EPIC IMPACT LIMITED

Company Registration Number:
11094462 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

EPIC IMPACT LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

EPIC IMPACT LIMITED

Balance sheet

As at 31 December 2022


Notes

2022

2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 100,000 354,891
Tangible assets: 4 272 372
Investments:   0 0
Total fixed assets: 100,272 355,263
Current assets
Debtors: 5 100 100
Cash at bank and in hand: 0 12,141
Total current assets: 100 12,241
Creditors: amounts falling due within one year: 6 (271,430) (232,907)
Net current assets (liabilities): (271,330) (220,666)
Total assets less current liabilities: (171,058) 134,597
Creditors: amounts falling due after more than one year: 7   (50,000)
Total net assets (liabilities): (171,058) 84,597
Capital and reserves
Called up share capital: 157 154
Share premium account: 494,111 471,073
Profit and loss account: (665,326) (386,630)
Shareholders funds: (171,058) 84,597

The notes form part of these financial statements

EPIC IMPACT LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 30 September 2023
and signed on behalf of the board by:

Name: Mr G Calton
Status: Director

The notes form part of these financial statements

EPIC IMPACT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably, The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and material, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residualvalues over their useful lives on the following bases:ComputersThe gain or loss arising on the disposal of an asset is determined as the difference between thesale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than itscarrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to itsrecoverable amount, in which case the impairment lies is treated as a revaluation decrease.Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Intangible fixed assets and amortisation policy

Intangible assets acquired separately from a business are recognised at cost and are subsequentlymeasured at cost less accumulated amortisation and accumulated impairment losses.Intangible assets acquired on business combinations are recognised separately from goodwill atthe acquisition date where it is probable that the expected future economic benefits that areattributable to the asset will flow to the entity and the fair value of the asset can be measuredreliably; the intangible asset arises from contractual or other legal rights; and the intangible asset isseparable from the entity.Amortisation is recognised so as to write off the cost or valuation of assets less their residualvalues over their useful lives on the following bases:Development costs Nil AmortisationDevelopment costs have not been amortised as the product is not fully available to be used orsold.Development costs £254,891 Impairment lossDevelopment costs have been impaired as the business is no longer a going concern. Theimpairment losses were calculated based upon estimated value of the asset for a possible potentialsale. No such sale has been achieved to date post balance sheet date.

Other accounting policies

Going ConcernAs a result of a failure to secure necessary funding, the Company has ceased activity. The financialstatements have been prepared on a basis other than going concern.The following adjustments were required as a result of preparing the accounts on a basis otherthan going concern:Recategorisation of a bank loan from Non Current Liabilities to Current Liabilities;Consideration for impairment of intangible assets.Cash at bank and in handCash and cash equivalents are basic financial assets and include cash in hand, deposits held ascall with banks, other short-term liquid investments with original maturities of three months or less,and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.Financial instrumentsThe Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' andSection 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.Financial instruments are recognised in the Company's balance sheet when the Companybecomes party to the contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financialstatements, when there is a legally enforceable right to set ogg the recognised amounts and thereis an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost usingthe effective interest method unless the arrangement constitutes a financing transaction, where thetransaction is measured at the present value of the future receipts discounted at a market rate ofinterest. Financial assets classified as receivable within one year are not amortised.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies andpreference shares that are classified as debt, are initially recognised at transaction price unless thearrangement constitutes a financing transaction, where the debt instrument is measures at thepresent value of the future payments discounted at a market rate of interest. Financial liabilitiesclassified as payable within one year are not amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest ratemethod.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinarycourse of business from suppliers. Amounts payable are classified as current liabilities if payment isdue within one year or less. If not, they are presented as non-current liabilities. Trade creditors arerecognised initially at transaction price and subsequently measured at amortised cost using theeffective interest method.Compound instrumentsThe compound parts of compound instruments issued by the company are classified separately asfinancial liabilities and equity in accordance with the substance of the contractual arrangement. Atthe date of issue, the fair value of the liability component is estimated using the prevailing marketinterest rate for a similar non-convertible instrument. This amount is recorded as a liability on anamortised cost basis using the effective interest method until extinguished upon conversion or atthe instrument's maturity date. The equity component is determined by deducting the amount ofthe liability component from the fair value of the compound instrument as a whole. This isrecognised and included in equity not of income tax effects and is not subsequently remeasured.Equity instrumentsEquity instruments issued by the company are recorded at the proceeds received, net oftransaction costs. Dividends payable on equity instruments are recognised as liabilities once theyare no longer at the discretion of the company.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profitas reported in the profit and loss account because it excludes items of income or expense that aretaxable or deductible in other years and it further excludes items that are never taxable ordeductible. Te company’s liability for current tax is calculated using tax rates that have beenenacted or substantively enacted by the reporting end date.Deferred taxDeferred tax liabilities are generally recognised for all timing differences and deferred tax assets arerecognised to the extent that it is probably that they will be recovered against the reversal ofdeferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised ifthe timing difference arises from goodwill or from the initial recognition of other assets and liabilitiesin a transaction that affects neither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviews at each reporting end date and reduced tothe extent that it is no longer probable that sufficient taxable profits will be available to allow all orpart of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected toapply in the period when the liability is settled or the asset is realised. Deferred tax is charged orcredited in the profit and loss account, except when it relates to items charged or credited directlyto equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets andliabilities are offset when the company has a legally enforceable right to offset current tax assetsand liabilities and the deferred tax assets and liabilities relate to taxes levied by the same taxauthority.Employee benefitsThe costs of short-term employee benefits are recognised as a liability and an expense, unlessthose costs are required to be recognised as part of the cost of stock or fixed assets.The cost of any unused holiday entitlement is recognised in the period in which the employee’sservices are received.Termination benefits are recognised immediately as an expense when the company isdemonstrably committed to terminate the employment of an employee or to provide terminationbenefits.Retirement benefitsPayments to defined contribution retirement benefit schemes are charged as an expense as theyfall due.Government grantsGovernment grants are recognised at the fair value of the asset received or receivable when thereis reasonable assurance that the grant conditions will be met and the grants will be received.Foreign exchangeTransactions in currencies other than pounds sterling are recorded at the rates of exchangeprevailing as the dates of the transactions. At each reporting end date, monetary assets andliabilities that are denominated in foreign currencies are retranslated at the rates prevailing on thereporting end date. Gains and losses arising on translation in the period are included in profit orloss.

EPIC IMPACT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

2022 2021
Average number of employees during the period 4 4

EPIC IMPACT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Intangible Assets

Total
Cost £
At 01 January 2022 354,891
At 31 December 2022 354,891
Amortisation
At 01 January 2022 0
Other adjustments 254,891
At 31 December 2022 254,891
Net book value
At 31 December 2022 100,000
At 31 December 2021 354,891

EPIC IMPACT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Tangible Assets

Total
Cost £
At 01 January 2022 621
At 31 December 2022 621
Depreciation
At 01 January 2022 249
Charge for year 100
At 31 December 2022 349
Net book value
At 31 December 2022 272
At 31 December 2021 372

EPIC IMPACT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Debtors

2022 2021
££
Debtors due after more than one year: 100 100

EPIC IMPACT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Creditors: amounts falling due within one year note

Creditors: amounts falling due within one yearConvertible Loans: £11,946 (2021: £11,946)Trade creditors: £209,441 (2021: £210,692)Taxation and social security: £0 (2021: £6,188)Other creditors: £0 (2021: £4,081)Bank loans and overdrafts: £50,043 (2021: Nil)Total: £271,430 (2021: £232,907)The bank loans facility is supported by the UK Government Bounce Back Loan Scheme guarantee and interest is charged at 2.5% per annum.

EPIC IMPACT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Creditors: amounts falling due after more than one year note

Creditors: amounts falling due after more than one yearBank loans and overdrafts: Nil (2021: £50,000)