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Company Registration No. 12453300 (England and Wales)
Firstmind Ltd Unaudited accounts for the year ended 28 February 2025
Firstmind Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Firstmind Ltd Company Information for the year ended 28 February 2025
Director
Jonas Kibrick Fyhring Bernstein
Company Number
12453300 (England and Wales)
Registered Office
C/O Accounts and legal 81 King Street Manchester Lancashire M2 4AH England
Accountants
Accounts and Legal Consultants Ltd Suite 1-3, The Hop Exchange 24 Southwark Street London SE1 1TY
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Firstmind Ltd Statement of financial position as at 28 February 2025
2025
2024
Notes
£
£
Fixed assets
Tangible assets
4
1,749
3,944
Current assets
Debtors
5
35,485
26,397
Cash at bank and in hand
51,805
20,550
87,290
46,947
Creditors: amounts falling due within one year
6
(17,924)
(56,960)
Net current assets/(liabilities)
69,366
(10,013)
Total assets less current liabilities
71,115
(6,069)
Creditors: amounts falling due after more than one year
7
(69,000)
(69,000)
Net assets/(liabilities)
2,115
(75,069)
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
2,114
(75,070)
Shareholders' funds
2,115
(75,069)
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 September 2025 and were signed on its behalf by
Jonas Kibrick Fyhring Bernstein Director Company Registration No. 12453300
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Firstmind Ltd Notes to the Accounts for the year ended 28 February 2025
1
Statutory information
Firstmind Ltd is a private company, limited by shares, registered in England and Wales, registration number 12453300. The registered office is C/O Accounts and legal, 81 King Street, Manchester, Lancashire, M2 4AH, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover 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.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% straight line
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Firstmind Ltd Notes to the Accounts for the year ended 28 February 2025
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 balance sheet date.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
4
Tangible fixed assets
Fixtures & fittings
£
Cost or valuation
At cost
At 1 March 2024
6,587
At 28 February 2025
6,587
Depreciation
At 1 March 2024
2,643
Charge for the year
2,195
At 28 February 2025
4,838
Net book value
At 28 February 2025
1,749
At 29 February 2024
3,944
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Firstmind Ltd Notes to the Accounts for the year ended 28 February 2025
5
Debtors
2025
2024
£
£
Amounts falling due within one year
VAT
28
-
Trade debtors
10,144
11,496
Other debtors
12,123
1
22,295
11,497
Amounts falling due after more than one year
Amounts due from group undertakings etc.
13,190
14,900
6
Creditors: amounts falling due within one year
2025
2024
£
£
VAT
-
4,621
Trade creditors
10,245
7,888
Taxes and social security
66
43,952
Other creditors
-
257
Loans from directors
7,613
242
17,924
56,960
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
69,000
69,000
8
Share capital
2025
2024
£
£
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Transactions with related parties
During the year, the company entered into transactions with Presidents Summit Limited and President Institutes Limited, a company under common control by Mr. Mads Faurholt-Jørgensen, who is the ultimate controlling party of the entities. At the year end, the balance owed, were as follows: Presidents Summit Limited : £13,189 (2024: £14,899) Presidents Institute Limited: £12,122 (2024: £ nil) During the year ended 28th February 2025, all transactions were at arms length and on a commercial basis.
10
Controlling party
By virtue of ownership of the entire issued share capital, Mads Faurholt-Jorgensen controls the company.
11
Average number of employees
During the year the average number of employees was 3 (2024: 3).
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