Company registration number:
14989456
Impact Academy Limited
Company limited by guarantee
Unaudited filleted financial statements
31 July 2024
Impact Academy Limited
Company limited by guarantee
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Impact Academy Limited
Company limited by guarantee
Directors and other information
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Director |
S Schmidt |
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Secretary |
J Axford |
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Company number |
14989456 |
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Registered office |
71-75 Shelton Street |
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Covent Garden |
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London |
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WC2H 9JQ |
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Accountant |
Passer & Co |
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Charter House |
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20 Sunningdale Close |
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Stanmore |
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HA7 3QL |
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Impact Academy Limited
Company limited by guarantee
Statement of financial position
31 July 2024
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2024 |
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Note |
£ |
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£ |
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Fixed assets |
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Tangible assets |
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6 |
1,812 |
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_______ |
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1,812 |
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Current assets |
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Debtors |
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7 |
30,543 |
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Investments |
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8 |
115,000 |
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Cash at bank and in hand |
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14,983 |
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_______ |
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160,526 |
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Creditors: amounts falling due |
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within one year |
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9 |
(
162,338) |
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_______ |
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Net current liabilities |
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(
1,812) |
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_______ |
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 March 2025
, and are signed on behalf of the board by:
S Schmidt
Director
Company registration number:
14989456
Impact Academy Limited
Company limited by guarantee
Statement of changes in equity
Year ended 31 July 2024
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Profit and loss account |
Total |
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£ |
£ |
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At 1 August 2023 |
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- |
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Profit for the year |
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- |
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_______ |
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Total comprehensive income for the year |
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- |
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_______ |
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At 31 July 2024 |
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- |
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_______ |
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Impact Academy Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 July 2024
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income
Turnover represents grants received and receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment |
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25 % |
straight line |
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Motor vehicles |
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25 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4.
Limited by guarantee
The company is limited by guarantee of members and does not have a share capital. The liability of its member is limited to £1
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
6.
Tangible assets
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Fixtures, fittings and equipment |
Total |
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£ |
£ |
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Cost |
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At 1 August 2023 |
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Additions |
2,416 |
2,416 |
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At 31 July 2024 |
2,416 |
2,416 |
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Depreciation |
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At 1 August 2023 |
- |
- |
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Charge for the year |
604 |
604 |
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At 31 July 2024 |
604 |
604 |
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Carrying amount |
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At 31 July 2024 |
1,812 |
1,812 |
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_______ |
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7.
Debtors
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2024 |
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£ |
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Other debtors |
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30,543 |
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_______ |
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8.
Investments
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2024 |
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£ |
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Other investments |
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115,000 |
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_______ |
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9.
Creditors: amounts falling due within one year
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2024 |
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£ |
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Trade creditors |
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5,084 |
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Other creditors |
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157,254 |
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_______ |
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162,338 |
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_______ |
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10.
Controlling party
The Company is controlled by its Director.