Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312023-02-01falseSupply of training2048truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12138166 2023-02-01 2024-01-31 12138166 2022-02-01 2023-01-31 12138166 2024-01-31 12138166 2023-01-31 12138166 c:Director6 2023-02-01 2024-01-31 12138166 d:ComputerEquipment 2023-02-01 2024-01-31 12138166 d:ComputerEquipment 2024-01-31 12138166 d:ComputerEquipment 2023-01-31 12138166 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 12138166 d:CurrentFinancialInstruments 2024-01-31 12138166 d:CurrentFinancialInstruments 2023-01-31 12138166 d:Non-currentFinancialInstruments 2024-01-31 12138166 d:Non-currentFinancialInstruments 2023-01-31 12138166 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 12138166 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 12138166 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 12138166 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 12138166 d:ShareCapital 2024-01-31 12138166 d:ShareCapital 2023-01-31 12138166 d:SharePremium 2024-01-31 12138166 d:SharePremium 2023-01-31 12138166 d:RetainedEarningsAccumulatedLosses 2024-01-31 12138166 d:RetainedEarningsAccumulatedLosses 2023-01-31 12138166 c:OrdinaryShareClass1 2023-02-01 2024-01-31 12138166 c:OrdinaryShareClass1 2024-01-31 12138166 c:OrdinaryShareClass1 2023-01-31 12138166 c:OrdinaryShareClass2 2023-02-01 2024-01-31 12138166 c:OrdinaryShareClass2 2024-01-31 12138166 c:OrdinaryShareClass2 2023-01-31 12138166 c:OrdinaryShareClass3 2023-02-01 2024-01-31 12138166 c:OrdinaryShareClass3 2024-01-31 12138166 c:OrdinaryShareClass3 2023-01-31 12138166 c:OrdinaryShareClass5 2023-02-01 2024-01-31 12138166 c:OrdinaryShareClass5 2024-01-31 12138166 c:OrdinaryShareClass5 2023-01-31 12138166 c:FRS102 2023-02-01 2024-01-31 12138166 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 12138166 c:FullAccounts 2023-02-01 2024-01-31 12138166 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 12138166 d:WithinOneYear 2024-01-31 12138166 d:WithinOneYear 2023-01-31 12138166 6 2023-02-01 2024-01-31 12138166 13 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12138166









SALES IMPACT ACADEMY LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
SALES IMPACT ACADEMY LTD
REGISTERED NUMBER: 12138166

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
74,971
133,482

Investments
 5 
-
7

  
74,971
133,489

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
 6 
-
91,637

Debtors: amounts falling due within one year
 6 
8,500,543
7,970,467

Cash at bank and in hand
  
2,009,644
7,716,063

  
10,510,187
15,778,167

Creditors: amounts falling due within one year
 7 
(5,322,405)
(1,926,489)

NET CURRENT ASSETS
  
 
 
5,187,782
 
 
13,851,678

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,262,753
13,985,167

Creditors: amounts falling due after more than one year
 8 
(302,951)
(8,797,112)

  

NET ASSETS
  
4,959,802
5,188,055


CAPITAL AND RESERVES
  

Called up share capital 
 9 
1,172
1,172

Share premium account
  
16,423,741
16,421,932

Profit and loss account
  
(11,465,111)
(11,235,049)

  
4,959,802
5,188,055


Page 1

 
SALES IMPACT ACADEMY LTD
REGISTERED NUMBER: 12138166
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Haque
Director

Date: 1 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SALES IMPACT ACADEMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

Sales Impact Academy Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is Salisbury House, Station Road, Cambridge, England, CB1 2LA.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The directors' assessment of going concern has been based on consideration of the level of cash held by the Company at the date of approving these financial statements, the cost base of the Company, review of forecasts and budgeting information and the continuing financial support of its directors and shareholders.
Given the investment received, together with the development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover from a contract to provide services is recognised in the period in which the services are supplied in accordance with the stage of completion of the contract when all of the following conditions are satisifed:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage if completion of the contract at the end of the reporting period can be measured reliably;
- the costs incurred and the costs to complete the contract can be measured reliably.
Turnover from license sales is recognised in the Profit and Loss Account on a monthly basis over the period that the license covers. Recognition of the first month of turnover occurs in the month in which the agreement commences.

Page 3

 
SALES IMPACT ACADEMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SALES IMPACT ACADEMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.6
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

CONVERTIBLE DEBT

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Balance Sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.

Page 5

 
SALES IMPACT ACADEMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 20 (2023 - 48).

Page 6

 
SALES IMPACT ACADEMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


TANGIBLE FIXED ASSETS





Computer equipment

£



COST


At 1 February 2023
223,589


Additions
16,101


Disposals
(2,959)



At 31 January 2024

236,731



DEPRECIATION


At 1 February 2023
90,107


Charge for the year on owned assets
72,311


Disposals
(658)



At 31 January 2024

161,760



NET BOOK VALUE



At 31 January 2024
74,971



At 31 January 2023
133,482


5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 February 2023
7


Additions
3,740,498


Disposals
(3,740,505)



At 31 January 2024
-

Fixed asset investments represented the 100% holding in Sales Impact Academy Inc, a company incorporated in the United States of America. During the year this was disposed of to the parent company Sales Impact Academy Global Inc.

Page 7

 
SALES IMPACT ACADEMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Other debtors
-
91,637

-
91,637


2024
2023
£
£

DUE WITHIN ONE YEAR

Trade debtors
661
490,295

Amounts owed by group undertakings
8,271,553
6,762,105

Other debtors
162,894
398,693

Prepayments and accrued income
65,435
319,374

8,500,543
7,970,467


Page 8

 
SALES IMPACT ACADEMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
10,000
10,000

Other loans
32,273
100,043

Trade creditors
16,070
161,393

Amounts owed to group undertakings
4,976,495
-

Other taxation and social security
21,901
68,454

Other creditors
8,469
18,265

Accruals and deferred income
257,197
1,568,334

5,322,405
1,926,489


Bank loans represent a Government backed 'bounce back' loan, which was drawn down in October 2020. This loan is 100% guaranteed by the Government with no interest or fees payable by the Company in the first 12 months. Interest is then charged at 2.5% per annum, and the repayments commenced in October 2021.
Other loans comprise a revenue based loan facility which has been drawn down in two tranches. Interest is based on 5% of monthly consolidated revenues as defined within the agreement. The facility is in place for six years. Repayments are treated as 50% capital repayment and 50% interest. The loan facility will terminate automatically in the event that one of the following occurs:
- payment by the Company of 135% of the loan value within 18 months of the last drawdown;
- payment by the Company of 175% of the loan value within 18-48 months of the last drawdown; or
- payment by the Company of 200% of the loan value within 4-6 years of the last drawdown.
Other creditors include contributions of £4,326 (2023 - £12,387) payable to the Company's defined contribution pension scheme at the balance sheet date.

Page 9

 
SALES IMPACT ACADEMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Convertible loans
-
8,480,509

Bank loans
17,500
27,500

Other loans
285,451
289,103

302,951
8,797,112


Convertible loans transferred to the parent company during the year. 
Bank loans represent a Government backed 'bounce back' loan, which was drawn down in October 2020. This loan is 100% guaranteed by the Government with no interest or fees payable by the Company in the first 12 months. Interest is then charged at 2.5% per annum, and the repayments commenced in October 2021.
Other loans comprise a revenue based loan facility which has been drawn down in two tranches. Interest is based on 5% of monthly consolidated revenues as defined within the agreement. The facility is in place for six years. Repayments are treated as 50% capital repayment and 50% interest. The loan facility will terminate automatically in the event that one of the following occurs:
- payment by the Company of 135% of the loan value within 18 months of the last drawdown;
- payment by the Company of 175% of the loan value within 18-48 months of the last drawdown; or
- payment by the Company of 200% of the loan value within 4-6 years of the last drawdown.

Page 10

 
SALES IMPACT ACADEMY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



5,030,408 (2023 - 5,026,978) Ordinary shares of £0.0001 each
503.04
502.70
6,264,632 (2023 - 6,264,632) Seed shares of £0.0001 each
626.46
626.46
390,017 (2023 - 390,017) Growth A shares of £0.0001 each
39.00
39.00
37,893 (2023 - 37,893) Deferred shares of £0.0001 each
3.79
3.79

1,172.29

1,171.95


The following share allotments were made during the year:
- On 1 February 2023, 1,410 Ordinary shares were issued at a rate of £0.6582 per share
- On 2 February 2023, 1,587 Ordinary shares were issued at a rate of £0.5525 per share
- On 22 April 2023, 433 Ordinary shares were issued at a rate of £0.01 per share


10.


COMMITMENTS UNDER OPERATING LEASES

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
12,100

-
12,100

 
Page 11