Changing Minds Ltd Filleted accounts for Companies House (small and micro)

CHANGING MINDS LTD - Company Information

25 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06194653 2022-04-01 2023-03-31 06194653 2023-03-31 06194653 2022-03-31 06194653 2021-04-01 2022-03-31 06194653 2022-03-31 06194653 2021-03-31 06194653 core:PlantMachinery 2022-04-01 2023-03-31 06194653 core:FurnitureFittings 2022-04-01 2023-03-31 06194653 bus:Director1 2022-04-01 2023-03-31 06194653 bus:Director2 2022-04-01 2023-03-31 06194653 core:PlantMachinery 2022-03-31 06194653 core:FurnitureFittings 2022-03-31 06194653 core:PlantMachinery 2023-03-31 06194653 core:FurnitureFittings 2023-03-31 06194653 core:WithinOneYear 2023-03-31 06194653 core:WithinOneYear 2022-03-31 06194653 core:ShareCapital 2023-03-31 06194653 core:ShareCapital 2022-03-31 06194653 core:RetainedEarningsAccumulatedLosses 2023-03-31 06194653 core:RetainedEarningsAccumulatedLosses 2022-03-31 06194653 core:PlantMachinery 2022-03-31 06194653 core:FurnitureFittings 2022-03-31 06194653 bus:Director1 2022-03-31 06194653 bus:Director1 2023-03-31 06194653 bus:Director2 2022-03-31 06194653 bus:Director2 2023-03-31 06194653 bus:Director1 2021-03-31 06194653 bus:Director1 2022-03-31 06194653 bus:Director2 2021-03-31 06194653 bus:Director2 2022-03-31 06194653 bus:Director1 2021-04-01 2022-03-31 06194653 bus:Director2 2021-04-01 2022-03-31 06194653 bus:SmallEntities 2022-04-01 2023-03-31 06194653 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06194653 bus:FullAccounts 2022-04-01 2023-03-31 06194653 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06194653 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06194653 core:AllAssociates 2022-04-01 2023-03-31

COMPANY REGISTRATION NUMBER: 06194653

Changing Minds Ltd

Filleted Unaudited Financial Statements

31 March 2023

Changing Minds Ltd

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		50,869	64,054

Current assets

Debtors	6	467,661	708,721
Cash at bank and in hand		526,945	583,932
		---------	------------
		994,606	1,292,653

Creditors: amounts falling due within one year	7	211,642		314,342
		---------		------------
Net current assets			782,964	978,311
			---------	------------
Total assets less current liabilities			833,833	1,042,365

Provisions

Taxation including deferred tax	9,665	12,170
	---------	------------
Net assets	824,168	1,030,195
	---------	------------

Capital and reserves

Called up share capital	75,100	30,100
Profit and loss account	749,068	1,000,095
	---------	------------
Shareholders funds	824,168	1,030,195
	---------	------------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2023 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 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 financial statements .

Changing Minds Ltd

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:

Dr A D Rogers

Director

Company registration number: 06194653

Changing Minds Ltd

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19 Wilson Patten Street, Warrington, WA1 1PG.

2. Statement of compliance

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

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:

Plant & Machinery	-	20% straight line
Fixtures & Fittings	-	10% straight line

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of banks loans which are subsequently measured at amortised cost using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 25 (2022: 23 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2022	98,016	45,946	143,962
Additions	8,270	–	8,270
	---------	--------	---------
At 31 March 2023	106,286	45,946	152,232
	---------	--------	---------
Depreciation
At 1 April 2022	62,153	17,755	79,908
Charge for the year	4,595	16,860	21,455
	---------	--------	---------
At 31 March 2023	66,748	34,615	101,363
	---------	--------	---------
Carrying amount
At 31 March 2023	39,538	11,331	50,869
	---------	--------	---------
At 31 March 2022	35,863	28,191	64,054
	---------	--------	---------

6. Debtors

	2023	2022
	£	£
Trade debtors	439,728	361,181
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	319,887
Other debtors	27,933	27,653
	---------	---------
	467,661	708,721
	---------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	13,947	12,021
Corporation tax	55,591	129,312
Social security and other taxes	130,582	153,513
Other creditors	11,522	19,496
	---------	---------
	211,642	314,342
	---------	---------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2023
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Dr A D Rogers	( 4,115)	( 728)	( 4,843)
Dr J Bickley	( 3,831)	( 891)	( 4,722)
	-------	-------	-------
	( 7,946)	( 1,619)	( 9,565)
	-------	-------	-------

	2022
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Dr A D Rogers	( 3,416)	( 699)	( 4,115)
Dr J Bickley	( 2,941)	( 890)	( 3,831)
	-------	-------	-------
	( 6,357)	( 1,589)	( 7,946)
	-------	-------	-------

9. Related party transactions

The company was under the control of the directors throughout the current and previous year. No single shareholder controls more than 50% of the issued share capital therefore there is no ultimate controlling party. No transactions with related parties were undertaken such as are required to be disclosed.