Company Registration No. 12339950 (England and Wales)
IMPACT SMART HOMES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Affinia
19th Floor
1 Westfield Avenue
London
E20 1HZ
IMPACT SMART HOMES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
IMPACT SMART HOMES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
415
22,352
Current assets
Debtors
6
11,273,276
9,871,796
Cash at bank and in hand
13,020
81,542
11,286,296
9,953,338
Creditors: amounts falling due within one year
7
(11,836,206)
(10,472,885)
Net current liabilities
(549,910)
(519,547)
Net liabilities
(549,495)
(497,195)
Capital and reserves
Called up share capital
200
200
Share premium account
699,950
699,950
Profit and loss reserves
(1,249,645)
(1,197,345)
Total equity
(549,495)
(497,195)

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 12339950 (England and Wales)
IMPACT SMART HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Impact Smart Homes 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 principal accounting policies adopted are set out below.

1.2
Going concern

The company is in a net current liability position of £549,910 (2023: £519,547) at the balance sheet date which includes debtors owed from connected companies of £11,273,168 (2023: £9,871,796) and creditors owed to connected companies of £11,826,591 (2023: £10,468,889).

 

The directors have considered the forecasted future operations of the company and the ultimate parent undertaking has confirmed to provide continuing financial support to 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
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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
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.

1.5
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.

IMPACT SMART HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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:

 

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
IMPACT SMART HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
415
22,352
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 & 31 March 2024
22,352
Impairment
At 1 April 2023
-
Impairment losses
21,937
At 31 March 2024
21,937
Carrying amount
At 31 March 2024
415
At 31 March 2023
22,352
IMPACT SMART HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
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
Impact Developments Bexley 1 Ltd
1
Property development
Ordinary
100.00
Impact Developments Bexley 2 Ltd
1
Property development
Ordinary
100.00
Impact Developments Sevenoaks Ltd
1
Property development
Ordinary
100.00
Impact Developments Deal Ltd
1
Property development
Ordinary
100.00
Impact Developments Chigwell Ltd
1
Property development
Ordinary
100.00
Impact Developments Chigwell 2 Ltd
1
Property development
Ordinary
100.00
Impact Developments Faversham Ltd
1
Property development
Ordinary
100.00
Impact Developments Broomfield Ltd
1
Property development
Ordinary
100.00
Impact Developments Gravesend Ltd
1
Property development
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 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 Chigwell 2 Ltd
(27,180)
(7,662)
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 Bexley 1 Ltd and Impact Developments Bexley 2 Ltd were both dissolved on 30 July 2024. There are no results to report in respect of these companies.

IMPACT SMART HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
11,273,168
9,871,796
Other debtors
108
-
0
11,273,276
9,871,796

The ultimate parent company, being Impact Capital Group Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due to the company from other group companies. These balances are included in other debtors and amount to £11,273,168 (2023 : £9,871,796) at year end.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,563
-
0
Amounts owed to group undertakings
11,826,591
10,468,889
Other creditors
3,052
3,996
11,836,206
10,472,885

Included within other creditors above is a balance of £11,826,591 (2023 : £10,468,889) owed to connected companies. These balances will not be called for repayment until the company has earned sufficient revenues from ongoing projects to repay these amounts. The ultimate parent company, being Impact Capital Group Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due from the company to other group companies, until this company earns sufficient revenue to repay these balances.

8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year the company incurred £10,272 of expenses on behalf of subsidiary companies.

9
Parent company

The ultimate controlling parent company is Impact Capital Group Limited, a company incorporated in England and Wales. The registered address of Impact Capital Group Limited is 19th Floor, 1 Westfield Avenue, London, E20 1HZ.

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