ACCOUNTS - Final Accounts

Registered number: 14654934

MUSTANG TOPCO LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

MUSTANG TOPCO LIMITED

REGISTERED NUMBER: 14654934

BALANCE SHEET

AS AT 31 DECEMBER 2024

	31 December	31 December	31 October	31 October
	2024	2024	2023	2023
Notes	£	£	£	£

FIXED ASSETS
Investments	4		1		1
			1		1
CURRENT ASSETS
Debtors: amounts falling due within one year	5	306,653		61,571
		306,653		61,571
Creditors: amounts falling due within one year	6	(535,497)		(108,947)
NET CURRENT LIABILITIES			(228,844)		(47,376)

TOTAL ASSETS LESS CURRENT LIABILITIES BEING NET LIABILITIES			(228,843)		(47,375)

CAPITAL AND RESERVES
Called up share capital	7		2,334		946
Share premium account			242,982		93,604
Capital redemption reserve			121		-
Profit and loss account			(474,280)		(141,925)
SHAREHOLDERS' FUNDS			(228,843)		(47,375)

The Directors consider that the Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with Section 476 of the Companies Act 2006.

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.

Page 1

MUSTANG TOPCO LIMITED

REGISTERED NUMBER: 14654934

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:

T J Collins

Director

Date: 11 December 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

MUSTANG TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

Mustang Topco Limited (the "Company") is a private company limited by shares and incorporated in England and Wales. Its registered office is Upper Pendrill Court, Ermine Street North, Papworth Everard, Cambridge CB23 3UY.

The current period financial statements cover the period of 14 months from 1 November 2023 to 31 December 2024. The comparative information covers a period of 10 months from 10 February 2023 to 31 October 2023.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the Group headed by it, qualify as small as set out in Section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes that the Company will have adequate resources to continue in operational existence for the foreseeable future.

In making their assessment the Directors have considered the Company's liquidity requirements based upon review of budgets and cash flow forecasts preparing covering a period of at least 12 months from the date of approving these financial statements as well as the ongoing support of the ultimate controlling party.

2.4

INVESTMENT

The investment in subsidiary undertaking is measured at cost less accumulated impairment charges.

2.5

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.

2.6

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.

Page 3

MUSTANG TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

3.

EMPLOYEES

The average number of employees, including the Directors, during the period was 1 (10 month period ended 31 October 2023 - 1).

4.	FIXED ASSET INVESTMENTS

		Investment in subsidiary undertaking
		£
	COST AND NET BOOK VALUE
	At 1 November 2023	1
	At 31 December 2024	1

5.

DEBTORS

					31 December	31 October
					2024	2023
					£	£


	Amounts owed by fellow group undertakings	275,703	16,777
	Other debtors	2,781	9,000
	Prepayments and accrued income	28,169	35,794
		306,653	61,571

Amounts owed by fellow group undertakings are unsecured, interest free and repayable on demand.

Page 4

MUSTANG TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

6.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
					31 December	31 October
					2024	2023
					£	£

	Trade creditors	-	54,000
	Amounts owed to fellow group undertakings	512,217	45,997
	Accruals	23,280	8,950
		535,497	108,947

Amounts owed by fellow group undertakings are unsecured, interest free and repayable on demand.

7.	SHARE CAPITAL
					31 December	31 October
					2024	2023
					£	£

		ALLOTTED, CALLED UP AND FULLY PAID

		144,288 (2023 - 59,925) A Ordinary shares of £0.01 each	1,443	599
		54,141 (2023 - 17,575) B Ordinary shares of £0.01 each	541	176
		34,950 (2023 - 17,050) C1 Ordinary shares of £0.01 each	350	171

			2,334	946

Page 5

MUSTANG TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

7.SHARE CAPITAL (CONTINUED)

Share Rights

All shares rank pari passu in all aspects except in voting rights where C1 Ordinary shares do not hold any.

Share Transactions

On 15 December 2023 the Company issued 25,000 A Ordinary shares of £0.01 each for total consideration of £25,000. The share premium of £24,750 has been credited to the share premium account.

On 19 January 2024 the Company repurchased 2,108 B Ordinary shares and 8,950 C1 Ordinary shares for total consideration of £5. The nominal value of the shares of £111 has been credited to the capital redemption reserve. The Company cancelled all of the repurchased shares on the same day.

Subsequently, on 19 January 2024, a further 10,896 C1 Ordinary shares of £0.01 each were issued for £1 a share. The share premium of £10,787 has been credited to the share premium account.

On 10 April 2024 the Company repurchased 1,000 C1 Ordinary shares for total consideration of £1. The nominal value of the shares of £10 has been credited to the capital redemption reserve. The Company cancelled all of the repurchased shares on the same day.

Subsequently, on 10 April 2024, a further 100 C1 Ordinary shares of £0.01 each were issued for £1 a share. The share premium of £99 has been credited to the share premium account.

On 7 May 2024 the Company issued the following shares:

∙25,667 A Ordinary shares of £0.01 each for total consideration of £25,667; and

∙14,268 B Ordinary shares of £0.01 each for total consideration of £14,268.

Share premium of £39,536 has been credited to the share premium account in respect of these share issues.

In August 2024 the Company issued the following shares:

∙222 B Ordinary shares of £0.01 each for total consideration of £222; and

∙10,718 C1 Ordinary shares of £0.01 each for total consideration of £10,718.

Share premium of £10,831 has been credited to the share premium account in respect of these share issues.

On 25 October 2024 the Company issued the following shares:

∙38,696 A Ordinary shares of £0.01 each for total consideration of £38,696;

∙19,184 B Ordinary shares of £0.01 each for total consideration of £19,184; and

∙6,136 C1 Ordinary shares of £0.01 each for total consideration of £6,136.

Share premium of £63,376 has been credited to the share premium account in respect of these share issues.

Page 6

MUSTANG TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

8.	CONTROLLING PARTY

The ultimate controlling party is Kester Capital III GP LLP, managed by Kester Capital LLP, by virtue of its controlling ownership in the shares of Mustang Topco Limited. Its registered office address is 14-16 Bruton Place, London W1J 6LX.

Page 7