2023-09-012024-08-312024-08-31false09719541THE MIND COLLECTIVE 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THE MIND COLLECTIVE LIMITED

Registered Number
09719541
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

THE MIND COLLECTIVE LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

EDWARDS-ELLIS, Nicolette Anne

Registered Address

First Floor
2 Hampton Court Road
Birmingham
B17 9AE

Registered Number

09719541 (England and Wales)
THE MIND COLLECTIVE LIMITED
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets315,93914,287
15,93914,287
Current assets
Debtors32,778136,578
Cash at bank and on hand318,860137,644
351,638274,222
Creditors amounts falling due within one year4(128,452)(123,327)
Net current assets (liabilities)223,186150,895
Total assets less current liabilities239,125165,182
Net assets239,125165,182
Capital and reserves
Called up share capital1111
Profit and loss account239,114165,171
Shareholders' funds239,125165,182
The financial statements were approved and authorised for issue by the Director on 14 April 2025, and are signed on its behalf by:
EDWARDS-ELLIS, Nicolette Anne
Director
Registered Company No. 09719541
THE MIND COLLECTIVE LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue 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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
2.Average number of employees

20242023
Average number of employees during the year119
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 September 2329,85729,857
Transfers7,0457,045
At 31 August 2436,90236,902
Depreciation and impairment
At 01 September 2315,57015,570
Charge for year5,3935,393
At 31 August 2420,96320,963
Net book value
At 31 August 2415,93915,939
At 31 August 2314,28714,287
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables5,9978,660
Taxation and social security89,66361,883
Other creditors30,35649,942
Accrued liabilities and deferred income2,4362,842
Total128,452123,327
5.Directors advances, credits and guarantees
During the year, the company made interest-free advances to the director amounting to £7,318. These were repayable on demand. The director repaid a total of £3,530 during the year. At the year end the balance owed to the company was £3,788.