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Registration number: 12318480

Mindset AI Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Mindset AI Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Mindset AI Ltd

Company Information

Directors

Mr B Hadfield

Mr J Houghton

Mr J A Dennard

Ms N Mulhall

Ms L Anstey

Mr J Zafar

Registered office

9A Burroughs Gardens
London
NW4 4AU

Registered number

12318480

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Mindset AI Ltd

(Registration number: 12318480)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,193

6,181

Tangible assets

5

12,794

11,025

Investments

6

-

100

 

21,987

17,306

Current assets

 

Debtors

7

128,508

217,690

Cash at bank and in hand

 

513,325

223,515

 

641,833

441,205

Creditors: Amounts falling due within one year

8

(821,324)

(201,731)

Net current (liabilities)/assets

 

(179,491)

239,474

Total assets less current liabilities

 

(157,504)

256,780

Creditors: Amounts falling due after more than one year

8

(25,638)

(31,767)

Net (liabilities)/assets

 

(183,142)

225,013

Capital and reserves

 

Called up share capital

9

75

63

Share premium reserve

2,895,988

1,745,999

Retained earnings

(3,079,205)

(1,521,049)

Shareholders' (deficit)/funds

 

(183,142)

225,013

 

Mindset AI Ltd

(Registration number: 12318480)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Mr B Hadfield
Director

 

Mindset AI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
9A Burroughs Gardens
London
NW4 4AU

The principal place of business is:
11 Cromer Road
Aylsham
Norwich
NR11 6HE

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

The financial statements are prepared in sterling, which is the functional currency of the company.Monetary amounts in these financial statements are rounded to the nearest £.

Summary of disclosure exemptions

Group accounts have not been prepared

The company is exempt from preparing group accounts under Companies Act s399 on the grounds that the group qualifies as “small”.

Going concern

The accounts have been prepared on a going concern basis on the understanding that shareholders of the company will continue to support the company for the foreseeable future.

 

Mindset AI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Computer equipment

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Mindset AI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses.

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

Website development

3 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

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

 

Mindset AI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 15).

 

Mindset AI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

7,500

7,500

Additions

7,460

7,460

At 31 March 2024

14,960

14,960

Amortisation

At 1 April 2023

1,319

1,319

Amortisation charge

4,448

4,448

At 31 March 2024

5,767

5,767

Carrying amount

At 31 March 2024

9,193

9,193

At 31 March 2023

6,181

6,181

 

Mindset AI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

12,412

12,412

Additions

5,374

5,374

At 31 March 2024

17,786

17,786

Depreciation

At 1 April 2023

1,387

1,387

Charge for the year

3,605

3,605

At 31 March 2024

4,992

4,992

Carrying amount

At 31 March 2024

12,794

12,794

At 31 March 2023

11,025

11,025

6

Investments

2024
£

2023
£

Investments in subsidiaries

-

100

Subsidiaries

£

Cost or valuation

At 1 April 2023

100

Disposals

(100)

At 31 March 2024

-

Provision

Carrying amount

At 31 March 2024

-

At 31 March 2023

100

 

Mindset AI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Half-Full Media Limited

Bonded Warehouse,
18 Lower Byrom Street,
Manchester,
England,
M3 4AP

Ordinary

0%

100%

Subsidiary undertakings

Half-Full Media Limited

The principal activity of Half-Full Media Limited is the use of social media to offer employers branding and recruitment marketing solutions.

Half-Full Media Limited is under process of striking off and filed application on 09 April 2024 to Company House.

7

Debtors

Current

2024
£

2023
£

Trade debtors

66,000

133,201

Other debtors

62,508

84,489

 

128,508

217,690

 

Mindset AI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

10

12,300

12,300

Trade creditors

 

126,172

96,326

Amounts owed to group undertakings

11

-

9,518

Taxation and social security

 

76,721

52,226

Other creditors

 

606,131

31,361

 

821,324

201,731

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

10

25,638

31,767

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.000001 each

74,632,941

74.63

62,765,036

62.77

         


Movement in share capital

On 08 August 2023, 11,867,905 Ordinary A shares of £0.000001 each were issued for total consideration of £1,150,000.

Post balance sheet events

On 02 April 2024, 4,643,963 Ordinary A shares of £0.000001 each were issued for total consideration of £450,000.
 

 

Mindset AI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,638

31,767

Current loans and borrowings

2024
£

2023
£

Bank borrowings

12,300

12,300

On 25 August 2020, the company received a bounce back loan of £50,000, which is being repaid in 78 monthly instalments starting from March 2022. Interest at 2.5% p.a. is charged on the loan.

11

Related party transactions

Half-Full Media Limited
(Subsidiary company)

At the balance sheet date, the company owed £- (2023: £9,518) to Half-Full Media Limited.

Transactions with directors
At the balance sheet date, the company owed £4,529 (2023: £-) to Barrie Hadfield, the director of the company.