REGISTERED NUMBER: 13472362 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Homary Service (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

W Tang

REGISTERED OFFICE:

Unit 2 Kingsbury Business Park

Kingsbury Road

Minworth

Sutton Coldfield

B76 9DL

REGISTERED NUMBER:

13472362 (England and Wales)

ACCOUNTANTS:

Wilson & Co

Chartered Certified Accountants

3rd Floor

9 St. Clare Street

London

EC3N 1LQ

FIXED ASSETS

Owned

Tangible assets

4

11,061

21,442

Right-of-use

Tangible assets

4, 8

447,859

-

458,920

21,442

CURRENT ASSETS

Debtors

5

1,067,227

329,813

Cash at bank

343,638

222,478

1,410,865

552,291

CREDITORS

Amounts falling due within one year

6

1,781,530

569,310

NET CURRENT LIABILITIES

(370,665

)

(17,019

)

TOTAL ASSETS LESS CURRENT LIABILITIES

88,255

4,423

CREDITORS

Amounts falling due after more than one year

7

81,025

-

NET ASSETS

7,230

4,423

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7,130

4,323

7,230

4,423

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2025 and were signed by:

W Tang - Director

1.	STATUTORY INFORMATION

Homary Service (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Board has considered the amendments to FRS 102 issued by the Financial Reporting Council in December 2024 following its Periodic Review. These amendments, which are effective for periods beginning on or after 1 January 2026, significantly revise Section 20 'Leases' and Section 23 'Revenue' to bring them broadly into alignment with IFRS 16 and IFRS 15 respectively.

The Board confirms that it has exercised its discretion to early adopt these amendments for the financial year ended 31 December 2024. This decision was made on the basis of which early application provides financial statements that more truly and fairly represent the Company's operations, enhances comparability with international reporting standards applied at group level, and ensures greater transparency for stakeholders.

The director acknowledges that early adoption is permitted but not required under the FRC's guidance, and confirms that this decision was made following due consideration of the costs and benefits of implementation, with the support of management.

The Company has applied the early adoption of the revised Sections 20 'Leases' and 23 'Revenue' of FRS 102 using the modified retrospective method. Under this approach, prior year comparatives have not been restated. Instead, the cumulative effect of initially applying the revised standards has been recognised as an adjustment to opening retained earnings at 1 January 2024. The amendments are applied retrospectively only to contracts that were not completed at the date of initial application. In accordance with the revised Section 23, management has also applied available practical expedients consistently and has disclosed the qualitative assessment of their effect.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from contracts with customers

The revised Section 23 of FRS 102 replaces the previous risks-and-rewards model with a comprehensive framework based on the five-step revenue recognition model aligned with IFRS 15 Revenue from Contracts with Customers. The five-step model involves:

1. Identification of the contracts with a customer through enforceable rights and obligations.

2. Identification of the performance obligations. For each distinctive good/service promised in a contract being treated as a separate performance obligation.

3. Determination of transaction price as the amount of consideration expected to be received including estimates of variable consideration.

4. Allocation of the transaction price to the performance obligations based on the relative stand-alone selling prices.

5. Revenue recognition conditional upon performance obligation being satisfied which may be over time or at a point in time depending on exchange of control of the goods or services to the customer.

If a contract includes variable considerations in the forms of performance bonuses, rebates and price concessions, revenue will be estimated only to the extent of which it is being highly probable that a significant reversal will not occur.

Contract balances in the form of contract assets represents an entitled right to consideration for goods or services transferred to customers that is not yet conditional. Contract balances in the form of contract liabilities represents an enforceable obligation to transfer goods or services to a customer for which consideration has been received in advance.

Revenue is recognised to depict the transfer of goods or services to customers in an amount that reflects the consideration expected to be received. Revenue is recognised either over time or at a point in time, depending on when control of the promised goods or services passes to the customer. Variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal will not occur.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on cost

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, loans to related companies 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 bank, director and related companies, are initially recognized 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.

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.

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.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

The lessee shall recognise a lease liability (initial recognition) at the date of initial application at the present value of the remaining lease payments, discounted using:

(a) the lessee's incremental borrowing rate or

(b) the lessee's obtainable borrowing rate.

The incremental borrowing rate at which the lessee applies for initial recognition is approximated using the 4.20% loan prime rate (LPR) set by China's central bank. The right-of-use assets per initial recognition will be amortised on a straight-line basis throughout the remaining lease term. The amortised cost method is in accordance with FRS 102 Section 11 Basic Financial Instruments, subject to the effective interest rate applied to the remaining of the lease term.

Short-term leases (12 months or less) and leases of low-value assets are exempted from recognition of right-of-use assets and lease liabilities, with payments recognised as an expense on a straight-line basis.

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 year was 6 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

-

38,359

38,359

Additions

835,782

1,250

837,032

At 31 December 2024

835,782

39,609

875,391

DEPRECIATION

At 1 January 2024

-

16,917

16,917

Charge for year

387,923

11,631

399,554

At 31 December 2024

387,923

28,548

416,471

NET BOOK VALUE

At 31 December 2024

447,859

11,061

458,920

At 31 December 2023

-

21,442

21,442

The addition and depreciation of land and buildings relates to recognition of right-of-use assets recognised through early adoption of amended FRS102 Section 20 to align with IFRS 16.

5.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Trade debtors

788,619

27,456

Other debtors

158,381

203,961

947,000

231,417

Amounts falling due after more than one year:

Other debtors

120,227

98,396

Aggregate amounts

1,067,227

329,813

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Leases (see note 8)

342,454

-

Payments on account

22,891

-

Taxation and social security

62,796

58,272

Other creditors

1,353,389

511,038

1,781,530

569,310

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Leases (see note 8)

81,025

-

8.

LEASING

Right-of-use assets

Tangible fixed assets

31.12.24

31.12.23

£

£

COST

Additions

835,782

-

DEPRECIATION

Charge for year

387,923

-

NET BOOK VALUE

447,859

-

Lease liabilities

Minimum lease payments fall due as follows:

31.12.24

31.12.23

£

£

Gross obligations repayable:

Within one year

352,881

-

Between one and five years

81,878

-

434,759

-

Finance charges repayable:

Within one year

10,427

-

Between one and five years

853

-

11,280

-

Net obligations repayable:

Within one year

342,454

-

Between one and five years

81,025

-

423,479

-

9.	RELATED PARTY DISCLOSURES

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.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is not known.

Popicorns E-Commerce Co., Ltd, registered in Hong Kong, is the immediate parent undertaking and the smallest group to consolidate these financial statements.