Company registration number SC255756 (Scotland)
W. M. MUSTARD & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
W. M. MUSTARD & SON LIMITED
COMPANY INFORMATION
Directors
Mr W Mustard
Mr J W Mustard
Mr K J Mustard
Mrs E Mustard
(Appointed 1 October 2023)
Company number
SC255756
Registered office
Munros House
Broomfield Industrial Estate
Broomfield Road
Montrose
DD10 8SY
Accountants
MMG Chartered Accountants
182 High Street
Montrose
ANGUS
Scotland
DD10 8PH
W. M. MUSTARD & SON LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
W. M. MUSTARD & SON LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF W. M. MUSTARD & SON LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W. M. Mustard & Son Limited for the year ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of W. M. Mustard & Son Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of W. M. Mustard & Son Limited and state those matters that we have agreed to state to the board of directors of W. M. Mustard & Son Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W. M. Mustard & Son Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that W. M. Mustard & Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of W. M. Mustard & Son Limited. You consider that W. M. Mustard & Son Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of W. M. Mustard & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MMG Chartered Accountants
182 High Street
Montrose
ANGUS
DD10 8PH
Scotland
10 June 2025
W. M. MUSTARD & SON LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
132,431
184,534
Investment property
4
269,180
269,180
401,611
453,714
Current assets
Stocks
103,139
171,445
Debtors
5
173,806
190,610
Cash at bank and in hand
300,520
289,846
577,465
651,901
Creditors: amounts falling due within one year
6
(153,471)
(206,500)
Net current assets
423,994
445,401
Total assets less current liabilities
825,605
899,115
Creditors: amounts falling due after more than one year
7
(34,429)
(51,295)
Provisions for liabilities
(12,780)
(9,181)
Net assets
778,396
838,639
Capital and reserves
Called up share capital
6
6
Share premium account
19,999
19,999
Profit and loss reserves
758,391
818,634
Total equity
778,396
838,639
W. M. MUSTARD & SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
Mr W Mustard
Director
Company registration number SC255756 (Scotland)
W. M. MUSTARD & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
W. M. Mustard & Son Limited is a private company limited by shares incorporated in Scotland. The registered office is Munros House, Broomfield Industrial Estate, Broomfield Road, Montrose, DD10 8SY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% RB
Fixtures and fittings
15% RB
Computers
33% RB
FL vehicles
4 years SL
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
W. M. MUSTARD & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
27
W. M. MUSTARD & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
FL vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
241,107
9,438
17,993
121,716
390,254
Additions
29,431
2,408
31,839
Disposals
(12,548)
(4,538)
(64,833)
(81,919)
At 30 September 2024
257,990
9,438
15,863
56,883
340,174
Depreciation and impairment
At 1 October 2023
160,378
3,279
14,178
27,885
205,720
Depreciation charged in the year
27,216
916
1,969
14,063
44,164
Eliminated in respect of disposals
(11,291)
(4,312)
(26,538)
(42,141)
At 30 September 2024
176,303
4,195
11,835
15,410
207,743
Carrying amount
At 30 September 2024
81,687
5,243
4,028
41,473
132,431
At 30 September 2023
80,729
6,159
3,815
93,831
184,534
4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
269,180
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30/09/2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
149,969
155,370
Other debtors
3,085
16,660
Prepayments and accrued income
20,752
18,580
173,806
190,610
W. M. MUSTARD & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Obligations under finance leases
6,953
30,488
Trade creditors
90,968
115,651
Corporation tax
23,185
16,601
Other taxation and social security
7,028
16,488
Other creditors
15,337
17,272
153,471
206,500
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
11,667
21,580
Obligations under finance leases
22,762
29,715
34,429
51,295
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr J W Mustard -
-
144
144
(144)
144
Mr K J Mustard -
-
144
144
(144)
144
Mr W Mustard -
-
1,369
38,391
(38,688)
1,072
1,657
38,679
(38,976)
1,360