Company Registration No. SC312478 (Scotland)
MINDGENIUS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
MINDGENIUS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MINDGENIUS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
4,037
Current assets
Debtors
5
57,787
74,472
Cash at bank and in hand
17,776
21,833
75,563
96,305
Creditors: amounts falling due within one year
6
(128,469)
(139,033)
Net current liabilities
(52,906)
(42,728)
Total assets less current liabilities
(52,906)
(38,691)
Creditors: amounts falling due after more than one year
7
(2,061,887)
(2,048,486)
Net liabilities
(2,114,793)
(2,087,177)
Capital and reserves
Called up share capital
10
160
160
Profit and loss reserves
(2,114,953)
(2,087,337)
Total equity
(2,114,793)
(2,087,177)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MINDGENIUS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 August 2020 and are signed on its behalf by:
D MacIver
Director
Company Registration No. SC312478
MINDGENIUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
MindGenius Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Campbell Dallas, Titanium 1, King's Inch Place, Renfrew, PA4 8WF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever changing situation as effectively as possible.
The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recogni
s
ed at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
over 2 years
Patents & licences
over 5 years
Development costs
over 1 years
MINDGENIUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost
Computers
33% on cost
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
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2019 - 10).
MINDGENIUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
3
Intangible fixed assets
Software
Patents & licences
Development costs
Total
£
£
£
£
Cost
At 1 April 2019
11,200
25,000
1,051,082
1,087,282
Disposals
(11,200)
(25,000)
(1,051,082)
(1,087,282)
At 31 March 2020
-
-
-
-
Amortisation and impairment
At 1 April 2019
11,200
25,000
1,051,082
1,087,282
Disposals
(11,200)
(25,000)
(1,051,082)
(1,087,282)
At 31 March 2020
-
-
-
-
Carrying amount
At 31 March 2020
-
-
-
-
At 31 March 2019
-
-
-
-
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2019
20,048
38,188
58,236
Disposals
(20,048)
(38,188)
(58,236)
At 31 March 2020
-
-
-
Depreciation and impairment
At 1 April 2019
16,184
38,015
54,199
Depreciation charged in the year
3,864
173
4,037
Eliminated in respect of disposals
(20,048)
(38,188)
(58,236)
At 31 March 2020
-
-
-
Carrying amount
At 31 March 2020
-
-
-
At 31 March 2019
3,864
173
4,037
MINDGENIUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
52,674
56,981
Other debtors
5,113
17,491
57,787
74,472
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
24,924
24,951
Taxation and social security
6,584
8,395
Other creditors
96,961
105,687
128,469
139,033
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
2,061,887
2,048,486
8
Borrowing
The Royal Bank of Scotland PLC holds a bond and floating charge over all of the assets of the company.
9
Deferred income
2020
2019
£
£
Arising from Deferred Income
104,056
100,739
Current liabilities
92,222
95,278
Non-current liabilities
11,834
5,461
104,056
100,739
Deferred Income related to sales which have been contracted for but not classified as income in the period being reported on due to timing of the supplies.
MINDGENIUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
10
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
16,000 Ordinary shares of 1p each
160
160
11
Events after the reporting date
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever changing situation as effectively as possible.
12
Related party transactions
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts owed to related parties
£
£
Key management personnel
1,732,397
1,720,397