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Registered number: 10236164
Ad Hoc Minds Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2023
Quest Accounting Services Limited
Suite 110, The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1FD
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ad Hoc Minds Ltd for the year ended year which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the directors of Ad Hoc Minds Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ad Hoc Minds Ltd and state those matters that we have agreed to state to the directors of Ad Hoc Minds Ltd in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Ad Hoc Minds Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ad Hoc Minds Ltd . You consider that Ad Hoc Minds Ltd 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 financial statements of Ad Hoc Minds Ltd . 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 financial statements.
Signed
Quest Accounting Services
29th March 2024
Quest Accounting Services Limited
Suite 110, The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1FD
Page 1
Page 2
Balance Sheet
Registered number: 10236164
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,896 6,454
5,896 6,454
CURRENT ASSETS
Debtors 5 444,716 483,220
Cash at bank and in hand 707,058 446,555
1,151,774 929,775
Creditors: Amounts Falling Due Within One Year 6 (429,041 ) (307,778 )
NET CURRENT ASSETS (LIABILITIES) 722,733 621,997
TOTAL ASSETS LESS CURRENT LIABILITIES 728,629 628,451
NET ASSETS 728,629 628,451
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 728,529 628,351
SHAREHOLDERS' FUNDS 728,629 628,451
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For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Daniela De Caneva
Director
29th March 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Ad Hoc Minds Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10236164 . The registered office is 124 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 4 Years Straight Line
2.4. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 9)
8 9
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 July 2022 21,919
Additions 3,758
As at 30 June 2023 25,677
Depreciation
As at 1 July 2022 15,465
Provided during the period 4,316
As at 30 June 2023 19,781
Net Book Value
As at 30 June 2023 5,896
As at 1 July 2022 6,454
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 400,413 436,902
VAT 1,314 3,222
401,727 440,124
Due after more than one year
Other debtors 42,989 43,096
42,989 43,096
444,716 483,220
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 240,792 165,014
Other taxes and social security 43,601 70,257
Other creditors - 663
Pensions 392 523
Accruals and deferred income 143,320 71,116
Directors' loan accounts 936 205
429,041 307,778
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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8. Related Party Transactions
At the balance sheet date, the company owed its directors £936 (2022: £205). This loan is unsecured, interest free and has no fixed repayment terms.
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