Company Registration No. 12499995 (England and Wales)
IMPACT CAPITAL GROUP LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Affinia
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
IMPACT CAPITAL GROUP LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
IMPACT CAPITAL GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,850
Tangible assets
5
2,102
5,821
Investments
6
900,350
900,350
904,302
906,171
Current assets
Debtors
8
21,745,357
23,394,310
Cash at bank and in hand
118,996
3,517,857
21,864,353
26,912,167
Creditors: amounts falling due within one year
9
(555,600)
(569,719)
Net current assets
21,308,753
26,342,448
Net assets
22,213,055
27,248,619
Capital and reserves
Called up share capital
1,400
1,400
Share premium account
40,635,450
40,635,450
Profit and loss reserves
(18,423,795)
(13,388,231)
Total equity
22,213,055
27,248,619
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 March 2024 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 March 2025 and are signed on its behalf by:
Mr R D Whitton
Director
Company registration number 12499995 (England and Wales)
IMPACT CAPITAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Impact Capital Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19th Floor, 1 Westfield Avenue, London, E20 1HZ.
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 net truecurrent assets position of £21,308,753 (2023: £26,342,448) at the balance sheet date which includes debtors owed from connected companies of £21,257,267 (2023: £22,370,949).
The directors have considered 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
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Patents & licences
10 years straight line
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
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
IMPACT CAPITAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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.
1.8
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.
1.9
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.
1.10
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.
IMPACT CAPITAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
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.
Other key sources of estimation uncertainty:
Bad debt provisions are made where the assessment of full recoverability of a debt is deemed to be uncertain, including those balances due from related companies. This is based on an assessment of each debtor, including the age of the debt, the contractual status of the debtors, the length of the trading relationship and the trading status of the debtor.
At the reporting date, management are required to review whether Fixed asset investments have suffered an impairment loss. This is where the recoverable amount is lower than the carrying value. The recoverable amount is determined as the higher of fair value less costs to sell and value in use. Management are required to estimate the future cash flows arising from the asset to calculate its value in use these forecasts amount to a significant estimate by management
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
11
IMPACT CAPITAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Intangible fixed assets
Other
£
Cost
At 1 April 2023
Additions
2,056
At 31 March 2024
2,056
Amortisation and impairment
At 1 April 2023
Amortisation charged for the year
206
At 31 March 2024
206
Carrying amount
At 31 March 2024
1,850
At 31 March 2023
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
13,929
Depreciation and impairment
At 1 April 2023
8,108
Depreciation charged in the year
3,719
At 31 March 2024
11,827
Carrying amount
At 31 March 2024
2,102
At 31 March 2023
5,821
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
900,350
900,350
IMPACT CAPITAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Impact Development Management Ltd
1
Management company
Ordinary
100.00
-
Impact Modular Group Limited
1
Holding company
Ordinary
100.00
-
Impact Modular Construction Limited
1
Dormant
Ordinary
0
100.00
Impact Modular Limited*
1
Construction
Ordinary
0
100.00
Impact Smart Homes Limited
1
Holding company
A Ordinary & B Ordinary
100.00
-
Impact Developments Sevenoaks Ltd
1
Property development
Ordinary
0
100.00
Impact Developments Deal Ltd
1
Property development
Ordinary
0
100.00
Impact Developments Bexley 2 Ltd
1
Property development
Ordinary
0
100.00
Impact Developments Bexley 1 Ltd
1
Property development
Ordinary
0
100.00
Impact Developments Chigwell Ltd
1
Property development
Ordinary
0
100.00
Impact Developments Faversham Ltd
1
Property development
Ordinary
0
100.00
Impact Developments Broomfield Ltd
1
Property development
Ordinary
0
100.00
Impact Developments Gravesend Ltd
1
Property development
Ordinary
0
100.00
Impact Developments Chigwell 2 Ltd
1
Property development
Ordinary
0
100.00
Impact Developments Group Limited
1
Dormant
Ordinary
100.00
-
Registered office addresses (all UK unless otherwise indicated):
1
19th Floor, 1 Westfield Avenue, London, E20 1HZ
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Impact Development Management Ltd
(1,103,752)
(147,529)
Impact Modular Group Limited
100
Impact Modular Construction Limited
100
Impact Modular Limited*
(3,075,744)
(4,008,829)
Impact Smart Homes Limited
(549,495)
(52,300)
Impact Developments Sevenoaks Ltd
(208,312)
(141,080)
Impact Developments Deal Ltd
(283,454)
(188,036)
Impact Developments Chigwell Ltd
(504,081)
(333,912)
Impact Developments Faversham Ltd
(6,317)
(148,490)
Impact Developments Broomfield Ltd
(805,176)
(820,290)
Impact Developments Gravesend Ltd
(149,734)
(107,932)
Impact Developments Chigwell 2 Ltd
(27,180)
(7,662)
Impact Developments Group Limited
100
*the latest completed accounts for this entity are made up to 31 March 2022
Impact Developments Bexley 1 Ltd, and Impact Developments Bexley 2 Ltd were both dissolved on 30 July 2024. There are no results to report for 2024.
Impact Modular Construction Ltd was dissolved on 23 May 2023. There are no results to report for 2024.
IMPACT CAPITAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
21,745,357
23,394,310
Included within other debtors are amounts owed by connected companies which amount to £21,257,267 at the year end (2023: £22,370,949) as detailed in the related party note 11.
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,095
2,173
Taxation and social security
22,040
39,605
Other creditors
528,465
527,941
555,600
569,719
10
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Impact Development Management Ltd
1,312,613
1,206,639
Impact Development Romford Ltd
3,845,461
Impact Lending Limited
1,225
Impact Offices Ltd
4,272,602
7,675,384
Impact Smart Homes Ltd
11,826,591
10,468,889
Valier Property Limited
13
Whitton Urban Land Ltd
106
Other information
During the year the company received £666,103 (2023 - £712,619) in relation to interest and £80,000 (2023 - £80,000) in relation to management fees from companies' which are under common control.