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Company No: 05567593 (England and Wales)

MIND COACH SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

MIND COACH SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

MIND COACH SOLUTIONS LIMITED

BALANCE SHEET

As at 31 August 2024
MIND COACH SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,125 3,100
3,125 3,100
Current assets
Debtors 4 21,847 27,737
Cash at bank and in hand 130,985 108,614
152,832 136,351
Creditors: amounts falling due within one year 5 ( 37,742) ( 32,236)
Net current assets 115,090 104,115
Total assets less current liabilities 118,215 107,215
Provision for liabilities 6 ( 845) ( 775)
Net assets 117,370 106,440
Capital and reserves
Called-up share capital 7 100 1
Profit and loss account 117,270 106,439
Total shareholders' funds 117,370 106,440

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Mind Coach Solutions Limited (registered number: 05567593) were approved and authorised for issue by the Director on 07 February 2025. They were signed on its behalf by:

Mr R Wood
Director
MIND COACH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
MIND COACH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mind Coach Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts chargeable, net value of added tax, in respect of the provision of services to customers.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment 20 % reducing balance
Computer equipment 35 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 September 2023 4,035 13,051 17,086
Additions 0 1,217 1,217
Disposals ( 1,985) ( 6,567) ( 8,552)
At 31 August 2024 2,050 7,701 9,751
Accumulated depreciation
At 01 September 2023 2,912 11,074 13,986
Charge for the financial year 224 727 951
Disposals ( 1,802) ( 6,509) ( 8,311)
At 31 August 2024 1,334 5,292 6,626
Net book value
At 31 August 2024 716 2,409 3,125
At 31 August 2023 1,123 1,977 3,100

4. Debtors

2024 2023
£ £
Trade debtors 6,912 12,960
Amounts recoverable on contracts 12,960 14,400
Prepayments 189 377
VAT recoverable 1,786 0
21,847 27,737

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 12,519 7,410
Accruals 3,212 2,999
Corporation tax 19,915 20,012
Other taxation and social security 0 1,815
Other creditors 2,096 0
37,742 32,236

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 775) 0
Charged to the Profit and Loss Account ( 70) ( 775)
At the end of financial year ( 845) ( 775)

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each (2023: 1 share of £ 1.00 ) 100 1

During the year, 99 bonus shares with a nominal value of £1.00 each were allotted at par.