2023-06-012024-05-312024-05-31false05728003IMPACT ASSETS 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IMPACT ASSETS LIMITED

Registered Number
05728003
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

IMPACT ASSETS LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

TULSIANI, Kunal Vashi

Registered Address

Unit 6, 45 Holmes Road
London
NW5 3AN

Registered Number

05728003 (England and Wales)
IMPACT ASSETS LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets36,0224,196
Investments46,500,0006,500,000
6,506,0226,504,196
Current assets
Debtors625,527793,654
Current asset investments434,789444,346
Cash at bank and on hand134,36428,358
1,194,6801,266,358
Creditors amounts falling due within one year(8,785,422)(9,608,142)
Net current assets (liabilities)(7,590,742)(8,341,784)
Total assets less current liabilities(1,084,720)(1,837,588)
Creditors amounts falling due after one year(868,418)(611)
Net assets(1,953,138)(1,838,199)
Capital and reserves
Called up share capital11
Profit and loss account(1,953,139)(1,838,200)
Shareholders' funds(1,953,138)(1,838,199)
The financial statements were approved and authorised for issue by the Director on 27 February 2025, and are signed on its behalf by:
TULSIANI, Kunal Vashi
Director
Registered Company No. 05728003
IMPACT ASSETS LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 237,873
Additions3,708
At 31 May 2411,581
Depreciation and impairment
At 01 June 233,676
Charge for year1,883
At 31 May 245,560
Net book value
At 31 May 246,022
At 31 May 234,196
4.Fixed asset investments

Total

£
Cost or valuation
At 01 June 236,500,000
At 31 May 246,500,000
Net book value
At 31 May 246,500,000
At 31 May 236,500,000