Registration number:
Social Allies Limited
for the Period from 27 June 2019 to 30 June 2020
Social Allies Limited
Contents
Company Information |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
Social Allies Limited
Company Information
Directors |
Mr M J Leader Miss J Tucker |
Registered office |
|
Social Allies Limited
(Registration number: 12073473)
Balance Sheet as at 30 June 2020
Note |
2020 |
|
Fixed assets |
||
Tangible assets |
|
|
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
Creditors: Amounts falling due after more than one year |
( |
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up and fully paid share capital |
|
|
Profit and loss account |
( |
|
Total equity |
( |
For the financial period ending 30 June 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the profit and loss account has been taken.
Approved and authorised by the
......................................... |
Social Allies Limited
Statement of Changes in Equity for the Period from 27 June 2019 to 30 June 2020
Share capital |
Profit and loss account |
Total |
|
Total comprehensive income |
- |
( |
( |
New share capital subscribed |
|
- |
|
At 30 June 2020 |
|
( |
( |
Social Allies Limited
Notes to the Unaudited Financial Statements for the Period from 27 June 2019 to 30 June 2020
General information |
The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Going concern
The financial statements of the company have been prepared on a going concern basis, considering the impact that Covid-19 (coronavirus) has had on the performance of the business.
The company furloughed staff and deferred VAT and PAYE payments. The company also received a loan under the Bounce Back Loan Scheme (BBLS) to ensure it had sufficent funds to cover any short term impact from the pandemic.
The full lockdown measures had an impact on new business wins, but the acceleration of online business has meant that social media management is more important than ever, and the business is extremely well placed to deliver future growth.
The directors confirm that the company will be funded going foward and that a going concern basis is suitable for the preparation of the accounts with the support of its parent company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and is recognised when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.
Government grants
Government grants in relation to revenue expenditure that has already been incurred for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which they become receivable.
Tax
Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Social Allies Limited
Notes to the Unaudited Financial Statements for the Period from 27 June 2019 to 30 June 2020
2 |
Accounting policies (continued) |
Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
4 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to profit or loss over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Social Allies Limited
Notes to the Unaudited Financial Statements for the Period from 27 June 2019 to 30 June 2020
2 |
Accounting policies (continued) |
Share capital
Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) in the period, was
Social Allies Limited
Notes to the Unaudited Financial Statements for the Period from 27 June 2019 to 30 June 2020
Tangible assets |
Office equipment |
Other property, plant and equipment |
Total |
|
Cost |
|||
Additions |
|
|
|
At 30 June 2020 |
|
|
|
Depreciation |
|||
Charge for the period |
|
|
|
At 30 June 2020 |
|
|
|
Carrying amount |
|||
At 30 June 2020 |
|
|
|
Debtors |
2020 |
|
Trade debtors |
|
Prepayments |
220 |
|
Creditors |
2020 |
|
Due within one year |
|
Trade creditors |
|
Amounts owed to group undertakings |
|
Taxation and social security |
|
Accrued expenses |
1,169 |
|
|
Due after one year |
|
Loans and borrowings |
|
Social Allies Limited
Notes to the Unaudited Financial Statements for the Period from 27 June 2019 to 30 June 2020
Loans and borrowings |
2020 |
|
Non-current loans and borrowings |
|
Bank borrowings |
|
Other borrowings |
|
|
Related party transactions |
Transactions with related parties
Northern Stable Limited
(Parent company)
As at the balance sheet date, the company owed to Northern Stable Limited £246.
The loan is interest free and repayable on demand.
Saoirse Capital Limited
(Ultimate parent company)
As at the balance sheet date, the company owed to Saoirse Capital Limited £5.
Interest is charged at a rate of 12% on the loan.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling party is