Company Registration No. SC312478 (Scotland)
MINDGENIUS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
MINDGENIUS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MINDGENIUS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
39,721
57,787
Cash at bank and in hand
81,132
17,776
120,853
75,563
Creditors: amounts falling due within one year
4
(123,536)
(128,469)
Net current liabilities
(2,683)
(52,906)
Creditors: amounts falling due after more than one year
5
(2,095,725)
(2,061,887)
Net liabilities
(2,098,408)
(2,114,793)
Capital and reserves
Called up share capital
160
160
Profit and loss reserves
(2,098,568)
(2,114,953)
Total equity
(2,098,408)
(2,114,793)
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 2021 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.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2021 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 2021
- 2 -
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 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
At the balance sheet date the company had net current liabilities of £2,098,048 (2020: £2,114,793) 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:
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
.
1.5
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 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
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.
1.9
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
32,329
52,674
Other debtors
7,392
5,113
39,721
57,787
MINDGENIUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
4
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
7,108
Trade creditors
14,425
24,924
Taxation and social security
9,215
6,584
Other creditors
92,788
96,961
123,536
128,469
5
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
42,892
Other creditors
2,052,833
2,061,887
2,095,725
2,061,887
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
2,651
-
6
Borrowing
The Royal Bank of Scotland PLC holds a bond and floating charge over all of the assets of the company.
7
Deferred income
2021
2020
£
£
Arising from Deferred Income
94,540
104,056
Current liabilities
87,203
92,222
Non-current liabilities
7,337
11,834
94,540
104,056
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.
8
Related party transactions
MINDGENIUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
8
Related party transactions
(Continued)
- 5 -
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2021
2020
£
£
Key management personnel
42,100
43,225
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts owed to related parties
£
£
Key management personnel
1,732,397
1,732,397