Number
12296083
MINDSTAR RISING LTD
Filleted Accounts
31 March 2023
MINDSTAR RISING LTD
Registered number: 12296083
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 114 309
114 309
Current assets
Stocks 750 750
750 750
Creditors: amounts falling due within one year 4 (5,957) (4,917)
Net current liabilities (5,207) (4,167)
Total assets less current liabilities (5,093) (3,858)
Provisions for liabilities (22) (59)
Net liabilities (5,115) (3,917)
Capital and reserves
Called up share capital 1 1
Profit and loss account (5,116) (3,918)
Shareholder's funds (5,115) (3,917)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. Aaron Clark
Director
Approved by the board on 1 November 2023
MINDSTAR RISING LTD
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Computers Total
£ £
Cost
At 1 April 2022 781 781
At 31 March 2023 781 781
Depreciation
At 1 April 2022 472 472
Charge for the year 195 195
At 31 March 2023 667 667
Net book value
At 31 March 2023 114 114
At 31 March 2022 309 309
4 Creditors: amounts falling due within one year 2023 2022
£ £
Mr. Aaron Clark 5,957 4,917
Accruals - -
5,957 4,917
5 Ultimate controlling party and related party transactions
The company was under the control of Mr. Aaron Clark throughout the current period.
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 except for those disclosed below.
2023 2022
£ £
Balance owing (to) / from Mr. Aaron Clark (5,957) (4,917)
Interest at 2.25% per annum is charged on balances over £10,000 owed to the company.
6 Going concern basis
The company is dependent for its continued survival on its creditors particularly the director. Mr. Aaron Clark has indicated his willingness to maintain this support. Accordingly the going concern basis of accounting has been adopted.
7 Other information
MINDSTAR RISING LTD is a private company limited by shares and incorporated in England. Its registered office is:
22 Richmond Road
Workington
Cumbria
CA14 5BU
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