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Company Registration No. 12453300 (England and Wales)
Firstmind Ltd Unaudited accounts for the year ended 29 February 2024
Firstmind Ltd Unaudited accounts Contents
Page
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Firstmind Ltd Company Information for the year ended 29 February 2024
Director
Jonas Kibrick Fyhring Bernstein
Company Number
12453300 (England and Wales)
Registered Office
Sloane Square House 1 Holbein Place London SW1W 8NS United Kingdom
Accountants
Accounts and Legal Consultants Ltd Suite 1-3, The Hop Exchange 24 Southwark Street London SE1 1TY
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Firstmind Ltd Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,944 
6,140 
Current assets
Debtors
26,397 
43,980 
Cash at bank and in hand
20,550 
43,581 
46,947 
87,561 
Creditors: amounts falling due within one year
(56,960)
(50,506)
Net current (liabilities)/assets
(10,013)
37,055 
Total assets less current liabilities
(6,069)
43,195 
Creditors: amounts falling due after more than one year
(69,000)
(69,000)
Net liabilities
(75,069)
(25,805)
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(75,070)
(25,806)
Shareholders' funds
(75,069)
(25,805)
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 November 2024 and were signed on its behalf by
Jonas Kibrick Fyhring Bernstein Director Company Registration No. 12453300
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Firstmind Ltd Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Firstmind Ltd is a private company, limited by shares, registered in England and Wales, registration number 12453300. The registered office is Sloane Square House, 1 Holbein Place, London, SW1W 8NS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 29 February 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2022. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
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Firstmind Ltd Notes to the Accounts for the year ended 29 February 2024
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 March 2023
6,587 
At 29 February 2024
6,587 
Depreciation
At 1 March 2023
447 
Charge for the year
2,196 
At 29 February 2024
2,643 
Net book value
At 29 February 2024
3,944 
At 28 February 2023
6,140 
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Firstmind Ltd Notes to the Accounts for the year ended 29 February 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
11,496 
43,979 
Other debtors
1 
1 
11,497 
43,980 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
14,900 
- 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
4,621 
5,075 
Trade creditors
7,888 
4,351 
Taxes and social security
43,952 
40,712 
Other creditors
257 
193 
Loans from directors
242 
175 
56,960 
50,506 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Other creditors
69,000 
69,000 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
9
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £257 (2023: £731) were payable to the fund at the reporting date and are included in creditors.
10
Average number of employees
During the year the average number of employees was 3 (2023: 6).
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