Registration number: NI607077

Mullans Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Mullans Ltd

Company Information

Directors

Mr Colm Mullan Mr Graham Mullan

Registered office

12 Rocks Road Ballyhornan Downpatrick Co Down BT30 7PJ

Mullans Ltd

(Registration number: NI607077)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets		70,000	70,000
Tangible assets	4	201,009	202,976
		271,009	272,976
Current assets
Stocks	5	2,000	2,000
Cash at bank and in hand		11,017	5,950
		13,017	7,950
Creditors: Amounts falling due within one year	6	(202,668)	(155,529)
Net current liabilities		(189,651)	(147,579)
Total assets less current liabilities		81,358	125,397
Creditors: Amounts falling due after more than one year	6	(38,244)	(41,101)
Net assets		43,114	84,296
Capital and reserves
Called up share capital	9	100	100
Retained earnings		43,014	84,196
Shareholders' funds		43,114	84,296

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Mullans Ltd

(Registration number: NI607077)
Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 24 April 2026 and signed on its behalf by:
 

......................................... Mr Graham Mullan Director

Mullans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
12 Rocks Road
Ballyhornan
Downpatrick
Co Down
BT30 7PJ

These financial statements were authorised for issue by the Board on 24 April 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Mullans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixture and Fittings	25% Reducing Balance Method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Mullans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

Mullans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2024	194,701	50,248	244,949
Additions	-	135	135
At 31 March 2025	194,701	50,383	245,084
Depreciation
At 1 April 2024	-	41,973	41,973
Charge for the year	-	2,102	2,102
At 31 March 2025	-	44,075	44,075
Carrying amount
At 31 March 2025	194,701	6,308	201,009
At 31 March 2024	194,701	8,275	202,976

Included within the net book value of land and buildings above is £194,701 (2024 - £194,701) in respect of freehold land and buildings.
 

5

Stocks

	2025 £	2024 £
Other inventories	2,000	2,000

Mullans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	7	188,020	145,540
Trade creditors		3,514	1,762
Taxation and social security		9,714	6,733
Accruals and deferred income		1,385	1,385
Other creditors		35	109
		202,668	155,529

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	7	38,244	41,101

7	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	12,945	15,802
Other borrowings	25,299	25,299
	38,244	41,101

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	3,314	3,314
Other borrowings	184,706	142,226
	188,020	145,540

Mullans Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8	Related party transactions

Transactions with directors

2025	At 1 April 2024 £	Advances from director £	Repayments to director £	At 31 March 2025 £
Mr Colm Mullan
	103,338	-	(2,598)	100,740
Mr Graham Mullan
	38,889	45,077	-	83,966

2024	At 1 April 2023 £	Advances from director £	Repayments to director £	At 31 March 2024 £
Mr Colm Mullan
	105,339	-	(2,001)	103,338
Mr Graham Mullan
	33,851	5,038	-	38,889

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100