Company No:
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The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 30 April 2024.
PRINCIPAL ACTIVITIES
GOING CONCERN
STRATEGIC REPORT
The 2023-24 period marked a significant milestone for IMP Software, as we solidified our position as a comprehensive suite of solutions for the sector. The ongoing financial constraints in education have made the effective allocation of resources and agile financial management more crucial than ever. With IMP Planner and IMP ICFP leading the way, our innovative technology and integrated strategy enable educational institutions to make informed decisions on both resource allocation and financial planning simultaneously.
We’re also excited to announce the imminent release of additional complementary products, which more than doubles the size of our addressable market, further extending our platform to meet the needs of our expanding customer base, which now includes over 500 MATs and 5,000+ schools and represents over 50% of our chosen market.
Alongside the launch of new solutions, we continue to enhance our flagship product, IMP Planner, which has experienced another year of outstanding performance. Despite substantial growth, our unwavering commitment to superior customer service has contributed to an increase in our Net Promoter Score (NPS) in the year to a sector leading +68.
The dedication to product excellence and client support remains a cornerstone of our ongoing success. This is reflected in the sector’s positive reception, with numerous 5-star Trust Pilot reviews and customer referrals driving a growing proportion of our new business.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Appointed 08 December 2023) |
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(Appointed 24 June 2024) |
Approved by the Board of Directors and signed on its behalf by:
David Peter Hall
Director |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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43,515 | 19,709 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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6,001,651 | 2,979,605 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 451,583 | 200,704 | ||
Total assets less current liabilities | 495,098 | 220,413 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of IMP Software Ltd (registered number:
William Michael John Jordan
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
IMP Software Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor, Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom. The principal place of business is Dean Clarke House, Southernhay East, Exeter, EX1 1AP.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Computer equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2023 |
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Additions |
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Disposals | (
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At 30 April 2024 |
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Accumulated depreciation | |||
At 01 May 2023 |
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Charge for the financial year |
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Disposals | (
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At 30 April 2024 |
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Net book value | |||
At 30 April 2024 |
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At 30 April 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Deferred income |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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20,111 | 20,111 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2024 | 2023 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Dividends | 314,000 | 195,000 |
During the period the directors maintained loan accounts with the company. At the period end the company owed the directors £604 (2023: £809). Interest is charged on the loans at the approved rate when overdrawn and there are no set repayment terms.