Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 9,747 | 10,856 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 542,810 | 515,804 | |||
| Creditors: amounts falling due within one year | 6 | (
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| 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 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Share premium account |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Popcorn Shed Limited (registered number:
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S Feller
Director |
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.
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 £.
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.
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.
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.
| Other intangible assets |
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| Leasehold improvements |
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| Plant and machinery |
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| Office equipment |
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| Computer equipment |
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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.
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
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.
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.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated amortisation | |||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 |
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| At 31 December 2023 |
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| Leasehold improve- ments |
Plant and machinery | Office equipment | Computer equipment | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 January 2024 |
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| Additions |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||||||||
| At 31 December 2024 |
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| At 31 December 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 111 | 111 | ||
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| 30,111 | 30,111 |
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.
Commitments
Capital commitments are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Contracted for but not provided for: | |||
| Other | 1,750 | 15,750 |