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Company No: 06946441 (England and Wales)

MOCKINGBIRD LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

MOCKINGBIRD LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

MOCKINGBIRD LIMITED

BALANCE SHEET

As at 30 June 2024
MOCKINGBIRD LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,175 11,814
Investments 4 3,755 229,460
8,930 241,274
Current assets
Stocks 5 33,200 20,000
Debtors 6 13,578 9,088
Cash at bank and in hand 99,689 26,844
146,467 55,932
Creditors: amounts falling due within one year 7 ( 55,201) ( 120,425)
Net current assets/(liabilities) 91,266 (64,493)
Total assets less current liabilities 100,196 176,781
Creditors: amounts falling due after more than one year 8 ( 8,172) ( 14,528)
Provision for liabilities 9 ( 1,293) ( 1,763)
Net assets 90,731 160,490
Capital and reserves
Called-up share capital 10 1 1
Profit and loss account 90,730 160,489
Total shareholder's funds 90,731 160,490

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Mockingbird Limited (registered number: 06946441) were approved and authorised for issue by the Director on 14 March 2025. They were signed on its behalf by:

J Cossey
Director
MOCKINGBIRD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
MOCKINGBIRD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mockingbird Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of artwork is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2023 3,375 3,200 2,717 27,144 36,436
Additions 0 0 0 128 128
Disposals ( 3,375) 0 0 ( 8,393) ( 11,768)
At 30 June 2024 0 3,200 2,717 18,879 24,796
Accumulated depreciation
At 01 July 2023 3,375 667 1,223 19,357 24,622
Charge for the financial year 0 800 606 5,361 6,767
Disposals ( 3,375) 0 0 ( 8,393) ( 11,768)
At 30 June 2024 0 1,467 1,829 16,325 19,621
Net book value
At 30 June 2024 0 1,733 888 2,554 5,175
At 30 June 2023 0 2,533 1,494 7,787 11,814

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 229,460 229,460
Movement in fair value 9,184 9,184
At 30 June 2024 238,644 238,644
Provisions for impairment
At 01 July 2023 0 0
Impairment 234,889 234,889
At 30 June 2024 234,889 234,889
Carrying value at 30 June 2024 3,755 3,755
Carrying value at 30 June 2023 229,460 229,460

5. Stocks

2024 2023
£ £
Finished goods 33,200 20,000

6. Debtors

2024 2023
£ £
Corporation tax 5,456 0
Other debtors 8,122 9,088
13,578 9,088

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 6,357 6,307
Trade creditors 510 0
Taxation and social security 6,417 6,186
Other creditors 41,917 107,932
55,201 120,425

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 8,172 14,528

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,763) ( 2,028)
Credited to the Statement of Income and Retained Earnings 470 265
At the end of financial year ( 1,293) ( 1,763)

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

11. Related party transactions

At the year end the company owed £32,556 (2023 - £105,082) to J Cossey, the director of the company, in respect of an interest free loan which is repayable on demand.

12. Ultimate controlling party

The company is controlled by the director by virtue of his shareholding.