Company No: 12805029 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Ndubuisi Kejeh

REGISTERED OFFICE	46 Bedford Row
	London
	WC1R 4LR
	United Kingdom

COMPANY NUMBER

12805029 (England and Wales)

CHARTERED ACCOUNTANTS	Praxis
	1 Fore Street Avenue
	London
	EC2Y 9DT
	United Kingdom

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	2,020		3,299
		2,020		3,299
Current assets
Debtors	4	106,230		26,352
Cash at bank and in hand		0		1,169
		106,230		27,521
Creditors: amounts falling due within one year	5	( 190,424)		( 67,576)
Net current liabilities		(84,194)		(40,055)
Total assets less current liabilities		(82,174)		(36,756)
Creditors: amounts falling due after more than one year	6	( 40,375)		( 24,700)
Net liabilities		( 122,549)		( 61,456)
Capital and reserves
Called-up share capital	7	1,015		1,015
Share premium account		14,985		14,985
Profit and loss account		( 138,549 )		( 77,456 )
Total shareholders' deficit		( 122,549)		( 61,456)

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

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of By Mustard Limited (registered number: 12805029) were approved and authorised for issue by the Director on 27 August 2026. They were signed on its behalf by:

Ndubuisi Kejeh Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

By Mustard Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 46 Bedford Row, London, WC1R 4LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. This is partly due to the continued investment injection to the business and growth in business trade which the Director projects will soon translate into profits within a couple of years.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for consultancy services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.

Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	1		1

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 September 2024	9,437		9,437
Additions	662		662
At 31 August 2025	10,099		10,099
Accumulated depreciation
At 01 September 2024	6,138		6,138
Charge for the financial year	1,941		1,941
At 31 August 2025	8,079		8,079
Net book value
At 31 August 2025	2,020		2,020
At 31 August 2024	3,299		3,299

4. Debtors

	2025		2024
	£		£
Amounts owed by related parties	32,200		0
Other taxation and social security	15,271		3,861
Other debtors	58,759		22,491
	106,230		26,352

Included in other debtors is an amount owed by the Director totalling £45,964 (2024: £19,257 ). Interest is applied at a rate of 2.88% (2024: 2.25%).

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	1,889		0
Trade creditors	42,440		3,275
Other taxation and social security	16,177		4,033
Other creditors	129,918		60,268
	190,424		67,576

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Amounts owed to connected persons	8,075		10,700
Other creditors	32,300		14,000
	40,375		24,700

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to Connected persons do not bear interest.

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,015 Ordinary shares of £ 1.00 each	1,015		1,015

8. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	172,587		236,022

9. Related party transactions

Other related party transactions

	2025		2024
	£		£
Sales	104,167		125,833
Debtors	44,506		13,209
Deferred income	100,000		54,167

The debtor and deferred income balances and sales transactions relate to companies under common control. The debtor balances are repayable on demand and bear no interest.

10. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.