Company registration number 10483733 (England and Wales)
MULLIGAN BROTHERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MULLIGAN BROTHERS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MULLIGAN BROTHERS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MULLIGAN BROTHERS LTD FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mulligan Brothers Ltd for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Mulligan Brothers Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mulligan Brothers Ltd and state those matters that we have agreed to state to the board of directors of Mulligan Brothers Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mulligan Brothers Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Mulligan Brothers Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mulligan Brothers Ltd. You consider that Mulligan Brothers Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mulligan Brothers Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
30 August 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
MULLIGAN BROTHERS LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
170,420
170,420
Tangible assets
4
84,277
107,850
254,697
278,270
Current assets
Stocks
6,800
6,800
Debtors
5
25,562
49,979
Cash at bank and in hand
157,655
77,582
190,017
134,361
Creditors: amounts falling due within one year
6
(277,294)
(178,301)
Net current liabilities
(87,277)
(43,940)
Total assets less current liabilities
167,420
234,330
Provisions for liabilities
(14,200)
(14,100)
Net assets
153,220
220,230
Capital and reserves
Called up share capital
7
12
12
Profit and loss reserves
153,208
220,218
Total equity
153,220
220,230
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MULLIGAN BROTHERS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr J C Mulligan
Mr W J Mulligan
Director
Director
Mr L T Mulligan
Director
Company Registration No. 10483733
MULLIGAN BROTHERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Mulligan Brothers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net current liabilities. Included within current liabilities is an amount of £153,636, owed to a connected company. The company is dependent on the support of its connected company’s, who have all indicated their continued support . The financial statements do not include any adjustments that would result from a withdrawal of their support.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received for services provided in the normal course of business, and is shown net of VAT.
1.4
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The assets are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately through the profit and loss.
Impairment losses have been provided for this year on the basis the director is of the opinion that the net residual value will be lower than the original cost value.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
MULLIGAN BROTHERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25% per annum on a diminishing balance basis
Fixtures, fittings and equipment
25% per annum on a diminishing balance basis
Computer equipment
25% per annum on a diminishing balance basis
Motor vehicles
25% per annum on a diminishing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
MULLIGAN BROTHERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons employed by the company during the year was 10 (2022 - 10).
3
Intangible fixed assets
Other intangibles
£
Cost
At 1 December 2022 and 30 November 2023
170,420
Amortisation and impairment
At 1 December 2022 and 30 November 2023
Carrying amount
At 30 November 2023
170,420
At 30 November 2022
170,420
MULLIGAN BROTHERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
4
Tangible fixed assets
Leasehold improvements
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
6,770
60,306
51,148
93,373
211,597
Additions
204
3,183
875
4,262
At 30 November 2023
6,974
63,489
52,023
93,373
215,859
Depreciation and impairment
At 1 December 2022
2,407
34,263
21,144
45,933
103,747
Depreciation charged in the year
1,125
7,240
7,610
11,860
27,835
At 30 November 2023
3,532
41,503
28,754
57,793
131,582
Carrying amount
At 30 November 2023
3,442
21,986
23,269
35,580
84,277
At 30 November 2022
4,363
26,043
30,004
47,440
107,850
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
26,566
Other debtors
25,562
23,413
25,562
49,979
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,717
1,080
Amounts owed to group undertakings
153,637
51,905
Taxation and social security
97,148
103,375
Other creditors
24,792
21,941
277,294
178,301
Included in other creditors is a hire purchase liabilities of £1,843 (2022: £9,311), which is secured against the related fixed assets.
MULLIGAN BROTHERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12
12
12
12
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
18,000
36,000
9
Parent company
The ultimate controlling party is Mulligan Brothers Holdings Limited whose registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.