2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 20,000 19,999 1 1 xbrli:pure xbrli:shares iso4217:GBP 08503903 2023-05-01 2024-04-30 08503903 2024-04-30 08503903 2023-04-30 08503903 2022-05-01 2023-04-30 08503903 2023-04-30 08503903 2022-04-30 08503903 core:MotorVehicles 2023-05-01 2024-04-30 08503903 core:NetGoodwill 2023-05-01 2024-04-30 08503903 bus:Director2 2023-05-01 2024-04-30 08503903 core:NetGoodwill 2024-04-30 08503903 core:MotorVehicles 2023-04-30 08503903 core:MotorVehicles 2024-04-30 08503903 core:WithinOneYear 2024-04-30 08503903 core:WithinOneYear 2023-04-30 08503903 core:AfterOneYear 2024-04-30 08503903 core:AfterOneYear 2023-04-30 08503903 core:ShareCapital 2024-04-30 08503903 core:ShareCapital 2023-04-30 08503903 core:RetainedEarningsAccumulatedLosses 2024-04-30 08503903 core:RetainedEarningsAccumulatedLosses 2023-04-30 08503903 core:NetGoodwill 2023-04-30 08503903 core:MotorVehicles 2023-04-30 08503903 bus:SmallEntities 2023-05-01 2024-04-30 08503903 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08503903 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 08503903 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08503903 bus:FullAccounts 2023-05-01 2024-04-30 08503903 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 08503903 core:FurnitureFittingsToolsEquipment 2023-04-30 08503903 core:FurnitureFittingsToolsEquipment 2024-04-30
COMPANY REGISTRATION NUMBER: 08503903
ACHIEVEMENT IN MIND LTD.
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
ACHIEVEMENT IN MIND LTD.
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
ACHIEVEMENT IN MIND LTD.
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Intangible assets
5
1
1
Tangible assets
6
32,638
42,466
---------
---------
32,639
42,467
CURRENT ASSETS
Debtors
7
65,975
63,248
Cash at bank and in hand
7,170
---------
---------
73,145
63,248
CREDITORS: amounts falling due within one year
8
77,973
63,849
---------
---------
NET CURRENT LIABILITIES
4,828
601
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
27,811
41,866
CREDITORS: amounts falling due after more than one year
9
26,598
39,293
PROVISIONS
Taxation including deferred tax
1,063
---------
---------
NET ASSETS
1,213
1,510
---------
---------
ACHIEVEMENT IN MIND LTD.
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
2024
2023
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss account
1,203
1,500
-------
-------
SHAREHOLDERS FUNDS
1,213
1,510
-------
-------
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 April 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 .
These financial statements were approved by the board of directors and authorised for issue on 26 January 2025 , and are signed on behalf of the board by:
Mr L Richardson
Director
Company registration number: 08503903
ACHIEVEMENT IN MIND LTD.
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 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 Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Current and deferred 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 Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Fully amortised
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
20,000
---------
Amortisation
At 1 May 2023 and 30 April 2024
19,999
---------
Carrying amount
At 30 April 2024
1
---------
At 30 April 2023
1
---------
6. TANGIBLE ASSETS
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 May 2023
52,360
12,043
64,403
Additions
666
666
---------
---------
---------
At 30 April 2024
52,360
12,709
65,069
---------
---------
---------
Depreciation
At 1 May 2023
15,001
6,936
21,937
Charge for the year
9,340
1,154
10,494
---------
---------
---------
At 30 April 2024
24,341
8,090
32,431
---------
---------
---------
Carrying amount
At 30 April 2024
28,019
4,619
32,638
---------
---------
---------
At 30 April 2023
37,359
5,107
42,466
---------
---------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
17,799
14,833
Other debtors
48,176
48,415
---------
---------
65,975
63,248
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,096
13,821
Corporation tax
34,743
25,388
Social security and other taxes
26,219
17,024
Other creditors
12,915
7,616
---------
---------
77,973
63,849
---------
---------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2024
2023
£
£
Bank loan
2,888
Obligations under finance leases and hire purchase contracts
9,765
6,116
-------
-------
9,765
9,004
-------
-------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,807
9,698
Other creditors
19,791
29,595
---------
---------
26,598
39,293
---------
---------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2024
2023
£
£
Bank loan
Nil
1,007
Obligations under finance leases and hire purchase contracts
19,791
29,595
---------
---------
19,791
30,602
---------
---------
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The directors loan account was overdrawn at the year end by £43,976 (2023: £44,215). £44,215 was the maximum amount outstanding and has been repaid since the year end. Interest has been charged.