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MABINOGION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
1.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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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:
In assessing the ability of the Company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the Company. Given that the Company is in a net deficit position the director has obtained assurances from its immediate and ultimate parent company to continue to provide adequate funds to meets its obligations, and not to demand repayment of any funds due to them, until the Company is in a financial position to do so. As a result, the director considers it appropriate to prepare the financial statements on a going concern basis.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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.
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.
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The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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