ACCOUNTS - Final Accounts

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Registered number: 14657624

MUSTANG MIDCO LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2024

MUSTANG MIDCO LIMITED

REGISTERED NUMBER: 14657624

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	35,646,438		14,342,538
Creditors: amounts falling due within one year	6	(327,531)		(2,800)
NET CURRENT ASSETS			35,318,907		14,339,738
TOTAL ASSETS LESS CURRENT LIABILITIES			35,318,908		14,339,739
Creditors: amounts falling due after more than one year	7		(38,709,569)		(15,262,032)

NET LIABILITIES			(3,390,661)		(922,293)

CAPITAL AND RESERVES
Called up share capital	9	-	-
Share premium account		1	1
Profit and loss account		(3,390,662)	(922,294)
DEFICIT IN SHAREHOLDERS' FUNDS		(3,390,661)	(922,293)

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.

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.

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MUSTANG MIDCO LIMITED

REGISTERED NUMBER: 14657624

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

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.

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MUSTANG MIDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

Mustang Midco 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 13 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

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 prepared 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.

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MUSTANG MIDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'Interest Receivable' or 'Interest Payable'. All other foreign exchange gains and losses are presented in profit or loss within 'Administrative Expenses'.

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 other loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

EMPLOYEES

There were no employees, other than the Directors, of the Company during the current or prior periods, who were remunerated via other group companies without right of recharge.

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MUSTANG MIDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

4.	FIXED ASSET INVESTMENTS

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

DEBTORS

					31 December	31 October
					2024	2023
					£	£


Amounts owed by fellow group undertakings	35,646,398	14,342,538
Other debtors	40	-
	35,646,438	14,342,538

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

Amounts owed to fellow group undertakings	323,931	-
Accruals	3,600	2,800
	327,531	2,800

Amounts owed to fellow group undertakings are unsecured with no fixed repayment terms and bear no interest. In the absence of legally agreed repayment schedules the balances are deemed to be repayable on demand, although there is no expectation that they will be called for repayment in the coming 12 months.

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MUSTANG MIDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Other loans (see note 8)	38,709,569	15,262,032

Other loans comprise loan notes that were issued to finance the purchase of other group undertakings. The loan notes bear interest at a rate of 10% per annum and the capital is repayble alongside the accrued interest on an exit event occurring or otherwise on 11 March 2028.

The loans are secured by a fixed charge over specified assets and a floating charge over all present and future property and undertakings of the company. The security arrangement also includes a negative pledge covenant, which restricts the company from creating additional security over the charged assets.



AMOUNTS FALLING DUE 2-5 YEARS
Other loans	38,709,569	15,262,032

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MUSTANG MIDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

ALLOTTED, CALLED UP AND FULLY PAID

1 (2023 - 1) Ordinary share of £0.01	0.01	0.01

10.	CONTROLLING PARTY

The immediate and ultimate parent undertaking of Mustang Midco Limited is Mustang Topco Limited, a company registered in England and Wales.

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.

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