Company registration number SC312478 (Scotland)
MINDGENIUS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MINDGENIUS LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MINDGENIUS LTD.
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,118
Current assets
Debtors
5
32,185
34,862
Cash at bank and in hand
75,332
93,559
107,517
128,421
Creditors: amounts falling due within one year
6
(141,189)
(145,740)
Net current liabilities
(33,672)
(17,319)
Total assets less current liabilities
(32,554)
(17,319)
Creditors: amounts falling due after more than one year
7
(2,068,778)
(2,082,210)
Net liabilities
(2,101,332)
(2,099,529)
Capital and reserves
Called up share capital
10
160
160
Profit and loss reserves
(2,101,492)
(2,099,689)
Total equity
(2,101,332)
(2,099,529)
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 2023 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.
The 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 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 September 2023 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 2023
- 3 -
1
Accounting policies
Company information
MindGenius Limited is a private company limited by share incorporated in Scotland. The registered office address is 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 amounts 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
At the balance sheet date the company had net liabilities of £2,101,332 (2021: £2,099,529) and was dependent on the financial support of the director to allow it to meet its ongoing financial commitments.
The director D MacIver has confirmed that he will continue to support the company and having considered all relevant information available to him, believes it is appropriate to prepare the financial statements on a going concern basis.
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
Tangible fixed assets
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:
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.6
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.
MINDGENIUS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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 in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
MINDGENIUS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Computers
£
Cost
At 1 April 2022
Additions
1,298
At 31 March 2023
1,298
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
180
At 31 March 2023
180
Carrying amount
At 31 March 2023
1,118
At 31 March 2022
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,476
31,993
Other debtors
2,709
2,869
32,185
34,862
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,931
9,687
Trade creditors
12,738
11,975
Taxation and social security
10,159
7,602
Other creditors
108,361
116,476
141,189
145,740
MINDGENIUS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,282
33,206
Other creditors
2,045,496
2,049,004
2,068,778
2,082,210
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
2023
2022
£
£
Arising from Deferred Income
102,634
112,880
Current liabilities
102,634
109,372
Non-current liabilities
3,508
102,634
112,880
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.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
16,000
16,000
160
160
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchase of consultancy services
2023
2022
£
£
Key management personnel
42,000
42,000
MINDGENIUS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Related party transactions
(Continued)
- 7 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Key management personnel
1,732,397
1,732,397