Mulgas Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Mulgas Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06240616 . The registered office is 26 Sefton Close, West End, Woking, Surrey, GU24 9HT.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Presentational Currency

The accounts are presented in and rounded to the nearest £1 sterling.

2.2. Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of income and retained earnings over its useful economic life.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% straight line
Fixtures & Fittings	25% straight line
Computer Equipment	25% straight line

2.5. Stocks and Work in Progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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Mulgas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

2.7. Taxation

Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

2.8. Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9. Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value,net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10. Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11. Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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Mulgas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3. Average Number of Employees

Average number of employees, including directors, during the year was: 6 (2024: 6)

4. Intangible Assets

	Goodwill
	£
Cost or Valuation
As at 1 April 2024	100,000

As at 31 March 2025	100,000

Amortisation
As at 1 April 2024	100,000

As at 31 March 2025	100,000

Net Book Value
As at 31 March 2025	-

As at 1 April 2024	-

5. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost or Valuation
As at 1 April 2024	3,587	3,178	31,503	38,268
Additions	-	308	176	484

As at 31 March 2025	3,587	3,486	31,679	38,752

Depreciation
As at 1 April 2024	3,587	2,569	31,116	37,272
Provided during the period	-	245	145	390

As at 31 March 2025	3,587	2,814	31,261	37,662

Net Book Value
As at 31 March 2025	-	672	418	1,090

As at 1 April 2024	-	609	387	996

6. Stocks

	2025	2024
	£	£
Stock	14,650	21,500

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Mulgas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	38,396	36,003
Prepayments and accrued income	21,736	15,649
Other debtors	19,826	23,826
Amounts owed by group undertakings	133,428	156,488

	213,386	231,966

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	64,630	62,010
Bank loans and overdrafts	10,000	10,000
Corporation tax	27,309	-
Other taxes and social security	2,226	42,673
VAT	14,857	23,871
Other creditors	50,822	3,300
Accruals and deferred income	27,800	4,140

	197,644	145,994

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	3,334	13,333

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

11. Other Commitments

At 31 March 2025 the company had the following future minimum lease payments under noncancellable operating leases for each of the following periods:

	2025	2024
	£	£
Not later than one year	12,006	12,006
Later than one year and not later than five years	19,692	31,698

	31,698	43,704

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Mulgas Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

12. Related Party Transactions

At the year end the Director owed the company £6,236 (2024 - £8,236). £2,000 was repaid in the year. This amount is shown within other debtors, is interest free and repayable upon demand.

At the year end an effective shareholder owed the company £7,046 (2024 - £9,046). £2,000 was repaid in the year. This amount is shown within other debtors, is interest free and repayable upon demand.

13. Controlling party

The company is controlled by its parent company, Mulgas 2 Ltd. The ultimate controlling parties are Mr D Murphy and Mrs S Murphy, who jointly control the parent company, Mulgas 2 Ltd.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		1,090		996

			1,090		996
CURRENT ASSETS
Stocks	6	14,650		21,500
Debtors	7	213,386		231,966
Cash at bank and in hand		51,495		37,625

		279,531		291,091
Creditors: Amounts Falling Due Within One Year	8	(197,644 )		(145,994 )

NET CURRENT ASSETS (LIABILITIES)			81,887		145,097

TOTAL ASSETS LESS CURRENT LIABILITIES			82,977		146,093

Creditors: Amounts Falling Due After More Than One Year	9		(3,334 )		(13,333 )

NET ASSETS			79,643		132,760

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			79,543		132,660

SHAREHOLDERS' FUNDS			79,643		132,760