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Company registration number: 07578750
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2025
| MINDLINK SOFTWARE LTD
MINDLINK SOFTWARE LTD |  |
COMPANY INFORMATION
Directors | Joseph Hung N Do
| Steven Henderson
| Benjamin Osborne
| Helen Fowler
| Karl-Heinz Boehmer
| Andrew Smith (appointed 1 May 2024)
Company secretary | Uyen Thi Thanh Chu
Registered number | 07578750
Registered office | Unit Cc313 The Biscuit Factory
| Drummond Road
| London
| SE16 4DG
Accountants | Menzies LLP
| Chartered Accountants
| 4th Floor
| 95 Gresham Street
| London
| EC2V 7AB
MINDLINK SOFTWARE LTD |  |
CONTENTS
| Page
Statement of Financial Position | 1 - 2
Notes to the Financial Statements | 3 - 8
MINDLINK SOFTWARE LTD REGISTERED NUMBER:07578750 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 38,508 |  | 41,718
Investments | 5 |  | 1 |  | 1
|  |  | 38,509 |  | 41,719
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,151,797 |  | 981,132 |
Cash at bank and in hand |  | 257,137 |  | 747,285 |
|  | 1,408,934 |  | 1,728,417 |
Creditors: amounts falling due within one year | 7 | (1,190,879) |  | (1,451,208) |
Net current assets |  |  | 218,055 |  | 277,209
Total assets less current liabilities |  |  | 256,564 |  | 318,928
Creditors: amounts falling due after more than one year | 8 |  | (310,000) |  | -
Net (liabilities)/assets |  |  | (53,436) |  | 318,928
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1,052,462 |  | 973,058
Share premium account |  |  | 1,312,509 |  | 1,139,283
Other reserves |  |  | 119,164 |  | 81,241
Profit and loss account |  |  | (2,537,571) |  | (1,874,654)
|  |  | (53,436) |  | 318,928
Page 1
MINDLINK SOFTWARE LTD REGISTERED NUMBER:07578750 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Joseph Hung N Do
Director
Date: 2 December 2025
The notes on pages 3 to 8 form part of these financial statements. Page 2
MINDLINK SOFTWARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Mindlink Software Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office and principal place of business is Unit CC313 The Biscuit Factory, Drummond Road, London, SE16 4DG. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. Although the company is in a net liability position at the year end, the directors have reviewed cash flow projections and funding arrangements and are satisfied that the company will have sufficient resources to meet its obligations as they fall due for at least 12 months from the date of approval of these financial statements. Where short-term cash flow deficits arise, the company has historically obtained support from directors and related parties, and the directors have confirmed their continued willingness to provide such support. In addition, the company secured funding from a new investor at the end of last year and expects a further capital injection during the coming year. Based on these considerations, the directors believe it is appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Revenue
Revenue is recognised by the Company in respect of software and services supplied during the period. License fee revenue is recognised over the period to which they relate. Service revenue is recognised over the period to which it relates. When revenue is recognised over a license period, it is recognised evenly based on the number of months of the license contract. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 3
MINDLINK SOFTWARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25%
|  |  |  | Fixtures and fittings | - | 15%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 4
MINDLINK SOFTWARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.7 | Share based payments
The cost of equity-settled transactions with employees is measured by reference to the fair value as at the grant date. At each balance sheet date before vesting, the cumulative expense is calculated, representing the expense to which the vesting period has expired and management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in equity. In the case of graded vesting, the expense is recognised on a straight-line basis. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair valueof goods and services received.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Page 5
MINDLINK SOFTWARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 37 (2024 - 32).
4. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | 183,397 | 13,417 | 196,814
| Additions | 16,817 | 116 | 16,933
| At 31 March 2025 | 200,214 | 13,533 | 213,747
| Depreciation |  |  |
| At 1 April 2024 | 143,243 | 11,853 | 155,096
| Charge for the year on owned assets | 19,601 | 542 | 20,143
| At 31 March 2025 | 162,844 | 12,395 | 175,239
| Net book value |  |  |
| At 31 March 2025 | 37,370 | 1,138 | 38,508
| At 31 March 2024 | 40,154 | 1,564 | 41,718
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 April 2024 | 1
| At 31 March 2025 | 1
Page 6
MINDLINK SOFTWARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 380,444 | 580,989
| Other debtors | 9,361 | 9,361
| Prepayments and accrued income | 95,290 | 30,235
| Tax recoverable | 666,702 | 360,547
|  | 1,151,797 | 981,132
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 23,567 | 98,611
| Amounts owed to group undertakings | - | 3,823
| Other taxation and social security | 87,576 | 154,106
| Other creditors | 2,055 | 254,624
| Accruals and deferred income | 1,077,681 | 940,044
|  | 1,190,879 | 1,451,208
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 310,000 | -
|  | 310,000 | -
9. | Share-based payments
| During the year, the company operated an Employee Share Incentive Plan. The options available under this scheme are only exercisable upon a realisation event such as a takeover or sale. The directors may, in their discretion, allow the options to be exercised if a disqualifying event occurs. These options lapse 10 years after the grant date.
Page 7
MINDLINK SOFTWARE LTD |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 34,533 | 28,653
| Later than 1 year and not later than 5 years | 29,400 | -
|  | 63,933 | 28,653
Page 8