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Registered number: 08517371 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The board of directors of Pinterest UK Ltd (the "Company") present their Strategic Report for the year ended 31 December 2024.
The Company and its affiliates' ultimate holding company is Pinterest, Inc. (the "Pinterest Group"). The Pinterest Group is committed to bringing inspirational content to its users through visual and tailored recommendations. The principal activity of the Company during the financial year was the provision of marketing sales support services to its affiliates, including the sole member of the Company during the financial year, Pinterest Europe Limited.
The Company's profit for the year, after taxation, amounted to £2,035,366 (2023 - £972,908). The Company’s headcount was stable moving from 78 in 2023 to 74 in 2024. No dividends were declared, paid or payable during the reporting period (2023: £Nil). These and other key financial metrics of the Company are set out in greater detail on pages 11-14 of these annual accounts and, when combined with the performance of the Pinterest Group as a whole, represent key performance indicators of the Company (including but not limited to turnover, gross profit, operating profit, and other financial metrics). Future developments The Company continues to ramp investments in long-term initiatives and growth drivers in 2025 and beyond. The Company’s key strategic priorities are anchored in refining our inspired content offering, building an inspired shopping experience, improving Pinterest user experience, and expanding our advertiser solutions. These investments will support long-term growth and continue to build the foundations for a scaled business over time.
Due to the nature of the Company's support activities to the Pinterest Group, the Company’s principal risks and uncertainties are inextricably linked to, and integrated with, the principal risks of Pinterest, Inc. The principal risks and uncertainties of Pinterest, Inc. are discussed in the “Risk Factors” section of Pinterest, Inc.'s 2024 annual report (i.e., its U.S. Securities and Exchange Commission Form 10-K). These include, for example, credit risk, currency risk, economic risk, etc.
The Company considers its key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover (increase of £2,104,754), operating profit (increase of £56,109) and profit before taxation (increase of £45,640) as set out in the profit and loss account.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors who served during the year have acted in good faith to promote the long-term interest of the Company. The directors have considered the interest of the Company's employees, the consequences of any long-term decision made and the maintaining of business relationships with users, suppliers and the community while undertaking their activities during the year. In doing this the directors have had regard to the matters set out in sections 172(1) (a-f) of the Companies Act 2006.
Each day, we work to deliver inspiration while upholding high ethical and responsible standards. This commitment is embodied in our Code of Business Conduct & Ethics, Supplier Code of Conduct, our robust compliance policies and program as well as our dedication to human rights. These codes of conduct are maintained and publicly available on the Ultimate Parent's investor relations website (accessible via https://investor.pinterestinc .com/governance /governance-documents /default.aspx ). The following paragraphs describe how the directors fulfill their duties: Long term decision making The Company is run for the benefit of its sole shareholder, Pinterest Europe Limited (the “Parent”). The Company and parent form part of the Pinterest group of companies (the "Pinterest Group") of which the ultimate parent entity of the Company and the parent is Pinterest, Inc. ("Ultimate Parent"). The directors of the Company continued to focus on the long-term growth and sustainability of Pinterest UK Ltd. The Company maintained its position as a key market for Pinterest’s global operations, supporting both local and international business objectives. The directors regularly reviewed the company’s financial performance, strategic investments, and operational risks to ensure the business remains resilient and well-positioned for future growth. Interests of our stakeholders Employees People are the driving force behind the Company. We are dedicated to ensuring that our global team is heard, valued and supported. Across our global workplaces, we aim to: provide competitive and equitable pay, provide extensive mental health support, prioritize inclusion and belonging, and deliver benefits for real world needs, including a flexible work model. Hearing general feedback from our employees is essential. Through ongoing Employee Voice Surveys, we prioritize two-way communication and gauge overall sentiment of employees. In addition to regular Pinterest Group wide meetings, each year we host Pinterest Group wide global events, including Pin Con and Makeathon, to enliven our commitment to inspiration. We seek inclusion and belonging at the highest levels in our organization, beginning with our ultimate parent’s board of directors, who have a broad range of occupational and personal backgrounds, knowledge, skills, qualifications and viewpoints. Our ultimate parent’s Talent Development and Compensation Committee is responsible for actively monitoring our inclusion and belonging initiatives that apply across the Pinterest Group. Pinterest aspires to foster a work environment that is free of discrimination, harassment, mistreatment and retaliation. Pinterest’s global Code of Business Conduct & Ethics applies to all Pinterest employees, officers, board members, contingent workers, consultants, and anyone who works on behalf of Pinterest around the world. It describes Pinterest’s commitment to creating a positive, welcoming, and inspiring place on the internet, and Pinterest’s expectations with respect to compliance with applicable law, anti-bribery, data privacy and workplace privacy, harassment and discrimination, workplace safety, and more.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
We aim to create a culture in which our employees feel comfortable coming forward to report concerns. We maintain various channels for submitting complaints, comments and reports of misconduct, listed in our Code of Business Conduct and Ethics. In addition to our Compliance team, People Care team, human resource business partners, and the Legal team, Pinterest’s online portal and telephone hotline are available to our employees and partners 24/7 with the option to remain anonymous.
Suppliers We partner with suppliers who embody the same values and are committed to operating lawfully, ethically, and responsibly. The Company adheres to the Pinterest Group’s Code of Business Conduct & Ethics. Similar expectations for Pinterest’s suppliers are set out in the Pinterest Group’s Supplier Code of Conduct, which is available in multiple languages, and establishes expectations for suppliers working with Pinterest. We ask suppliers to acknowledge this Supplier Code of Conduct as part of our due diligence and onboarding process. Failure to meet expectations outlined in the Supplier Code of Conduct may impact suppliers’ current or future work with Pinterest. As detailed in Pinterest's Supplier Code of Conduct, partners can use multiple channels to raise complaints, provide feedback, or report suspected misconduct. The online portal and telephone hotline operate 24/7 and support anonymous reporting. Upholding human rights for all is foundational to the Company and the Pinterest Group to building a sustainable and thriving business. We have released a Human Rights Statement detailing our commitment, relevant policies and grievance mechanisms across our value chain. Additionally, our Modern Slavery Act Transparency Statement describes our policies and practices with respect to combating slavery and human trafficking on our platform and in our business operations and supply chains. Customers Due to the nature of the Company's marketing support sales services to the Pinterest Group, the Company does not have direct third party customer contact but instead seeks to support the Pinterest Group in its customer engagement activities to ensure that Pinterest UK’s offerings remain relevant and competitive in the UK market. Users Each month, hundreds of millions of people around the world visit Pinterest to discover ideas that reflect their unique interests. When users open up Pinterest, we are committed to ensuring they interact with a product that fosters a sense of wellbeing, belonging, prioritizes safety and security, and addresses and counters harmful content. Through technological innovation, comprehensive Community Guidelines and proactive policies, we constantly seek to deliver a product that is safe and inclusive and combats harmful content. Our commitment to a trustworthy platform is demonstrated by our ongoing investments, including the regular release of transparency reports by the Pinterest Group. Community and environment We strive to be a responsible corporate citizen. One way we take action is by ensuring that our valued community partners, including those in the UK, are supported through the Pinterest Group's Impact Fund. Impact Partners’ programs or projects promote emotional wellbeing through art and creative expression, social connection, technology for wellbeing, or structure and systems. Given the connection between individual-level emotional wellbeing and community wellbeing, we also invest in community resilience. Our employees are passionate about volunteering in their communities, and we’re focused on supporting the causes our team cares about. We run a formal employee giving program and volunteer benefits. Employees are able to access $1,000 USD (or local equivalent) in annual donation matching and take up to 40 hours of paid time off to volunteer for their chosen cause.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Lastly, the Pinterest Group is committed to meaningful climate action and environmental protection by measuring and reducing our greenhouse gas (GHG) emissions, engaging with employees and suppliers, and partnering with environmental leaders. The ultimate parent has committed to setting near-term emissions reduction targets in line with climate science, powering its operations with 100% renewable electricity, and ongoing review of its environmental footprint and support for community initiatives where appropriate.
Stakeholder Engagement and Principal Decisions The directors made several principal decisions with significant stakeholder impact, including approving major marketing and agency contracts to support business growth and brand awareness in the UK, overseeing the transition and enhancement of social support operations to improve customer and community engagement, with a focus on operational efficiency and stakeholder feedback, and managing the company’s financial resources prudently to support ongoing investment in people, technology, and market development. The directors considered the interests of employees, customers, suppliers, and the wider community in all major decisions, ensuring that stakeholder views were appropriately reflected in the company’s strategy and operations.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024. As permitted by s414c (11) of the Companies Act 2006 certain information that is required to be included in the Directors' Report has otherwise been provided in the Strategic Report, including future developments and financial and other risks.
The profit for the year, after taxation, amounted to £2,035,366 (2023 - £972,908).
No dividends were declared, paid or payable during the reporting period (2023: £Nil).
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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PINTEREST UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Quantification and reporting methodology
The methodology the directors have used is the GHG Protocol Corporate Accounting and Reporting Standard and the Corporate Value Chain (Scope 3) Accounting and Reporting Standard. Organisation boundary We have used the financial control approach. Energy efficiency The group is committed to meaningful climate action and environmental protection by measuring and reducing our greenhouse gas (GHG) emissions, engaging with employees and suppliers and partnering with environmental leaders. The ultimate Parent company has committed to setting near-term emissions reduction targets in line with climate science. Intensity ratio Tonnes of CO2 per square metre - 0.0002
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PINTEREST UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINTEREST UK LTD
We have audited the financial statements of Pinterest UK Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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 opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PINTEREST UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINTEREST UK LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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PINTEREST UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINTEREST UK LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the responsible individual ensured that the engagement team collectively had the appropriate competence,
∙capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with management, and from our commercial knowledge and experience;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006 and taxation legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC.
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PINTEREST UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINTEREST UK LTD (CONTINUED)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
Birchin Court
5th Floor
19-25 Birchin Lane
United Kingdom
EC3V 9DU
Date:
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 29 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Pinterest UK Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is 280 Bishopsgate, London, EC2M 4AG.
The principal activity of the Company is set out in the Directors' Report.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Pinterest, Inc. as at 31 December 2024 and these financial statements may be obtained from investor.pinterestinc.com/investor-overview.
The directors have assessed the financial position of the Pinterest Group and the Company and determined that the funding requirements of the Company can be adequately met by the Pinterest Group for a period of at least 12 months from the approval of the financial statements. Pinterest UK Ltd has received written confirmation from its ultimate parent company, Pinterest, Inc., that it will continue to provide financial support for the 12 months. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Long-term debtors are measured initially at transaction price and subsequently at amortised cost using the effective interest method. Discounting is only applied where the directors consider the difference to be material to the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
The Company lease office space under operating leases. The Company determine whether an arrangement constitutes a lease at inception and record lease liabilities and right-of-use assets in the Statement of Financial position at lease commencement.
Lease liabilities are measured based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or incremental borrowing rate, which is the estimated rate the Company would be required to pay for a collateralised borrowing equal to the total lease payments over the term of the lease. The estimated incremental borrowing rate used by the Company is based on an analysis of publicly traded debt securities of companies with credit and financial profiles similar to their own. Lease payments included in the measurement of the lease liability comprise fixed lease payments (including in-substance fixed payments), less any lease incentives. The lease liability is included in 'Creditors' on the Balance Sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The right-of-use assets are measured based on the corresponding lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives under the lease. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The right-of-use assets are included in the Tangible Fixed Assets line in the Balance Sheet.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company begin recognising rent expenses when the lessor makes the underlying asset available, they do not assume renewals or early terminations unless they are reasonably certain to exercise these options at commencement, and do not allocate consideration between lease and non-lease components.
Leases - discount rate IFRS 16 requires the lease liability to be recognised at the present value of the future lease payments discounted at the rate implicit in the lease or if this rate is not readily determined, at the Company's incremental borrowing rate. There is no implicit rate in the leases held by the Company and therefore management have applied the incremental borrowing rates which are determined to be 6.37% and 1.85% (see note 13).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year, the directors of Pinterest UK Ltd were paid by other group entities. Management determine the share of remuneration relevant to the services performed in their capacity as directors of Pinterest UK Ltd to be insignificant to the business.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
8.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no share options exercised during the period. There are no options outstanding at the balance sheet date.
Restricted Stock Units ('RSUs') granted under the ultimate parent company's 2019 Omnibus Incentive Plan are generally subject only to a service condition, which is typically satisfied over two to four years. RSUs generally vest over two to four years when the service condition has been satisfied. An expense equivalent to the fair value of the share options and RSUs granted is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied, with a corresponding amount being recognized as an intercompany payable. The expense recognized is only in relation to UK employees.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Pinterest, Inc., a company incorporated in the USA, is the ultimate parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the company is 1209 Orange Street, Corporation Trust Center, Wilmington, DE 19801, USA.
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