Company No:
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| Note | 2025 | 2024 | ||
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| Debtors | 3 |
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| Cash at bank and in hand |
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| 196,038 | 71,529 | |||
| Creditors: amounts falling due within one year | 4 | (
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| Net current assets | 48,924 | 36,972 | ||
| Total assets less current liabilities | 48,924 | 36,972 | ||
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The financial statements of Popmenu UK Limited (registered number:
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R Vas
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.
Popmenu UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered and domiciled in England and Wales. The address of the Company's registered office is 5 New Street Square, London, United Kingdom, EC4A 3TW and its company number is 13467579.
*Basis of preparation of financial statements*
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared on a going concern basis.
The directors have received confirmation from the ultimate parent company, Popmenu Inc, that it will continue to use the Company to service its markets in the UK for the period covering at least the next 12 months from the date of signing of these accounts.
The directors of the parent company have confirmed in writing to the directors of Popmenu UK Limited that it will provide financial support to enable the Company to continue as a going concern and meet its liabilities as they fall due for a period of at least one year from the date of approval of these financial statements.
In the event that the existing trading relationship in place with Popmenu Inc were to change, the Company may not remain a going concern. The directors do not believe this to be a likely scenario. On this basis, the directors of the Company have concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.
Therefore the directors consider it appropriate to prepare the accounts on the going concern basis. The financial statements do not include any adjustments that would be required in the event of the withdrawal of this support.
The Company's functional and presentational currency is GBP.
***Transactions and balances***
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
***Rendering of services***
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
***Defined contribution pension plan***
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
***Basic financial assets***
Basic financial assets, which include trade and other receivables are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's trade and other receivables due with the operating cycle fall into this category of financial instruments.
***Basic financial liabilities***
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Intercompany balances are trading-related in nature, with receivables arising under a cost-plus agreement and payables representing funding provided to support the Company's operational activities.
Pensions
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,781 (2024 - £2,825).
The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions or balances with other wholly-owned group companies.
As the acquisition was completed after the balance sheet date and relates to conditions arising subsequent to the year end, it does not provide evidence of conditions existing at the reporting date. Accordingly, the transaction has been treated as a non-adjusting post balance sheet event.
The acquisition is expected to strengthen the Company's market position and support future growth. No adjustment has been made to the amounts recognised in these financial statements as a result of this transaction.
The audit report was signed by Stephen Drew on behalf of S&W Partners Audit Limited.