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Registration number: 08247029

Mustard Seed Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Mustard Seed Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Mustard Seed Investments Limited

Company Information

Directors

DTY Sim

Dr RB Weerasinghe

Registered office

Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Mustard Seed Investments Limited

(Registration number: 08247029)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,740

5,924

Investment property

5

2,420,000

2,529,714

Investments

6

32,306

32,306

 

2,457,046

2,567,944

Current assets

 

Stocks

-

509,750

Debtors

7

404,978

125,093

Investments

8

75,049

75,048

Cash at bank and in hand

 

220,861

97,470

 

700,888

807,361

Creditors: Amounts falling due within one year

9

(21,751)

(7,734)

Net current assets

 

679,137

799,627

Total assets less current liabilities

 

3,136,183

3,367,571

Creditors: Amounts falling due after more than one year

9

(3,001,948)

(3,196,256)

Provisions for liabilities

(116,027)

(115,664)

Net assets

 

18,208

55,651

Capital and reserves

 

Called up share capital

10

102

102

Retained earnings

18,106

55,549

Shareholders' funds

 

18,208

55,651

 

Mustard Seed Investments Limited

(Registration number: 08247029)
Balance Sheet as at 30 November 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 

.........................................
DTY Sim
Director

 

Mustard Seed Investments Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS
England

These financial statements were authorised for issue by the Board on 17 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Mustard Seed Investments Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furnishing

20% reducing balance method

Office equipment

20% reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Mustard Seed Investments Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

22,321

1,000

23,321

At 30 November 2023

22,321

1,000

23,321

Depreciation

At 1 December 2022

16,544

853

17,397

Charge for the year

1,155

29

1,184

At 30 November 2023

17,699

882

18,581

Carrying amount

At 30 November 2023

4,622

118

4,740

At 30 November 2022

5,777

147

5,924

 

Mustard Seed Investments Limited

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

5

Investment properties

2023
£

At 1 December

2,529,714

Disposals

(165,000)

Fair value adjustments

55,286

At 30 November

2,420,000

The investment property has been valued by the directors of the company, who are seasoned property investors.

There has been no valuation of investment property by an independent valuer.

6

Investments

2023
£

2022
£

Investments in joint ventures

32,306

32,306

7

Debtors

2023
£

2022
£

Other debtors

404,978

125,093

404,978

125,093

8

Current asset investments

2023
£

2022
£

Other investments

75,049

75,048

 

Mustard Seed Investments Limited

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

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

3,600

1,920

Other creditors

18,151

5,814

21,751

7,734

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

1,427,676

1,518,477

Other non-current financial liabilities

 

1,574,272

1,677,779

 

3,001,948

3,196,256

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Odrinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

1

1

1

1

102

102

102

102

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,427,676

1,518,477

 

Mustard Seed Investments Limited

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

12

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Dr RB Weerasinghe

12,192

2,569

-

14,761

DTY Sim

(3,614)

1,463

(15,000)

(17,151)

2022

At 1 December 2021
£

Advances to director
£

At 30 November 2022
£

Dr RB Weerasinghe

9,623

2,569

12,192

DTY Sim

(3,614)

-

(3,614)

Summary of transactions with other related parties

Motion International Ltd

At the balance sheet date the amount due from Motion International Ltd was £30,783 (2022 - £30,000). R Weerasinghe is a director of this company.

The Cavendish Alliance Ltd

At the balance sheet date the amount due from The Cavendish Alliance Ltd was £36,563 (2022 - £36,550). R Weerasinghe and D Sim are directors of this company.

Mustard Seed Alliance Ltd

At the balance sheet date the amount due from Motion International Ltd was £276,610. R Weerasinghe and D Sim are directors of this company.