REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 August 2022 to 31 October 2023 |
for |
POP SPIT LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 August 2022 to 31 October 2023 |
for |
POP SPIT LTD |
POP SPIT LTD (REGISTERED NUMBER: 13488032) |
Contents of the Financial Statements |
FOR THE PERIOD 1 AUGUST 2022 TO 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
POP SPIT LTD |
Company Information |
FOR THE PERIOD 1 AUGUST 2022 TO 31 OCTOBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
POP SPIT LTD (REGISTERED NUMBER: 13488032) |
Balance Sheet |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
POP SPIT LTD (REGISTERED NUMBER: 13488032) |
Notes to the Financial Statements |
FOR THE PERIOD 1 AUGUST 2022 TO 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Pop Spit Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.There are no significant judgements or estimates involved in the preparation of the financial statements. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over the estimated useful live of 5 yrs. |
Goodwill - 20% on straight line basis |
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. |
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
Fixtures and fittings - 20% on reducing balance |
Plant and machinery - 20% on reducing balance |
The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal. |
Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
POP SPIT LTD (REGISTERED NUMBER: 13488032) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 1 AUGUST 2022 TO 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Cash and cash equivalent |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 August 2022 |
and 31 October 2023 |
AMORTISATION |
At 1 August 2022 |
Charge for period |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 July 2022 |
POP SPIT LTD (REGISTERED NUMBER: 13488032) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 1 AUGUST 2022 TO 31 OCTOBER 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 July 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by connected companies | 18,700 | 13,700 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | RELATED PARTY DISCLOSURES |
Included in debtors, amount falling due within one year, is an amount of £18,700 (2022: £13,700) owed by the connected companies. This amount is interest free and repayable on demand. |
Included in debtors, amount falling due within one year, is an amount of £537,771 (2022: £170,541) owed by the group undertakings. This amount is interest free and repayable on demand. |
Included in creditors, amount falling due within one year, is an amount of £63,077 (2022: £Nil) owed to the group undertakings. This amount is interest free and repayable on demand. |
Included in creditors, amount falling due within one year, is an amount of £56,815 (2022: £181,000) owed to the director. This amount is interest free and repayable on demand. |
POP SPIT LTD (REGISTERED NUMBER: 13488032) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 1 AUGUST 2022 TO 31 OCTOBER 2023 |
9. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent is MADEN GROUP LTD, incorporated in England and Wales. The ultimate controlling parties are the shareholders of Maden Group Ltd by virtue of their holding in the parent company. |