Registered number: 08391308
MINDHIVE LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 29 FEBRUARY 2024
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MINDHIVE LTD
CONTENTS
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Notes to the Financial Statements
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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 2023. Our 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
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MINDHIVE LTD
REGISTERED NUMBER: 08391308
BALANCE SHEET
AS AT 29 FEBRUARY 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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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.
The notes on pages 4 to 7 form part of these financial statements.
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MINDHIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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
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Basis of preparation of financial statements
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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:
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.
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Current and deferred taxation
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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.
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.
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MINDHIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
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Short term debtors and creditors
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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.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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MINDHIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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Charge for the year on owned assets
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MINDHIVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Authorised, allotted, called up and fully paid
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2 (2023 - 2) Ordinary Shares of £1.00 each
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Related party transactions
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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.
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