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Registered number: 12643726
Mintus Trading Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2024
Windsor Audit Limited
Financial Statements
Contents
Page
Strategic Report 1—2
Directors' Report 3
Independent Auditor's Report 4—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—16
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 June 2024.
Principal Activity
The company's principal activity is to develop, launch and manage investment solutions relating to high-value, real assets and to develop the technology enabling the delivery of such activities.
Review of the Business
Since its inception, the Company has successfully developed and launched the mintus.com investment platform which is started with high-value contemporary art assets and now adding other asset classes such as real estate, targeting professional investors. Since the launch of the platform in April 2022, the Company has further developed its investment offering through the introduction of global investment structures suitable for institutional investors and also providing its technology to other regulated institutions as a white label solution.
As a post balance sheet event, the Company completed the fundraising into its first two art funds in August 2024 and the Company started generating revenues. 
Financial key performance indicators:
The Directors believe that the KPI of the company is growth in Assets Under Management (AUM). The performance of the underlying funds is the main focus of the business, which ultimately will drive growth in AUM and future revenues. 
The key non-financial performance indicators, which support the objective of increasing AUM which come in as direct investment from financial institutions and family offices. The company also started to generate Platform as a Service (PaaS) revenues via offering of its white label solutions.
Principal Risks and Uncertainties
The new Investment Firm Prudential Regime introduces an internal capital and risk assessment (ICARA) process for both small and non-interconnected investment firms (SNI firms) and non-SNI firms. The Financial Conduct Authority (FCA) has highlighted that the introduction of this new regime is an opportunity to re-establish the expectations for firms' internal governance and risk management that reflects and builds upon the framework previously established in FCA guidance. 
The intention is that the ICARA process will be the centerpiece for MIFID investment firms' risk management process. The process will incorporate business model assessment, forecasting and stress testing, recovery planning and wind-down planning. The new regime also introduces the Overall Financial Adequacy Rule (OFAR), which establishes the standard the FCA will apply to determine if an FCA investment firm has adequate financial resources. 
The FCA has highlighted that the ICARA process is a continuing risk management process within the firm, although a formal ICARA review will usually only be required annually or immediately following a material change in the firm's business or operating model. This involves management reviewing and identifying the business risks which we are exposed to, and mitigating these by allocating risk capital to prevent and of these becoming systemic to the business. We have identified the following risk factors: 
Market Risk: The company does not trade its own balance sheet and therefore has no direct market risk. Volatility in the financial markets or specifically in the contemporary art market may impact assets under management, which may result in lower revenues.
Liquidity Risk: The company has sufficient resources to cover any short-term cash flow imbalances.
General Risk: The Directors are responsible for the day-to-day oversight of the operations of the business and believe that robust systems and controls are in place to identify and mitigate additional risks.
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Future Developments
The Company will continue to develop, launch and manage investment solutions relating to high value, real assets and to develop the technology relating to such activity.
Engagement with suppliers, customers and others:
The Board is committed to building trusted partnerships with our suppliers, customers and other stakeholders in the business. The Company maintains various key supplier relationships to ensure the smooth running of our business.
On behalf of the board
Mr Tamer Ozmen
Director
10/12/2024
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2024.
Directors
The directors who held office during the year were as follows:
Mr Daglar Cizmeci
Mr Tamer Ozmen
Mr Maarten Slendebroek
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Windsor Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Tamer Ozmen
Director
10/12/2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Mintus Trading Limited for the year ended 30 June 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
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Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and    reviewing accounting estimates for bias;
• undertaken appropriate sample based testing of bank transactions; 
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance;
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  
This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Daniel Mould ACCA (Senior Statutory Auditor)
for and on behalf of Windsor Audit Limited , Statutory Auditor
16/12/2024
Windsor Audit Limited
65 Compton Street
London
EC1V 0BN
Page 5
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 23,716 -
GROSS PROFIT 23,716 -
Administrative expenses (623,944 ) (1,696,646 )
OPERATING LOSS 4 (600,228 ) (1,696,646 )
Interest payable and similar charges 9 (519 ) 230
LOSS BEFORE TAXATION (600,747 ) (1,696,416 )
Tax on Loss 10 - 57,478
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR (600,747 ) (1,638,938 )
The notes on pages 11 to 16 form part of these financial statements.
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Statement of Comprehensive Income
2024 2023
£ £
LOSS FOR THE FINANCIAL YEAR (600,747 ) (1,638,938 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (600,747 ) (1,638,938 )
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Balance Sheet
Registered number: 12643726
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 19,043 26,968
19,043 26,968
CURRENT ASSETS
Debtors 12 187,140 1,089,566
Cash at bank and in hand 351,033 93,212
538,173 1,182,778
Creditors: Amounts Falling Due Within One Year 13 (29,406 ) (81,189 )
NET CURRENT ASSETS (LIABILITIES) 508,767 1,101,589
TOTAL ASSETS LESS CURRENT LIABILITIES 527,810 1,128,557
NET ASSETS 527,810 1,128,557
CAPITAL AND RESERVES
Called up share capital 14 3,500,000 3,500,000
Profit and Loss Account (2,972,190 ) (2,371,443 )
SHAREHOLDERS' FUNDS 527,810 1,128,557
On behalf of the board
Mr Tamer Ozmen
Director
10/12/2024
The notes on pages 11 to 16 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 July 2022 1,000,000 (732,505 ) 267,495
Loss for the year and total comprehensive income - (1,638,938 ) (1,638,938)
Arising on shares issued during the period 2,500,000 - 2,500,000
As at 30 June 2023 and 1 July 2023 3,500,000 (2,371,443 ) 1,128,557
Loss for the year and total comprehensive income - (600,747 ) (600,747)
As at 30 June 2024 3,500,000 (2,972,190 ) 527,810
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 212,194 (2,476,060 )
Interest (paid)/refunded (519 ) 230
Tax refunded 57,478 54,623
Net cash generated from/(used in) operating activities 269,153 (2,421,207 )
Cash flows from investing activities
Purchase of tangible assets (1,332 ) (22,216 )
Cash flows from financing activities
Proceeds from issue of share capital - 2,500,000
Amount withdrawn by directors (10,000) -
Net cash (used in)/generated from financing activities (10,000 ) 2,500,000
Increase in cash and cash equivalents 257,821 56,577
Cash and cash equivalents at beginning of year 2 93,212 36,635
Cash and cash equivalents at end of year 2 351,033 93,212
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Notes to the Statement of Cash Flows
1. Reconciliation of loss for the financial year to cash generated from/(used in) operations
2024 2023
£ £
Loss for the financial year (600,747 ) (1,638,938 )
Adjustments for:
Tax on loss - (57,478 )
Interest expense 519 (230 )
Depreciation of tangible assets 9,257 5,912
Movements in working capital:
Decrease/(increase) in trade and other debtors 855,128 (756,137 )
Decrease in trade and other creditors (51,963 ) (29,189 )
Net cash generated from/(used in) operations 212,194 (2,476,060 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 351,033 93,212
3. Analysis of changes in net funds
As at 1 July 2023 Cash flows As at 30 June 2024
£ £ £
Cash at bank and in hand 93,212 257,821 351,033
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Notes to the Financial Statements
1. General Information
Mintus Trading Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12643726 . The registered office is 65, Compton Street,, London, EC1V 0BN.
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 "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 considered the annual budget, forecasts, future investments and other relevant information in forming their assessment of the going concern assumption. Confirmation from Mintus Group Limited, the parent entity of the company, has been received that they will continue to support the opperations of the Company for the foreseeable future to allow it to meet its own liabilities as they fall due.
Based on these assessments and having regard for the resources available to the entity, the directors have concluded that there is no material uncertainty and that the company can continue to adopt the going concern basis in preparing the accounts.
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.
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. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance method
Computer Equipment 3 years straight line method
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
4. Operating Loss
The operating loss is stated after charging:
2024 2023
£ £
Bad debts 106,591 -
Depreciation of tangible fixed assets 9,257 5,912
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 4,200 4,000
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 92,863 384,216
Social security costs 10,630 49,189
Other pension costs 794 4,955
104,287 438,360
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 3 11
3 11
8. Directors' remuneration
2024 2023
£ £
Emoluments 70,625 44,166
70,625 44,166
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9. Interest Payable and Similar Charges
2024 2023
£ £
Foreign exchange charges 519 (230 )
519 (230)
10. Tax on Profit
The tax credit on the loss for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 19.0% 19.0% - (57,478 )
Total tax charge for the period - (57,478 )
The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax (600,747) (1,696,416)
Tax on profit at 19% (UK standard rate) - -
Total tax charge for the period - -
11. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 12,358 22,216 34,574
Additions - 1,332 1,332
As at 30 June 2024 12,358 23,548 35,906
Depreciation
As at 1 July 2023 4,014 3,592 7,606
Provided during the period 1,669 7,588 9,257
As at 30 June 2024 5,683 11,180 16,863
Net Book Value
As at 30 June 2024 6,675 12,368 19,043
As at 1 July 2023 8,344 18,624 26,968
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12. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,156 150
Corporation tax recoverable assets - 57,478
VAT 15,634 17,955
Net wages 180 -
Directors' loan accounts 10,000 -
Amounts owed by group undertakings 82,466 974,085
Amounts owed by other participating interests 76,704 39,898
187,140 1,089,566
13. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 22,383 45,443
Other taxes and social security 386 1,258
Net wages - 2,756
Accruals and deferred income 6,637 31,732
29,406 81,189
14. Share Capital
2024 2023
Allotted, called up and fully paid £ £
3,500,000 Ordinary Shares of £ 1.00 each 3,500,000 3,500,000
15. 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.
During the year the charge to profit or loss in respect of defined contribution schemes was £794 (2023: £4,955).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
16. Directors Advances, Credits and Guarantees
Included within debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Tamer Ozmen - 10,000 - - 10,000
The above loan is unsecured, interest free and repayable on demand.
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17. Related Party Disclosures
The company is exempt from disclosing related party transactions with group companies which are wholly owned within Mintus Group Limited.
Other Participating Interests
Mintus Art Fund SPC
During the year company transfered £28,970 to Mintus Art fund SPC, a company in corporated in Grand Cayman and under management by Mintus Trading Limited. As at balalce sheet date, the amount of £52,234 (2023: £23,264) is due from Mintus Art Fund SPC.
Mintus Art Portfolio Limited
During the year company transfered £7,836 to Mintus Art Portfolio Limited, a company in corporated in Grand Cayman and under management by Mintus Trading Limited. As at balalce sheet date, the amount of £24,470 (2023: £16,634) is due from Mintus Art Portfolio Limited.
18. Controlling Parties
The company's immediate parent undertaking is Mintus Group Limited .
The ultimate parent undertaking is Mintus Group Limited (incorporated in England & Wales). Its registered office is 65 Compton Street, London, EC1V 0BN .
Copies of the group accounts may be obtained from the company's registered office.
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