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Registered number: 13649758










SOCIOS SERVICES UK LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023





















 
SOCIOS SERVICES UK LIMITED
 
 
Company Information


Director
A Dreyfus 




Registered number
13649758



Registered office
Office 404
60-62 Margaret Street

London

W1W 8TF




Independent auditors
Sayers Butterworth LLP
Chartered Accountants & Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW





 
SOCIOS SERVICES UK LIMITED
Registered number: 13649758

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
32,307
39,251

  
32,307
39,251

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
45,022

Debtors: amounts falling due within one year
 5 
1,647,017
179,105

Cash at bank and in hand
 6 
21,484
46,510

  
1,668,501
270,637

Creditors: amounts falling due within one year
 7 
(1,668,818)
(347,033)

Net current liabilities
  
 
 
(317)
 
 
(76,396)

Total assets less current liabilities
  
31,990
(37,145)

  

Net assets/(liabilities)
  
31,990
(37,145)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
30,990
(38,145)

  
31,990
(37,145)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 April 2024.




A Dreyfus
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
SOCIOS SERVICES UK LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Socios Services UK Limited ("the Company") is a private company limited by shares incorporated in England and Wales. The Company's registered office is Office 404, 60-62 Margaret Street, London, W1W 8TF.

The comparative figures are presented for the period from incorporation 29 September 2021 to 31 December 2022.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis despite the company's dependency on a group company for financial support and the generation of revenue. In the opinion of the directors the company will continue to trade for the foreseeable future, and for at least twelve months from the date of approval of the financial statements, and therefore consider this to be appropriate.
The directors have obtained confirmation from the group company that it will provide whatever financial support may be necessary in order to enable the company to meet its liabilities and commitments as they fall due within twelve months from the date of approval of the financial statements.

Page 2

 
SOCIOS SERVICES UK LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Cost plus fees
Cost plus fees represents fees received for administrative support services provided during the period to related party entities. This turnover is recognised when the services are provided and is measured at a mark-up on costs.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SOCIOS SERVICES UK LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
SOCIOS SERVICES UK LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

Creditors

Short-term creditors are measured at the transaction price. 

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2022 - 12).

Page 5

 
SOCIOS SERVICES UK LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
46,212


Additions
6,146



At 31 December 2023

52,358



Depreciation


At 1 January 2023
6,961


Charge for the year on owned assets
13,090



At 31 December 2023

20,051



Net book value



At 31 December 2023
32,307


5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
45,022

-
45,022


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
1,412,822
-

Other debtors
208,055
71,141

Prepayments and accrued income
26,140
88,338

Deferred taxation
-
19,626

1,647,017
179,105


Page 6

 
SOCIOS SERVICES UK LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
21,484
46,510

21,484
46,510



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
29,571
20,301

Amounts owed to group undertakings
1,518,382
312,719

Corporation tax
1,197
-

Other creditors
87,480
-

Accruals and deferred income
32,188
14,013

1,668,818
347,033



8.


Deferred taxation


2023


£






At beginning of year
19,626


Charged to profit or loss
(19,626)



At end of year
-



Page 7

 
SOCIOS SERVICES UK LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
£


Not later than 1 year
101,720

101,720


10.


Related party transactions

The Company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, where the group members are wholly owned.


11.


Controlling party

The immediate parent undertaking is HX Entertainment Limited, a company registered in Malta.

The ultimate parent undertaking is Zokay Investments Limited, a company registered in British Virgin Islands.

The parent undetaking of the smallest group of which the company is a member and consolidated financial statements are preared is Mediarex Enterprises Ltd. Copies of consolidated financial statements can be obtained from 14 East, Level 7, Triq Tas-Sliema, Gzira, Malta.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 April 2024 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 8