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Registered number: 08734586









MOCKINGBIRD RAW PRESS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
COMPANY INFORMATION


Directors
C D Laidlaw 
K A Jackson 
P J Prendergast 
M N J Cuddigan (appointed 11 March 2024)




Registered number
08734586



Registered office
82 St John Street

London

EC1M 4JN




Accountants
Ecovis Wingrave Yeats UK Limited
Chartered Accountants

3rd Floor Waverley House

7-12 Noel Street

London

W1F 8GQ





 
MOCKINGBIRD RAW PRESS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 13


 
MOCKINGBIRD RAW PRESS LIMITED
REGISTERED NUMBER: 08734586

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
38,756
-

Tangible assets
 6 
27,280
4,127

  
66,036
4,127

Current assets
  

Stocks
  
660,890
382,511

Debtors: amounts falling due within one year
 7 
2,561,480
1,982,087

Sundry debtors
 7 
86,809
687,509

Cash at bank and in hand
  
493,718
366,062

  
3,802,897
3,418,169

Creditors: amounts falling due within one year
 8 
(1,823,894)
(919,844)

Net current assets
  
 
 
1,979,003
 
 
2,498,325

Total assets less current liabilities
  
2,045,039
2,502,452

  

Net assets
  
2,045,039
2,502,452


Capital and reserves
  

Called up share capital 
 9 
378,410
379,877

Share premium account
 10 
3,493,890
3,519,345

Other reserves
 10 
306,349
-

Profit and loss account
 10 
(2,133,610)
(1,396,770)

  
2,045,039
2,502,452


Page 1

 
MOCKINGBIRD RAW PRESS LIMITED
REGISTERED NUMBER: 08734586
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 December 2024.




................................................
C D Laidlaw
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
MOCKINGBIRD RAW PRESS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Share option reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
100,480
304,945
-
(379,022)
26,403


Comprehensive income for the year

Loss for the year
-
-
-
(1,017,748)
(1,017,748)


Contributions by and distributions to owners

Shares issued during the year
279,397
3,214,400
-
-
3,493,797



At 1 July 2023
379,877
3,519,345
-
(1,396,770)
2,502,452


Comprehensive income for the year

Loss for the year
-
-
-
(736,840)
(736,840)

Share based payment charge
-
-
306,349
-
306,349


Contributions by and distributions to owners

Share premium cancelled during the year
-
(25,455)
-
-
(25,455)

Shares cancelled during the year
(1,467)
-
-
-
(1,467)


At 30 June 2024
378,410
3,493,890
306,349
(2,133,610)
2,045,039


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Mockingbird Raw Press Limited is a private company, limited by shares, domiciled in England and Wales, registration number 08734586. The registered office is 82 St John Street, London, EC1M 4JN. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors believe the Company has sufficient capital to continue to operate and meet their obligations when they fall due for at least 12 months from approval of these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 5

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software
-
5
years
Product recipes
-
5
years

Page 6

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Label Cylinders
-
2 Years
Office Furniture
-
3 Years
Computer equipment
-
3 Years
Trade Show Equipment
-
3 Years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 7

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in non-puttable ordinary shares.

For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Company would receive for the asset if it were to be sold at
the balance sheet date.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 8

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Deferred tax asset
Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the Company. The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be utilised. To determine the future taxable profits, reference is made to the latest available forecasts. Therefore, this involves judgement regarding future financial performance of the Company to justify where a deferred tax asset has been recognised. Management have concluded to not recognise a deferred tax asset and the losses carried forward amount to £3,597,344 (2023 - £3,226,197).
Share based payments
The directors have made significant judgements in determining the fair value of share options granted to employees, using the Black-Scholes model. This model requires subjective assumptions, including expected share price volatility, expected life of the options, risk-free interest rate, and expected dividend yield. These assumptions, based on historical data and estimates, materially affect the fair value estimate. The directors believe these assumptions are appropriate and reflect the best estimate of the fair value at the grant date.


4.


Employees

The average monthly number of employees, including directors, during the year was 9  (2023 - 6).

Page 9

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Intangible assets




Product receipes
Computer software
Total

£
£
£



Cost


Additions
22,256
25,260
47,516



At 30 June 2024

22,256
25,260
47,516



Amortisation


Charge for the year on owned assets
4,451
4,309
8,760



At 30 June 2024

4,451
4,309
8,760



Net book value



At 30 June 2024
17,805
20,951
38,756



At 30 June 2023
-
-
-





Page 10

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Tangible fixed assets





Office Furniture
Label Cylinders
Computer equipment
Trade Show Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
-
-
4,127
-
4,127


Additions
875
6,136
9,861
11,200
28,072



At 30 June 2024

875
6,136
13,988
11,200
32,199



Depreciation


Charge for the year on owned assets
24
1,790
3,105
-
4,919



At 30 June 2024

24
1,790
3,105
-
4,919



Net book value



At 30 June 2024
851
4,346
10,883
11,200
27,280



At 30 June 2023
-
-
4,127
-
4,127


7.


Debtors

2024
2023
£
£


Trade debtors
2,428,204
1,719,219

Other debtors
12,867
9,504

Called up share capital not paid
86,809
687,509

Prepayments and accrued income
120,409
253,364

2,648,289
2,669,596



Page 11

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
983,488
569,882

Other taxation and social security
155,813
79,364

Invoice financing
370,032
-

Other creditors
5,050
2,783

Accruals and deferred income
309,511
267,815

1,823,894
919,844


The invoice financing facility is secured over the assets of the Company, attracts interest at the Bank of England base rate plus 2.75% and is repayable on a rolling basis.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



184,878 (2023 - 184,878) Ordinary shares of £1.00 each
184,878
184,878
9,731 (2023 - 9,731) Class B shares of £1.00 each
9,731
9,731

194,609

194,609

Allotted, called up and partly paid



183,801 (2023 - 185,268) Ordinary shares of £1.00 each
183,801
185,268

Ordinary shares hold full rights in the Company with respect to voting, dividends and distributions.
Class B shares have no voting or dividends rights. They have full rights on return of capital.
During the year 2,934 shares were forefeited. Of these, 1,467 were cancelled and a further 1,467 retained by the Company. Following the year end the 1,467 retained by the Company were purchased by a third-party and the unpaid share capital relating to these shares, held within debtors, remained unpaid. 


Page 12

 
MOCKINGBIRD RAW PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Share option reserve

The share option reserve relates to the EMI share scheme in issue.

Profit and loss account

Includes all current and prior period retained profits and losses.


11.


Related party transactions

The Company has taken the exemption under FRS 102, section 33 Related Party Disclosures paragraph 33 1A, whereby the Company is not required to disclose transactions with other companies that are wholly owned within the group.


12.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £61,891 (2023 - £54,158). At the year end the liability owed to the fund was £5,050 (2023 - £2,783).


13.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Due within 1 year
100,800
57,024

Later than 1 year and not later than 5 years
50,400
-

151,200
57,024


14.


Controlling party

The Directors consider there to be no ultimate controlling party.

 
Page 13