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Registration number: 09072460

IMPST Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

IMPST Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 9

 

IMPST Ltd

Company Information

Directors

Mr Phillip Thorpe

Mrs Sabina Thorpe

Registered office

York House
20 York Street
Manchester
England
M2 3BB

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

IMPST Ltd

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Phillip Thorpe

Mrs Sabina Thorpe

Principal activity

The principal activity of the company is that of an investment company.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

.........................................
Mr Phillip Thorpe
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
IMPST Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of IMPST Ltd for the year ended 30 June 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of IMPST Ltd, as a body, in accordance with the terms of our engagement letter dated 12 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of IMPST Ltd and state those matters that we have agreed to state to the Board of Directors of IMPST Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IMPST Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that IMPST Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of IMPST Ltd. You consider that IMPST Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of IMPST Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

10 January 2025

 

IMPST Ltd

(Registration number: 09072460)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

30

Investments

5

18,959

29,959

 

18,959

29,989

Current assets

 

Debtors

6

212,509

326,828

Cash at bank and in hand

 

131,739

78,152

 

344,248

404,980

Creditors: Amounts falling due within one year

7

(2,356)

(1,818)

Net current assets

 

341,892

403,162

Net assets

 

360,851

433,151

Capital and reserves

 

Called up share capital

8

12

12

Retained earnings

360,839

433,139

Shareholders' funds

 

360,851

433,151

For the financial year ending 30 June 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

.........................................
Mr Phillip Thorpe
Director

 

IMPST Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
York House
20 York Street
Manchester
England
M2 3BB

These financial statements were authorised for issue by the Board on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Tax

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

IMPST Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Investments in cryptocurrencies and commodities are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

IMPST Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

4,032

4,032

At 30 June 2024

4,032

4,032

Depreciation

At 1 July 2023

4,002

4,002

Charge for the year

30

30

At 30 June 2024

4,032

4,032

Carrying amount

At 30 June 2024

-

-

At 30 June 2023

30

30

 

IMPST Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Investments

2024
£

2023
£

Investments in associates

7,479

7,479

Other investments other than loans

11,480

22,480

18,959

29,959

Associates

£

Cost

At 1 July 2023

7,479

Provision

Carrying amount

At 30 June 2024

7,479

At 30 June 2023

7,479

Other investments other than loans

£

Cost

At 1 July 2023

22,480

Disposals

(11,000)

At 30 June 2024

11,480

Provision

Carrying amount

At 30 June 2024

11,480

At 30 June 2023

22,480

6

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

118,555

120,745

Other debtors

 

93,954

206,083

 

212,509

326,828

 

IMPST Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

2024
£

2023
£

Due within one year

Accruals and deferred income

1,365

1,340

Other creditors

991

478

2,356

1,818

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary of £1 each

10

10

10

10

B Ordinary of £1 each

1

1

1

1

C Ordinary of £1 each

1

1

1

1

12

12

12

12

9

Related party transactions

By virtue of ownership of the the companies share capital The Flowerpot Rooms Ltd is a related party, at the year end £22,287 was due from The Flowerpot Rooms Ltd.

By virtue of ownership of the the companies share capital SMGP Holdings Ltd is a related party, at the year end £96,470 was due from SMGP Holdings Ltd.

By virtue of ownership of the the companies share capital Property Refurb Education Ltd is a related party, at the year end £202 was due to Property Refurb Education.

The above loans are unsecured, interest free and repayable on demand.

As at the year end there were amounts totalling £991 (2023: £478) owed to the director's. The amounts are unsecured, Interest free and repayable on demand.