Company Registration No. 06240616 (England and Wales)
Mulgas Limited
Unaudited accounts
for the year ended 31 March 2023
Mulgas Limited
Unaudited accounts
Contents
Mulgas Limited
Company Information
for the year ended 31 March 2023
Company Number
06240616 (England and Wales)
Registered Office
26 Sefton Close
West End
Woking
Surrey
GU24 9HT
England
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Mulgas Limited
Statement of financial position
as at 31 March 2023
Cash at bank and in hand
27,227
32,825
Creditors: amounts falling due within one year
(149,964)
(122,170)
Net current assets
164,743
177,135
Total assets less current liabilities
165,563
179,667
Creditors: amounts falling due after more than one year
(23,333)
(33,333)
Net assets
142,230
146,334
Called up share capital
100
100
Profit and loss account
142,130
146,234
Shareholders' funds
142,230
146,334
For the year ending 31 March 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 October 2023 and were signed on its behalf by
Mr D Murphy
Director
Company Registration No. 06240616
Mulgas Limited
Notes to the Accounts
for the year ended 31 March 2023
Mulgas Limited is a private company, limited by shares, registered in England and Wales, registration number 06240616. The registered office is 26 Sefton Close, West End, Woking, Surrey, GU24 9HT, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 are presented in sterling, which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.
Mulgas Limited
Notes to the Accounts
for the year ended 31 March 2023
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
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 the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in the statement of income and retained earnings, 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 or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of income and retained earnings over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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.
Plant & machinery
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Mulgas Limited
Notes to the Accounts
for the year ended 31 March 2023
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 the statement of income and retained earnings.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Mulgas Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
3,587
2,335
35,908
41,830
Disposals
-
-
(4,662)
(4,662)
At 31 March 2023
3,587
3,178
31,246
38,011
At 1 April 2022
3,585
2,335
33,378
39,298
Charge for the year
2
23
2,530
2,555
On disposals
-
-
(4,662)
(4,662)
At 31 March 2023
3,587
2,358
31,246
37,191
At 31 March 2023
-
820
-
820
At 31 March 2022
2
-
2,530
2,532
Finished goods
19,500
3,200
Amounts falling due within one year
Trade debtors
40,109
41,516
Amounts due from group undertakings etc.
188,132
181,318
Accrued income and prepayments
15,813
16,121
Other debtors
23,926
24,325
Mulgas Limited
Notes to the Accounts
for the year ended 31 March 2023
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Trade creditors
99,897
80,184
Taxes and social security
35,594
28,013
9
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
5,130
12,029
Later than one year and not later than five years
-
4,380
12
Transactions with related parties
At the year end a Director owed the company £8,236 (2022 - £8,236). This amount is shown within other debtors, is interest free and repayable upon demand.
At the year end a shareholder owed the company £9,046 (2022 - £9,046). This amount is shown within other debtors, is interest free and repayable upon demand.
The company is controlled by its parent company, Mulgas 2 Ltd. The ultimate controlling parties are Mr D Murphy and Mrs S Murphy, who jointly control the parent company, Mulgas 2 Ltd.
14
Average number of employees
During the year the average number of employees was 7 (2022: 7).