REGISTERED NUMBER: SC325632 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2024 TO 31 DECEMBER 2024

FOR

MASTERS IN MINDS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

Ms J McCann

Mr S McCann

REGISTERED OFFICE:

11 Old Dullatur Road

Glasgow

G68 0AR

REGISTERED NUMBER:

SC325632 (Scotland)

ACCOUNTANTS:

Momentum Taxation and Accountancy Ltd

Harelands Courtyard Offices

Moor Road

Melsonby

Richmond

North Yorkshire

DL10 5NY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

99,219

67,473

99,219

67,473

CURRENT ASSETS

Debtors

6

72,353

314,224

Cash at bank

215,136

355,335

287,489

669,559

CREDITORS

Amounts falling due within one year

7

79,920

191,918

NET CURRENT ASSETS

207,569

477,641

TOTAL ASSETS LESS CURRENT LIABILITIES

306,788

545,114

CREDITORS

Amounts falling due after more than one year

8

(261,859

)

(348,854

)

PROVISIONS FOR LIABILITIES

(23,200

)

(15,244

)

NET ASSETS

21,729

181,016

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

21,629

180,916

SHAREHOLDERS' FUNDS

21,729

181,016

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:

Ms J McCann - Director

Mr S McCann - Director

1.	STATUTORY INFORMATION

Masters In Minds Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and not provided

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2024 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2024

and 31 December 2024

10,000

AMORTISATION

At 1 July 2024

and 31 December 2024

10,000

NET BOOK VALUE

At 31 December 2024

-

At 30 June 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2024

114,641

Additions

39,155

At 31 December 2024

153,796

DEPRECIATION

At 1 July 2024

47,168

Charge for period

7,409

At 31 December 2024

54,577

NET BOOK VALUE

At 31 December 2024

99,219

At 30 June 2024

67,473

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Trade debtors

38,602

187,720

Other debtors

33,751

126,504

72,353

314,224

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

£

£

Bank loans and overdrafts

-

25,122

Trade creditors

2,330

21,596

Taxation and social security

30,185

101,272

Other creditors

47,405

43,928

79,920

191,918

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2024

£

£

Other creditors

261,859

348,854

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 December 2024 and the year ended 30 June 2024:

2024

2024

£

£

Ms J McCann and Mr S McCann

Balance outstanding at start of period

125,782

58,293

Amounts advanced

46,276

169,962

Amounts repaid

(139,318

)

(102,473

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

32,740

125,782

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms J McCann.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Masters In Minds Limited for the period ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Masters In Minds Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Masters In Minds Limited and state those matters that we have agreed to state to the Board of Directors of Masters In Minds Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Masters In Minds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Masters In Minds Limited. You consider that Masters In Minds Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Masters In Minds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Momentum Taxation and Accountancy Ltd

Harelands Courtyard Offices

Moor Road

Melsonby

Richmond

North Yorkshire

DL10 5NY

Date: .............................................