Company Registration No. 13827498 (England and Wales)
MindsDB Ltd
Unaudited accounts
for the period from 4 January 2022 to 31 January 2023
MindsDB Ltd
Unaudited accounts
Contents
MindsDB Ltd
Company Information
for the period from 4 January 2022 to 31 January 2023
Company Number
13827498 (England and Wales)
Registered Office
20-22 Wenlock Road
London
N1 7GU
England
Accountants
The Accountancy Cloud
12-18 Hoxton Street
London
N1 6NG
UK
MindsDB Ltd
Statement of financial position
as at 31 January 2023
Cash at bank and in hand
67,281
Creditors: amounts falling due within one year
(592,318)
Net current liabilities
(519,678)
Total assets less current liabilities
(464,641)
Provisions for liabilities
Profit and loss account
(475,099)
Shareholders' funds
(475,098)
For the period ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 October 2023 and were signed on its behalf by
Adam Carrigan
Director
Company Registration No. 13827498
MindsDB Ltd
Notes to the Accounts
for the period from 4 January 2022 to 31 January 2023
MindsDB Ltd is a private company, limited by shares, registered in England and Wales, registration number 13827498. The registered office is 20-22 Wenlock Road, London, N1 7GU, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the period from 4 January 2022 to 31 January 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 4 January 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
3 Years
Computer equipment
3 Years
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
MindsDB Ltd
Notes to the Accounts
for the period from 4 January 2022 to 31 January 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
Additions
54,990
2,193
5,860
63,043
At 31 January 2023
54,990
2,193
5,860
63,043
Charge for the period
5,729
1,015
1,262
8,006
At 31 January 2023
5,729
1,015
1,262
8,006
At 31 January 2023
49,261
1,178
4,598
55,037
Amounts falling due within one year
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Creditors: amounts falling due within one year
2023
Amounts owed to group undertakings and other participating interests
480,627
Taxes and social security
12,395
Loans from directors
(1,054)
MindsDB Ltd
Notes to the Accounts
for the period from 4 January 2022 to 31 January 2023
Accelerated capital allowances
10,457
Charged to the profit and loss account
10,457
Provision at end of period
10,457
The Company recognizes deferred tax assets and liabilities based on temporary differences between financial reporting and tax bases, using substantively enacted tax rates.
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Transactions with related parties
During the year, MindsDB Inc has funded MindsDB Ltd £480,627.
MindsDB Ltd is a wholly-owned subsidiary of MindsDB Inc.
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Average number of employees
During the period the average number of employees was 2.