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REGISTERED NUMBER: SC128638 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Mustang Associates Limited

Mustang Associates Limited (Registered number: SC128638)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Mustang Associates Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Mrs L B Krahn





REGISTERED OFFICE: Townhead
Ardoe
Aberdeen
Aberdeenshire
AB12 5XX





REGISTERED NUMBER: SC128638 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Mustang Associates Limited (Registered number: SC128638)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £   
CURRENT ASSETS
Debtors 4 94,492 94,492
Cash at bank 1,733 3,870
96,225 98,362
CREDITORS
Amounts falling due within one year 5 68,072 64,204
NET CURRENT ASSETS 28,153 34,158
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,153

34,158

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 28,053 34,058
SHAREHOLDERS' FUNDS 28,153 34,158

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 August 2024 and were signed by:





Mrs L B Krahn - Director


Mustang Associates Limited (Registered number: SC128638)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Mustang Associates Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 91,060 91,060
Other debtors 3,432 3,432
94,492 94,492

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 2,472 2,640
Taxation and social security (2,267 ) (1,988 )
Other creditors 67,867 63,552
68,072 64,204

Mustang Associates Limited (Registered number: SC128638)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. LOAN TO DIRECTOR

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
Mr D R Krahn
Balance outstanding at start of year (61,462 ) (56,182 )
Amounts advanced 61,462 5,080
Amounts repaid - (10,360 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (61,462 )

Mrs L B Krahn
Balance outstanding at start of year - -
Amounts advanced 2,997 -
Amounts repaid (7,800 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,803 ) -

7. RELATED PARTY DISCLOSURES

Trade Debtors include £91,060 (2022 - £91,060) due from Summit Upstream Limited of which Mr D R Krahn was a director and shareholder. Other Debtors includes an amount of £3,432 (2022 - £3,432) due from Summit Upstream Limited to Mustang Associates Limited.

Included in Other Creditors is £61,419 owed to Mr D R Krahn who resigned as director on 22 December 2022.

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs L B Krahn.