		The average monthly number of employees (including directors) during the year was:	55	23

4	Intangible fixed assets
			Other	Total
			£	£
		Cost
		At 1 January 2022	1,458	1,458
		Additions	40,370	40,370

		At 31 December 2022	41,828	41,828
		Amortisation and impairment

		Charge for the year	1,435	1,435


		At 31 December 2022	1,435	1,435
		Net book values
		At 31 December 2022	40,393	40,393
		At 31 December 2021	1,458	1,458

5	Tangible fixed assets
			Plant and machinery	Total
			£	£
		Cost or revaluation
		At 1 January 2022	53,233	53,233
		Additions	65,564	65,564


		Disposals	(677)	(677)
		At 31 December 2022	118,120	118,120
		Depreciation
		At 1 January 2022	8,232	8,232
		Charge for the year	24,846	24,846


		Disposals	(211)	(211)
		At 31 December 2022	32,867	32,867
		Net book values
		At 31 December 2022	85,253	85,253
		At 31 December 2021	45,001	45,001

6	Investments
			Investment in Subsidiaries	Total
			£	£
		Cost or valuation
		At 1 January 2022	4,847	4,847


		Disposals	(78)	(78)
		At 31 December 2022	4,769	4,769
		Provisions/Impairment





		Net book values
		At 31 December 2022	4,769	4,769
		At 31 December 2021	4,847	4,847

7	Debtors
			2022	2021
			£	£
		Trade debtors	139,350	88,659

		Corporation tax recoverable	476,252	181,232

		VAT recoverable	13,143	4,554

		Other debtors	625,693	107,303
		Prepayments and accrued income	415,846	161,333
			1,670,284	543,081

8	Creditors:
		amounts falling due within one year
			2022	2021
			£	£




		Trade creditors	34,866	188,698

		Taxes and social security	144,814	73,156

		Other creditors	36,894	7,349
		Accruals and deferred income	695,397	169,316
			911,971	438,519

9	Creditors:
		amounts falling due after more than one year
			2022	2021
			£	£






		Other creditors	7,500,000	6,937,901

			7,500,000	6,937,901

Share Capital

3,405,787 ordinary shares fully paid

11	Reserves
			Convertible loan - equity component	Total other reserves
			£	£
		At 1 January 2021	62,099	62,099



		At 31 December 2021 and 1 January 2022	62,099	62,099


		Transfers	(62,099)	(62,099)
		At 31 December 2022	-	-



		Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
		Profit and loss account - includes all current and prior period retained profits and losses.

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