Authentic Mind Limited Company accounts

AUTHENTIC MIND LIMITED - Company Information

2 false false false false false false false false false true false false true false true true No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 4,864 18,146 xbrli:pure xbrli:shares iso4217:GBP 07007665 2021-04-01 2022-03-31 07007665 2022-03-31 07007665 2021-03-31 07007665 2020-04-01 2021-03-31 07007665 2021-03-31 07007665 bus:RegisteredOffice 2021-04-01 2022-03-31 07007665 bus:Director1 2021-04-01 2022-03-31 07007665 bus:Director2 2021-04-01 2022-03-31 07007665 core:WithinOneYear 2022-03-31 07007665 core:WithinOneYear 2021-03-31 07007665 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 07007665 core:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 07007665 core:RetainedEarningsAccumulatedLosses 2021-03-31 07007665 core:RetainedEarningsAccumulatedLosses 2020-03-31 07007665 core:RetainedEarningsAccumulatedLosses 2022-03-31 07007665 core:RetainedEarningsAccumulatedLosses 2021-03-31 07007665 core:ShareCapital 2022-03-31 07007665 core:ShareCapital 2021-03-31 07007665 bus:SmallEntities 2021-04-01 2022-03-31 07007665 bus:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 07007665 bus:AbridgedAccounts 2021-04-01 2022-03-31 07007665 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 07007665 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31

COMPANY REGISTRATION NUMBER: 07007665

Authentic Mind Limited

Unaudited Abridged Financial Statements

31 March 2022

Authentic Mind Limited

Abridged Financial Statements

Year ended 31 March 2022

Contents	Page

Directors' report	1

Abridged statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

Authentic Mind Limited

Directors' Report

Year ended 31 March 2022

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 March 2022 .

Directors

The directors who served the company during the year were as follows:

Mr A Morgan
Mrs S Morgan

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 12 July 2022 and signed on behalf of the board by:

Mr A Morgan

Director

Registered office:

6 Briarswood Way

Orpington

Kent

BR6 6LU

Authentic Mind Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 March 2022

	2022	2021
Note	£	£
Gross profit	–	348

Administrative expenses	4,957	22,198
	-------	--------
Operating loss	( 4,957)	( 21,850)

Other interest receivable and similar income		93	–
		-------	--------
Loss before taxation	5	( 4,864)	( 21,850)

Tax on loss	–	( 3,704)
	-------	--------
Loss for the financial year and total comprehensive income	( 4,864)	( 18,146)
	-------	--------

Dividends paid and payable	( 4,000)	( 2,000)

Retained earnings at the start of the year	42,411	62,557
	--------	--------
Retained earnings at the end of the year	33,547	42,411
	--------	--------

All the activities of the company are from continuing operations.

Authentic Mind Limited

Abridged Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	6	–	688

Current assets

Debtors	3,704	8,687
Cash at bank and in hand	30,839	34,312
	--------	--------
	34,543	42,999

Creditors: amounts falling due within one year	995	1,275
	--------	--------
Net current assets	33,548	41,724
	--------	--------
Total assets less current liabilities	33,548	42,412
	--------	--------
Net assets	33,548	42,412
	--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	33,547	42,411
	--------	--------
Shareholders funds	33,548	42,412
	--------	--------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

Authentic Mind Limited

Abridged Statement of Financial Position (continued)

31 March 2022

These abridged financial statements were approved by the board of directors and authorised for issue on 12 July 2022 , and are signed on behalf of the board by:

Mr A Morgan

Director

Company registration number: 07007665

Authentic Mind Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Briarswood Way, Orpington, Kent, BR6 6LU.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2022	2021
	£	£
Depreciation of tangible assets	688	1,926
	----	-------

6. Tangible assets

	£
Cost
At 1 April 2021 and 31 March 2022	7,706
	-------
Depreciation
At 1 April 2021	7,018
Charge for the year	688
	-------
At 31 March 2022	7,706
	-------
Carrying amount
At 31 March 2022	–
	-------
At 31 March 2021	688
	-------

7. Directors' advances, credits and guarantees