Caseware UK (AP4) 2022.0.179 2022.0.179 2023-11-302023-11-30truePopcorn SalesThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.32022-12-01false1false 10231003 2022-12-01 2023-11-30 10231003 2021-12-01 2022-11-30 10231003 2023-11-30 10231003 2022-11-30 10231003 c:Director2 2022-12-01 2023-11-30 10231003 d:PlantMachinery 2022-12-01 2023-11-30 10231003 d:PlantMachinery 2023-11-30 10231003 d:PlantMachinery 2022-11-30 10231003 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 10231003 d:FurnitureFittings 2022-12-01 2023-11-30 10231003 d:FurnitureFittings 2023-11-30 10231003 d:FurnitureFittings 2022-11-30 10231003 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 10231003 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 10231003 d:Goodwill 2023-11-30 10231003 d:Goodwill 2022-11-30 10231003 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-11-30 10231003 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-11-30 10231003 d:ComputerSoftware 2023-11-30 10231003 d:ComputerSoftware 2022-11-30 10231003 d:CurrentFinancialInstruments 2023-11-30 10231003 d:CurrentFinancialInstruments 2022-11-30 10231003 d:Non-currentFinancialInstruments 2023-11-30 10231003 d:Non-currentFinancialInstruments 2022-11-30 10231003 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 10231003 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 10231003 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 10231003 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 10231003 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 10231003 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 10231003 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 10231003 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 10231003 d:ShareCapital 2023-11-30 10231003 d:ShareCapital 2022-11-30 10231003 d:RetainedEarningsAccumulatedLosses 2023-11-30 10231003 d:RetainedEarningsAccumulatedLosses 2022-11-30 10231003 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 10231003 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 10231003 d:TaxLossesCarry-forwardsDeferredTax 2023-11-30 10231003 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 10231003 c:OrdinaryShareClass1 2022-12-01 2023-11-30 10231003 c:OrdinaryShareClass1 2023-11-30 10231003 c:OrdinaryShareClass1 2022-11-30 10231003 c:OrdinaryShareClass2 2022-12-01 2023-11-30 10231003 c:OrdinaryShareClass2 2023-11-30 10231003 c:OrdinaryShareClass2 2022-11-30 10231003 c:FRS102 2022-12-01 2023-11-30 10231003 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 10231003 c:FullAccounts 2022-12-01 2023-11-30 10231003 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 10231003 d:Goodwill d:OwnedIntangibleAssets 2022-12-01 2023-11-30 10231003 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-12-01 2023-11-30 10231003 d:ComputerSoftware d:OwnedIntangibleAssets 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10231003










POPCORN KITCHEN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
POPCORN KITCHEN LIMITED
REGISTERED NUMBER:10231003

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
13,438
18,828

Tangible assets
 6 
19,420
20,278

  
32,858
39,106

Current assets
  

Stocks
  
90,144
58,444

Debtors: amounts falling due within one year
 8 
75,492
91,149

Cash at bank and in hand
 9 
59,953
67,063

  
225,589
216,656

Creditors: amounts falling due within one year
 10 
(112,139)
(119,838)

Net current assets
  
 
 
113,450
 
 
96,818

Total assets less current liabilities
  
146,308
135,924

Creditors: amounts falling due after more than one year
 11 
(27,341)
(37,694)

Provisions for liabilities
  

Deferred tax
  
(4,855)
(5,312)

  
 
 
(4,855)
 
 
(5,312)

Net assets
  
114,112
92,918


Capital and reserves
  

Called up share capital 
  
20
20

Profit and loss account
  
114,092
92,898

  
114,112
92,918


Page 1

 
POPCORN KITCHEN LIMITED
REGISTERED NUMBER:10231003
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Louise Monk
Director

Date: 21 March 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
POPCORN KITCHEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Popcorn Kitchen Limited, 10231003, is a private company limited by shares, incorporated in England and Wales, with its registered office at 10 St Giles Business Park, Newtown, Powys, SY16 3AJ. The Company's principal place of business is 2 The Pyghtle, Olney, Buckinghamshire, MK46 5PS.
The principal activity continues to be popcorn sales.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

Page 3

 
POPCORN KITCHEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
POPCORN KITCHEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.8

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Goodwill - 10 years
Trademarks - 10 years
Website - 3 years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Fixtures and fittings
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
POPCORN KITCHEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 6

 
POPCORN KITCHEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 3).


5.


Intangible assets




Trademarks
Website
Goodwill
Total

£
£
£
£



Cost


At 1 December 2022
640
8,696
43,302
52,638



At 30 November 2023

640
8,696
43,302
52,638



Amortisation


At 1 December 2022
128
7,702
25,980
33,810


Charge for the year on owned assets
64
994
4,332
5,390



At 30 November 2023

192
8,696
30,312
39,200



Net book value



At 30 November 2023
448
-
12,990
13,438



At 30 November 2022
512
994
17,322
18,828



Page 7

 
POPCORN KITCHEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 December 2022
33,714
9,268
42,982


Additions
8,467
-
8,467



At 30 November 2023

42,181
9,268
51,449



Depreciation


At 1 December 2022
16,461
6,243
22,704


Charge for the year on owned assets
6,884
2,441
9,325



At 30 November 2023

23,345
8,684
32,029



Net book value



At 30 November 2023
18,836
584
19,420



At 30 November 2022
17,253
3,025
20,278


7.


Stocks

2023
2022
£
£

Finished goods
21,580
21,700

Packaging
68,564
36,744

90,144
58,444


Page 8

 
POPCORN KITCHEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
68,290
87,038

Other debtors
7,202
4,111

75,492
91,149



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
59,953
67,063

59,953
67,063


Page 9

 
POPCORN KITCHEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
7,800
7,800

Other loans
3,909
-

Trade creditors
52,107
74,122

Other taxation and social security
24,932
24,873

Other creditors
6,456
11,358

Accruals and deferred income
16,935
1,685

112,139
119,838


The amount of £7,800 (2022: £7,800) included in creditors due within one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.

The following liabilities were secured:

2023
2022
£
£



Other creditors
535
-

535
-

Details of security provided:

The above balance which is included in other creditors is secured against the assets of the company.

Page 10

 
POPCORN KITCHEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
11,705
19,547

Trade creditors
-
2,511

Other creditors
15,636
15,636

27,341
37,694


The amount of £11,705 (2022: £19,547) included in creditors due after one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender.


12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
7,800
7,800

Other loans
3,909
-


11,709
7,800

Amounts falling due 1-2 years

Bank loans
7,800
7,800


7,800
7,800

Amounts falling due 2-5 years

Bank loans
3,905
11,747


3,905
11,747


23,414
27,347


Page 11

 
POPCORN KITCHEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Deferred taxation




2023


£






At beginning of year
5,312


Charged to profit or loss
(457)



At end of year
4,855

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
4,855
5,318

Short term timing differences
-
(6)

4,855
5,312


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £0.01 each
10
10
1,000 (2022 - 1,000) Ordinary B shares of £0.01 each
10
10

20

20



15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £23 (2022: £70). Contributions totalling £nil (2022: £23) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 12