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Registered number: 12038605
Orpheus Mind Technologies Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 12038605
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 41,448 77,486
41,448 77,486
CURRENT ASSETS
Debtors 3,528 -
Cash at bank and in hand 4,159 13,707
7,687 13,707
Creditors: Amounts Falling Due Within One Year 5 (241,723 ) (246,495 )
NET CURRENT ASSETS (LIABILITIES) (234,036 ) (232,788 )
TOTAL ASSETS LESS CURRENT LIABILITIES (192,588 ) (155,302 )
NET LIABILITIES (192,588 ) (155,302 )
CAPITAL AND RESERVES
Called up share capital 6 629 125
Income Statement (193,217 ) (155,427 )
SHAREHOLDERS' FUNDS (192,588) (155,302)
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Dr David Alexander Jay
Director
20/12/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Orpheus Mind Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12038605 . The registered office is C/O Slater Heelis Limited, 86 Deansgate, Manchester, M3 2ER.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are design and development costs. It is amortised to the income statement over its estimated economic life of 5 years.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 3)
1 3
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 July 2023 184,237
Additions 1,000
As at 30 June 2024 185,237
Amortisation
As at 1 July 2023 106,751
Provided during the period 37,038
As at 30 June 2024 143,789
...CONTINUED
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Net Book Value
As at 30 June 2024 41,448
As at 1 July 2023 77,486
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 8,968 8,956
Other creditors 220,013 227,467
Taxation and social security 12,742 10,072
241,723 246,495
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 629 125
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