COMPANY REGISTRATION NUMBER:
10779506
Collective Minds Gaming Company Inc. Limited |
|
Filleted Unaudited Financial Statements |
|
Collective Minds Gaming Company Inc. Limited |
|
Statement of Financial Position |
|
30 June 2024
Current assets
Stocks |
120,013 |
163,539 |
Debtors |
4 |
562,148 |
41,346 |
Cash at bank and in hand |
2,471,715 |
3,268,955 |
|
------------ |
------------ |
|
3,153,876 |
3,473,840 |
|
|
|
|
Creditors: amounts falling due within one year |
5 |
322,600 |
1,786,857 |
|
------------ |
------------ |
Net current assets |
2,831,276 |
1,686,983 |
|
------------ |
------------ |
Total assets less current liabilities |
2,831,276 |
1,686,983 |
|
------------ |
------------ |
Net assets |
2,831,276 |
1,686,983 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
78 |
78 |
Profit and loss account |
2,831,198 |
1,686,905 |
|
------------ |
------------ |
Shareholders funds |
2,831,276 |
1,686,983 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Collective Minds Gaming Company Inc. Limited |
|
Statement of Financial Position (continued) |
|
30 June 2024
These financial statements were approved by the
board of directors
and authorised for issue on
12 November 2024
, and are signed on behalf of the board by:
Mr PS Preet Singh |
Director |
|
Company registration number:
10779506
Collective Minds Gaming Company Inc. Limited |
|
Notes to the Financial Statements |
|
Year ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
212,932 |
41,346 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
349,216 |
– |
|
--------- |
-------- |
|
562,148 |
41,346 |
|
--------- |
-------- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
5,789 |
2,170 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
– |
1,521,141 |
Corporation tax |
187,651 |
175,043 |
Social security and other taxes |
127,015 |
86,358 |
Other creditors |
2,145 |
2,145 |
|
--------- |
------------ |
|
322,600 |
1,786,857 |
|
--------- |
------------ |
|
|
|
6.
Controlling party
Throughout the period the company's immediate and ultimate holding company was Collective Minds Gaming Company Limited which was incorporated in Canada