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Registered number: 08391308










MINDHIVE LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
MINDHIVE LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 7


 
MINDHIVE LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MINDHIVE LTD
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mindhive Ltd for the year ended 29 February 2024 which comprise  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 Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Mindhive Ltd, as a body, in accordance with the terms of our engagement letter dated 29 September 2023Our work has been undertaken solely to prepare for your approval the financial statements of Mindhive Ltd and state those matters that we have agreed to state to the Board of Directors of Mindhive Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mindhive Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Mindhive 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 Mindhive Ltd. You consider that Mindhive Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Mindhive 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.

  



MA Partners LLP
 
7 The Close
Norwich
Norfolk
NR1 4DJ
22 October 2024
Page 1

 
MINDHIVE LTD
REGISTERED NUMBER: 08391308

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
49,586
6,816

  
49,586
6,816

Current assets
  

Debtors: amounts falling due within one year
 5 
12,399
21,977

Cash at bank and in hand
  
72,963
181,842

  
85,362
203,819

Creditors: amounts falling due within one year
 6 
(14,058)
(93,207)

Net current assets
  
 
 
71,304
 
 
110,612

Total assets less current liabilities
  
120,890
117,428

Provisions for liabilities
  

Deferred tax
  
(11,967)
(1,586)

  
 
 
(11,967)
 
 
(1,586)

Net assets
  
108,923
115,842


Capital and reserves
  

Called up share capital 
 7 
2
2

Profit and loss account
  
108,921
115,840

  
108,923
115,842


Page 2

 
MINDHIVE LTD
REGISTERED NUMBER: 08391308
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

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 statement of income and retained earnings 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 on 22 October 2024.




Brian Grindley
Sarah Germany
Director
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
MINDHIVE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The business trades from New Buckenham, Norfolk.
The company's principle activity is that of creative services.

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 principle accounting policies adopted in the preparation of the financial statements are set out below, remain unchanged from the previous year and have been consistently applied within the same accounts.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of services rendered in the form of creative services including bespoke e-learning courses. Turnover is measured as the fair value of the consideration received or receivable.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

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 4

 
MINDHIVE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Office equipment
-
15%
reducing balance

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.

 
2.5

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
MINDHIVE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
-
11,629
11,629


Additions
52,866
4,874
57,740



At 29 February 2024

52,866
16,503
69,369



Depreciation


At 1 March 2023
-
4,813
4,813


Charge for the year on owned assets
13,217
1,753
14,970



At 29 February 2024

13,217
6,566
19,783



Net book value



At 29 February 2024
39,649
9,937
49,586



At 28 February 2023
-
6,816
6,816

Page 6

 
MINDHIVE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
11,024
21,845

Other debtors
217
-

Prepayments and accrued income
1,158
132

12,399
21,977



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
-
173

Other taxation and social security
7,998
23,088

Other creditors
4,224
68,362

Accruals and deferred income
1,836
1,584

14,058
93,207



7.


Share capital

29 February
28 February
2024
2023
£
£
Authorised, allotted, called up and fully paid



2 (2023 - 2) Ordinary Shares of £1.00 each
2
2



8.


Related party transactions

As at 29 February 2024, the company owed £4,224 (2023 - £68,362) to the directors. This loan is
included in other creditors due within one year in note 6 to the financial statements and is interest free and repayable on demand. 

 
Page 7