Silverfin false 28/02/2023 01/03/2022 28/02/2023 Ms Tahreem Arshad 26/02/2016 21 November 2023 The principal activity of the company is a media content platform. 10029277 2023-02-28 10029277 bus:Director1 2023-02-28 10029277 2022-02-28 10029277 core:CurrentFinancialInstruments 2023-02-28 10029277 core:CurrentFinancialInstruments 2022-02-28 10029277 core:Non-currentFinancialInstruments 2023-02-28 10029277 core:Non-currentFinancialInstruments 2022-02-28 10029277 core:ShareCapital 2023-02-28 10029277 core:ShareCapital 2022-02-28 10029277 core:SharePremium 2023-02-28 10029277 core:SharePremium 2022-02-28 10029277 core:FurtherSpecificReserve2ComponentTotalEquity 2023-02-28 10029277 core:FurtherSpecificReserve2ComponentTotalEquity 2022-02-28 10029277 core:RetainedEarningsAccumulatedLosses 2023-02-28 10029277 core:RetainedEarningsAccumulatedLosses 2022-02-28 10029277 core:ShareCapital 2021-02-28 10029277 core:SharePremium 2021-02-28 10029277 core:FurtherSpecificReserve2ComponentTotalEquity 2021-02-28 10029277 core:RetainedEarningsAccumulatedLosses 2021-02-28 10029277 2021-02-28 10029277 core:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 10029277 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 10029277 core:ComputerEquipment 2022-02-28 10029277 core:ComputerEquipment 2023-02-28 10029277 2022-03-01 2023-02-28 10029277 bus:AbridgedAccounts 2022-03-01 2023-02-28 10029277 bus:SmallEntities 2022-03-01 2023-02-28 10029277 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10029277 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10029277 bus:Director1 2022-03-01 2023-02-28 10029277 core:ShareCapital 2021-03-01 2022-02-28 10029277 core:SharePremium 2021-03-01 2022-02-28 10029277 core:FurtherSpecificReserve2ComponentTotalEquity 2021-03-01 2022-02-28 10029277 core:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 10029277 2021-03-01 2022-02-28 10029277 core:ShareCapital 2022-03-01 2023-02-28 10029277 core:SharePremium 2022-03-01 2023-02-28 10029277 core:FurtherSpecificReserve2ComponentTotalEquity 2022-03-01 2023-02-28 10029277 core:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 10029277 core:ShareCapital 1 2022-03-01 2023-02-28 10029277 core:SharePremium 1 2022-03-01 2023-02-28 10029277 core:FurtherSpecificReserve2ComponentTotalEquity 1 2022-03-01 2023-02-28 10029277 core:RetainedEarningsAccumulatedLosses 1 2022-03-01 2023-02-28 10029277 1 2022-03-01 2023-02-28 10029277 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-03-01 2023-02-28 10029277 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-01 2023-02-28 10029277 core:ComputerEquipment core:TopRangeValue 2022-03-01 2023-02-28 10029277 core:ComputerEquipment 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 10029277 (England and Wales)

SOSIE LIMITED

Abridged Unaudited Financial Statements
For the financial year ended 28 February 2023

SOSIE LIMITED

Abridged Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

SOSIE LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
SOSIE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
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
SOSIE LIMITED

BALANCE SHEET

As at 28 February 2023
SOSIE LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 5 1,804 2,133
Tangible assets 6 801 228
2,605 2,361
Current assets
Debtors 120,955 143,656
Cash at bank and in hand 402,582 346,076
523,537 489,732
Creditors: amounts falling due within one year ( 212,036) ( 167,264)
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 ( 6,240) ( 7,992)
Provision for liabilities 0 ( 14,114)
Net assets 307,866 302,723
Capital and reserves
Called-up share capital 132 132
Share premium account 587,335 587,335
Equity reserve 9,822 16,443
Profit and loss account ( 289,423 ) ( 301,187 )
Total shareholders' funds 307,866 302,723

For the financial year ending 28 February 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 financial statements of SOSIE LIMITED (registered number: 10029277) were approved and authorised for issue by the Director on 21 November 2023. They were signed on its behalf by:

Ms Tahreem Arshad
Director
SOSIE LIMITED

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 28 February 2023
SOSIE LIMITED

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 28 February 2023
Called-up share capital Share premium account Equity reserve Profit and loss account Total
£ £ £ £ £
At 01 March 2021 132 404,935 6,620 ( 372,869) 38,818
Profit for the financial year 0 0 0 71,682 71,682
Total comprehensive income 0 0 0 71,682 71,682
Issue of share capital 0 182,400 0 0 182,400
Recognition of equity component of convertible loan notes 0 0 9,823 0 9,823
At 28 February 2022 132 587,335 16,443 ( 301,187) 302,723
At 01 March 2022 132 587,335 16,443 ( 301,187) 302,723
Profit for the financial year 0 0 0 11,764 11,764
Total comprehensive income 0 0 0 11,764 11,764
changes of equity component of convertible loan notes 0 0 ( 6,621) 0 ( 6,621)
At 28 February 2023 132 587,335 9,822 ( 289,423) 307,866
SOSIE LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
SOSIE LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of [amount of years] years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Finance costs

2023 2022
£ £
Interest payable and similar expenses 4,502 6,071

4. Tax on profit

2023 2022
£ £
Current tax on profit
UK corporation tax 0 ( 71,030)
Total current tax 0 ( 71,030)
Deferred tax
Origination and reversal of timing differences 3,875 14,114
Total deferred tax 3,875 14,114
Total tax on profit 3,875 ( 56,916)

5. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 March 2022 3,290 3,290
At 28 February 2023 3,290 3,290
Accumulated amortisation
At 01 March 2022 1,157 1,157
Charge for the financial year 329 329
At 28 February 2023 1,486 1,486
Net book value
At 28 February 2023 1,804 1,804
At 28 February 2022 2,133 2,133

6. Tangible assets

Computer equipment Total
£ £
Cost
At 01 March 2022 4,950 4,950
Additions 874 874
At 28 February 2023 5,824 5,824
Accumulated depreciation
At 01 March 2022 4,722 4,722
Charge for the financial year 301 301
At 28 February 2023 5,023 5,023
Net book value
At 28 February 2023 801 801
At 28 February 2022 228 228

7. Convertible loans

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 ( 23,864)

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.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year 37,609 51,723
Charged to the Profit and Loss Account ( 3,875) ( 14,114)
At the end of financial year 33,734 37,609