Stuart Mulligan Limited 05842883 false 2021-08-01 2022-07-31 2022-07-31 The principal activity of the company is that of a financial advisor. Digita Accounts Production Advanced 6.30.9574.0 true 05842883 2021-08-01 2022-07-31 05842883 2022-07-31 05842883 core:RetainedEarningsAccumulatedLosses 2022-07-31 05842883 core:ShareCapital 2022-07-31 05842883 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:CurrentFinancialInstruments 2022-07-31 05842883 core:CurrentFinancialInstruments 2022-07-31 05842883 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 05842883 core:FurnitureFittingsToolsEquipment 2022-07-31 05842883 bus:SmallEntities 2021-08-01 2022-07-31 05842883 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-31 05842883 bus:FullAccounts 2021-08-01 2022-07-31 05842883 bus:SmallCompaniesRegimeForAccounts 2021-08-01 2022-07-31 05842883 bus:RegisteredOffice 2021-08-01 2022-07-31 05842883 bus:Director2 2021-08-01 2022-07-31 05842883 bus:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 05842883 core:FurnitureFittingsToolsEquipment 2021-08-01 2022-07-31 05842883 core:OfficeEquipment 2021-08-01 2022-07-31 05842883 countries:EnglandWales 2021-08-01 2022-07-31 05842883 2021-07-31 05842883 core:FurnitureFittingsToolsEquipment 2021-07-31 05842883 2020-08-01 2021-07-31 05842883 2021-07-31 05842883 core:RetainedEarningsAccumulatedLosses 2021-07-31 05842883 core:ShareCapital 2021-07-31 05842883 core:CurrentFinancialInstruments 2021-07-31 05842883 core:CurrentFinancialInstruments core:WithinOneYear 2021-07-31 05842883 core:FurnitureFittingsToolsEquipment 2021-07-31 iso4217:GBP xbrli:pure

Registration number: 05842883

Stuart Mulligan Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2022

 

Stuart Mulligan Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Stuart Mulligan Limited

(Registration number: 05842883)
Balance Sheet as at 31 July 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

3,882

4,567

Current assets

 

Debtors

6

34,963

15,000

Other financial assets

5

57,777

55,062

Cash at bank and in hand

 

49,874

87,923

 

142,614

157,985

Creditors: Amounts falling due within one year

7

(14,851)

(25,920)

Net current assets

 

127,763

132,065

Total assets less current liabilities

 

131,645

136,632

Provisions for liabilities

(738)

(868)

Net assets

 

130,907

135,764

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

130,904

135,761

Shareholders' funds

 

130,907

135,764

 

Stuart Mulligan Limited

(Registration number: 05842883)
Balance Sheet as at 31 July 2022

For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 September 2022
 

.........................................
S C Mulligan
Director

 

Stuart Mulligan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
18 Ball Grove Drive
Colne
Lancashire
BB8 7HY
England

These financial statements were authorised for issue by the director on 2 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Stuart Mulligan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Stuart Mulligan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2021 - 4).

 

Stuart Mulligan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2021

9,854

9,854

At 31 July 2022

9,854

9,854

Depreciation

At 1 August 2021

5,287

5,287

Charge for the year

685

685

At 31 July 2022

5,972

5,972

Carrying amount

At 31 July 2022

3,882

3,882

At 31 July 2021

4,567

4,567

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 August 2021

55,062

55,062

Additions

2,715

2,715

At 31 July 2022

57,777

57,777

Impairment

Carrying amount

At 31 July 2022

57,777

57,777

 

Stuart Mulligan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

6

Debtors

2022
£

2021
£

Other debtors

34,963

15,000

34,963

15,000

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Taxation and social security

13,652

11,505

Accruals and deferred income

1,200

1,200

Other creditors

(1)

13,215

14,851

25,920