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REGISTERED NUMBER: 07705076 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

MIND'S EYE RESEARCH LIMITED

MIND'S EYE RESEARCH LIMITED (REGISTERED NUMBER: 07705076)






Contents of the Financial Statements
for the year ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MIND'S EYE RESEARCH LIMITED

Company Information
for the year ended 30 June 2023







DIRECTORS: S B Hutton
E J Veitch





REGISTERED OFFICE: Sussex Innovation Centre
University of Sussex
Falmer
Brighton
East Sussex
BN1 9SB





REGISTERED NUMBER: 07705076 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

MIND'S EYE RESEARCH LIMITED (REGISTERED NUMBER: 07705076)

Balance Sheet
30 June 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,437 1,368

CURRENT ASSETS
Debtors 5 991 748
Cash at bank 97,694 113,975
98,685 114,723
CREDITORS
Amounts falling due within one year 6 (12,237 ) (26,977 )
NET CURRENT ASSETS 86,448 87,746
TOTAL ASSETS LESS CURRENT
LIABILITIES

88,885

89,114

PROVISIONS FOR LIABILITIES 7 (463 ) (260 )
NET ASSETS 88,422 88,854

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 88,322 88,754
SHAREHOLDERS' FUNDS 88,422 88,854

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 2 February 2024 and were signed on its behalf by:



S B Hutton - Director


MIND'S EYE RESEARCH LIMITED (REGISTERED NUMBER: 07705076)

Notes to the Financial Statements
for the year ended 30 June 2023

1. STATUTORY INFORMATION

Mind's Eye Research Limited 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 represents the fair value of consideration received or receivable net of VAT and trade discounts. Fee income is earned by providing customer support, hardware installation and training services. Revenue is recognised when the invoice is raised, operating costs are recharged in the 3 months prior to the invoice being raised and consultancy fees are billed in advance.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment-3 years on cost
Office furniture-25% on reducing balance
Computer equipment-33% on cost

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.

MIND'S EYE RESEARCH LIMITED (REGISTERED NUMBER: 07705076)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern policy
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Office Computer
Equipment furniture equipment Totals
£    £    £    £   
COST
At 1 July 2022 5,333 287 11,480 17,100
Additions - 445 1,515 1,960
At 30 June 2023 5,333 732 12,995 19,060
DEPRECIATION
At 1 July 2022 5,333 287 10,112 15,732
Charge for year - 10 881 891
At 30 June 2023 5,333 297 10,993 16,623
NET BOOK VALUE
At 30 June 2023 - 435 2,002 2,437
At 30 June 2022 - - 1,368 1,368

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 991 748

MIND'S EYE RESEARCH LIMITED (REGISTERED NUMBER: 07705076)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 71 -
Taxation and social security 10,021 25,141
Other creditors 2,145 1,836
12,237 26,977

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 463 260

Deferred
tax
£   
Balance at 1 July 2022 260
Accelerated capital allowances 203
Balance at 30 June 2023 463

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100