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Company No: 06784718 (England and Wales)

SOAK DIGITAL LIMITED

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

SOAK DIGITAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SOAK DIGITAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
SOAK DIGITAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 12,843 22,402
12,843 22,402
Current assets
Debtors
- due within one year 4 180,551 167,224
- due after more than one year 4 3,608 2,182
Cash at bank and in hand 113,974 131,376
298,133 300,782
Creditors: amounts falling due within one year 5 ( 270,204) ( 185,571)
Net current assets 27,929 115,211
Total assets less current liabilities 40,772 137,613
Creditors: amounts falling due after more than one year 6 ( 69,000) ( 102,000)
Net (liabilities)/assets ( 28,228) 35,613
Capital and reserves
Called-up share capital 8 75,250 50
Capital redemption reserve 50 50
Profit and loss account ( 103,528 ) 35,513
Total shareholders' (deficit)/funds ( 28,228) 35,613

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Soak Digital Limited (registered number: 06784718) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R A Dickson
Director

12 September 2024

SOAK DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SOAK DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Soak Digital 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 3 Colegate Street, Norwich, NR3 1BN, 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 Directors have considered the Company’s position at the time of signing the financial statements. They have considered future trading expectations, the current financial position of the Company and other factors such as mitigating ongoing costs.

Based on this, the Directors have concluded that the company will have adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements and will therefore adopt the going concern basis of accounting in preparing these financial statements.

The Directors have chosen to show a deferred tax asset in the financial statements as forecasts show they expect to make profit in the foreseeable future.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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.

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:

Plant and machinery 25 % reducing balance
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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 23

3. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 January 2023 47,956 85,088 133,044
Additions 1,511 1,000 2,511
Disposals 0 ( 8,128) ( 8,128)
At 31 December 2023 49,467 77,960 127,427
Accumulated depreciation
At 01 January 2023 36,668 73,974 110,642
Charge for the financial year 4,955 7,115 12,070
Disposals 0 ( 8,128) ( 8,128)
At 31 December 2023 41,623 72,961 114,584
Net book value
At 31 December 2023 7,844 4,999 12,843
At 31 December 2022 11,288 11,114 22,402

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 107,288 88,677
Prepayments 6,214 6,785
Deferred tax asset 57,508 58,267
Corporation tax 9,541 0
Other debtors 0 13,495
180,551 167,224
Debtors: amounts falling due after more than one year
Other debtors 3,608 2,182

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 36,000 36,000
Trade creditors 37,124 5,422
Other taxation and social security 78,607 61,243
Other creditors 118,473 82,906
270,204 185,571

The bank loans shown under creditors are secured by a fixed and floating charge secured against the assets of the company.

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

2023 2022
£ £
Bank loans 69,000 102,000

The bank loans shown under creditors are secured by a fixed and floating charge over against the assets of the company.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year 58,267 ( 3,609)
(Charged)/credited to the Income Statement ( 759) 61,876
At the end of financial year 57,508 58,267

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 1,772) ( 4,000)
Tax losses carry forward 58,870 62,267
Short term timing differences 410 0
57,508 58,267

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
250 Ordinary shares of £ 1.00 each (2022: 50 shares of £ 1.00 each) 250 50
75,000 Preference shares of £ 1.00 each (2022: nil shares) 75,000 0
75,250 50

In the financial year 2023, Ordinary shares were allotted with an aggregate nominal value of £200.

In the financial year 2023, Preference shares were allotted with an aggregate nominal value of £75,000.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 19,562 48,729
between one and five years 22,822 42,384
42,384 91,113

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,640 2,698

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Owed by director 0 11,372

At the balance sheet date a director owed the company £NIL (2022 - £11,372). There were repayments totalling £11,372 during the year (2022 - £NIL). Interest is being charged on the loan at a rate of 3% per annum.

11. Ultimate controlling party

Parent Company:

Finelight Media Group Limited