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COMPANY REGISTRATION NUMBER: 14248184
Sideminds Ltd
Filleted Unaudited Financial Statements
31 July 2025
Sideminds Ltd
Balance Sheet
31 July 2025
2025
2024
Note
£
£
Fixed assets
Intangible assets
5
2,808
16,122
Tangible assets
6
10,055
14,078
--------
--------
12,863
30,200
Current assets
Debtors
7
18,822
Cash at bank and in hand
3,216
131,555
--------
---------
22,038
131,555
Creditors: amounts falling due within one year
8
1,762
52,559
--------
---------
Net current assets
20,276
78,996
--------
---------
Total assets less current liabilities
33,139
109,196
--------
---------
Net assets
33,139
109,196
--------
---------
Capital and reserves
Called up share capital
105
105
Profit and loss account
33,034
109,091
--------
---------
Shareholders funds
33,139
109,196
--------
---------
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 comprehensive income (including profit and loss account) has not been delivered.
For the year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sideminds Ltd
Balance Sheet (continued)
31 July 2025
These financial statements were approved by the board of directors and authorised for issue on 12 August 2025 , and are signed on behalf of the board by:
Mr G Helm
Director
Company registration number: 14248184
Sideminds Ltd
Notes to the Financial Statements
Year ended 31 July 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Nab, Ferry Road, Topsham, Exeter, EX3 0JW.
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 no material judgements, estimates or assumptions.
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.
Income tax
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
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:
Development costs
-
10% straight line
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.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:- It is technically feasible to complete the intangible asset so that it will be available for use or sale;- There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and- The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).
5. Intangible assets
Development costs
£
Cost
At 1 August 2024
20,152
Additions
3,120
Other movements
( 20,152)
--------
At 31 July 2025
3,120
--------
Amortisation
At 1 August 2024
4,030
Charge for the year
312
Other movements
( 4,030)
--------
At 31 July 2025
312
--------
Carrying amount
At 31 July 2025
2,808
--------
At 31 July 2024
16,122
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 August 2024
7,583
11,186
18,769
Additions
955
217
1,172
-------
--------
--------
At 31 July 2025
8,538
11,403
19,941
-------
--------
--------
Depreciation
At 1 August 2024
1,895
2,796
4,691
Charge for the year
2,135
3,060
5,195
-------
--------
--------
At 31 July 2025
4,030
5,856
9,886
-------
--------
--------
Carrying amount
At 31 July 2025
4,508
5,547
10,055
-------
--------
--------
At 31 July 2024
5,688
8,390
14,078
-------
--------
--------
7. Debtors
2025
2024
£
£
Other debtors
18,822
--------
----
8. Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
24,227
Social security and other taxes
2,948
Other creditors
1,762
25,384
-------
--------
1,762
52,559
-------
--------
9. Director's advances, credits and guarantees
During the year repayments were made to the director in respect of his loan to the company As at 31 July 2025, £1,042 (2025 £23,164) is owed to the director and will be repaid before 31 July 2026.