Company Registration No. 12246641 (England and Wales)
MAKE IT SOCIAL LONDON LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
MAKE IT SOCIAL LONDON LTD
COMPANY INFORMATION
Directors
Miss M McGregor
Mr M J Daniel
Company number
12246641
Registered office
44 Lavers Road
London
N16 0DT
Accountants
Theataccounts Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MAKE IT SOCIAL LONDON LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
MAKE IT SOCIAL LONDON LTD
ENTERTAINMENT ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAKE IT SOCIAL LONDON LTD FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Make It Social London Ltd for the year ended 31 October 2023 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
It is your duty to ensure that Make It Social London Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Make It Social London Ltd. You consider that Make It Social London 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 financial statements of Make It Social London 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 financial statements.
Theataccounts Limited
22 January 2024
Entertainment Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MAKE IT SOCIAL LONDON LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,625
4,882
Current assets
Debtors
4
215,291
15,286
Cash at bank and in hand
271,311
334,332
486,602
349,618
Creditors: amounts falling due within one year
5
(157,086)
(149,313)
Net current assets
329,516
200,305
Total assets less current liabilities
358,141
205,187
Capital and reserves
Called up share capital
6
100
100
Share premium account
9,990
9,990
Profit and loss reserves
348,051
195,097
Total equity
358,141
205,187
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 January 2024 and are signed on its behalf by:
Miss M McGregor
Director
Company Registration No. 12246641
MAKE IT SOCIAL LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Make It Social London Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 44 Lavers Road, London, N16 0DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computers
33% on cost
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MAKE IT SOCIAL LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
MAKE IT SOCIAL LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
13,323
Additions
38,820
At 31 October 2023
52,143
Depreciation and impairment
At 1 November 2022
8,443
Depreciation charged in the year
15,075
At 31 October 2023
23,518
Carrying amount
At 31 October 2023
28,625
At 31 October 2022
4,882
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
215,291
15,286
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
85,006
67,493
Other taxation and social security
69,314
9,465
Other creditors
2,766
72,355
157,086
149,313
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
45 Ordinary A of £1 each
45
45
45 Ordinary B of £1 each
45
45
10 Capital of £1 each
10
10
100
100
MAKE IT SOCIAL LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
7
Ultimate controlling party
There is no ultimate controlling party.