Mindwave Ventures Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09230086 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2021

for

Mindwave Ventures Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P S Jacob

Ms J R Mabey

REGISTERED OFFICE:

Suite 201

AIRIVO

69-75 Boson Manor Road

Brentford

Middlesex

TW8 9JJ

REGISTERED NUMBER:

09230086 (England and Wales)

ACCOUNTANTS:

SPC Nathans

Suite 201

AIRIVO

69-75 Boston Manor Road

Brentford

Middlesex

TW8 9JJ

FIXED ASSETS

Intangible assets

4

93,171

54,801

Tangible assets

5

12,890

865

106,061

55,666

CURRENT ASSETS

Stocks

185,000

190,799

Debtors

6

518,482

303,608

Cash at bank

88,535

3

792,017

494,410

CREDITORS

Amounts falling due within one year

7

863,357

464,543

NET CURRENT (LIABILITIES)/ASSETS

(71,340

)

29,867

TOTAL ASSETS LESS CURRENT LIABILITIES

34,721

85,533

CREDITORS

Amounts falling due after more than one year

8

164,333

170,000

NET LIABILITIES

(129,612

)

(84,467

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(130,612

)

(85,467

)

SHAREHOLDERS' FUNDS

(129,612

)

(84,467

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 29 June 2022 and were signed on its behalf by:

P S Jacob - Director

1.	STATUTORY INFORMATION

Mindwave Ventures 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Development expenditure

Development cost that meet the SSAP 13 criteria is capitalised and amortized over the period expected to benefit from them.

Tangible fixed assets

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

Garden office

-

10% on cost

Plant and machinery etc

-

20% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern basis

The financial statements have been prepared on a going concern basis assuming continuing financial support by the directors, when required.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2020 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2020

54,801

Additions

38,370

At 30 September 2021

93,171

NET BOOK VALUE

At 30 September 2021

93,171

At 30 September 2020

54,801

This represent development costs capitalised. In the opinion of the Directors the benefit of these costs has not started to accrue at the balance sheet date. Amortization of these costs will commence when the benefit starts to accrue.

5.	TANGIBLE FIXED ASSETS

Plant and

Garden

machinery

office

etc

Totals

£

£

£

COST

At 1 October 2020

-

9,921

9,921

Additions

13,667

729

14,396

At 30 September 2021

13,667

10,650

24,317

DEPRECIATION

At 1 October 2020

-

9,056

9,056

Charge for year

1,361

1,010

2,371

At 30 September 2021

1,361

10,066

11,427

NET BOOK VALUE

At 30 September 2021

12,306

584

12,890

At 30 September 2020

-

865

865

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade debtors

465,676

281,549

Other debtors

52,806

22,059

518,482

303,608

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans and overdrafts

24,297

35,199

Trade creditors

71,979

82,846

Taxation and social security

227,624

203,820

Other creditors

539,457

142,678

863,357

464,543

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Other creditors

164,333

170,000

30.9.21

30.9.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

164,333

170,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.21

30.9.20

£

£

Factoring loan

217,088

-

Above loan is secured by fixed and floating charge over the Company's assets and by a Director's personal guarantee.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2021 and 30 September 2020:

30.9.21

30.9.20

£

£

P S Jacob

Balance outstanding at start of year

3,006

-

Amounts advanced

-

3,006

Amounts repaid

(3,006

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

3,006

11.	RELATED PARTY DISCLOSURES

During the year the company paid development costs amounting to £425,490 (2020 - £260,050) to a company incorporated in India in which Mr P S Jacob is a director and shareholder. All transactions were conducted at arm's length.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is P S Jacob.