Company Registration No. SC312478 (Scotland)
MINDGENIUS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
MINDGENIUS LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MINDGENIUS LTD.
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
385,104
465,761
Tangible assets
4
12,904
21,365
Current assets
Debtors
5
80,540
86,940
Cash at bank and in hand
198,390
33,539
278,930
120,479
Creditors: amounts falling due within one year
6
(192,786)
(230,261)
Net current assets/(liabilities)
86,144
(109,782)
Total assets less current liabilities
484,152
377,344
Creditors: amounts falling due after more than one year
7
(1,895,248)
(1,151,999)
Net liabilities
(1,411,096)
(774,655)
Capital and reserves
Called up share capital
10
160
120
Profit and loss reserves
(1,411,256)
(774,775)
Total equity
(1,411,096)
(774,655)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 LTD.
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 September 2018 and are signed on its behalf by:
D MacIver
Director
Company Registration No. SC312478
MINDGENIUS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
MindGenius Ltd. is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Campbell Dallas Limited, 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
The accounts have been prepared on the going concern basis as the director has confirmed that all liabilities will be met. The current loans owed to related parties of £1,558,645 are subject to a loan note agreement and this is not due to be repaid before 2019 and only then if funds are available. The company continues to trade with the support of the director.
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
Research and development expenditure
Development expenditure is capitalised at the point where costs incurred in separately identified projects can be reliably predicted to generate future economic benefits and the research phase has been completed.
Amortisation of development expenditure is calculated in line with the future life of the generated asset and with consideration of UK GAAP commencing at the point of capitalisation of the expenditure. Impairment reviews of development expenditure are undertaken regularly by the directors and recognised in the financial statements at that time.
1.5
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 3 years
Patents & licences
over 5 years
Development costs
over 5 years
MINDGENIUS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.6
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
Motor vehicles
25% 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
.
1.7
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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 13 (2017 - 16).
MINDGENIUS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 April 2017
659,693
Additions
257,984
At 31 March 2018
917,677
Amortisation and impairment
At 1 April 2017
193,932
Amortisation charged for the year
338,641
At 31 March 2018
532,573
Carrying amount
At 31 March 2018
385,104
At 31 March 2017
465,761
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2017
18,280
47,665
8,000
73,945
Additions
3,950
-
-
3,950
At 31 March 2018
22,230
47,665
8,000
77,895
Depreciation and impairment
At 1 April 2017
12,335
36,078
4,167
52,580
Depreciation charged in the year
2,973
7,438
2,000
12,411
At 31 March 2018
15,308
43,516
6,167
64,991
Carrying amount
At 31 March 2018
6,922
4,149
1,833
12,904
At 31 March 2017
5,945
11,587
3,833
21,365
MINDGENIUS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
65,823
68,009
Other debtors
14,717
18,931
80,540
86,940
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
96,083
109,102
Other taxation and social security
21,322
18,635
Other creditors
75,381
102,524
192,786
230,261
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
1,895,248
1,151,999
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
2018
2017
£
£
Arising from Deferred Income
77,322
103,504
Current liabilities
68,519
88,580
Non-current liabilities
8,803
14,924
77,322
103,504
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 LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
16,000 Ordinary shares of 1p each
160
120
160
120
During the year the company allotted 4,000 ordinary shares of £0.01 and 1,478 ordinary C shares of £0.01 under an EMI share option scheme.
4,000 ordinary shares of £0.01 were exercised through the EMI options scheme during the year.
MINDGENIUS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
11
Related party transactions
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts owed to related parties
£
£
Key management personnel
1,558,647
1,137,075