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FINANCIAL PERIOD DATA REFRESH REQUIRED
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Socialike Media Ltd
for the Year Ended 31 January 2023
Socialike Media Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Socialike Media Ltd
Company Information
Director |
Mr H Al-Hadithi |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Socialike Media Ltd
for the Year Ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Socialike Media Ltd for the year ended 31 January 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Socialike Media Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Socialike Media Ltd and state those matters that we have agreed to state to the Board of Directors of Socialike Media Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Socialike Media Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Socialike Media Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Socialike Media Ltd. You consider that Socialike Media Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Socialike Media Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
St. Helens
Merseyside
WA9 1UA
Socialike Media Ltd
(Registration number: 12089041)
Balance Sheet as at 31 January 2023
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2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Socialike Media Ltd
(Registration number: 12089041)
Balance Sheet as at 31 January 2023
Approved and authorised by the
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Socialike Media Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales .
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.
Reclassification of comparative amounts
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Socialike Media Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
15% Reducing balance |
Office equipment |
33% Straight line |
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
Socialike Media Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
2023 |
2022 |
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Depreciation expense |
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- |
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 February 2022 |
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Additions |
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At 31 January 2023 |
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Depreciation |
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Charge for the year |
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At 31 January 2023 |
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Carrying amount |
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At 31 January 2023 |
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At 31 January 2022 |
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Debtors |
2023 |
(As restated) |
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Trade debtors |
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Other debtors |
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Socialike Media Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Corporation tax |
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Other creditors |
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Related party transactions |
Transactions with the director |
2023 |
At 1 February 2022 |
Advances to director |
Repayments by director |
At 31 January 2023 |
Mr H Al-Hadithi |
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Directors loan |
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( |
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Ms A Crockett |
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Directors loan |
- |
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( |
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The above loans are unsecured, interest free and repayable on demand. All the figures are disclosed on an aggregate basis. The loans were repaid shortly after the year end.