REGISTERED NUMBER: 04063982 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

INDEPENDENT MINDS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J J Watt

L M Cottrell

SECRETARY:

J J Watt

REGISTERED OFFICE:

10 St George's Terrace

London

NW1 8XH

REGISTERED NUMBER:

04063982 (England and Wales)

ACCOUNTANTS:

MDG Business Associates Limited

Room 73

Wrest House

Wrest Park

Silsoe

Bedfordshire

MK45 4HR

CURRENT ASSETS

Debtors

6

85,601

80,099

Cash at bank

6,445

70

92,046

80,169

CREDITORS

Amounts falling due within one year

7

(28,709

)

(19,793

)

NET CURRENT ASSETS

63,337

60,376

TOTAL ASSETS LESS CURRENT LIABILITIES

63,337

60,376

CREDITORS

Amounts falling due after more than one year

8

-

(1,605

)

NET ASSETS

63,337

58,771

CAPITAL AND RESERVES

Called up share capital

9

176,971

176,971

Share premium

10

1,714,081

1,714,081

Retained earnings

10

(1,827,715

)

(1,832,281

)

SHAREHOLDERS' FUNDS

63,337

58,771

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 25 September 2026 and were signed on its behalf by:

L M Cottrell - Director

1.	STATUTORY INFORMATION

Independent 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company is required to and continues to meet the FCA's financial resources criteria. The company fulfils the 'net asset' requirement under FCA regulations. The directors continue to monitor income and expenditure on a regular basis and have undertaken to provide any short term funding as required.

Turnover

Turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. Revenues are recognised when the company has a right to consideration for services performed.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

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.

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 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

Transactions in foreign currencies have been translated into sterling at the average rate ruling during the month in which the transaction occurred. Liabilities and current assets expressed in foreign currencies at the balance sheet date have been translated into sterling at the rates of exchange ruling at that date. All resultant differences are dealt with through the profit and loss account.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An enquiry instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Business bounce back loan scheme

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months the interest rate is 2.5% per annum.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 January 2025

and 31 December 2025

85,729

55,914

141,643

Depreciation

At 1 January 2025

and 31 December 2025

85,729

55,914

141,643

Net book value

At 31 December 2025

-

-

-

At 31 December 2024

-

-

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

138

-

Other debtors

26,768

26,768

VAT

103

-

Prepayments and accrued income

58,592

53,331

85,601

80,099

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

6,916

Trade creditors

2,459

2,560

Social security and other taxes

460

533

VAT

-

1,260

Other creditors

1,350

1,100

Director's loan account

13,241

3,875

Accruals and deferred income

11,199

3,549

28,709

19,793

The bank loan was 100% guaranteed by the government in line with the Covid scheme rules, with interest charged at 2.5% per annum.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

-

1,605

The bank loan was 100% guaranteed by the government in line with the Covid scheme rules, with interest charged at 2.5% per annum.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

39,110

Ordinary B shares

£0.10

3,911

3,911

1,018

Preference A shares

£170

173,060

173,060

176,971

176,971

The Preference A Shares of £170 each are entitled to a non-cumulative annual dividend of 6% of nominal value subject to the profitability of the company and any payment being consistent with the maintenance of adequate capital resources as determined by the FCA.

They are convertible to Ordinary B Shares at a price of £170 per share at the company's option and the company has the option to redeem them for cash at any time.

Shares rank pari passu in all other respects. All shares are considered to be and have been classified as equity instruments.

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2025

(1,832,281

)

1,714,081

(118,200

)

Profit for the year

4,566

4,566

At 31 December 2025

(1,827,715

)

1,714,081

(113,634

)

11.	PENSION COMMITMENTS

The company operates a money purchase pension scheme for the benefit of employees and directors. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounts to £1,852 (2024: £5,991) for the year.

12.	RELATED PARTY DISCLOSURES

Included within creditors is an amount of £13,241 (2024: £3,875) due to L M Cottrell, director. No interest has been charged on this balance during the year (2024: £Nil) and there are no set repayment terms.

During the year the company paid execution commission of £27,750 (2024: £22,500) to Jamestown Research Ltd. J J Watt, director, is a shareholder of both Independent Minds Limited and Jamestown Research Ltd.

During the year the company paid execution commission of £5,000 (2024: £5,000) to Gybe Research Ltd. A R Hayman is a shareholder of both Independent Minds Limited and Gybe Research Ltd.