Company Registration No. 02353018 (England and Wales)
INPACT INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
FILLETED ACCOUNTS
INPACT INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
INPACT INTERNATIONAL LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
€
€
€
€
Fixed assets
Tangible assets
3
34
81
Current assets
Debtors
4
93,026
65,902
Cash at bank and in hand
401,578
313,850
494,604
379,752
Creditors: amounts falling due within one year
5
(133,688)
(97,676)
Net current assets
360,916
282,076
Net assets
360,950
282,157
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
360,750
281,957
Total equity
360,950
282,157
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 26 October 2023 and are signed on its behalf by:
A Federer
Director
Company Registration No. 02353018
INPACT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Inpact International Limited is a private company (Company Number 02353018) limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.
1.1
Accounting convention
These individual financial statements have been prepared in accordance with FRS 102 section 1A “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102 section 1A”) 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 euros, 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
Turnover
Turnover represents amounts receivable for annual membership and joining fees. This is recognised in accordance with the subscription year.
1.3
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:
Computer and office equipment
25% straight line
Website costs
20% straight line
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
INPACT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash at bank and in hand
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.
1.6
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 section 1A to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
INPACT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation
The company is not subject to corporation tax other than investment income as it is a not for profit organisation.
1.9
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.
1.10
Foreign exchange
Transactions denominated in foreign currencies are translated into Euro and recorded at the rate of exchange ruling at the date of the transaction.
Balances at the year end denominated in a foreign currency are translated into Euro at the rate of exchange ruling at the balance sheet date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 2).
2023
2022
Number
Number
Total
1
2
3
Tangible fixed assets
Plant and machinery etc
Website costs
Total
€
€
€
Cost
At 1 July 2022 and 30 June 2023
188
8,744
8,932
Depreciation and impairment
At 1 July 2022
107
8,744
8,851
Depreciation charged in the year
47
47
At 30 June 2023
154
8,744
8,898
Carrying amount
At 30 June 2023
34
34
At 30 June 2022
81
81
INPACT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
€
€
Trade debtors
73,494
47,869
Prepayments and other debtors
19,532
18,033
93,026
65,902
5
Creditors: amounts falling due within one year
2023
2022
€
€
Trade creditors
8,265
20,326
Taxation and social security
840
Deferred income
100,504
31,992
Other creditors
162
11,384
Accruals
23,917
33,974
133,688
97,676
6
Called up share capital
2023
2022
€
€
Ordinary share capital
Issued and fully paid
61 A Ordinary shares of €1.44 each
88
88
77 B Ordinary shares of €1.44 each
111
111
1 C Ordinary shares of €1.44 each
1
1
200
200
The different classes of share rank pari passu in all respects save for the following:
On a show of hands and on a poll every member has ten votes for every Ordinary "A" share held.
On a show of hands and on a poll every member has one vote for every Ordinary "B" share held.
The holder of an Ordinary "C" share shall not be entitled to vote in person or on a poll at any General Meeting or on any resolution of the company.
On the winding up of the Company the holder of an Ordinary "C" share is entitled to no more than £1 (€1.44) as a return of capital distribution.
INPACT INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was David Crean.
The auditor was Crean & Co Accountants Limited.
8
Events after the reporting date
There were no material events after the reporting date.
9
Related party transactions
During the year the company paid accounting service costs of €7,783 (2022: €10,511) to Rayner Essex LLP of which A Federer is a partner. The amount owing to Rayner Essex LLP at the year end was €nil (2022: €nil).
At the year end, there were various amounts owed to some of the directors totalling €162 (2022: €11,384). This total amount is repayable within one year and is included within other creditors, note 5.