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REGISTERED NUMBER: 13386956 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

THE SOCIAL COMMERCE PLATFORM LTD

THE SOCIAL COMMERCE PLATFORM LTD (REGISTERED NUMBER: 13386956)

Contents of the Financial Statements
for the year ended 31 May 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


THE SOCIAL COMMERCE PLATFORM LTD

Company Information
for the year ended 31 May 2024







Directors: Ms G Aubrey
Ms A Aubrey
K P Oqvist
F Pereira





Registered office: PO Box 5TH FLOOR, Bizspace,
Trafalger House,
Fitzalan Place,
Cardiff,
CF24 0ED





Registered number: 13386956 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY

THE SOCIAL COMMERCE PLATFORM LTD (REGISTERED NUMBER: 13386956)

Statement of Financial Position
31 May 2024

2024 2023
Notes £ £ £
Fixed assets
Intangible assets 4 1,755 -
Tangible assets 5 7,193 4,297
8,948 4,297

Current assets
Debtors 6 343,296 288,377
Cash at bank 2,757,531 356,638
3,100,827 645,015
Creditors
Amounts falling due within one year 7 518,228 507,149
Net current assets 2,582,599 137,866
Total assets less current liabilities 2,591,547 142,163

Creditors
Amounts falling due after more than one
year

8

-

150,000
Net assets/(liabilities) 2,591,547 (7,837 )

Capital and reserves
Called up share capital 9 1 1
Share premium 4,914,065 1,461,578
Other reserves 55,480 182,295
Retained earnings (2,377,999 ) (1,651,711 )
Shareholders' funds 2,591,547 (7,837 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2025 and were signed on its behalf by:




F Pereira - Director


THE SOCIAL COMMERCE PLATFORM LTD (REGISTERED NUMBER: 13386956)

Notes to the Financial Statements
for the year ended 31 May 2024


1. Statutory information

THE SOCIAL COMMERCE PLATFORM LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

Share-based payments as set out in the notes to the accounts have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated with the use of a Black-scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input into the model.

There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

THE SOCIAL COMMERCE PLATFORM LTD (REGISTERED NUMBER: 13386956)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises of current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The financial statements have been prepared on the concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

Share-based payments
The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.

3. Employees and directors

The average number of employees during the year was 16 (2023 - 18 ) .

THE SOCIAL COMMERCE PLATFORM LTD (REGISTERED NUMBER: 13386956)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


4. Intangible fixed assets
Patents and
licences
£
Cost
Additions 1,800
At 31 May 2024 1,800
Amortisation
Amortisation for year 45
At 31 May 2024 45
Net book value
At 31 May 2024 1,755

5. Tangible fixed assets
Computer
equipment
£
Cost
At 1 June 2023 10,893
Additions 9,725
Disposals (5,914 )
At 31 May 2024 14,704
Depreciation
At 1 June 2023 6,596
Charge for year 6,829
Eliminated on disposal (5,914 )
At 31 May 2024 7,511
Net book value
At 31 May 2024 7,193
At 31 May 2023 4,297

6. Debtors: amounts falling due within one year
2024 2023
£ £
Other debtors 343,296 288,377

7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 365,329 293,793
Taxation and social security 58,735 49,171
Other creditors 94,164 164,185
518,228 507,149

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors - 150,000

THE SOCIAL COMMERCE PLATFORM LTD (REGISTERED NUMBER: 13386956)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
12,128,888 Ordinary 0.0000001 1 1
3,071,103 Preferred ordinary 0.0000001 - -
1 1

315,357 Ordinary shares of £0.0000001 each were alloted as fully paid at a premium of £1.2499999 per share during the year.

608,948 Ordinary shares of £0.0000001 each were alloted as fully paid at a premium of £0.8986999 per share during the year.

3,071,103 Preferred ordinary shares of £0.0000001 each were alloted as fully paid at a premium of £0.8986999 per share during the year.

10. Other financial commitments

Future payments under non-cancellable operating lease agreements fall due as follows:

Within 1 year: £4,291 (2023: £12,874)
Between 2 and 5 years: £Nil (2023: £4,291)

11. Related party disclosures

During the year the director loaned the company £nil (2023: £46,694) and the company repaid the director £159,994 (2023: £103,805). At the date of the financial statements the company owed the director £49,926 (2023: £209,920). All loans are unsecured and interest free.

12. Share-based payment transactions

The company operates an EMI qualifying share option scheme and during the year the company granted 0 (2023: 0) EMI qualifying share options to employees at an average weighted exercise price of £nil per share (2023: £125). During the year 0 share options vested (2023: 2,120), 0 lapsed (2023: 0) and 0 options were exercised (2023: 0). At the statement of financial position date, 2,120 vested share options remained exercisable (2023: 2,120) and 0 options had yet to vest (2023: 0 ). An amount of £nil has been charged to the income statement in respect of the EMI qualifying share options (2023: £28,041).

The share options fully vested on the 6 month anniversary of the grant date and are exercisable over the ordinary share capital of the company.