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Company registration number: 07592873
Impact and Growth Advisors Limited
Unaudited filleted financial statements
31 December 2023
Impact and Growth Advisors Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Impact and Growth Advisors Limited
Directors and other information
Directors Mr C A Miranda
Mrs A F Miranda
Company number 07592873
Registered office 5 Underwood Street
London
N1 7LY
Impact and Growth Advisors Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 2,529 5,059
_______ _______
2,529 5,059
Current assets
Debtors 7 60,624 149,819
Cash at bank and in hand 142,112 127,512
_______ _______
202,736 277,331
Creditors: amounts falling due
within one year 8 ( 107,514) ( 133,035)
_______ _______
Net current assets 95,222 144,296
_______ _______
Total assets less current liabilities 97,751 149,355
Creditors: amounts falling due
after more than one year 9 ( 14,811) ( 24,954)
_______ _______
Net assets 82,940 124,401
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 82,938 124,399
_______ _______
Shareholders funds 82,940 124,401
_______ _______
For the year ending 31 December 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.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
Mr C A Miranda
Director
Company registration number: 07592873
Impact and Growth Advisors Limited
Notes to the financial statements
Year ended 31 December 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 5 Underwood Street, London, N1 7LY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 13 ).
5. Tax on profit
Major components of tax expense/income
2023 2022
£ £
Current tax:
UK current tax expense 59,087 22,784
Adjustments in respect of previous periods - ( 64,987)
R & D tax credit - ( 8,454)
_______ _______
Tax on profit 59,087 ( 50,657)
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2023 and 31 December 2023 16,377 16,377
_______ _______
Depreciation
At 1 January 2023 11,318 11,318
Charge for the year 2,530 2,530
_______ _______
At 31 December 2023 13,848 13,848
_______ _______
Carrying amount
At 31 December 2023 2,529 2,529
_______ _______
At 31 December 2022 5,059 5,059
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 58,520 139,248
Other debtors 2,104 10,571
_______ _______
60,624 149,819
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts ( 36,192) 9,887
Trade creditors 6,517 19,733
Corporation tax 59,050 22,784
Social security and other taxes 43,048 30,104
Other creditors 18,091 50,527
_______ _______
90,514 133,035
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 14,811 24,954
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 4,816 2,996
Later than 1 year and not later than 5 years 1,751 1,827
_______ _______
6,567 4,823
_______ _______