Registration number:
Continental Mind Limited
for the Year Ended 31 July 2023
Continental Mind Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
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iXBRL Detailed Profit and Loss Account |
Continental Mind Limited
Company Information
Directors |
Mr G M Ford Mrs J Ford |
Registered office |
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Bankers |
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Accountants |
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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:
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
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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.
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and Registered Auditors
65 East Street
Bridport
Dorset
DT6 3LB
Continental Mind Limited
Abridged Profit and Loss Account for the Year Ended 31 July 2023
Note |
2023 |
2022 |
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Gross profit |
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Administrative expenses |
( |
( |
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Other interest receivable and similar income |
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- |
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Interest payable and similar expenses |
( |
( |
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Profit/(loss) before tax |
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( |
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Tax on profit/(loss) |
( |
( |
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Profit/(loss) for the financial year |
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( |
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 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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- |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
• |
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• |
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
.........................................
Mr G M Ford
Director
Continental Mind Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Continental Mind Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023
Profit/loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Amortisation expense |
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Continental Mind Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023
Intangible assets |
Total |
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Cost or valuation |
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At 1 August 2022 |
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At 31 July 2023 |
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Amortisation |
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At 1 August 2022 |
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Amortisation charge |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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Tangible assets |
Total |
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Cost or valuation |
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At 1 August 2022 |
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At 31 July 2023 |
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Depreciation |
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At 1 August 2022 |
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Charge for the year |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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At 31 July 2022 |
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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
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Continental Mind Limited
iXBRL Detailed Profit and Loss Account for the Year Ended 31 July 2023
2023 |
2022 |
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Turnover/revenue |
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Cost of sales |
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Opening merchandise |
( |
( |
Purchase of raw materials and consumables |
( |
( |
Closing merchandise |
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Gross profit |
77,672 |
75,854 |
Distribution costs |
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Administrative expenses |
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Audit and accountancy other services |
( |
( |
Advertising, promotions and marketing costs |
( |
( |
Rent, rates and services costs |
( |
( |
Utilities costs |
( |
( |
Other repairs and maintenance costs |
( |
( |
Depreciation of Fixed assets |
( |
( |
Amortisation of intangible assets |
( |
( |
Other staff costs excluding directors |
( |
( |
Salaries and fees, directors |
( |
( |
Travel and subsistence |
( |
( |
Bank charges |
( |
( |
Insurance costs |
( |
( |
Telecommunications |
( |
( |
Printing, postage and stationery |
( |
( |
Other costs |
( |
( |
Other operating income |
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Other operating income |
- |
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Other items |
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Profit/(loss) on ordinary activities before finance charges and interest |
6,240 |
(789) |
Bank interest and similar income receivable |
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- |
Interest expense on bank overdraft, bank loans and similar borrowings |
( |
( |
Non-bank interest and similar charges |
- |
( |
Profit/(loss) on ordinary activities before taxation |
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( |
Tax on profit or loss on ordinary activities |
( |
( |
Profit/(loss) for the financial year |
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( |