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Company Registration No. 13827498 (England and Wales)
MindsDB Ltd Unaudited accounts for the year ended 31 January 2024
MindsDB Ltd Unaudited accounts Contents
Page
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MindsDB Ltd Company Information for the year ended 31 January 2024
Director
Adam Carrigan
Company Number
13827498 (England and Wales)
Registered Office
20-22 Wenlock Road London N1 7GU England
Accountants
The Accountancy Cloud 1 Fore Street Avenue London EC2Y 9DT
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MindsDB Ltd Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
4,967 
55,037 
Current assets
Debtors
1,547 
5,359 
Cash at bank and in hand
217,048 
67,281 
218,595 
72,640 
Creditors: amounts falling due within one year
(1,116,111)
(592,318)
Net current liabilities
(897,516)
(519,678)
Total assets less current liabilities
(892,549)
(464,641)
Provisions for liabilities
Deferred tax
(944)
(10,457)
Net liabilities
(893,493)
(475,098)
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(893,494)
(475,099)
Shareholders' funds
(893,493)
(475,098)
For the year ending 31 January 2024 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 October 2024 and were signed on its behalf by
Adam Carrigan Director Company Registration No. 13827498
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MindsDB Ltd Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
MindsDB Ltd is a private company, limited by shares, registered in England and Wales, registration number 13827498. The registered office is 20-22 Wenlock Road, London, N1 7GU, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
4 Years
Fixtures & fittings
3 Years
Computer equipment
3 Years
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Going concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Foreign exchange
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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MindsDB Ltd Notes to the Accounts for the year ended 31 January 2024
4
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 February 2023
54,990 
2,193 
5,860 
63,043 
Additions
- 
- 
1,608 
1,608 
Disposals
(54,990)
- 
- 
(54,990)
At 31 January 2024
- 
2,193 
7,468 
9,661 
Depreciation
At 1 February 2023
5,729 
1,015 
1,262 
8,006 
Charge for the year
- 
393 
2,024 
2,417 
On disposals
(5,729)
- 
- 
(5,729)
At 31 January 2024
- 
1,408 
3,286 
4,694 
Net book value
At 31 January 2024
- 
785 
4,182 
4,967 
At 31 January 2023
49,261 
1,178 
4,598 
55,037 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
493 
5,359 
Other debtors
1,054 
- 
1,547 
5,359 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
31,872 
55,506 
Amounts owed to group undertakings and other participating interests
1,070,400 
480,627 
Taxes and social security
12,847 
12,395 
Other creditors
992 
44,844 
Loans from directors
- 
(1,054)
1,116,111 
592,318 
7
Transactions with related parties
At the year end, MindsDB Ltd owed MindsDB Inc £1,070,400 (2023: £480,627).
8
Controlling party
MindsDB Ltd is a wholly-owned subsidiary of MindsDB Inc.
9
Average number of employees
During the year the average number of employees was 3 (2023: 2).
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