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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MUSTANG SALLYS LIMITED

MUSTANG SALLYS LIMITED (REGISTERED NUMBER: 03463394)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MUSTANG SALLYS LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2024







DIRECTOR: S L Hughes





REGISTERED OFFICE: Ground Floor
Endeavour Court
Ocean Village
Southampton
Hampshire
SO14 3GD





REGISTERED NUMBER: 03463394 (England and Wales)






MUSTANG SALLYS LIMITED (REGISTERED NUMBER: 03463394)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 43,387 47,332
Tangible assets 5 1,526,413 1,658,030
Investment property 6 2,160,000 2,160,000
3,729,800 3,865,362

CURRENT ASSETS
Stocks 54,225 49,828
Debtors 7 41,629 28,200
Cash at bank and in hand 237,552 6,200
333,406 84,228
CREDITORS
Amounts falling due within one year 8 1,814,824 1,819,446
NET CURRENT LIABILITIES (1,481,418 ) (1,735,218 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,248,382

2,130,144

CREDITORS
Amounts falling due after more than one year 9 1,138,565 1,105,507
NET ASSETS 1,109,817 1,024,637

CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 598,105 598,105
Retained earnings 511,612 426,432
SHAREHOLDERS' FUNDS 1,109,817 1,024,637

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 June 2025 and were signed by:





S L Hughes - Director


MUSTANG SALLYS LIMITED (REGISTERED NUMBER: 03463394)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024

1. STATUTORY INFORMATION

Mustang Sallys Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is being amortised over its useful economic life of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 1% on cost of buildings
Fixtures and fittings - 10% or 20% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Investment properties
Investment properties are revalued annually. Surpluses or deficits on individual properties are transferred to the revaluation reserve. Deficits in excess of prior revaluation surpluses on the same property are charged to the profit and loss account. Depreciation is not provided.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 36 ) .

MUSTANG SALLYS LIMITED (REGISTERED NUMBER: 03463394)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 78,892
AMORTISATION
At 1 January 2024 31,560
Charge for year 3,945
At 31 December 2024 35,505
NET BOOK VALUE
At 31 December 2024 43,387
At 31 December 2023 47,332

5. TANGIBLE FIXED ASSETS
Fixtures
Long and
leasehold fittings Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 1,564,858 1,668,098 3,232,956
DEPRECIATION
At 1 January 2024 368,473 1,206,453 1,574,926
Charge for year 10,432 121,185 131,617
At 31 December 2024 378,905 1,327,638 1,706,543
NET BOOK VALUE
At 31 December 2024 1,185,953 340,460 1,526,413
At 31 December 2023 1,196,385 461,645 1,658,030

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 2,160,000
NET BOOK VALUE
At 31 December 2024 2,160,000
At 31 December 2023 2,160,000

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2024 2,160,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,561,895 1,561,895

Investment property was valued on an open market basis on 31 December 2024 by the directors .

MUSTANG SALLYS LIMITED (REGISTERED NUMBER: 03463394)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 40,536 27,557
Other debtors 1,093 643
41,629 28,200

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 96,204 220,324
Hire purchase contracts - 2,589
Trade creditors 240,711 240,543
Amounts owed to associates 1,105,783 1,018,430
Taxation and social security 77,947 80,283
Other creditors 294,179 257,277
1,814,824 1,819,446

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 190,968 282,828
Other creditors 947,597 822,679
1,138,565 1,105,507

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 37,060 65,004

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 125,339
Bank loans 287,172 377,813
Other creditors 265,165 331,636
552,337 834,788

The bank loans, overdrafts and other creditors are secured against assets of the company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

12. OTHER FINANCIAL COMMITMENTS

The company had total commitments at the balance sheet date of £1,162,500 (2023: £1,237,500).