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2022-08-31
COMPANY REGISTRATION NUMBER:
11995967
Company Limited by Guarantee |
|
Unaudited Financial Statements |
|
Company Limited by Guarantee |
|
Year Ended 31 August 2022
Officers and Professional Advisers |
1 |
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements |
3 |
|
|
Statement of Income and Retained Earnings |
4 |
|
|
Statement of Financial Position |
5 |
|
|
Notes to the Financial Statements |
7 |
|
|
Company Limited by Guarantee |
|
Officers and Professional Advisers |
|
Registered Office |
125 Main Street |
|
Garforth |
|
Leeds |
|
England |
|
LS25 1AF |
|
|
Accountants |
Wyatt & Co |
|
Chartered accountants |
|
125 Main Street |
|
Garforth |
|
Leeds |
|
LS25 1AF |
|
|
Company Limited by Guarantee |
|
Year Ended 31 August 2022
The director presents his report and the unaudited financial statements of the company for the year ended
31 August 2022
.
Principal Activities
The principal activity of the company during the year was to provide therapy services.
Directors
The directors who served the company during the year were as follows:
C Hopkins |
|
C Colgate |
(Resigned
22 July 2022) |
|
|
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
20 March 2023
and signed on behalf of the board by:
Registered office: |
125 Main Street |
Garforth |
Leeds |
England |
LS25 1AF |
|
Company Limited by Guarantee |
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Impact Minds Limited |
|
Year Ended 31 August 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Impact Minds Limited for the year ended 31 August 2022, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Impact Minds Limited in accordance with the terms of our engagement letter dated 13 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Impact Minds Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Impact Minds Limited and its director for our work or for this report.
It is your duty to ensure that Impact Minds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Impact Minds Limited. You consider that Impact Minds Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Impact Minds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Wyatt & Co
Chartered accountants
125 Main Street
Garforth
Leeds
LS25 1AF
20 March 2023
Company Limited by Guarantee |
|
Statement of Income and Retained Earnings |
|
Year Ended 31 August 2022
|
2022 |
2021 |
Note |
£ |
£ |
Turnover |
56,963 |
51,338 |
|
|
|
|
--------- |
--------- |
Gross Profit |
56,963 |
51,338 |
|
|
|
Administrative expenses |
46,504 |
47,042 |
|
--------- |
--------- |
Operating Profit |
10,459 |
4,296 |
|
|
|
|
--------- |
--------- |
Profit Before Taxation |
10,459 |
4,296 |
|
|
|
Tax on profit |
1,987 |
816 |
|
--------- |
-------- |
Profit for the Financial Year and Total Comprehensive Income |
8,472 |
3,480 |
|
--------- |
-------- |
|
|
|
Retained Earnings at the Start of the Year |
4,595 |
1,115 |
|
--------- |
-------- |
Retained Earnings at the End of the Year |
13,067 |
4,595 |
|
--------- |
-------- |
|
|
|
All the activities of the company are from continuing operations.
Company Limited by Guarantee |
|
Statement of Financial Position |
|
31 August 2022
Current Assets
Debtors |
6 |
2,691 |
2,375 |
Cash at bank and in hand |
48,022 |
9,170 |
|
--------- |
--------- |
|
50,713 |
11,545 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
37,646 |
6,073 |
|
--------- |
--------- |
Net Current Assets |
13,067 |
5,472 |
|
--------- |
-------- |
Total Assets Less Current Liabilities |
13,067 |
5,472 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
– |
877 |
|
--------- |
-------- |
Net Assets |
13,067 |
4,595 |
|
--------- |
-------- |
|
|
|
|
Capital and Reserves
Profit and loss account |
13,067 |
4,595 |
|
--------- |
-------- |
Members Funds |
13,067 |
4,595 |
|
--------- |
-------- |
|
|
|
These financial statements have been prepared 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'.
For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Company Limited by Guarantee |
|
Statement of Financial Position (continued) |
|
31 August 2022
These financial statements were approved by the
board of directors
and authorised for issue on
20 March 2023
, and are signed on behalf of the board by:
Company registration number:
11995967
Company Limited by Guarantee |
|
Notes to the Financial Statements |
|
Year Ended 31 August 2022
1.
General Information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 125 Main Street, Garforth, Leeds, LS25 1AF, England.
2.
Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Company Limited by Guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, the liability of members is limited to £1.
5.
Employee Numbers
The average number of persons employed by the company during the year amounted to Nil
(2021: Nil).
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
2,691 |
2,375 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
1,500 |
1,501 |
Corporation tax |
1,987 |
– |
Other creditors |
34,159 |
4,572 |
|
--------- |
-------- |
|
37,646 |
6,073 |
|
--------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Corporation tax |
– |
877 |
|
----- |
----- |
|
|
|
9.
Related Party Transactions
At the year end the company had a creditors balance of £1,500 due to Impact (North) Limited, a company which all the directors have significant influence over as mutual directors. During the year Impact (North) recharged to Impact Minds Staff cost recharges of £28,800.08 for use of staff time during the year (2021: £42,303.67).