Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-05-012024-03-312023-04-01false32falseNo description of principal activity25trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07578750 2023-04-01 2024-03-31 07578750 2022-04-01 2023-03-31 07578750 2024-03-31 07578750 2023-03-31 07578750 c:CompanySecretary1 2023-04-01 2024-03-31 07578750 c:Director1 2023-04-01 2024-03-31 07578750 c:Director4 2023-04-01 2024-03-31 07578750 c:Director5 2023-04-01 2024-03-31 07578750 c:Director6 2023-04-01 2024-03-31 07578750 c:Director7 2023-04-01 2024-03-31 07578750 c:Director8 2023-04-01 2024-03-31 07578750 c:Director8 2024-03-31 07578750 c:RegisteredOffice 2023-04-01 2024-03-31 07578750 d:PlantMachinery 2023-04-01 2024-03-31 07578750 d:PlantMachinery 2024-03-31 07578750 d:PlantMachinery 2023-03-31 07578750 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07578750 d:FurnitureFittings 2023-04-01 2024-03-31 07578750 d:FurnitureFittings 2024-03-31 07578750 d:FurnitureFittings 2023-03-31 07578750 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07578750 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07578750 d:CurrentFinancialInstruments 2024-03-31 07578750 d:CurrentFinancialInstruments 2023-03-31 07578750 d:Non-currentFinancialInstruments 2024-03-31 07578750 d:Non-currentFinancialInstruments 2023-03-31 07578750 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07578750 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07578750 d:ShareCapital 2024-03-31 07578750 d:ShareCapital 2023-03-31 07578750 d:SharePremium 2024-03-31 07578750 d:SharePremium 2023-03-31 07578750 d:OtherMiscellaneousReserve 2024-03-31 07578750 d:OtherMiscellaneousReserve 2023-03-31 07578750 d:RetainedEarningsAccumulatedLosses 2024-03-31 07578750 d:RetainedEarningsAccumulatedLosses 2023-03-31 07578750 c:FRS102 2023-04-01 2024-03-31 07578750 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07578750 c:FullAccounts 2023-04-01 2024-03-31 07578750 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07578750 d:WithinOneYear 2024-03-31 07578750 d:WithinOneYear 2023-03-31 07578750 d:BetweenOneFiveYears 2024-03-31 07578750 d:BetweenOneFiveYears 2023-03-31 07578750 6 2023-04-01 2024-03-31 07578750 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: 07578750







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


MINDLINK SOFTWARE LTD






































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MINDLINK SOFTWARE LTD
 


 
COMPANY INFORMATION


Directors
Joseph Hung N Do 
Steven Henderson 
Benjamin Osborne 
Helen Fowler 
Karl-Heinz Boehmer 
Andrew Smith (appointed 1 May 2024)




Company secretary
Uyen Thi Thanh Chu



Registered number
07578750



Registered office
Unit Cc313 The Biscuit Factory
Drummond Road

London

SE16 4DG




Accountants
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


MINDLINK SOFTWARE LTD
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


MINDLINK SOFTWARE LTD
REGISTERED NUMBER:07578750



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
41,718
42,553

Investments
 5 
1
1

  
41,719
42,554

Current assets
  

Debtors: amounts falling due after more than one year
 6 
-
9,361

Debtors: amounts falling due within one year
 6 
981,132
1,608,064

Cash at bank and in hand
  
747,285
630,624

  
1,728,417
2,248,049

Creditors: amounts falling due within one year
 7 
(1,451,208)
(1,563,148)

Net current assets
  
 
 
277,209
 
 
684,901

Total assets less current liabilities
  
318,928
727,455

  

Net assets
  
318,928
727,455


Capital and reserves
  

Called up share capital 
  
973,058
973,058

Share premium account
  
1,139,283
1,139,283

Other reserves
  
81,241
51,909

Profit and loss account
  
(1,874,654)
(1,436,795)

  
318,928
727,455


Page 1

 


MINDLINK SOFTWARE LTD
REGISTERED NUMBER:07578750


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 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 by: 




Joseph Hung N Do
Director
Date: 18 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


MINDLINK SOFTWARE LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Mindlink Software Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office and principal place of business is Unit CC313 The Biscuit Factory, Drummond Road, London, SE16 4DG.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

  
2.3

Revenue

Revenue is recognised by the Company in respect of software and services supplied during the period.
License fee revenue is recognised over the period to which they relate. Service revenue is recognised over the period to which it relates. When revenue is recognised over a license period, it is recognised evenly based on the number of months of the license contract. 
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Fixtures and fittings
-
15%

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.

Page 3

 


MINDLINK SOFTWARE LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.7

Share based payments

The cost of equity-settled transactions with employees is measured by reference to the fair value as at the grant date.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the expense to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in equity. In the case of graded vesting, the expense is recognised on a straight-line basis.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 


MINDLINK SOFTWARE LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2023 - 25).

Page 5

 


MINDLINK SOFTWARE LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2023
165,229
12,750
177,979


Additions
18,168
667
18,835



At 31 March 2024

183,397
13,417
196,814



Depreciation


At 1 April 2023
124,037
11,389
135,426


Charge for the year on owned assets
19,206
464
19,670



At 31 March 2024

143,243
11,853
155,096



Net book value



At 31 March 2024
40,154
1,564
41,718



At 31 March 2023
41,192
1,361
42,553


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1



At 31 March 2024
1




Page 6

 


MINDLINK SOFTWARE LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
9,361

-
9,361


2024
2023
£
£

Due within one year

Trade debtors
580,989
1,250,044

Other debtors
9,361
-

Prepayments and accrued income
30,235
8,372

Tax recoverable
360,547
349,648

981,132
1,608,064



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
98,611
5,364

Amounts owed to group undertakings
3,823
21,659

Other taxation and social security
154,106
324,196

Other creditors
254,624
1,455

Accruals and deferred income
940,044
1,210,474

1,451,208
1,563,148



8.


Share-based payments

During the year, the company operated an Employee Share Incentive Plan. The options available under this scheme are only exercisable upon a realisation event such as a takeover or sale. The directors may, in their discretion, allow the options to be exercised if a disqualifying event occurs. These options lapse 10 years after the grant date.

Page 7

 


MINDLINK SOFTWARE LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
28,653
27,289

Later than 1 year and not later than 5 years
-
28,653

28,653
55,942


10.


Related party transactions

MindLink Software Inc. operates a cash accounting basis with an annual calendar reporting period January to December. In 2023 its turnover was US$ 1.337mil of which US$ 1.179mil (translated to £948,545) was cross charged over to MindLink Software Ltd. Operational costs amounted to US$ 113K, made up of rent and management services $72k (translated to £148,849) plus other operational costs.

 
Page 8