Exhibit 99.14
Unaudited Accounts
for the Period 1 January 2020 to 30 June 2020
for
Mastermind Principles Ltd
Independent Chartered Certified Accountants' Review Report to the Director of
Mastermind Principles Ltd
We have reviewed the financial statements of Mastermind Principles Ltd for the period ended 30 June 2021, which comprise the Income Statement, Balance Sheet. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
This report is made solely to the company's director in accordance with our terms of engagement. Our review has been undertaken so that we might state to the director those matters that we have agreed with him in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's director for our work, for this report or the conclusions we have formed.
Director's responsibility for the financial statements
As explained more fully in the Director's Responsibilities Statement set out in the Audited Accounts for the year ended 31st December 2020, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of the assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
- | so as to give a true and fair view of the state of the company's affairs as at 30 June 2020 and of its profit for the period then ended; | |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and | |
- | in accordance with the requirements of the Companies Act 2006. |
/s/ SKS Bailey Group
SKS Bailey Group Limited
Yoden House
30 Yoden Way
Peterlee
Co. Durham
SR8 1AL
Date: | 21/1/22 |
Mastermind Principles Ltd
Income Statement
for the Period 1 January 2020 to 30 June 2020
6 mths to 30 June 2020 £ | ||||
Turnover | ||||
Sales | 1,482,516 | |||
1,482,516 | ||||
Cost of sales | ||||
Opening stock | 11,197 | |||
Purchases | 238,489 | |||
Coaching and mentoring | 133,225 | |||
Commissions payable | 97,575 | |||
Advertising | 15,460 | |||
Closing stock | (11,197 | ) | ||
484,749 | ||||
GROSS PROFIT | 997,767 | |||
Other income | ||||
Rent received | 6,000 | |||
Sponsorship | 1,667 | |||
Bank interest receivable | 5,257 | |||
12,924 | ||||
Expenditure | ||||
Wages | 242,627 | |||
JRS grant | - | |||
Pensions | - | |||
Rent | 25,525 | |||
Insurance | 10,932 | |||
Directors' salaries | 6,250 | |||
Telephone | 7,038 | |||
Post and stationery | 5,216 | |||
Travelling | 13,094 | |||
Repairs and renewals | 17,188 | |||
Household and cleaning | - | |||
Staff recruitment costs | 253 | |||
Computer costs | 36,905 | |||
Sundry expenses | 7,242 | |||
Staff training | 6,077 | |||
Accountancy | 2,100 | |||
Subscriptions | - | |||
Professional fees | - | |||
Legal and professional fees | 3,660 | |||
Depreciation of tangible fixed assets | ||||
Plant and machinery | - | |||
Hire of plant and machinery | 3,941 | |||
Entertainment | - | |||
Bad debts | - | |||
388,048 |
Mastermind Principles Ltd
Income Statement
for the Period 1 January 2020 to 30 June 2020
6 mths to 30 June 2020 £ | ||||
Finance costs | ||||
Bank charges | 23,506 | |||
Bank interest on loans | 33,318 | |||
56, 824 | ||||
Total overheads | ||||
less other income | 431,948 | |||
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION | 565,819 | |||
Taxation | ||||
Corporation Tax | 107,505 | |||
107,505 | ||||
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION | 458,314 | |||
Dividends | ||||
Interim | - | |||
Final | - | |||
- | ||||
PROFIT FOR THE PERIOD AFTER TAXATION AND DIVIDENDS | 458,314 |
Mastermind Principles Ltd (Registered number: 07106363)
Balance Sheet
30 June 2020
6 mths to 30 June 2020 £ | ||||
FIXED ASSETS | ||||
Plant and machinery | 21,329 | |||
21,329 | ||||
CURRENT ASSETS | ||||
Stocks | 11,197 | |||
Trade debtors | 678,739 | |||
Provision for bad debts | (247,870 | ) | ||
Amount due from related party | 3,064,695 | |||
Directors' current accounts | 172,235 | |||
Other debtors | - | |||
Prepayments and accrued income | 2,076 | |||
Cash in hand | - | |||
Bank account | 53,493 | |||
3,734,565 | ||||
CURRENT LIABILITIES | ||||
Trade creditors | (91,815 | ) | ||
VAT | (237,647 | ) | ||
Corporation tax | (265,510 | ) | ||
Social security and other tax | (25,290 | ) | ||
Other creditors | - | |||
Amounts due to related parties | (341,912 | ) | ||
Accrued expenses | (791,098 | ) | ||
Other loans | (82,000 | ) | ||
1,835,272 | ||||
LONG TERM LIABILITIES | ||||
Other creditors | 198,000 | |||
198,000 | ||||
1,722,622 | ||||
CAPITAL AND RESERVES | ||||
Called up share capital | 2 | |||
Profit and loss account | 1,722,620 | |||
1,722,622 |