WESHOP MANAGEMENT UK LIMITED


Director	MCNEILL, Francis


Registered Address	3 Hardman Street
	10th Floor
	Manchester
	M3 3HF


Registered Number	15397174 (England and Wales)

Notes to the Financial Statements
for the period ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	These financial statements have been prepared in accordance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (as applied to small entities by Section 1A of the standard) and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in Sterling (£), which is the functional currency of the company.

	Going concern
	At the balance sheet date, the company's liabilities exceeded its total assets. The financial statements have been prepared on a going concern basis on the grounds that the company is funded by its parent company, WeShop Holdings Limited.

	Revenue from sale of goods
	Revenue is recognized to the extent that it is probable that economic benefits will flow to the company and revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable, net of returns and value-added tax. For transactions with affiliates, revenue is recognized at the point of the initial transaction when performance obligations are met. If subsequent information indicates a reversal is required, the revenue is adjusted accordingly in the period the reversal becomes known, to ensure the amount reflects the consideration the company expects to be entitled to.

Revenue from sale of goods

Revenue is recognized to the extent that it is probable that economic benefits will flow to the company and revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable, net of returns and value-added tax.

For transactions with affiliates, revenue is recognized at the point of the initial transaction when performance obligations are met. If subsequent information indicates a reversal is required, the revenue is adjusted accordingly in the period the reversal becomes known, to ensure the amount reflects the consideration the company expects to be entitled to.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

Defined contribution pension plan

The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	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 tax is recognized for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Current taxation

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 tax is recognized for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated by FRS 102. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Office equipment and computers are the only tangible fixed assets and are stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life, over the useful economic life of the respective asset.

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Office equipment and computers are the only tangible fixed assets and are stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life, over the useful economic life of the respective asset.


		Straight line (years)
	Office Equipment	5

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

	Share capital
	The company's share capital consists of ordinary shares with a nominal value of £1. At the balance sheet date, these shares remained unpaid.

2.	Average number of employees


		2024
	Average number of employees during the year	15

3.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
Additions	3,646	3,646
At 31 December 24	3,646	3,646
Depreciation and impairment
Other adjustments	61	61
At 31 December 24	61	61
Net book value
At 31 December 24	3,585	3,585
At 07 January 24	-	-


	All fixed assets are initially recorded at cost. Office equipment and computers are the only tangible fixed assets and are stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life, over the useful economic life of the respective asset.

All fixed assets are initially recorded at cost. Office equipment and computers are the only tangible fixed assets and are stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life, over the useful economic life of the respective asset.

4.	Creditors: amounts due within one year

		2024
		£
	Trade creditors / trade payables	36,954
	Amounts owed to related parties	243,826
	Taxation and social security	106,922
	Total	387,702

5.	Related party transactions
	WeShop Holdings Limited, the parent is the sole shareholder of WeShop Management UK Limited. During the period, the parent company, WeShop Holdings Limited, paid expenses (including staff costs) totalling £243,825.74 on behalf of the company. There is currently no interest accruing in relation to this debt.

6.	Controlling party
	The company is a wholly-owned subsidiary of WeShop Holdings Limited, a company incorporated in British Virgin Islands. This entity is considered to be the company's ultimate controlling party.

	Notes	2024
		£	£
Fixed assets
Tangible assets	3		3,585
			3,585
Current assets
Debtors		8,816
Cash at bank and on hand		1,936
		10,752
Creditors amounts falling due within one year	4	(387,702)
Net current assets (liabilities)			(376,950)
Total assets less current liabilities			(373,365)
Net assets			(373,365)
Capital and reserves
Called up share capital			1
Profit and loss account			(373,366)
Shareholders' funds			(373,365)