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REGISTERED NUMBER: 12593554 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

We Are Mind Labs Ltd

We Are Mind Labs Ltd (Registered number: 12593554)






Contents of the Financial Statements
for the year ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


We Are Mind Labs Ltd

Company Information
for the year ended 31 May 2023







DIRECTORS: A Ebrahim
S S Rogers
G Szedlak
Passion Capital Nominees Limited





SECRETARY:





REGISTERED OFFICE: Building 3 Chiswick Park
566 Chiswick High Road
London
W4 5YA





REGISTERED NUMBER: 12593554 (England and Wales)





ACCOUNTANTS: Bennett Brooks & Co Ltd
Chartered Accountants
14 Grosvenor Court
Foregate Street
Chester
Cheshire
CH1 1HG

We Are Mind Labs Ltd (Registered number: 12593554)

Balance Sheet
31 May 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 30,499 61,009

CURRENT ASSETS
Stocks 4,095 -
Debtors 5 198,834 140,917
Cash at bank 2,226,822 3,454,691
2,429,751 3,595,608
CREDITORS
Amounts falling due within one year 6 (26,852 ) (91,761 )
NET CURRENT ASSETS 2,402,899 3,503,847
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,433,398

3,564,856

CREDITORS
Amounts falling due after more than one year 7 (1,719,268 ) (1,691,382 )
NET ASSETS 714,130 1,873,474

CAPITAL AND RESERVES
Called up share capital 2 2
Share premium 3,899,106 3,899,106
Other reserves 283,195 311,081
Retained earnings (3,468,173 ) (2,336,715 )
714,130 1,873,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

We Are Mind Labs Ltd (Registered number: 12593554)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2024 and were signed on its behalf by:




A Ebrahim - Director



G Szedlak - Director


We Are Mind Labs Ltd (Registered number: 12593554)

Notes to the Financial Statements
for the year ended 31 May 2023

1. STATUTORY INFORMATION

We Are Mind Labs Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 1-3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 13 ) .

We Are Mind Labs Ltd (Registered number: 12593554)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 June 2022 90,048
Disposals (2,260 )
At 31 May 2023 87,788
DEPRECIATION
At 1 June 2022 29,039
Charge for year 29,711
Eliminated on disposal (1,461 )
At 31 May 2023 57,289
NET BOOK VALUE
At 31 May 2023 30,499
At 31 May 2022 61,009

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 10 -
Other debtors 198,824 140,917
198,834 140,917

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 4,166 9,940
Taxation and social security 1,906 42,695
Other creditors 20,780 39,126
26,852 91,761

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Other creditors 1,719,268 1,691,382

On 11 November 2021, the company issued convertible loan notes in the amount of £2,002,463.
Conversion of the loan notes to shares may occur upon a qualifying funding round, upon exit or after a defined long stop date.

Interest shall accrue on the notes at a rate of 2% per annum above the base rate of the Bank of England.

The liability component of the convertible debt is carried at the present value of the principal and total interest amounts, as at the defined long stop date, using a discount factor of 10%. The equity component is recognised within other reserves.

8. RELATED PARTY DISCLOSURES

The directors A Ebrahim and G Szedlak provided initial working capital on incorporation. As at 31 May 2023, the company owed £5,685 (2022: £6,000) to A Ebrahim and £5,700 (2022: £6,000) to G Szedlak.

We Are Mind Labs Ltd (Registered number: 12593554)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

9. ULTIMATE CONTROLLING PARTY

The company is deemed to be controlled by A Ebrahim and G Szedlak in their capacity as
directors and combined majority shareholders.