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Registered number: 08990937
Social Secret Ltd.
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08990937
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 22,606 10,916
22,606 10,916
CURRENT ASSETS
Debtors 5 97,299 73,766
Cash at bank and in hand 84,232 32,470
181,531 106,236
Creditors: Amounts Falling Due Within One Year 6 (126,472 ) (65,005 )
NET CURRENT ASSETS (LIABILITIES) 55,059 41,231
TOTAL ASSETS LESS CURRENT LIABILITIES 77,665 52,147
Creditors: Amounts Falling Due After More Than One Year 7 (15,000 ) (25,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,651 ) (2,729 )
NET ASSETS 57,014 24,418
CAPITAL AND RESERVES
Called up share capital 8 55 55
Capital redemption reserve 45 45
Profit and Loss Account 56,914 24,318
SHAREHOLDERS' FUNDS 57,014 24,418
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Hannah Hales
Director
6 January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Social Secret Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 08990937 . The registered office is Unit D4, Platinum Jubilee Business Park, Hopclover Way, Ringwood, Hampshire, BH24 3FW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These financial statements are presented in pound sterling which is the functional currency of the company.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% straight line
2.4. Financial Instruments
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially measured at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
Page 3
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 4)
6 4
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 15,614 6,309 21,923
Additions 15,262 883 16,145
As at 30 April 2024 30,876 7,192 38,068
Depreciation
As at 1 May 2023 6,939 4,068 11,007
Provided during the period 3,067 1,388 4,455
As at 30 April 2024 10,006 5,456 15,462
Net Book Value
As at 30 April 2024 20,870 1,736 22,606
As at 1 May 2023 8,675 2,241 10,916
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 90,065 73,091
Prepayments and accrued income 3,041 675
Other debtors 4,193 -
97,299 73,766
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Page 5
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,528 4,753
Bank loans and overdrafts 10,000 10,000
Other taxes and social security 54,398 46,090
Other creditors 804 587
Accruals and deferred income 55,742 3,575
126,472 65,005
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 15,000 25,000
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 55 55
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 15,537 -
Later than one year and not later than five years 16,832 -
32,369 -
10. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £546 (2023 - £273) were due to the fund. They are included in Other Creditors.
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