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Registered number: 14657986
MUSTANG BIDCO LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MUSTANG BIDCO LIMITED
REGISTERED NUMBER: 14657986
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES BEING NET LIABILITIES
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DEFICIT IN SHAREHOLDERS' FUNDS
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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 BIDCO LIMITED
REGISTERED NUMBER: 14657986
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:
The notes on pages 3 to 8 form part of these financial statements.
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MUSTANG BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Mustang Bidco 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
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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:
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 BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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FOREIGN CURRENCY TRANSLATION
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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'.
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DEFINED CONTRIBUTION PENSION SCHEME
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The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme 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 profit or loss when they fall due. Amounts not paid are shown in Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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MUSTANG BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Tax is recognised in profit or loss 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 by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investments in subsidiary undertakings are measured at cost less accumulated impairment charges.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The average number of employees, including the Directors, during the period was 11 (10 months ended 31 October 2023 - 7).
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MUSTANG BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Investment in subsidiary undertakings
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On 18 April 2024, the Company acquired 100% of the issued share capital of AxTalis Holdco B.V. for a consideration of €1,000.
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MUSTANG BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Amounts owed by fellow group undertakings
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Prepayments and accrued income
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Amounts owed by 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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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to fellow group undertakings
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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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ALLOTTED, CALLED UP AND FULLY PAID
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1 (2023 - 1) Ordinary share of £0.01
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MUSTANG BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The immediate parent undertaking of Mustang Bidco Limited is Mustang Midco Limited, a company registered in England and Wales. The ultimate parent undertaking 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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