Company No:
Contents
DIRECTOR | Ms Tahreem Arshad |
REGISTERED OFFICE | 85 Great Portland Street |
First Floor | |
London | |
W1W 7LT | |
England | |
United Kingdom |
COMPANY NUMBER | 10029277 (England and Wales) |
ACCOUNTANT | OnTheGo Accountants Limited |
330 Holborn Gate | |
High Holborn | |
London | |
WC1V 7QH |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 5 |
|
|
|
Tangible assets | 6 |
|
|
|
2,605 | 2,361 | |||
Current assets | ||||
Debtors |
|
|
||
Cash at bank and in hand |
|
|
||
523,537 | 489,732 | |||
Creditors: amounts falling due within one year | (
|
(
|
||
Net current assets | 311,501 | 322,468 | ||
Total assets less current liabilities | 314,106 | 324,829 | ||
Creditors: amounts falling due after more than one year | (
|
(
|
||
Provision for liabilities |
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Share premium account |
|
|
||
Equity reserve |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' funds |
|
|
Director's responsibilities:
The financial statements of SOSIE LIMITED (registered number:
Ms Tahreem Arshad
Director |
Called-up share capital | Share premium account | Equity reserve | Profit and loss account | Total | |||||
£ | £ | £ | £ | £ | |||||
At 01 March 2021 |
|
|
|
(
|
|
||||
Profit for the financial year |
|
|
|
|
|
||||
Total comprehensive income |
|
|
|
|
|
||||
Issue of share capital |
|
|
|
|
|
||||
Recognition of equity component of convertible loan notes |
|
|
|
|
|
||||
At 28 February 2022 |
|
|
|
(
|
|
||||
At 01 March 2022 |
|
|
|
(
|
|
||||
Profit for the financial year |
|
|
|
|
|
||||
Total comprehensive income |
|
|
|
|
|
||||
changes of equity component of convertible loan notes |
|
|
(
|
|
(
|
||||
At 28 February 2023 |
|
|
|
(
|
|
||||
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
SOSIE LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 85 Great Portland Street, First Floor, London, W1W 7LT, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Trademarks, patents and licences |
|
Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.
Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
2023 | 2022 | ||
£ | £ | ||
Interest payable and similar expenses |
|
|
2023 | 2022 | ||
£ | £ | ||
Current tax on profit | |||
UK corporation tax |
|
(
|
|
Total current tax |
|
(
|
|
Deferred tax | |||
Origination and reversal of timing differences |
|
|
|
Total deferred tax |
|
|
|
Total tax on profit |
|
(
|
Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 01 March 2022 |
|
|
|
At 28 February 2023 |
|
|
|
Accumulated amortisation | |||
At 01 March 2022 |
|
|
|
Charge for the financial year |
|
|
|
At 28 February 2023 |
|
|
|
Net book value | |||
At 28 February 2023 |
|
|
|
At 28 February 2022 |
|
|
Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 March 2022 |
|
|
|
Additions |
|
|
|
At 28 February 2023 |
|
|
|
Accumulated depreciation | |||
At 01 March 2022 |
|
|
|
Charge for the financial year |
|
|
|
At 28 February 2023 |
|
|
|
Net book value | |||
At 28 February 2023 |
|
|
|
At 28 February 2022 |
|
|
The Company issued $25,000 of convertible loan notes on 28/06/18. The convertible loan notes are convertible into ordinary shares of the Company at any time between the date of issue of the notes and their settlement date. On issue, the loan notes were convertible at 25,000 shares per $1 loan note. If the notes have not been converted, they will be redeemed on 20/07/23 at par. Interest of 5 per cent will be paid annually up until that settlement date.
The net proceeds received from the issue of the convertible loan notes have been split between the liability element and an equity component, representing the fair value of the embedded option to convert the liability into equity of the Company, as follows:
2023 | |
£ | |
Nominal value of convertible loan notes issued | (20,000) |
Equity component | 2,851 |
Liability components at date of issue | (17,149) |
Interest charged | (6,715) |
Interest paid | 0 |
Liability component at 28 February 2023 | (
|
The liability component has been classified as basic and is consequently measured at amortised cost. The interest charged for the financial year is calculated by applying an effective interest rate of 5 per cent to the liability component.
2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year |
|
|
|
Charged to the Profit and Loss Account | (
|
(
|
|
At the end of financial year |
|
|