0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10779506 2023-07-01 2024-06-30 10779506 2024-06-30 10779506 2023-06-30 10779506 2022-07-01 2023-06-30 10779506 2023-06-30 10779506 2022-06-30 10779506 bus:Director2 2023-07-01 2024-06-30 10779506 core:WithinOneYear 2024-06-30 10779506 core:WithinOneYear 2023-06-30 10779506 core:ShareCapital 2024-06-30 10779506 core:ShareCapital 2023-06-30 10779506 core:RetainedEarningsAccumulatedLosses 2024-06-30 10779506 core:RetainedEarningsAccumulatedLosses 2023-06-30 10779506 bus:SmallEntities 2023-07-01 2024-06-30 10779506 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10779506 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10779506 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10779506 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 10779506
Collective Minds Gaming Company Inc. Limited
Filleted Unaudited Financial Statements
30 June 2024
Collective Minds Gaming Company Inc. Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
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