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Company registration number: 12089041

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Socialike Media Ltd

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Socialike Media Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Socialike Media Ltd

Company Information

Director

Mr H Al-Hadithi

Registered office

20/24 Mathew Street
Liverpool
L2 6RE

Accountants

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

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.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

18 October 2023

 

Socialike Media Ltd

(Registration number: 12089041)
Balance Sheet as at 31 January 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

5

11,748

12,419

Current assets

 

Debtors

6

177,898

70,565

Cash at bank and in hand

 

161,919

84,269

 

339,817

154,834

Creditors: Amounts falling due within one year

7

(110,918)

(71,787)

Net current assets

 

228,899

83,047

Total assets less current liabilities

 

240,647

95,466

Provisions for liabilities

(2,232)

-

Net assets

 

238,415

95,466

Capital and reserves

 

Called up share capital

1,200

1,200

Retained earnings

237,215

94,266

Shareholders' funds

 

238,415

95,466

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 18 October 2023
 

.........................................
Mr H Al-Hadithi
Director

 

Socialike Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales .

The address of its registered office is:
20/24 Mathew Street
Liverpool
L2 6RE
England

These financial statements were authorised for issue by the director on 18 October 2023.

2

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

Prior year figures have been restated to account for the correct position of the shares at the company year end

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 2).

4

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
£

Depreciation expense

3,965

-

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2022

6,941

5,478

12,419

Additions

-

3,294

3,294

At 31 January 2023

6,941

8,772

15,713

Depreciation

Charge for the year

1,041

2,924

3,965

At 31 January 2023

1,041

2,924

3,965

Carrying amount

At 31 January 2023

5,900

5,848

11,748

At 31 January 2022

6,941

5,478

12,419

6

Debtors

2023
£

(As restated)

2022
£

Trade debtors

63,303

69,665

Other debtors

114,595

900

177,898

70,565

 

Socialike Media Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

5,944

27,429

Corporation tax

53,879

26,998

Other creditors

51,095

17,360

110,918

71,787

8

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

Directors loan

-

47,724

(38,277)

9,447

         
       

Ms A Crockett

Directors loan

-

36,204

(5,400)

30,804

         
       

 

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.