REGISTERED NUMBER: 02557043 (England and Wales)

MINDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N Al-Khalil

Mrs D Al-Khalil

Mr S Al-Khalil

Mr I Al-Khalil

SECRETARY:

Mrs D Al-Khalil

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

02557043 (England and Wales)

ACCOUNTANTS:

Christiansons Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Property, plant and equipment

4

3,251,227

3,242,205

Investment property

5

2,182,980

2,182,980

5,434,207

5,425,185

CURRENT ASSETS

Debtors

6

6,618,964

4,070,102

Investments

7

1,464,552

949,781

Cash at bank

247,352

661,736

8,330,868

5,681,619

CREDITORS

Amounts falling due within one year

8

10,582,668

8,072,483

NET CURRENT LIABILITIES

(2,251,800

)

(2,390,864

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,182,407

3,034,321

CREDITORS

Amounts falling due after more than one year

9

(563,285

)

(569,962

)

PROVISIONS FOR LIABILITIES

(255,016

)

(255,016

)

NET ASSETS

2,364,106

2,209,343

CAPITAL AND RESERVES

Called up share capital

141,060

141,060

Share premium

408,958

408,958

Fair value reserve

1,658,088

1,658,088

Retained earnings

156,000

1,237

SHAREHOLDERS' FUNDS

2,364,106

2,209,343

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 23 December 2025 and were signed on its behalf by:

Mr N Al-Khalil - Director

1.	STATUTORY INFORMATION

Minds Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents the net rents receivable, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

not provided

Plant and machinery etc

-

33% on reducing balance, 20% on cost, not provided and at varying rates on cost

No depreciation has been provided in respect of freehold property and improvements as these asset categories are constantly maintained to a high standard through vast maintenance expenditure. This accounting policy represents a departure from accounting standards but is necessary in order for the financial statements to give a true and fair view.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Investment properties

In accordance with Accounting Standards the company's properties are held for long-term investment and are included in the Balance Sheet at their open market values. Depreciation is not provided in respect of freehold investment properties. This policy represents departure from statutory accounting policies, which require depreciation to be provided on all fixed assets. The director considers that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation.

Revaluation of properties

Individual properties are revalued every year with the surplus or deficit on book value being transferred to the revaluation reserve, unless a deficit (or its reversal) is expected to be permanent, in which case it is charged (or credited) to the profit and loss account. On the disposal of revalued fixed asset, any related balance in the revaluation reserve is transferred to the profit and loss account as a movement on reserves.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2024 - 23 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2024

3,135,398

822,672

3,958,070

Additions

-

33,804

33,804

At 31 March 2025

3,135,398

856,476

3,991,874

DEPRECIATION

At 1 April 2024

-

715,865

715,865

Charge for year

-

24,782

24,782

At 31 March 2025

-

740,647

740,647

NET BOOK VALUE

At 31 March 2025

3,135,398

115,829

3,251,227

At 31 March 2024

3,135,398

106,807

3,242,205

Cost or valuation at 31 March 2025 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2017

1,681,017

-

1,681,017

Cost

1,454,381

856,476

2,310,857

3,135,398

856,476

3,991,874

If Freehold property had not been revalued they would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

1,518,984

1,518,984

Freehold property were valued on at open market value basis on 31 March 2019 by the director .

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 April 2024

49,487

Additions

33,518

At 31 March 2025

83,005

DEPRECIATION

At 1 April 2024

37,722

Charge for year

8,528

At 31 March 2025

46,250

NET BOOK VALUE

At 31 March 2025

36,755

At 31 March 2024

11,765

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

2,182,980

NET BOOK VALUE

At 31 March 2025

2,182,980

At 31 March 2024

2,182,980

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

222,070

74,796

Other debtors

6,396,894

3,995,306

6,618,964

4,070,102

7.	CURRENT ASSET INVESTMENTS

31.3.25

31.3.24

£

£

Unlisted investments

1,464,552

949,781

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

23,056

23,056

Finance leases

8,084

5,839

Trade creditors

266,154

258,162

Taxation and social security

140,865

77,487

Other creditors

10,144,509

7,707,939

10,582,668

8,072,483

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

537,856

564,414

Finance leases

25,429

5,548

563,285

569,962

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

461,014

478,066

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Finance leases

33,513

11,387

11.	CONTROLLING PARTY

Due to the share structure as at the year end, there was no individual controlling party.