REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 January 2022 to 31 March 2023 |
for |
SOCRATES TECHNOLOGY LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 January 2022 to 31 March 2023 |
for |
SOCRATES TECHNOLOGY LIMITED |
SOCRATES TECHNOLOGY LIMITED (REGISTERED NUMBER: 08193077) |
Contents of the Financial Statements |
for the Period 1 January 2022 to 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SOCRATES TECHNOLOGY LIMITED |
Company Information |
for the Period 1 January 2022 to 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SOCRATES TECHNOLOGY LIMITED (REGISTERED NUMBER: 08193077) |
Balance Sheet |
31 March 2023 |
2023 | 2021 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
SOCRATES TECHNOLOGY LIMITED (REGISTERED NUMBER: 08193077) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOCRATES TECHNOLOGY LIMITED (REGISTERED NUMBER: 08193077) |
Notes to the Financial Statements |
for the Period 1 January 2022 to 31 March 2023 |
1. | STATUTORY INFORMATION |
Socrates Technology Limited is a |
The presentation currency of the financial statements is the US Dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Socrates Technology Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Going concern |
The company is involved in a group restructure which will result in the winding up of this company. All assets and liabilities are therefore presented at their recoverable amounts. The directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2021 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
$ | $ | $ |
COST |
At 1 January 2022 | 4,583,507 |
Disposals | ( |
) | (2,734,300 | ) |
Share of profit/(loss) | (500,000 | ) | - | (500,000 | ) |
At 31 March 2023 | 1,349,207 |
NET BOOK VALUE |
At 31 March 2023 | 1,349,207 |
At 31 December 2021 | 4,583,507 |
SOCRATES TECHNOLOGY LIMITED (REGISTERED NUMBER: 08193077) |
Notes to the Financial Statements - continued |
for the Period 1 January 2022 to 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2021 |
$ | $ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2021 |
$ | $ |
Amounts owed to group undertakings |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2021 |
$ | $ |
Other creditors |
All creditors due after one year relate to preference shares treated as debt. The preference shares shall confer the right to receive, in priority to the holders of the other classes of shares, a fixed cumulative dividend at the rate of 10% per annum on the issue price of the preference shares. the dividend shall accrue on a daily basis and is payable, subject to the Companies Act 2006 ("the Act"), twice a year in arrears on 1 March and 1 September in each year. Where the dividend cannot be paid due to the provisions of the Act, the dividend shall be increased from that date until payment by an additional amount calculated at the rate of 3% per annum above the base rate of The Bank of England from time to time, compounded on 1 January and 1 June in each year on the amount unpaid. |
While there is no mandatory repayment of the preference shares, they have been classified as debt in accordance with the substance of the agreement. |
8. | POST BALANCE SHEET EVENTS |
In June 2023 Socrates Technology Limited sold its shares to in Firefly US Holdings Inc. USA, an associate undertaking, for cash of $500,000. |
This consideration has been recognised in this reporting year resulting in a loss of $2,734,300. |
The $500,000 has been set against the Accrued Preference Shares as directed by Director. |