2023-11-012024-10-312024-10-31false12975106MULLEN PROPERTY 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MULLEN PROPERTY LTD

Registered Number
12975106
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

MULLEN PROPERTY LTD
Company Information
for the year from 1 November 2023 to 31 October 2024

Director

MULLEN, Paul Stephen

Registered Address

11 Gleneagles Close
Fornham St. Martin
Bury St. Edmunds
IP28 6XA

Registered Number

12975106 (England and Wales)
MULLEN PROPERTY LTD
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets314,43015,698
Tangible assets414,87116,084
29,30131,782
Current assets
Debtors58,38312
Cash at bank and on hand24,4997,708
32,8827,720
Creditors amounts falling due within one year6(9,967)(1,377)
Net current assets (liabilities)22,9156,343
Total assets less current liabilities52,21638,125
Net assets52,21638,125
Capital and reserves
Called up share capital100100
Profit and loss account52,11638,025
Shareholders' funds52,21638,125
The financial statements were approved and authorised for issue by the Director on 15 July 2025, and are signed on its behalf by:
MULLEN, Paul Stephen
Director
Registered Company No. 12975106
MULLEN PROPERTY LTD
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery20
Fixtures and fittings20
Vehicles25
Office Equipment20
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year11
3.Intangible assets
Goodwill is being written off in equal annual instalments at 6.5% straight line.

Other

Total

££
Cost or valuation
At 01 November 2319,50019,500
At 31 October 2419,50019,500
Amortisation and impairment
At 01 November 233,8023,802
Charge for year1,2681,268
At 31 October 245,0705,070
Net book value
At 31 October 2414,43014,430
At 31 October 2315,69815,698
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 November 2314,00013,9753,50631,481
Additions2,815--2,815
At 31 October 2416,81513,9753,50634,296
Depreciation and impairment
At 01 November 235,0408,9971,36015,397
Charge for year2,3551,2454284,028
At 31 October 247,39510,2421,78819,425
Net book value
At 31 October 249,4203,7331,71814,871
At 31 October 238,9604,9782,14616,084
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables8,326-
Other debtors5712
Total8,38312
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables459-
Taxation and social security7,870-
Other creditors838727
Accrued liabilities and deferred income800650
Total9,9671,377
7.Provisions for liabilities
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.