REGISTERED NUMBER: |
Financial Statements for the Period 1 July 2023 to 31 December 2023 |
for |
Pop Mart Uk Corporation Ltd |
REGISTERED NUMBER: |
Financial Statements for the Period 1 July 2023 to 31 December 2023 |
for |
Pop Mart Uk Corporation Ltd |
Pop Mart Uk Corporation Ltd (Registered number: 12692021) |
Contents of the Financial Statements |
for the Period 1 July 2023 to 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Pop Mart Uk Corporation Ltd |
Company Information |
for the Period 1 July 2023 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
Pop Mart Uk Corporation Ltd (Registered number: 12692021) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pop Mart Uk Corporation Ltd (Registered number: 12692021) |
Notes to the Financial Statements |
for the Period 1 July 2023 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Pop Mart Uk Corporation Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The company had net current assets of £119K and net assets of £550K including a cash reserve of £282K at the balance sheet date to support its working capital requirements. Based on these, the Director has concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing the financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Intangible assets |
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. |
Tangible fixed assets |
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Cost includes expenses directly attributable to bringing the asset to its location and condition so that it is capable of operating as intended by management. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Plant and Machinery - 4 years straight line |
Fixtures and Fittings - 10 years straight line |
Computer Equipment - 3 years straight line |
Assets under development are stated at cost. These assets are not depreciated until it is available for use and are reviewed for impairment at each reporting date. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items. |
Pop Mart Uk Corporation Ltd (Registered number: 12692021) |
Notes to the Financial Statements - continued |
for the Period 1 July 2023 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other receivables and 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other payables, and loans from group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest method. |
Share capital |
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. |
The company's ordinary shares are classified as equity instruments. |
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 statement of financial position date. |
Pop Mart Uk Corporation Ltd (Registered number: 12692021) |
Notes to the Financial Statements - continued |
for the Period 1 July 2023 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Operating 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 July 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2023 |
Pop Mart Uk Corporation Ltd (Registered number: 12692021) |
Notes to the Financial Statements - continued |
for the Period 1 July 2023 to 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 July 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2023 |
Plant and machinery includes assets under development of £60,443.12. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Pop Mart Uk Corporation Ltd (Registered number: 12692021) |
Notes to the Financial Statements - continued |
for the Period 1 July 2023 to 31 December 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for opinion |
The company did not conduct a physical stock count at the year-end date of 31 December 2023, and we were unable to perform alternative audit procedures to verify the existence and valuation of inventory, which is recorded in the financial statements at £959,364. As a result, we were unable to determine whether any adjustments might be necessary in respect of inventory, cost of goods sold, and the related impact on the financial position and performance of the company. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial | statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant | to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical | responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and | appropriate to provide a basis for our qualified opinion. |
for and on behalf of |
9. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Pop Mart UK Limited, a company registered in the UK and the intermediate parent company is Pop Mart International Group Limited, a company registered in Cayman Islands. |
The ultimate controlling party is Mr Ning Wang. |