REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
PALLADIUM IMPACT CAPITAL LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
PALLADIUM IMPACT CAPITAL LIMITED |
PALLADIUM IMPACT CAPITAL LIMITED (REGISTERED NUMBER: 08177779) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
PALLADIUM IMPACT CAPITAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
7 Kings Court |
Newcomen Way |
Colchester |
Essex |
CO4 9RA |
PALLADIUM IMPACT CAPITAL LIMITED (REGISTERED NUMBER: 08177779) |
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | $ | $ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
PALLADIUM IMPACT CAPITAL LIMITED (REGISTERED NUMBER: 08177779) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Palladium Impact Capital Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's functional and presentational currency is the US Dollar. The figures in the financial statements are rounded to the nearest dollar. |
Turnover |
Fees for consulting services are recognised, net of VAT, on an accruals basis at the time the services are rendered. Success fees are recognised, net of VAT, once the outcome of the project has been confirmed and the company obtains the right to the consideration. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
Foreign currencies |
The company's functional and presentational currency is the US dollar. Assets and liabilities in other currencies are translated into US dollars at the rates of exchange ruling at the statement of financial position date. Transactions in other currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Financial instruments |
Amounts owed to or from group companies are interest-free and repayable on demand, and are valued at cost less impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PALLADIUM IMPACT CAPITAL LIMITED (REGISTERED NUMBER: 08177779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
$ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | DEBTORS |
30.6.23 | 30.6.22 |
$ | $ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
VAT |
Deferred tax asset |
Unrelieved tax losses | 85,503 | 98,452 |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Deferred tax asset |
Unrelieved tax losses | - | 31,128 |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
$ | $ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Other creditors |
Accruals and deferred income |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
PALLADIUM IMPACT CAPITAL LIMITED (REGISTERED NUMBER: 08177779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | RELATED PARTY DISCLOSURES |
As a consequence of the company not being part of the group for part of the financial year it is unable to take advantage of exemption, under the terms of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK, not to disclose related party transactions with wholly owned subsidiaries. The required disclosures. |
Name | Nature of transaction | Value in year | $ outstanding as at 30.06.23 |
Palladium Group Management Pty Ltd | Loan to the company | -143,500 |
(PGMPL) | Interest paid on loan | 692 |
Subsidiary of PGMPL | Fees charged by company | -20,000 | 20,000 |
Subsidiary of PGMPL | Branding costs charged to the company | 26,692 |
Subsidiary of PGMPL | PII costs charged to the company | 46,356 |
Various subsidiaries of PGMPL | Labour costs recharged to the company | 304,359 |
Various subsidiaries of PGMPL | Facilities costs recharged to the company | 23,559 |
9. | ULTIMATE CONTROLLING PARTY |
As of 30 June 2023, the ultimate parent company was Palladium Holdings Pty Limited, |
However due to a reorganisation of Palladium Holdings Pty Limited the company left the group in April 2022 to ensure compliance with regulatory requirements, and Mr Kim Bredhauer became the controlling party. On 12 September 2022, having ensured that all compliance requirements were first met, Palladium Holdings Pty Limited became the ultimate parent company again. |
The smallest and largest group to consoldate these financial statements is Palladium Holdings Pty Limited, incorporated in Australia. Copies of the Palladium Holdings Pty Limited consolidated financial statements can be obtained from the Company Secretary at Level 7, 307 Queen Street, Brisbane, Queensland 4000, Australia. |
Effective 12th September 2022, the ultimate controlling party is Global Infrastructure Solutions Inc, a company incorporated in the United States of America. The registered office of Global Infrastructure Solutions Inc is c/o Capitol Services Inc. 1675 South State St, Ste B Dover, Delaware 19901, USA. Global Infrastructure Solutions Inc is not under the control of one individual. |
10. | GOING CONCERN |
The Company has received confirmation from Palladium Holdings Pty Ltd, that it will provide sufficient funds, as required, to enable it to continue trading operations and fulfil all of the Company's financial obligations arising from now and in the future. |
Having considered the risks affecting the business, as well as the forecasted performance for the next 12 months, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. |
On this basis, along with the support provided by Palladium Holdings Pty Ltd, the directors continue to adopt the going concern basis of accounting in preparing the Company's financial statements. |