Company Registration No. 12834644 (England and Wales)
IMPACT WORKING LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
19th Floor
1 Westfield Avenue
London
E20 1HZ
IMPACT WORKING LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
IMPACT WORKING LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,585,301
1,990,460
Current assets
Debtors
5
884,473
395,896
Cash at bank and in hand
553,977
285,459
1,438,450
681,355
Creditors: amounts falling due within one year
7
(1,594,984)
(608,617)
Net current (liabilities)/assets
(156,534)
72,738
Total assets less current liabilities
2,428,767
2,063,198
Creditors: amounts falling due after more than one year
8
(3,884,039)
(2,818,937)
Net liabilities
(1,455,272)
(755,739)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,455,372)
(755,839)
Total equity
(1,455,272)
(755,739)
IMPACT WORKING LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 17 December 2024 and are signed on its behalf by:
Mr M Gregson
Director
Company registration number 12834644 (England and Wales)
IMPACT WORKING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Impact Working Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Vicarage Lane, Stratford, London, E15 4HF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is in a nettrue current liabilities position of £156,534 at the balance sheet date.

This includes £3,884,039 due to related undertakings, which the ultimate parent undertaking has confirmed to the directors it will not recall until the company is in a position to repay this and for at least 12 months from the date these financial statements are signed.

The directors have taken advice on the going concern of the company due to difficulties with a project which was undertaken within the financial year, however a positive conclusion has now been sought and the directors are looking to restructure this to protect the company’s existing assets and business operations.

Taking the above in consideration, the directors have reviewed the forecasted future operations of the company and have concluded that the company will have adequate resources to continue in business for the foreseeable future, being at least 12 months from the date of approval of these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

1.4
Tangible fixed assets

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 residual values over their useful lives on the following bases:

Plant and equipment
20% - Straight line
Fixtures and fittings
10% - Straight line
IMPACT WORKING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call 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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those 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’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

IMPACT WORKING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
4
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
1,101,326
976,423
2,077,749
Additions
611,887
55,654
667,541
Disposals
(7,480)
-
0
(7,480)
At 31 August 2023
1,705,733
1,032,077
2,737,810
Depreciation and impairment
At 1 September 2022
-
0
87,289
87,289
Depreciation charged in the year
-
0
65,220
65,220
At 31 August 2023
-
0
152,509
152,509
Carrying amount
At 31 August 2023
1,705,733
879,568
2,585,301
At 31 August 2022
1,101,326
889,134
1,990,460
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
105,414
103,680
Other debtors
241,064
265,630
Prepayments and accrued income
537,995
26,586
884,473
395,896
6
Parent Company

At the balance sheet date, the parent company of Impact Working Limited is Impact Offices Limited, a company incorporated in England and Wales, which owns the whole of the issued share capital of the company.

IMPACT WORKING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
605,684
116,008
Taxation and social security
76,267
-
0
Deferred income
217,845
99,280
Other creditors
488,503
223,085
Accruals and deferred income
206,685
170,244
1,594,984
608,617
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,884,039
2,818,937

Included in 'other creditors' is a related party loan of £3,884,039 (2022: £2,818,937) due to Impact Offices Limited. The loan is repayable by 31 August 2032 and accrues interest at a rate of 10.25% per annum.

9
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Notes to reconciliation
Reclassification of long term loan

Upon receipt of further information it was identified that the comparative financial statements incorrectly recognised the loans totalling £2,818,937 due to Impact Offices Limited as a current liability. These have been reclassified to non current liabilities as they will not be payable until 31 August 2032. Please see note 8 for more information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IMPACT WORKING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
10
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Impact Offices Limited
-
0
-
0
3,884,039
2,818,937
Other information

During the year the company paid £318,512 (2022: £189,262) in relation to interest on a loan from the parent company.

 

The company also paid £178,000 (2022: nil) in relation to management fees to a company under common control.

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