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Registration number: 06978420

Mustard Enterprises Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

Pages for filing with Registrar

 

Mustard Enterprises Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Mustard Enterprises Limited

Company Information

Directors

P H Browne

D L Madden

I D Prophet

J E Bungey

G M Raven

Registered office

The Tramshed
25 Lower Park Row
Bristol
BS1 5BN

Registered number

06978420

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Mustard Enterprises Limited

(Registration number: 06978420)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

143,301

169,295

Investments

6

846

846

 

144,147

170,141

Current assets

 

Debtors

7

821,054

1,028,376

Cash at bank and in hand

 

13,533

11,362

 

834,587

1,039,738

Creditors: Amounts falling due within one year

8

(559,779)

(673,520)

Net current assets

 

274,808

366,218

Total assets less current liabilities

 

418,955

536,359

Provisions for liabilities

(23,600)

(23,600)

Net assets

 

395,355

512,759

Capital and reserves

 

Called up share capital

9

105

105

Share premium reserve

49,995

49,995

Profit and loss account

345,255

462,659

Total equity

 

395,355

512,759

 

Mustard Enterprises Limited

(Registration number: 06978420)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 10 March 2025 and signed on its behalf by:
 

.........................................

P H Browne
Director

 

Mustard Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

Statutory information

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

The address of its registered office is:
The Tramshed
25 Lower Park Row
Bristol
BS1 5BN

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.

Group accounts not prepared

The financial statements contain information about Mustard Enterprises Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements on the basis that the group is small.

 

Mustard Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

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

Deferred tax

Deferred income tax is recognised on temporary differences arising between the tax bases of assets andliabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

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

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

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Office equipment

Between 20% and 33% on cost

Leasehold improvements

Between 10% and 33% on cost

Other property, plant and equipment

100% on cost

 

Mustard Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised at the transaction price.

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.

The company used a debt factoring arrangement for some of its trade debtors whereby the company receives from a financing company, in advance of the collection of that debt, an advance equal to an agreed percentage of the debt. The financing company takes on responsibility for the collection of the debt and bears the risk of non-payment. Advances owing to the financing company are therefore classified within creditors unless those advances are less than the outstanding trade debts, in which case the amount owing from the financing company is classified as a debtor.

 

Mustard Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2023 - 45).

 

Mustard Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated tax depreciation

23,600

23,600

2023

Liability
£

Accelerated tax depreciation

23,600

23,600

5

Tangible fixed assets

Leasehold improvements
£

Office equipment
 £

Other property, plant and equipment
 £

Total
£

Cost

At 1 October 2023

159,068

59,803

-

218,871

Additions

-

520

657

1,177

Disposals

-

(959)

-

(959)

At 30 September 2024

159,068

59,364

657

219,089

Depreciation

At 1 October 2023

20,119

29,457

-

49,576

Charge for the year

15,439

11,108

624

27,171

Eliminated on disposal

-

(959)

-

(959)

At 30 September 2024

35,558

39,606

624

75,788

Carrying amount

At 30 September 2024

123,510

19,758

33

143,301

At 30 September 2023

138,949

30,346

-

169,295

 

Mustard Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

846

846

Details of undertakings

Details of the investments are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Mustard Jobs (HK) Ltd

19th Floor
Tower 535
535 Taffe Road
Causeway Bay
Hong Kong

Ordinary

100%

100%

 

China

     

Subsidiary undertakings

Mustard Jobs (HK) Ltd

The principal activity of Mustard Jobs (HK) Ltd is the provision of recruitment services.

 

Mustard Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

388,712

440,590

Other debtors

304,596

443,274

Prepayments and accrued income

119,627

144,512

Corporation tax

8,119

-

821,054

1,028,376

Other debtors include £299,702 (2023 - £438,077) relating to amounts owed to entities with joint control (see note 11).

8

Creditors

Note

2024
£

2023
£

Trade creditors

 

96,803

81,317

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

11,848

35,629

Corporation tax

 

-

9,419

Taxation and social security

 

124,950

158,510

Other creditors

 

237,152

231,738

Directors' current accounts

5,685

13,484

Accruals

 

83,341

143,423

 

559,779

673,520

Other creditors include £224,615 (2023 - £202,531) advanced against debts using the Lloyds bank invoice discount facility. No security is provided.

 

Mustard Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.10 each

1,053

105

1,053

105

         

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

904

12,159

 

Mustard Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Related party transactions

FRS 102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly-owned by such a member.

The balances below relate to an entity which is under joint control with Mustard Enterprises Limited. They are related as two shareholders have significant influence over both entities.

Amounts receivable from related parties

2024

Entities with significant influence
£

At start of period

438,077

Loans advanced

64,457

Amounts repaid

(236,902)

Loan interest

10,819

Management charges

23,250

At end of period

299,701

2023

Entities with significant influence
£

At start of period

456,310

Loans advanced

253,957

Amounts repaid

(304,765)

Loan interest

14,575

Management charges

18,000

At end of period

438,077