|
MUSTANG MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
Mustang Midco Limited is a private company limited by shares and incorporated in England and Wales. It was incorporated on 13 February 2023 and these financial statements therefore cover the period from 13 February 2023 to 31 October 2023. Its registered office is Upper Pendrill Court, Ermine Street North, Papworth Everard, Cambridge, Cambridgeshire, CB23 3UY.
The parent undertaking of the smallest group to consolidate these financial statements is Mustang Topco Limited, a company limited by shares and incorporated in England and Wales. Its registered office is Upper Pendrill Court, Ermine Street North, Papworth Everard, Cambridge, Cambridgeshire, CB23 3UY.
2.ACCOUNTING POLICIES
|
|
|
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
|
