| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| FOR |
| ME&U UK TRADING LTD |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| FOR |
| ME&U UK TRADING LTD |
| ME&U UK TRADING LTD (REGISTERED NUMBER: 13055559) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| ME&U UK TRADING LTD |
| COMPANY INFORMATION |
| for the Year Ended 31 December 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Herschel House |
| 58 Herschel Street |
| Slough |
| Berkshire |
| SL1 1PG |
| ME&U UK TRADING LTD (REGISTERED NUMBER: 13055559) |
| BALANCE SHEET |
| 31 December 2023 |
| 31.12.23 | 31.12.22 |
| as restated |
| (Unaudited) |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves | 8 |
| Retained earnings | 8 | ( |
) | (4,187,820 | ) |
| ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ME&U UK TRADING LTD (REGISTERED NUMBER: 13055559) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| ME&U UK Trading Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis as Mr Yum Holdings Pty Ltd, the Parent Company, will continue to support the Company as required for a minimum of 12 months and 1 day from the date of the signing of the Audit Report. |
| 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 represents revenue from contracts with customers and transaction fees. All turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Contract revenue is recognised at the point in time that performance obligations have been met and transaction fees are recognised at the point in time that the service is delivered. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
| Financial instruments |
| Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The Company does not have any Other Financial Instruments as covered by Section 12 of FRS102. |
| Taxation |
| Taxation for the year 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. |
| ME&U UK TRADING LTD (REGISTERED NUMBER: 13055559) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 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 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 year 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and 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. |
| Share based payments |
| Equity-settled share-based compensation benefits are provided to employees. |
| Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for services. |
| The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. |
| The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. |
| The share based payment expense is recognised on a reasonable allocation of the group expense. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ME&U UK TRADING LTD (REGISTERED NUMBER: 13055559) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2023 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2023 |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2023 |
| DEPRECIATION |
| At 1 January 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| as restated |
| (Unaudited) |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| as restated |
| (Unaudited) |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors & accruals |
| ME&U UK TRADING LTD (REGISTERED NUMBER: 13055559) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2023 |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.12.23 | 31.12.22 |
| as restated |
| (Unaudited) |
| £ | £ |
| Within one year |
| Between one and five years |
| 8. | RESERVES |
| Retained | Other |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 January 2023 | ( |
) | ( |
) |
| Prior year adjustment |
| ( |
) | (4,169,979 | ) |
| Deficit for the year | ( |
) | ( |
) |
| Share option charge | - | 117,262 | 117,262 |
| Forfeited share options | 1,725 | (1,725 | ) | - |
| At 31 December 2023 | ( |
) | (6,223,336 | ) |
| Other reserves relate entirely to share based payment transactions. |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| As stated above, the Report of the Auditors was unqualified. It did however contain the following modification:- |
| "Other matters which we are required to address |
| The financial statements for the previous accounting period were not audited and accordingly we do not express an opinion on them." |
| We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
| "Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed." |
| ME&U UK TRADING LTD (REGISTERED NUMBER: 13055559) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2023 |
| 10. | SHARE-BASED PAYMENT TRANSACTIONS |
| The company has an employee share option plan ('ESOP'), approved by the shareholders, that enabled the Board to grant options to eligible participants. Vesting of any options is subject to the satisfaction of vesting conditions as determined by the Board. |
| Set out below are summaries of options granted under the plan: |
| Number of Options | Weighted average exercise price (AUS$ | ) |
| Outstanding at 1 January 2023 | 33,500 | 0.07117 |
| Granted during the period | 68,944 | 0.00001 |
| Forfeited during the period | (1,988 | ) | 0.00001 |
| Outstanding at 31 December 2023 | 100,456 | 0.02374 |
| Exercisable at 31 December 2023 | 25,865 | 0.04520 |
| The fair values of options granted were determined using a Black Scholes model that takes into account factors specific to the share incentive plans, such as the vesting period. |
| In total, £117,262 (2022: £11,701) of employee remuneration expense (all of which related to equity-settled share-based payment transactions) has been included in profit and loss and credited to to share option reserve. |
| 11. | ULTIMATE CONTROLLING PARTY |
| There is no ultimate controlling party. |
| The ultimate parent undertaking is Mr Yum Holdings Pty Ltd, a company incorporated in Australia. The registered office address is Level 4, 108-112 Langridge Sr, Collingwood, VIC 3066. |
| The largest entity preparing consolidated financial statements is Mr Yum Holdings Pty Ltd. Consolidated accounts are not publicly available. |