MUSTARD SYSTEMS LIMITED

Company Registration Number:
08892912 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

MUSTARD SYSTEMS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

MUSTARD SYSTEMS LIMITED

Balance sheet

As at 31 December 2022


Notes

2022

2021


£

£
Fixed assets
Intangible assets: 3 454,719 330,573
Tangible assets: 4 198,186 100,362
Investments: 5 51,249 51,249
Total fixed assets: 704,154 482,184
Current assets
Debtors: 6 2,889,343 1,942,787
Cash at bank and in hand: 66,597 883,453
Total current assets: 2,955,940 2,826,240
Creditors: amounts falling due within one year:   (10,947,325) (10,922,362)
Net current assets (liabilities): (7,991,385) (8,096,122)
Total assets less current liabilities: (7,287,231) (7,613,938)
Total net assets (liabilities): (7,287,231) (7,613,938)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (7,287,232) (7,613,939)
Shareholders funds: (7,287,231) (7,613,938)

The notes form part of these financial statements

MUSTARD SYSTEMS LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 30 September 2023
and signed on behalf of the board by:

Name: T W Rolfe
Status: Director

The notes form part of these financial statements

MUSTARD SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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

Tangible fixed assets and depreciation policy

Depreciation is provided to write off the cost or valuation, less estimated residual values, of all fixed assets over their expected useful economic lives. It is calculated at the following rates:IT Equipment - straight line over 3 yearsFixtures, fittings and equipment - straight line over 5 years or until the end of the office lease

Intangible fixed assets and amortisation policy

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.Intangible fixed assets are being amortised evenly over their estimated useful life of three years.

Other accounting policies

Investments in associatesInvestments in associate undertakings are recognised at cost.TaxationTaxation 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.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.Hire purchase and leasing commitmentsRentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.Pension costs and other post-retirement benefitsThe 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.

MUSTARD SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

2022 2021
Average number of employees during the period 54 47

MUSTARD SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Intangible Assets

Total
Cost £
At 01 January 2022 402,637
Additions 312,100
At 31 December 2022 714,737
Amortisation
At 01 January 2022 72,064
Charge for year 187,954
At 31 December 2022 260,018
Net book value
At 31 December 2022 454,719
At 31 December 2021 330,573

MUSTARD SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Tangible Assets

Total
Cost £
At 01 January 2022 566,005
Additions 203,203
At 31 December 2022 769,208
Depreciation
At 01 January 2022 465,643
Charge for year 105,379
At 31 December 2022 571,022
Net book value
At 31 December 2022 198,186
At 31 December 2021 100,362

MUSTARD SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Fixed investments

As of 31st December 2022 Mustard Systems holds 32.55% of Siepe Sports Group Limited shares (32.55% 2021).Cost and Net Book Value:01 January 2022 £51,24931 December 2022 £51,249

MUSTARD SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Debtors

2022 2021
££
Debtors due after more than one year: 1,379,424 1,210,498

31 December 2021Debtors £1,400,668Prepayments & Accrued Income £542,119Total Debtors £1,942,78731 December 2022Debtors £2,291,668Prepayments & Accrued Income £597,675Total Debtors £2,889,343

MUSTARD SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Financial commitments

The company had annual commitments under non-cancellable operating leases as set out below:In less than one year £236,340 (2021 £204,935)In two to five years £163,469 (2021 £399,809)

MUSTARD SYSTEMS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

8. Related party transactions

Name of the related party: Mustard Trading Limited
Relationship:
Group Companies
Description of the Transaction: As at 31 December 2022 amounts owed to the parent company Mustard Trading Limited totalled £9,713,756 (£9,589,154 in 2021). All group loans are unsecured and are repayable on demand.
£
Balance at 01 January 2022 9,589,154
Balance at 31 December 2022 9,713,756
Name of the related party: Mustard Trading Limited
Relationship:
Group Companies
Description of the Transaction: As at 31 December 2022 amounts owed to Mustard Strategies Limited totalled £0 (£119,915 in 2021). All group loans are unsecured and are repayable on demand.
£
Balance at 01 January 2022 119,915
Balance at 31 December 2022 0
Name of the related party: Mustard Bet Limited
Relationship:
Group Companies
Description of the Transaction: As at 31 December 2022 amounts totalling £24,928 (£24,928 in 2021) were due from the group company Mustard Bet Limited. All group loans are unsecured and are repayable on demand.
£
Balance at 01 January 2022 24,928
Balance at 31 December 2022 24,928
Name of the related party: Kez Limited (IoM)
Relationship:
Shared Ownership
Description of the Transaction: As at 31 December 2022 amounts totalling £436,670 (2021: £0) were due from Kez Limited (IoM) a company wholly owned by Jasper White. All amounts due relate to the provision of software services, data modelling, supply of staff resources, paymaster services or payment on behalf of. All charging is done at an applicable arms length commercial rate.
£
Balance at 01 January 2022 0
Balance at 31 December 2022 436,670
Name of the related party: BV Capital Limited
Relationship:
Shared Ownership
Description of the Transaction: As at 31 December 2022 amounts totalling £500 (2021: £500) were due from BV Capital Limited, a company wholly owned by Jasper White. All amounts due relate to the provision of software services, data modelling, supply of staff resources, paymaster services or payment on behalf of. All charging is done at an applicable arms length commercial rate.
£
Balance at 01 January 2022 500
Balance at 31 December 2022 500
Name of the related party: FINSA Europe Limited
Relationship:
Shared Ownership
Description of the Transaction: As at 31 December 2022 amounts totalling £15,134 (2021 £15,134) were due from Trade Nation Financial UK Ltd, a company wholly owned by Jasper White. All amounts due relate to the provision of software services, data modelling, supply of staff resources, paymaster services or payment on behalf of. All charging is done at an applicable arms length commercial rate.
£
Balance at 01 January 2022 15,134
Balance at 31 December 2022 15,134