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Registered number: 02323420 SPARK IMPACT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SPARK IMPACT LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their strategic report for the year ended 31 December 2024.
Business review
The directors believe that the company has achieved a satisfactory result for the year under review in the light of prevailing trading conditions. The directors plan to continue to develop the existing activities of the company. Strategic agreement with River Capital Management The strategic agreement entered into by SPARK with River Capital Management has been working well to the benefit of both parties.
Principal risks and uncertainties
The company’s operations expose it to a variety of financial risks. The company seeks to limit the adverse effects on the financial performance of the company by monitoring levels of liquidity and the related finance costs. The company does not use derivative financial instruments and as such, no hedge accounting is applied. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company’s finance department, which is outsourced to Fact3.
Financial key performance indicators
The company monitors its performance on an ongoing basis and produces comprehensive quarterly management information. Key performance indicators are used on an ongoing basis to manage the business and these include the levels of assets under management, recurring income, new business, costs and EBITDA. Liquidity risk The company actively monitors liquidity levels to ensure the company has sufficient available funds for operations and planned expansions.
Other key performance indicators
The majority of the company’s activities are regulated by the Financial Conduct Authority (FCA). The directors are aware of the risks of non-compliance and ensure adequate resource and personnel are in place to maintain a controlled and fully compliant environment. This report was approved by the board on 17 September 2025 and signed on its behalf.
Marc Francois D'Abbadie Director
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SPARK IMPACT LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the company is acting as manager and general part of The North West Fund for Biomedical.
Business review
The directors believe that the company has achieved a satisfactory result for the year under review in the light of prevailing trading conditions.
The loss for the year, after taxation, amounted to £28,037 (2023 - profit £41,323).
Directors
The directors who served during the year were:
Mark Borzomato
Marc Francois D'Abbadie
Future developments
The directors intend to continuing the existing developments of the company. Page 2
SPARK IMPACT LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Langtons Professional Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 17 September 2025 and signed on its behalf.
Marc Francois D'Abbadie Director
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SPARK IMPACT LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover |  | 100,931 | 342,052
Gross profit |  | 100,931 | 342,052
Administrative expenses |  | (134,652) | (297,250)
Operating (loss)/profit |  | (33,721) | 44,802
Income from fixed assets investments |  | - | (212)
Interest receivable and similar income |  | 1,163 | 2,106
Interest payable and similar expenses |  | (1,359) | -
(Loss)/profit before tax |  | (33,917) | 46,696
Tax on (loss)/profit |  | 5,880 | (5,373)
(Loss)/profit for the financial year |  | (28,037) | 41,323
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 7 to 13 form part of these financial statements.
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SPARK IMPACT LIMITED REGISTERED NUMBER: 02323420 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 5 |  | 2 |  | 2
|  |  | 2 |  | 2
Current assets |  |  |  |  |
Debtors | 6 | 69,072 |  | 31,095 |
Cash at bank and in hand | 7 | 8,141 |  | 255,585 |
|  | 77,213 |  | 286,680 |
Creditors: amounts falling due within one year | 8 | (11,497) |  | (140,010) |
Net current assets |  |  | 65,716 |  | 146,670
Total assets less current liabilities |  |  | 65,718 |  | 146,672
Net assets |  |  | 65,718 |  | 146,672
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 515 |  | 515
Capital redemption reserve |  |  | 495 |  | 495
Profit and loss account |  |  | 64,708 |  | 145,662
|  |  | 65,718 |  | 146,672
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SPARK IMPACT LIMITED REGISTERED NUMBER: 02323420 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2025.
Marc Francois D'Abbadie
Director
The notes on pages 7 to 13 form part of these financial statements. Page 6
SPARK IMPACT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no.02323420). The address of the registered office is Suite 6c, The Plaza, 100 Old Hall Street, Liverpool, Merseyside, England, L3 9QJ. These financial statements present information about the company as an individual undertaking. The principal activity of the company is acting as manager and general partner of The North West Fund for Biomedical. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presentation currency of these financial statements is £ sterling; the financial statements are rounded to the nearest £. The following principal accounting policies have been applied:
| 2.2 | Going concern
After reviewing the company's budget and forecasts for the future, taking into account reasonably possible changes in trading performance and the uncertain economic outlook, the directors are satisfied that, at the time of approving the financial statements, it is appropriate to continue to adopt he going concern basis in preparing the financial statements.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 7
SPARK IMPACT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 8
SPARK IMPACT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 33% | straight line
|  |  |  | Office equipment | - | 33% | straight line
|  |  |  | Computer equipment | - | 33% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
Page 9
SPARK IMPACT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Office equipment
|  | £
| At 1 January 2024 | 31,326
| Disposals | (31,326)
| At 31 December 2024 | -
| At 1 January 2024 | 31,326
| Disposals | (31,326)
| At 31 December 2024 | -
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | -
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SPARK IMPACT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 2
| At 31 December 2024 | 2
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SPARK IMPACT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | - | 2,000
| Other debtors | 65,552 | 25,615
| Prepayments and accrued income | 3,520 | 3,480
|  | 69,072 | 31,095
7. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 8,141 | 255,585
|  | 8,141 | 255,585
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 1,953 | 2,669
| Amounts owed to group undertakings | 1,039 | 123,427
| Corporation tax | - | 5,373
| Other taxation and social security | 505 | -
| Accruals and deferred income | 8,000 | 8,541
|  | 11,497 | 140,010
9. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £NIL (2023: £98,861). Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date. Page 12
SPARK IMPACT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Controlling party
On 14 October 2024, the ownership of the company was transferred from SPARK Impact Holdings Limited to Mark Borzomato and Marc d'Abbadie, directors. The company is controlled by M F D'Abbadie and M Borzomato by virtue of their equal shareholdings.
11. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 17 September 2025 by Eifion Roberts (Senior statutory auditor) on behalf of Langtons Professional Services Limited.
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