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Registration number: 10263088

Continental Mind Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2023

 

Continental Mind Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Abridged Balance Sheet

5 to 6

Notes to the Unaudited Abridged Financial Statements

7 to 12

iXBRL Detailed Profit and Loss Account

13

 

Continental Mind Limited

Company Information

Directors

Mr G M Ford

Mrs J Ford

Registered office

Lansdowne House
56 Church Street
Lyme Regis
Dorset
DT7 3DA

Bankers

Lloyds Bank Plc
Seaton
The Square
Seaton
EX12 2QH

Accountants

Scott Vevers Ltd
Chartered Accountants
and Registered Auditors
65 East Street
Bridport
Dorset
DT6 3LB

 

Continental Mind Limited

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the abridged financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr G M Ford

Mrs J Ford

Principal activity

The principal activity of the company is trading as an antiques, interiors and gift shop.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
Mrs J Ford
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Continental Mind Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Continental Mind Limited for the year ended 31 July 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Continental Mind Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Continental Mind Limited and state those matters that we have agreed to state to the Board of Directors of Continental Mind Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Continental Mind Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Continental Mind Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Continental Mind Limited. You consider that Continental Mind Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Continental Mind Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Scott Vevers Ltd
Chartered Accountants
and Registered Auditors
65 East Street
Bridport
Dorset
DT6 3LB

15 March 2024

 

Continental Mind Limited

Abridged Profit and Loss Account for the Year Ended 31 July 2023

Note

2023
£

2022
£

Gross profit

 

77,672

76,195

Administrative expenses

 

(71,432)

(76,984)

Other interest receivable and similar income

 

89

-

Interest payable and similar expenses

 

(483)

(633)

Profit/(loss) before tax

4

5,846

(1,422)

Tax on profit/(loss)

 

(1,659)

(256)

Profit/(loss) for the financial year

 

4,187

(1,678)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Continental Mind Limited

(Registration number: 10263088)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

3,750

5,000

Tangible assets

6

5,281

7,254

 

9,031

12,254

Current assets

 

Stocks

26,943

28,463

Debtors

980

-

Cash at bank and in hand

 

28,199

27,150

 

56,122

55,613

Prepayments and accrued income

 

260

34

Creditors: Amounts falling due within one year

(17,165)

(14,487)

Net current assets

 

39,217

41,160

Total assets less current liabilities

 

48,248

53,414

Creditors: Amounts falling due after more than one year

(10,733)

(16,334)

Provisions for liabilities

(73)

(137)

Accruals and deferred income

 

(272)

-

Net assets

 

37,170

36,943

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

37,169

36,942

Shareholders' funds

 

37,170

36,943

 

Continental Mind Limited

(Registration number: 10263088)
Abridged Balance Sheet as at 31 July 2023

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................

Mr G M Ford

Director

 

Continental Mind Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

The company is limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Section 1A of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Continental Mind Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Short leasehold property

Straight line over the term of the lease

Computer equipment

3 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Continental Mind Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Continental Mind Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,973

1,997

Amortisation expense

1,250

1,250

 

Continental Mind Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 August 2022

12,500

At 31 July 2023

12,500

Amortisation

At 1 August 2022

7,500

Amortisation charge

1,250

At 31 July 2023

8,750

Carrying amount

At 31 July 2023

3,750

At 31 July 2022

5,000

6

Tangible assets

Total
£

Cost or valuation

At 1 August 2022

19,144

At 31 July 2023

19,144

Depreciation

At 1 August 2022

11,890

Charge for the year

1,973

At 31 July 2023

13,863

Carrying amount

At 31 July 2023

5,281

At 31 July 2022

7,254

Included within the net book value of land and buildings above is £4,898 (2022 - £6,531) in respect of short leasehold land and buildings.
 

 

Continental Mind Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

99

1

99

1

         
 

Continental Mind Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
£

2022
£

Turnover/revenue

179,828

183,606

Cost of sales

Opening merchandise

(28,463)

(28,973)

Purchase of raw materials and consumables

(100,636)

(107,242)

Closing merchandise

26,943

28,463

Gross profit

77,672

75,854

Distribution costs

Administrative expenses

Audit and accountancy other services

(1,538)

(1,332)

Advertising, promotions and marketing costs

(100)

(276)

Rent, rates and services costs

(10,718)

(10,750)

Utilities costs

(557)

(494)

Other repairs and maintenance costs

(1,465)

(5,358)

Depreciation of Fixed assets

(1,973)

(1,997)

Amortisation of intangible assets

(1,250)

(1,250)

Other staff costs excluding directors

(8,140)

(5,130)

Salaries and fees, directors

(29,997)

(34,643)

Travel and subsistence

(6,125)

(5,577)

Bank charges

(2,263)

(2,531)

Insurance costs

(1,486)

(1,406)

Telecommunications

(1,152)

(1,061)

Printing, postage and stationery

(3,880)

(3,662)

Other costs

(788)

(1,517)

Other operating income

Other operating income

-

341

Other items

Profit/(loss) on ordinary activities before finance charges and interest

6,240

(789)

Bank interest and similar income receivable

89

-

Interest expense on bank overdraft, bank loans and similar borrowings

(483)

(625)

Non-bank interest and similar charges

-

(8)

Profit/(loss) on ordinary activities before taxation

5,846

(1,422)

Tax on profit or loss on ordinary activities

(1,659)

(256)

Profit/(loss) for the financial year

4,187

(1,678)