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Company No: 12203624 (England and Wales)

MULLIN SLF LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

MULLIN SLF LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

MULLIN SLF LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
MULLIN SLF LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 596,951 559,894
596,951 559,894
Current assets
Debtors 4 28,877 0
Cash at bank and in hand 2,508,687 2,501,884
2,537,564 2,501,884
Creditors: amounts falling due within one year 5 ( 17,723) ( 29,855)
Net current assets 2,519,841 2,472,029
Total assets less current liabilities 3,116,792 3,031,923
Creditors: amounts falling due after more than one year 6 ( 2,862,999) ( 2,829,999)
Provision for liabilities ( 5,333) ( 3,099)
Net assets 248,460 198,825
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 248,459 198,824
Total shareholder's funds 248,460 198,825

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Mullin SLF Limited (registered number: 12203624) were approved and authorised for issue by the Director on 17 November 2023. They were signed on its behalf by:

M Mullin
Director
MULLIN SLF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
MULLIN SLF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

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.

General information and basis of accounting

Mullin SLF Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 21 Cleeve Lawns, Downend, Bristol, BS16 6HH, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Fixed asset investments

Listed investments Total
£ £
Carrying value before impairment
At 01 October 2022 559,915 559,915
Additions 589,126 589,126
Disposals ( 566,917) ( 566,917)
Movement in fair value 8,935 8,935
Dividends reinvested 5,913 5,913
Reversal of impairment brought forward (21) (21)
At 30 September 2023 596,951 596,951
Provisions for impairment
At 01 October 2022 21 21
Reversal of impairment ( 21) ( 21)
At 30 September 2023 0 0
Carrying value at 30 September 2023 596,951 596,951
Carrying value at 30 September 2022 559,894 559,894

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £588,016 (2022 - £559,915).

4. Debtors

2023 2022
£ £
Accrued income 28,877 0

5. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 4,500 4,320
Corporation tax 13,223 25,535
17,723 29,855

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to director 2,862,999 2,829,999

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

At the year end, a director was owed £2,862,999 (2022 - £2,829,999) by the company. The loan is interest free and has no fixed date for repayment.