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Company No: 08270677 (England and Wales)

SOCIAL NETWORK SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

SOCIAL NETWORK SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

SOCIAL NETWORK SOLUTIONS LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2023
SOCIAL NETWORK SOLUTIONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2023
DIRECTOR Byron James Rawlings
REGISTERED OFFICE 29 Hardy Road
Norwich
NR1 1JN
England
United Kingdom
COMPANY NUMBER 08270677 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
SOCIAL NETWORK SOLUTIONS LIMITED

BALANCE SHEET

As at 31 October 2023
SOCIAL NETWORK SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 8,105 0
Tangible assets 4 13,846 17,491
21,951 17,491
Current assets
Debtors 5 181,565 459,532
Investments 6,500 6,500
Cash at bank and in hand 11,303 0
199,368 466,032
Creditors: amounts falling due within one year 6 ( 468,164) ( 445,328)
Net current (liabilities)/assets (268,796) 20,704
Total assets less current liabilities (246,845) 38,195
Creditors: amounts falling due after more than one year 7 ( 19,395) ( 26,667)
Net (liabilities)/assets ( 266,240) 11,528
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account ( 266,241 ) 11,527
Total shareholder's (deficit)/funds ( 266,240) 11,528

For the financial year ending 31 October 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 Social Network Solutions Limited (registered number: 08270677) were approved and authorised for issue by the Director on 31 July 2024. They were signed on its behalf by:

Byron James Rawlings
Director
SOCIAL NETWORK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
SOCIAL NETWORK SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Social Network Solutions 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 29 Hardy Road, Norwich, NR1 1JN, 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 Statement of Income and Retained Earnings 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.

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:

Other intangible assets not amortised
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:

Fixtures and fittings 20 % reducing balance
Computer equipment 25 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

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 19 20

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 November 2022 0 0
Additions 8,105 8,105
At 31 October 2023 8,105 8,105
Accumulated amortisation
At 01 November 2022 0 0
At 31 October 2023 0 0
Net book value
At 31 October 2023 8,105 8,105
At 31 October 2022 0 0

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 November 2022 8,153 15,085 23,238
Additions 0 1,413 1,413
Disposals 0 ( 1,782) ( 1,782)
At 31 October 2023 8,153 14,716 22,869
Accumulated depreciation
At 01 November 2022 1,811 3,936 5,747
Charge for the financial year 1,268 2,649 3,917
Disposals 0 ( 641) ( 641)
At 31 October 2023 3,079 5,944 9,023
Net book value
At 31 October 2023 5,074 8,772 13,846
At 31 October 2022 6,342 11,149 17,491

5. Debtors

2023 2022
£ £
Trade debtors 165,558 455,428
Other debtors 16,007 4,104
181,565 459,532

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 27,824 22,026
Trade creditors 41,480 75,112
Other taxation and social security 391,577 336,184
Other creditors 7,283 12,006
468,164 445,328

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 19,395 26,667

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Directors loan account 16,007 4,104