Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue2023-01-01false1815trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09842033 2023-01-01 2023-12-31 09842033 2022-01-01 2022-12-31 09842033 2023-12-31 09842033 2022-12-31 09842033 2022-01-01 09842033 c:Director2 2023-01-01 2023-12-31 09842033 d:OfficeEquipment 2023-01-01 2023-12-31 09842033 d:OfficeEquipment 2023-12-31 09842033 d:OfficeEquipment 2022-12-31 09842033 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09842033 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 09842033 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 09842033 d:CurrentFinancialInstruments 2023-12-31 09842033 d:CurrentFinancialInstruments 2022-12-31 09842033 d:Non-currentFinancialInstruments 2023-12-31 09842033 d:Non-currentFinancialInstruments 2022-12-31 09842033 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09842033 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09842033 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09842033 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09842033 d:ShareCapital 2023-12-31 09842033 d:ShareCapital 2022-12-31 09842033 d:OtherMiscellaneousReserve 2023-12-31 09842033 d:OtherMiscellaneousReserve 2022-12-31 09842033 d:RetainedEarningsAccumulatedLosses 2023-12-31 09842033 d:RetainedEarningsAccumulatedLosses 2022-12-31 09842033 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09842033 c:OrdinaryShareClass1 2023-12-31 09842033 c:FRS102 2023-01-01 2023-12-31 09842033 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09842033 c:FullAccounts 2023-01-01 2023-12-31 09842033 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09842033 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 09842033 2 2023-01-01 2023-12-31 09842033 6 2023-01-01 2023-12-31 09842033 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 09842033 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 09842033









MIND OF MY OWN LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MIND OF MY OWN LTD
REGISTERED NUMBER: 09842033

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
221,100
-

Tangible assets
 5 
12,645
14,415

Investments
 6 
4,633
4,633

  
238,378
19,048

Current assets
  

Debtors: amounts falling due within one year
 7 
262,852
162,561

Cash at bank and in hand
 8 
146,546
184,388

  
409,398
346,949

Creditors: amounts falling due within one year
 9 
(719,409)
(583,131)

Net current liabilities
  
 
 
(310,011)
 
 
(236,182)

Total assets less current liabilities
  
(71,633)
(217,134)

Creditors: amounts falling due after more than one year
 10 
(380,515)
(228,969)

Net liabilities
  
(452,148)
(446,103)


Capital and reserves
  

Called up share capital 
 11 
101
101

Other reserves
  
2,078
895

Profit and loss account
  
(454,327)
(447,099)

  
(452,148)
(446,103)


Page 1

 
MIND OF MY OWN LTD
REGISTERED NUMBER: 09842033

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Y Anderson
Director

Date: 24 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MIND OF MY OWN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mind of My Own Ltd is a private company limited by shares incorporated in England and Wales. The address of the registered office is 24 Old Bond Street, London, W1S 4AP.
The company is part of a group.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements through subscriptions paid in advance. The directors have indicated that subscriptions paid in advance will continue to be received and on this basis the directors have concluded that it is appropriate for the Company to prepare its financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
MIND OF MY OWN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MIND OF MY OWN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
MIND OF MY OWN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
4  years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


 

Page 6

 
MIND OF MY OWN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.



 

Page 7

 
MIND OF MY OWN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2022 - 15).


4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
236,920


Additions
294,800



At 31 December 2023

531,720



Amortisation


At 1 January 2023
236,920


Charge for the year on owned assets
73,700



At 31 December 2023

310,620



Net book value



At 31 December 2023
221,100



At 31 December 2022
-



Page 8

 
MIND OF MY OWN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Office equipment

£



Cost


At 1 January 2023
30,096


Additions
4,132



At 31 December 2023

34,228



Depreciation


At 1 January 2023
15,681


Charge for the year on owned assets
5,902



At 31 December 2023

21,583



Net book value



At 31 December 2023
12,645



At 31 December 2022
14,415


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
4,633



At 31 December 2023
4,633




Page 9

 
MIND OF MY OWN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
193,469
145,539

Other debtors
62,880
-

Prepayments
6,503
17,022

262,852
162,561



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
146,546
184,388



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,120
9,870

Trade creditors
31,749
65,881

Other taxation and social security
92,624
64,532

Other creditors
-
995

Accruals and deferred income
584,916
441,853

719,409
583,131



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,662
25,782

Accruals and deferred income
364,853
203,187

380,515
228,969


Page 10

 
MIND OF MY OWN LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,008  Ordinary shares of £0.10 each
101
101



12.


Share-based payments

Certain employees were granted equity-settled share options under an approved EMI option plan. The options vest upon the company reaching a turnover of £3m, with a contractual life of ten years. The exercise price of the options is £281.90. 
All options granted have performance conditions relating to the relevant employee remaining in the employment of the company at exercise.

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

28,190

42

 
-
 
Granted during the year


-

28,190
 
42
 
Outstanding at the end of the year

42

28,190
 
42
 



2023
2022
£
£


Equity-settled schemes
895
895


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,148 (2022 - £11,128). Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


Page 11