Company registration number 09509076 (England and Wales)
MINDFUL EDUCATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
MINDFUL EDUCATION LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,965
29,333
Current assets
Stocks
4,981
9,541
Debtors
4
714,292
953,088
Cash at bank and in hand
40,746
25,401
760,019
988,030
Creditors: amounts falling due within one year
5
(290,837)
(199,511)
Net current assets
469,182
788,519
Total assets less current liabilities
484,147
817,852
Creditors: amounts falling due after more than one year
6
(9,901,669)
(7,717,421)
Net liabilities
(9,417,522)
(6,899,569)
Capital and reserves
Called up share capital
7
421,667
421,667
Share premium account
4,231,333
4,231,333
Profit and loss reserves
(14,070,522)
(11,552,569)
Total equity
(9,417,522)
(6,899,569)
MINDFUL EDUCATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
Mr M McKenna
Director
Company Registration No. 09509076
MINDFUL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Mindful Education Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Giltspur Street, London, EC1A 9DD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

We have continued to prepare the accounts on a going concern basis and deem this appropriate. We do not consider that a material uncertainty about our going concern status currently exists. In making this assessment we have considered the likely trading conditions for a period of twelve months from the date of our approval of these accounts.

 

The company will have sufficient cash reserves for the period to 31 May 2025, made available by the loan facility already established. Beyond 31 May 2025, the business will be funded through forecasted growth in the company’s revenue, loan facilities and, if necessary, further equity capital issues. Accordingly, the accounts have been prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture, computers and equipment
33.3% straight line
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

MINDFUL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of the purchase on a first in, first out basis.

 

At each balance sheet date, stocks are assessed for impairment, if stock is impaired, the carrying amount is reduced and the impairment loss is recognised immediately in the profit or loss.

1.7
Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
55
51
MINDFUL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
176,570
Additions
10,445
Disposals
(4,257)
At 31 May 2024
182,758
Depreciation and impairment
At 1 June 2023
147,237
Depreciation charged in the year
24,813
Eliminated in respect of disposals
(4,257)
At 31 May 2024
167,793
Carrying amount
At 31 May 2024
14,965
At 31 May 2023
29,333
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
124,207
59,245
Corporation tax recoverable
68,687
115,600
Other debtors
521,398
778,243
714,292
953,088
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
114,540
66,953
Taxation and social security
94,841
86,209
Other creditors
81,456
46,349
290,837
199,511
MINDFUL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
9,901,669
7,717,421
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
253,000
253,000
253,000
253,000
Ordinary 'B' shares of £1 each
168,667
168,667
168,667
168,667
421,667
421,667
421,667
421,667
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At the year end a balance was due to a director of £2.2 million (2023: £2.18m). The loan is unsecured and repayable when there are sufficient funds to do so.

 

At the year end a balance was due to a relation of a shareholder of £7.1m (2023: £5.15m). The loan is unsecured and is due for repayment by 31 May 2026.

2024-05-312023-06-01false20 February 2025CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr M McKennaMr R KumaranMr M Verhaagfalsefalse095090762023-06-012024-05-31095090762024-05-31095090762023-05-3109509076core:OtherPropertyPlantEquipment2024-05-3109509076core:OtherPropertyPlantEquipment2023-05-3109509076core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3109509076core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3109509076core:CurrentFinancialInstruments2024-05-3109509076core:CurrentFinancialInstruments2023-05-3109509076core:Non-currentFinancialInstruments2024-05-3109509076core:Non-currentFinancialInstruments2023-05-3109509076core:ShareCapital2024-05-3109509076core:ShareCapital2023-05-3109509076core:SharePremium2024-05-3109509076core:SharePremium2023-05-3109509076core:RetainedEarningsAccumulatedLosses2024-05-3109509076core:RetainedEarningsAccumulatedLosses2023-05-3109509076core:ShareCapitalOrdinaryShares2024-05-3109509076core:ShareCapitalOrdinaryShares2023-05-3109509076bus:Director12023-06-012024-05-3109509076core:PlantMachinery2023-06-012024-05-31095090762022-06-012023-05-3109509076core:OtherPropertyPlantEquipment2023-05-3109509076core:OtherPropertyPlantEquipment2023-06-012024-05-3109509076core:WithinOneYear2024-05-3109509076core:WithinOneYear2023-05-3109509076bus:PrivateLimitedCompanyLtd2023-06-012024-05-3109509076bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3109509076bus:FRS1022023-06-012024-05-3109509076bus:AuditExemptWithAccountantsReport2023-06-012024-05-3109509076bus:Director22023-06-012024-05-3109509076bus:Director32023-06-012024-05-3109509076bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP