Mindseye Studios Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 11724631 (England and Wales)
MindsEye Studios Limited
Mindseye Studios Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Mindseye Studios Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
200
2,291
Cash at bank and in hand
25,903
34,482
26,103
36,773
Creditors: amounts falling due within one year
4
(228,774)
(230,688)
Net current liabilities
(202,671)
(193,915)
Capital and reserves
Called up share capital
5
200
200
Profit and loss reserves
(202,871)
(194,115)
Total equity
(202,671)
(193,915)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 25 September 2024
A Phillips
Director
Company Registration No. 11724631
MindsEye Studios Limited
Mindseye Studios Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

MindsEye Studios Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Offices, 52-54 Rosebery Avenue, London, EC1R 4RP.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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 £.

1.2
Going concern

These financial statements are prepared on the going concern basis nottrue withstanding the net liabilities position of £202,671 (2022: £193,915).

 

The director believes the going concern basis to remain appropriate as the company continues to meet its day to day liabilities as they fall due. Financial support will be provided to the company from Mind's I Media Limited (A company connected by common directorship) for the foreseeable future, and they will not seek repayment of their loans of £215,090 (2022: £224,643) until the company is in a position to repay them. The financial statements do not include any adjustments that would result from the consequences of the company not being able to continue to trade.

1.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MindsEye Studios Limited
Mindseye Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees
2023
2022
Number
Number
Total
1
1
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
200
2,291
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,110
3,545
Taxation and social security
9,224
-
0
Other creditors
215,090
224,643
Accruals and deferred income
3,350
2,500
228,774
230,688
5
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary A Shares of £1 each
130
130
Ordinary B Shares of £1 each
70
70
200
200
MindsEye Studios Limited
Mindseye Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
6
Related party transactions

At the year end the company owed £215,090 (2022: £224,643) to Mind's I Media Limited, a related party by virtue of common directorship.

 

During the year, the company charged management fees of £50,000 (2022: £50,000) to Mind's I Studios Limited.

7
Parent company

The company is controlled by director A Phillips by virtue of his majority shareholding.

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