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Company No: 11843421 (England and Wales)

IMP SOFTWARE LTD

Annual Report and Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

IMP SOFTWARE LTD

Annual Report and Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

IMP SOFTWARE LTD

DIRECTORS' REPORT

For the financial year ended 30 April 2024
IMP SOFTWARE LTD

DIRECTORS' REPORT (continued)

For the financial year ended 30 April 2024

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 30 April 2024.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was that of Developing, Implementing and Supporting, cloud based Budgeting, Forecasting and Reporting Software for Multi Academy Trusts.

GOING CONCERN

The directors' have prepared the financial statements on the going concern basis. Further details are provided in the notes to the financial statements.

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:

David Peter Hall
William Michael John Jordan
Suzannah Patchett (Appointed 08 December 2023)
Mathew Truche-Gordon (Appointed 24 June 2024)

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

David Peter Hall
Director
2nd Floor
Stratus House Emperor Way
Exeter Business Park
Exeter
EX1 3QS
United Kingdom

30 January 2025

IMP SOFTWARE LTD

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
IMP SOFTWARE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 43,515 19,709
43,515 19,709
Current assets
Debtors 4 1,664,580 1,057,704
Cash at bank and in hand 4,337,071 1,921,901
6,001,651 2,979,605
Creditors: amounts falling due within one year 5 ( 5,550,068) ( 2,778,901)
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 ( 74,417) ( 86,704)
Provision for liabilities ( 9,687) ( 4,320)
Net assets 410,994 129,389
Capital and reserves
Called-up share capital 7 20,111 20,111
Profit and loss account 390,883 109,278
Total shareholders' funds 410,994 129,389

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 11843421) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

William Michael John Jordan
Director
IMP SOFTWARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
IMP SOFTWARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

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

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Impairment of assets

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 61 37

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 May 2023 50,656 50,656
Additions 42,640 42,640
Disposals ( 11,588) ( 11,588)
At 30 April 2024 81,708 81,708
Accumulated depreciation
At 01 May 2023 30,947 30,947
Charge for the financial year 17,197 17,197
Disposals ( 9,951) ( 9,951)
At 30 April 2024 38,193 38,193
Net book value
At 30 April 2024 43,515 43,515
At 30 April 2023 19,709 19,709

4. Debtors

2024 2023
£ £
Trade debtors 1,491,835 936,225
Prepayments 172,745 121,479
1,664,580 1,057,704

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 104,143 38,668
Amounts owed to directors 604 809
Accruals and deferred income 5,000,042 2,409,190
Taxation and social security 433,663 323,866
Other creditors 11,616 6,368
5,550,068 2,778,901

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Deferred income 74,417 86,704

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000,000 A ordinary shares of £ 0.01 each 10,000 10,000
1,000,000 B ordinary shares of £ 0.01 each 10,000 10,000
11,112 C ordinary shares of £ 0.01 each 111 111
20,111 20,111

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 30,000 5,700
between one and five years 5,000 0
35,000 5,700

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) 11,616 5,812

9. Related party transactions

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.