Society Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06917936 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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

5,670

5,296

Investments

5

686

686

6,356

5,982

CURRENT ASSETS

Debtors

6

380,585

441,890

Cash at bank

156,317

223,371

536,902

665,261

CREDITORS

Amounts falling due within one year

7

134,258

199,340

NET CURRENT ASSETS

402,644

465,921

TOTAL ASSETS LESS CURRENT LIABILITIES

409,000

471,903

CREDITORS

Amounts falling due after more than one year

8

(139,803

)

(35,649

)

PROVISIONS FOR LIABILITIES

9

(1,077

)

(1,006

)

NET ASSETS

268,120

435,248

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

268,020

435,148

SHAREHOLDERS' FUNDS

268,120

435,248

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 24 April 2024 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

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 20 (2022 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2023

32,895

Additions

2,713

Disposals

(5,673

)

At 31 December 2023

29,935

DEPRECIATION

At 1 January 2023

27,599

Charge for year

2,339

Eliminated on disposal

(5,673

)

At 31 December 2023

24,265

NET BOOK VALUE

At 31 December 2023

5,670

At 31 December 2022

5,296

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2023

and 31 December 2023

686

NET BOOK VALUE

At 31 December 2023

686

At 31 December 2022

686

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

96,806

247,200

Amounts owed by group undertakings

231,090

180,466

Other debtors

8,100

8,100

Tax

28,951

-

Prepayments

15,638

6,124

380,585

441,890

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans and overdrafts

5,556

5,556

Other loans

28,620

-

Trade creditors

5,526

7,457

Taxation

-

27,444

Social security and other taxes

17,136

16,916

Value added tax

45,527

28,182

Other creditors

3,307

7,440

Directors' current accounts

20,000

20,000

Accruals

8,586

86,345

134,258

199,340

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.12.22

£

£

Bank loans - 1-2 years

5,556

5,556

Bank loans - 2-5 years

16,667

16,667

Bank loans more than 5 years

by instalments

7,870

13,426

Other loans - 1-2 years

28,620

-

Other loans - 2-5 years

81,090

-

139,803

35,649

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

7,870

13,426

7,870

13,426

9.	PROVISIONS FOR LIABILITIES

31.12.23

31.12.22

£

£

Deferred tax

Accelerated capital allowances

1,077

1,006

Deferred

tax

£

Balance at 1 January 2023

1,006

Charge to Statement of Income and Retained Earnings during year

71

Balance at 31 December 2023

1,077

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.23

31.12.22

value:

£

£

1,000,000

Ordinary

£0.0001

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23

31.12.22

£

£

Mr S Lucas

Balance outstanding at start of year

-

270

Amounts repaid

-

(270

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

12.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £51,409 (2022 - £87,644) 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 £48,441 (2022 - £54,945) and purchases from Society Inc of £3,440 (2022 - £14,511).

At the balance sheet date the company was owed £179,681 (2022 - £137,845) 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 £70,682 (2022 - £79,307) and purchases from Society APAC of £27,291 (2022 - £39,858).

At the balance sheet date the company owed £10,000 (2022 - £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 (2022 - £10,000) to S Laver, a director and 30% shareholder. The loan is interest free and there are no terms for repayment.