Company registration number SC232682 (Scotland)
House of Mulben Limited
Unaudited financial statements
for the year ended 29 February 2024
Pages for filing with registrar
House of Mulben Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of House of Mulben Limited
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 House of Mulben Limited for the year ended 29 February 2024 which comprise, the statement of financial position 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of House of Mulben Limited, as a body, in accordance with the terms of our engagement letter dated 16 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of House of Mulben Limited and state those matters that we have agreed to state to the board of directors of House of Mulben Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than House of Mulben Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that House of Mulben Limited 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 House of Mulben Limited. You consider that House of Mulben Limited 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 House of Mulben Limited. 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.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
4 November 2024
House of Mulben Limited
Statement of financial position
as at 29 February 2024
2
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
22,110
17,545
Current assets
Stocks
500
400
Debtors
2,130
2,630
400
Creditors: amounts falling due within one year
(9,538)
(4,077)
Net current liabilities
(6,908)
(3,677)
Total assets less current liabilities
15,202
13,868
Creditors: amounts falling due after more than one year
(59,050)
(59,050)
Net liabilities
(43,848)
(45,182)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(43,849)
(45,183)
Total equity
(43,848)
(45,182)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 29 February 2024 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 member has 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.
House of Mulben Limited
Statement of financial position (continued)
as at 29 February 2024
3
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Innes Macpherson
Director
Company registration number SC232682 (Scotland)
House of Mulben Limited
Notes to the financial statements
for the year ended 29 February 2024
4
1
Accounting policies
Company information
House of Mulben Limited is a private company limited by shares incorporated in Scotland. The registered office is Mulben Mains, Mulben, Keith, AB55 6YH.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services.
1.3
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.
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:
Land and buildings
10% straight line
Fixtures and fittings
25% reducing balance and 3 years straight line
Motor vehicles
25% reducing balance
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
House of Mulben Limited
Notes to the financial statements (continued)
for the year ended 29 February 2024
5
2
Tangible fixed assets
Total
£
Cost
At 1 March 2023
88,090
Additions
9,150
At 29 February 2024
97,240
Depreciation and impairment
At 1 March 2023
70,545
Depreciation charged in the year
4,585
At 29 February 2024
75,130
Carrying amount
At 29 February 2024
22,110
At 28 February 2023
17,545
3
Going concern
The company has net liabilities of £43,848 (2023 - £45,182), but included in creditors is the sum of £59,050 (2023 - £59,050) owed to the directors. The directors have confirmed that they will not call in this amount for as long as necessary to ensure the ongoing viability of the company. The directors therefore consider it to be appropriate for the accounts to be prepared on the going concern basis.