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WINNINGMINDS LIMITED

Registered Number
05012844
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

WINNINGMINDS LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

Mark Newey

Registered Address

Winstanley House
4, Market Hill
Saffron Walden
CB10 1HQ

Registered Number

05012844 (England and Wales)
WINNINGMINDS LIMITED
Balance Sheet as at
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6678905
678905
Current assets
Debtors711,6998,338
Cash at bank and on hand1,158505
12,8578,843
Creditors amounts falling due within one year8(57,726)(7,453)
Net current assets (liabilities)(44,869)1,390
Total assets less current liabilities(44,191)2,295
Creditors amounts falling due after one year9(6,000)(8,000)
Net assets(50,191)(5,705)
Capital and reserves
Called up share capital100100
Profit and loss account(50,291)(5,805)
Shareholders' funds(50,191)(5,705)
The financial statements were approved and authorised for issue by the Director on 21 April 2023, and are signed on its behalf by:
Mark Newey
Director
Registered Company No. 05012844
WINNINGMINDS LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company is cognitive behavioural change therapy and life coaching.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
Revenue recognition policy
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.
Deferred tax policy
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.
Going concern
The financial statements have been prepared on a going concern basis despite the net liability position reported at the balance sheet date. The company is in the process of developing a new product, the cost of which has resulted in the current balance sheet deficit. Sufficient funding has been secured to fund this deficit and the completion of the development work.
5.Employee information

20232022
Average number of employees during the year11
6.Property, plant and equipment

Total

£
Cost or valuation
At 01 March 224,181
At 28 February 234,181
Depreciation and impairment
At 01 March 223,276
Charge for year227
At 28 February 233,502
Net book value
At 28 February 23678
At 28 February 22905
7.Debtors

2023

2022

££
Other debtors-7,074
Deferred tax asset, debtors11,6991,264
Total11,6998,338
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.
8.Creditors within one year

2023

2022

££
Bank borrowings and overdrafts2,0002,000
Taxation and social security612-
Other creditors53,3331,914
Accrued liabilities and deferred income1,7813,539
Total57,7267,453
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.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts6,0008,000
Total6,0008,000