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Company No: 09528511 (England and Wales)

POPCORN SHED LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

POPCORN SHED LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

POPCORN SHED LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
POPCORN SHED LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 9,747 10,856
9,747 10,856
Current assets
Stocks 194,975 125,558
Debtors 5 299,632 149,122
Cash at bank and in hand 48,203 241,124
542,810 515,804
Creditors: amounts falling due within one year 6 ( 237,636) ( 240,922)
Net current assets 305,174 274,882
Total assets less current liabilities 314,921 285,738
Creditors: amounts falling due after more than one year 7 ( 10,785) ( 21,534)
Net assets 304,136 264,204
Capital and reserves
Called-up share capital 8 30,111 30,111
Share premium account 29,989 29,989
Profit and loss account 244,036 204,104
Total shareholders' funds 304,136 264,204

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Popcorn Shed Limited (registered number: 09528511) were approved and authorised for issue by the Board of Directors on 16 July 2025. They were signed on its behalf by:

S Feller
Director
POPCORN SHED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
POPCORN SHED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Popcorn Shed Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 483 Green Lanes, London N13 4BS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant ricks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 1 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Office equipment 5 years straight line
Computer equipment 4 years straight line
Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received , are charged to profit or loss on a straight line abasis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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 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.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 6

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2024 12,886 12,886
At 31 December 2024 12,886 12,886
Accumulated amortisation
At 01 January 2024 12,886 12,886
At 31 December 2024 12,886 12,886
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2024 2,100 13,511 12,510 0 28,121
Additions 0 111 706 1,386 2,203
At 31 December 2024 2,100 13,622 13,216 1,386 30,324
Accumulated depreciation
At 01 January 2024 140 13,067 4,058 0 17,265
Charge for the financial year 420 128 2,544 220 3,312
At 31 December 2024 560 13,195 6,602 220 20,577
Net book value
At 31 December 2024 1,540 427 6,614 1,166 9,747
At 31 December 2023 1,960 444 8,452 0 10,856

5. Debtors

2024 2023
£ £
Trade debtors 261,523 126,907
Other debtors 38,109 22,215
299,632 149,122

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,231 9,600
Trade creditors 118,702 56,973
Taxation and social security 25,335 66,359
Other creditors 83,368 107,990
237,636 240,922

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 10,785 21,534

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
5,000 A ordinary shares of £ 0.01 each 50 50
5,000 B ordinary shares of £ 0.01 each 50 50
1,111 C ordinary shares of £ 0.01 each 11 11
111 111
30,000 Redeemable Preference shares of £ 1.00 each 30,000 30,000
30,111 30,111

The A, B and C Ordinary shares have a right to vote, dividends and capital on winding up or distribution.

Redeemable preference shares have full dividend rights and capital on winding up but not participate in any further profits of the company. There is no right to vote. The shares are redeemable at the option of the company with no fixed redemption date.

Note that dividends may be declared on one or more classes of shares to the exclusion of other classes and dividends of different amounts may be declared on different classes of shares.

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 1,750 15,750